SOLD
94,000.00USDto floor+ buyer's premium
This item SOLD at 2021 Jun 09 @ 22:34UTC-04:00 : AST/EDT
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***Auction Highlight*** 1792 Silver Center Cent Judd-1 The First Pattern Coin Graded vg10 details By SEGS. HIGHLIGHT OF THE YEAR – The Mint Act of 1792 specified the cent should contain 264 grains of pure copper, but it was felt a coin of that size would be too large and unwieldy for practical use. The Silver Center cent was an ingenious attempt to produce a coin with the intrinsic value of one cent in a more manageable size. The proposed cent consisted of a copper planchet worth 1/4 of a cent, with a small hole in the center in which a silver plug worth 3/4 of a cent was inserted. When the coins were struck, the silver plug would flatten and spread out on both sides, resulting in a secure bond with the host copper planchet, creating the nation's first bimetallic coin. The coins were struck in early December of 1792, as evidenced by Thomas Jefferson's December 18, 1792-dated letter to President George Washington:"Th. Jefferson has the honor to send the President two cents made on Voigt's plan by putting a silver plug worth ¾ of a cent into a copper worth ¼ of a cent. Mr. Rittenhouse is about to make a few by mixing the same plug by fusion with the same quantity of copper. He will then make of copper alone of the same size, and lastly he will make the real cent as ordered by Congress, four times as big."While Chief Coiner Henry Voigt was probably responsible for the actual design of the coin, the innovative bimetallic concept was originally suggested by famous patriot and author Thomas Paine. Unfortunately, the multi-step production process for the Silver Center cent proved too complicated for high-speed coinage operations, and the design was deemed impractical. Only a limited number of specimens were actually struck, to illustrate the concept to VIP's and congressmen. A total of 14 examples are known today, along with a single copper specimen that was struck without the plug in the center.The history of the present coin can only be traced back to 2006, when it surfaced in a Modesto, California Police Department auction of unclaimed property. The value of the coin went unrecognized in that non-numismatic event, and a lucky collector from Northern California secured the lot for a mere $400. It was later submitted to ANACS for certification, where it received a VG10 Details grade. The dark olive-brown surfaces of this coin are smooth, not granular, with no planchet voids. However, both sides show a number of long file marks that explain the Details grade. The date and about half of the obverse legend remain legible, and the bust is complete in outline, with some interior detail still intact. The reverse peripheral legend remains bold, but much of the central design detail has been effaced by the filing. No design details can be discerned on either side of the plug, which is also heavily filed. Auction sales of comparable examples include the Fine 15 PCGS example sold by American Numismatic Rarities in 2006 for $253,000 and the VF30 NGC specimen offered by Heritage Auctions in 2012, which brought $305,500. The unique copper specimen struck with no silver plug (MS62 Red and Brown NGC) was sold in lot 5502 of the Donald G. Partrick Collection (Heritage Auctions, 1/2015), where it realized $446,500.We decided to have the piece recertified by NGC. Elemental analysis revealed the plug is actually ferrous alloy (iron). The copper planchet is undoubtedly genuine. Colonial specialists and prominent numismatists Allen Weinberg, John Kraljevich, Ken Bressett, Julian Leidman, and Tony Terranova all examined this piece in November of 2008 and believed the copper planchet was authentic, but they had no way to test the composition of the plug. The silver plug was probably removed from the coin at an early date, before there was any numismatic market for rare coins in this country. After coin collecting became widespread in the late 1850s, some enterprising coin doctor must have substituted the ferrous alloy plug to restore the coin's original appearance, if not its original composition. The noted scratches probably occurred when the plug was replaced, as the protruding plug would have to be filed down to the level of the copper planchet. The appearance is not unlike some early silver dollars that were holed, plugged, and filed to adjust their weight. We are very proud to be able to offer one of 14 known JUDD 1, The first Pattern Coin. This example has been featured in both Numismatic News, and Coin World. We have included copies of Both articles. The coin has been examined by dozens of experts. It has been holdered by ANACS, who estimated its value at $300,000, by NGC courtesy of Heritage, and currently by SEGS. All three graded the coin the same. I included above this the original lot description written by Heritage when this wonderful coin last came to auction in 2017 and realized $78,000. We anticipate well into 6 figures in the current market. I also included the picture of the coin when photographed by Heritage in 2017. A Corey's Pick, Bid to Win, Don't let it get Away, you might not find its equal Coin. I give this coin my highest recommendation
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