LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

2673

1807 1C Comet MS65 Red and Brown PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:40,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1807 1C Comet MS65 Red and Brown PCGS
<B>1807 1C Comet MS65 Red and Brown PCGS.</B></I> S-271, B-1, R.1. This 1807 "Comet" cent transcends not only the variety, but also the date and the viewer then becomes transfixed on the amazing state of preservation and eye appeal of this majestic copper. Beyond being in the upper Condition Census for the variety, this S-271 finds itself in a small fraternity of Draped Bust cents that have survived in Gem or better condition and an even smaller group of said coins that have retained some level of original mint red coloration. To illustrate this point, the PCGS <I>Population Report</B></I> lists a grand total of 63 Draped Bust cents grading MS65 or better out of all dates (1796-1807) and all varieties (11/07). Of those 63 coins, a mere 28 have been granted the Red and Brown designation, and only one example in the entire series has thus far been deemed worthy of being labeled as Red at the Gem or better level. <BR> But aficionados of early copper are less concerned with the population data of third party certification companies than with the Condition Census information compiled by Bland and Noyes. The current coin was omitted in both of the aforementioned census compilations simply because it had been lost to collectors after its last appearance in a public auction conducted in 1940. Noyes concluded that the Helfenstein and Naftzger-Streiner-Parrino examples are equal in condition and thus share the top two spots. We have determined that the latter coin is, through careful examination of pedigree markers, the other PCGS MS65 Red and Brown coin and the one sold in Heritage's November 2001 Santa Clara sale. It is also the Noyes plate coin, where he considered it to grade MS65 in his Condition Census. The third coin in Noyes' Census, the Downing-Naftzger-Rasmussen piece, last appeared in Heritage's January 2005 sale of the Wes Rasmussen collection, where it realized $37,375. At the time of that sale, it resided in an NGC MS64 Brown holder and likely still does. The current example would be included in the top three of the Condition Census and likely reside in the upper part of that small, elite group. <BR> The extraordinary aesthetic qualities of this 1807 Comet cent are further enhanced by its storied past. This coin was one of two Uncirculated Draped Bust cents that were found in an old trunk sometime before 1916. It was first offered for public sale by Henry Chapman in his 1916 sale of the Clarence Bement collection and has publicly traded hands a mere four times since. After its last public appearance in May 1940, this piece disappeared from the numismatic radar until resurfacing in a March 2005 sale by American Numismatic Rarities. <BR> Breathtaking original mint red coloration intermingled with light brown toning is announced by richly lustrous surfaces that have avoided any mentionable distractions, thanks in whole to the careful custodianship of the previous owners. A few areas of darker toning are observed on some of the highpoints, yet are commensurate with the assigned grade. The old cardboard box once used to store this Gem shall be passed on the successful bidder of this lot. The box is annotated: "1807 Comet. UNC. gem. best known." Population: 2 in 65 Red and Brown, 0 finer (11/07). EAC 60+.<BR><I>Ex: Clarence Bement Collection (Henry Chapman, 5/1916), lot 320; Dr. Henry Beckwith Collection (S.H. Chapman, 4/1923), lot 38; S.H. Chapman to A.C. Gies; Barney Bluestone's 51st Sale (5/1940); Hogan Pond Collection (American Numismatic Rarities, 3/2005).<BR>From The Madison Collection.</B></I><BR><BR><B>Coin Engraver:</B> Robert Scot<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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