LOT Heritage Rare Coin Galleries  /  2007 Long Beach, CA Sig. Coin Auction #430  / 

4375

1841 $2 1/2 PR53 PCGS. The existence and rarity of the

Currency:USD Category:Coins & Paper Money / US Coins Start Price:5,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1841 $2 1/2 PR53 PCGS. The existence and rarity of the
<B>1841 $2 1/2 PR53 PCGS.</B></I> The existence and rarity of the proof-only 1841 quarter eagle was known almost since the day it was made. The first illustration of such a coin appeared in <I>A Manual of Gold and Silver Coins of All Nations</B></I> by Jacob Reese Eckfeldt and William E. Dubois, published the following year. While illustrations in a numismatic reference from 1842 have a much different appearance than they do today, being created in this case by a medal-ruling machine and appearing as a line engraving, the point is that the piece was actually illustrated. The medal-ruling machine was an innovation that made a two-dimensional engraving from a three-dimensional object.<BR><BR>An existing unanswered question regarding this issue surrounds the possible existence of business strikes. There is no Mint record of any pieces struck, as proofs of the time were not including in Mint accounts. However, the number of existing pieces is substantially greater than proofs of nearby years. Perhaps as many as 20 quarter eagles of 1841 are known today, while only about 20 proof quarter eagles are known for all other years from 1840 to 1849 combined. It is possibly the case that many additional proofs were struck for the other years, but eventually found their way into circulation, with wear or attrition being the reason they are not know identified. For the proof-only 1841, every piece that exists, regardless of grade, is considered a proof.<BR><BR>While this issue maintained a regular appearance in numismatic literature and also in established collections throughout the 19th century and well into the 20th century. Most discussions surrounding this issue have taken place in the last 40 years, a time of substantial numismatic scholarship. This discussion usually surrounds the status of these coins as proofs or business strikes.<BR><BR>In his 1975 <I>Analysis of Auction Records,</B></I> David Akers wrote: "The 1841 is generally considered to be the most desirable of all Liberty Head quarter eagles. There is no official record of this date having been struck, but obviously a small number were minted. Most numismatists and cataloguers feel that this is a proof-only date and that all known specimens were originally struck in proof for inclusion in presentation sets. This seems unlikely to me and I am not convinced that the 1841 is a proof-only date. First of all, there are far too many specimens known when compared to other proof quarter eagles (or proof gold of any other denomination) of the same period. Less than five proofs are known of every other quarter eagle from 1840 to 1848, and yet I would estimate that at least 12 and possibly as many as 15 1841s are known. Only a few of them are clearly and unequivocally proofs, such as the coin in the Smithsonian Institution, the piece in Louis Eliasberg's collection, the Davis/Graves coin, and perhaps one or two others. Most of the others are well circulated and, in fact, grade from VG to EF. More importantly, the supposedly 'impaired proofs' just don't look like impaired proofs. Consider for example the Wolfson specimen, which was subsequently in the Shuford Sale and then in the 1974 NASC Sale conducted by the American Auction Association. Although barely circulated, it has almost no trace of a proof surface and few of the other characteristics of a genuine proof (such as a square edge), although it does appear to have been struck from the same dies as the proofs."<BR><BR>Researcher John Dannreuther has noted that the reverse die used to strike 1841 quarter eagles was also used to coin proofs of later dates through 1846. This fact, alone, suggests the status of these pieces as proofs. In contrast to the earlier comments of David Akers, Jeff Garrett and Ron Guth wrote in their Encyclopedia of U.S. Gold Coins: "Only proof quarter eagles were produced in 1841; circulated examples are said to exist, but these are actually mishandled proofs that entered circulation. Author Jeff Garrett has yet to see an example with any hint of circulation-strike surfaces remaining."<BR><BR>Today, it is our opinion that all 1841 quarter eagles were struck as proofs. The present example is such a coin that retains considerable reflective proof surface, especially in the fields close to the devices. It is sharply struck with nearly full design details on both sides, except where obscured by light wear. The surfaces are light greenish-gold in color with a few minor hairlines and other slight defects, clearly matching the plate of the December 1977 Bowers and Ruddy Sale entitled the Donald F. Herdman Collection. However, according to the catalog, this piece was actually a duplicate in the "Fairfield Collection" consigned earlier to Bowers and Ruddy by Arthur Lamborn. In the May 2000 sale of the Harry W. Bass, Jr. Collection, Dave Bowers gave a brief background of the Fairfield Collection: "The Fairfield Collection was an illustrious gathering primarily of rarities, by a New England collector who enjoyed quality and rarity and liked it even better if two, three, or four pieces could be had rather than a single coin."<BR><I>Ex: Fairfield Collection duplicate (Bowers and Ruddy, 12/1977), lot 6406.</B></I><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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