NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2005 Jan 11 @ 09:00UTC-8 : PST/AKDT
Iridescent orange and pinkish red resonate off of the surface of this pristine Gem of one of the rarest one-cent coins in American numismatics. Desirable with this controlled strike as occurs on all Proofs struck at the time, every nuance of the design incorporates needle-sharp detail, from the feathers on the headdress to the tiny initial L at the base of the hair band (just behind Liberty's neck). To date, possibly as few as 8 examples are known from the two original obverse Proof dies for 1864: Seven from one die pair and only a single example is known from the other. When Proof 1864 With L cents became known to collectors is unrecorded. It may have been within a year or two of their issue. By 1869 the coin was in demand sufficiently to warrant someone at the Mint to strike additional pieces. This was most likely done by Mint Assayer William DuBois, who also worked as Curator of The Mint Collection. An additional 10 specimens were struck using a refurbished obverse die and the regular Proof reverse die from the 1868-1871 period. Today, an extant 1864-L Proof cent draws a lot of attention whenever one appears for sale.
The origin of the bronze cents of 1864-1909, including this treasured 1864-L Proof can be described briefly. Mint Director Pollock's objections to copper-nickel as a coinage metal were based on many reasons: It was difficult to melt and more difficult to work, it was hard enough that the planchets damaged dies, and perhaps worst of all, it had become so expensive that copper-nickel cents cost more than face value to make! This was independent of his political opposition to Joseph Wharton, nickel's monopolist and promoter. Accordingly, Pollock pushed his friends in the Senate and House to hasten passage of a bill to authorize cent and 2c coinage in "French bronze" (see preceding section), which became the Act of April 22, 1864. These pieces were to have a limited legal-tender quality, unlike any of their predecessors: a provision of dubious constitutionality.
Earlier cents coined under this new act are from the same hub seen on 1860-64 nickel cents, with rounded tip to bust, and no engraver's initial. Later ones (at least 18 obverse dies, probably more) show a narrower, sharper bust point and Longacre's initial L on ribbon: the famous 1864 L cents. These are common in business strike grades (mostly too worn for the L to show), but almost unobtainable in Proof. The L continued on all Proof Indian cents through 1909.
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| From (Incl.) | To (Excl.) | Premium |
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Infinite |
20% |
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SUPERIOR GALLERIES TERMS AND CONDITIONS OF SALE TERMS AND CONDITIONS OF SALE -- 1. This is a public auction sale conducted by bonded Auctioneers. The bonded Auctioneer is Superior Galleries, Inc. (hereinafter referred to as "Auctioneer" and at times as "Superior"). 2. Bidding in this sale constitutes acceptance by you of all the Terms and Conditions of Sale stated herein, ("Bidder).
3. All photographs in this catalogue are of the actual items being sold but may not be the actual size or to scale.
4. All persons seeking to bid must have a catalogue and register to bid at the auction by completing a registration card or bid sheet. By submitting a bid, the Bidder acknowledges receipt of the catalogue. The Bidder further acknowledges that Bidder has read the Terms and Conditions of Sale, the descriptions for the lot(s) on which they have bid, and that they agree to adhere to these Terms and Conditions of Sale.
5. All material shall be sold in separate lots to the highest Bidder as determined by the Auctioneer. If any dispute arises, Auctioneer shall have the right to rescind the acceptance of the bid and place the lot(s) for Sale again. Auctioneer's decision shall be final. For the Mail Bidder's protection, no "unlimited" or "buy" bids will be accepted.
When identical bids are received for a lot, preference is given to the first bid received as determined by the Auctioneer. A mail bid will take precedence over an identical floor bid; a Floor Bidder and Telephone Bidder must bid higher than the highest mail bid to be awarded any lot. Auctioneer reserves the right to refuse any bid, to reduce any mail bid received, to open the bidding of a lot at any level deemed appropriate by the Auctioneer and to determine the prevailing bid, at his sole discretion.
6. The Auctioneer may open or accept the bidding on any lot by placing a bid on behalf of the Consignor or his or her agent; a Bidder by mail, telephone or telefax; or any other participant in the Sale. The Auctioneer may accept or decline any bid, challenge to any bid or bidding increment, as the Auctioneer in their sole discretion shall determine. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless otherwise permitted by the Auctioneer. Lots will be sold in their numbered sequence unless Auctioneer directs otherwise.
It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for lot(s). Bidders in the Sale acknowledge that the law provides for substantial penalties in the form of treble damages and attorneys' fees and costs for those who violate these provisions.
7. Pursuant to a separate agreement with Superior, Consignors or their agents may be permitted to bid on their own lots in the sale and may receive a rebate commission in whole or part if successful.
8. Lot(s) may carry a Reserve. A Reserve is a confidential price or bid below which the Auctioneer will not sell an item or will re-purchase on behalf of the Consignor or for Superior.
9. Superior may at its sole and absolute discretion, make loans or advances to Consignors and/or Bidders.
10. A Buyer's Commission of twenty percent (20%) on each individual lot will be added to all purchases made by Bidders, except for reacquisitions by Consignors, regardless of affiliation with any group or organization, and will be based upon the total amount of the final bid. A reacquisition charge may apply to Consignors pursuant to a separate agreement, which may be higher or lower than the Buyer's Commission.
11. Unless otherwise agreed in writing, auction sales are strictly cash in U.S. funds payable through a bank in the United States. On any cash transaction or series of transactions exceeding $10,000, Treasury Form 8300 will be filed. Contact Superior for wiring instructions before sending a wire. Lots must be paid for the earlier of receipt of invoice or delivery. Superior reserves the right to decline to release lots for which good funds have not yet been received.
12. Credit card purchases will be accepted. Bids will not be accepted from those persons under eighteen (18) years of age without a parent's written consent which acknowledges the Terms and Conditions of Sale herein and agrees to be bound thereby on behalf of the Bidder.
13. Bidders personally and unconditionally guarantee payment that are or become owed to Superior. If a corporation is the Bidder, the corporate representative present at the sale shall provide Superior at the time of registration with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any and all current or future obligations owed to Superior.
14. Bidders who have not established credit with Superior must furnish satisfactory credit references or deposit at least twenty-five percent (25%) of their total bids for that Auction Sale session(s) or such other amounts as Superior may, in its sole and absolute discretion, require before such bids will be accepted. Deposits submitted will be applied to purchases. Any remaining deposits will be promptly refunded, upon clearance of the funds.
15. SUPERIOR IS NOT RESPONSIBLE FOR ANY ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid is the maximum (plus the twenty percent (20%) Buyer's Commission) that he or she is willing and able to pay. Once the hammer has fallen and the Auctioneer has announced the winning Bidder, the Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake.
16. Superior reserves the right to include in any auction sale its own material as well as material from affiliated or related companies, principals, officers or employees. Superior may have direct or indirect interests in these, or other items, and may collect commissions. Bidder acknowledges and agrees that Superior may not be required to pay a Buyer's Commission, or other charges that other Bidders may be required to pay and may have access to information concerning the lot(s) that is not otherwise available to the public. Any claimed conflict of interest or claimed competitive advantage resulting therefrom is expressly waived by all participants in the Sale. THIS PARAGRAPH SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE CATALOGUE.
17. Bidder acknowledges as follows: Grading is an art and not a science. The grade and estimated value herein represents the opinion of Superior or its Consignor(s). It is possible that two people will not always grade the same item alike. Also, as market conditions change, grading standards change, and will most likely continue to do so in the future. Each Bidder's own examination of the item(s) is the criterion and not the grade represented by another. Every effort is made by Superior to determine provenance and authenticity. Questions regarding the minting of a coin as a "proof" or as a "business strike" relate to the method of manufacture and not to authenticity. It is the Bidder's responsibility to arrive at a final conclusion prior to bidding. In any purchase or sale, the value of the item(s) is determined by the price. THE BIDDER HEREBY ASSUMES ALL RISKS OF VALUE CONCERNING ANY AND ALL PURCHASES.
18. THIS IS NOT AN APPROVAL SALE. Bidders who physically attend the Auction Sale, either personally or through an agent ("Floor Bidders") should carefully examine all lots which they are interested in purchasing. Bidders who bid by telephone, either personally or through an agent, receive a similar benefit as Floor Bidders in being able to actively participate in the live Auction Sale (Telephone Bidders"). Therefore, except as otherwise provided in these Terms and Conditions of Sale, or as otherwise posted at the Auction Sale. NO LOT MAY BE RETURNED THAT IS PURCHASED BY A FLOOR BIDDER, A TELEPHONE BIDDER, ANY OTHER BIDDER WHO HAS HAD AN OPPORTUNITY TO VIEW THE LOT(S), OR ANYONE PRESENTING SUPERIOR WITH A RESALE CERTIFICATE OR OTHER EVIDENCE THAT THEY ARE ACTING AS A DEALER.
Unless otherwise posted at the Auction Sale, for Bidders by mail or telefax, who have not had the opportunity to view the lot(s), if there is a material error in the catalogue description, the lot may be returned if written notice is received by Superior within five (5) calendar days of receipt of the lot(s). The lot(s) must be received by Superior no later than twenty-one (21) calendar days after the Auction Sale in the same condition the lot(s) were delivered to the Bidder, in their original containers. Late remittance constitutes just cause for revocation of all return privileges.
19. DISCLAIMERS AND WARRANTIES
ALL ITEMS OFFERED IN THIS CATALOGUE ARE GUARANTEED TO BE AUTHENTIC. THIS IS A LIMITED WARRANTY THAT THE ITEM SOLD IS NOT COUNTERFEIT, THAT ITS DATE OR MINTMARK HAS NOT BEEN ALTERED, AND THE ITEM HAS NOT BEEN "REPAIRED." ANY OTHER WARRANTY IS EXPRESSLY DISCLAIMED; THERE IS NO REPRESENTATION OR WARRANTY THAT A NUMISMATIC ITEM HAS OR HAS NOT BEEN CLEANED; THAT ANY TONING IS NATURAL OR ARTIFICIAL; THAT ANY ITEM WILL MEET THE STANDARDS OR GRADE OF ANY INDEPENDENT GRADING SERVICE; THAT ANY ITEM HAS A PARTICULAR PROVENANCE OR PEDIGREE, OR THAT AN ITEM IS STRUCK OR PRODUCED IN A PARTICULAR STYLE. ANY STATEMENT CONCERNING THIS IS A MATTER OF OPINION ONLY. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, INCLUDING A WARRANTY OF MERCHANTABILITY IS MADE WITH RESPECT TO ANY GRADE DESCRIPTION OR VALUE, WHICH IS ONLY AN OPINION THAT IS LIKELY TO DIFFER, EVEN AMONG EXPERTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING OF A LOT.
All oral and written statements made by Superior and its employees (including affiliated and related companies) are statements of opinion only, and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of Superior has authority to vary or alter these Terms and Conditions of Sale. Any alteration shall be effective only if in writing and signed by an officer of Superior authorized to do so.
Notwithstanding anything to the contrary in these Terms and Conditions of Sale, and except as otherwise posted at the Auction Sale, COINS LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC OR ANACS CACHET, OR ANY OTHER THIRD PARTY GRANTING SERVICE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER.
20. All prospective Bidders who have had the opportunity to examine the lot(s) prior to the Auction Sale, personally assume all responsibility for any damage that Bidder causes while handling or examining lot(s). Superior shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder.
21. Superior reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the Bidder has taken physical possession of the lot. No Bidder shall have a right to claim any consequential damages if a lot is withdrawn, even after the auction sale. Auctioneer will have the final discretion to determine the successful bidder, cancel the sale, withdraw the item, or to re-offer and re-sell the article during or in a future sale or return it to the consignor. If any dispute arises after the sale, the auctioneer's decision is final and conclusive.
22. Superior will not assume responsibility for the shipping and packaging of certain larger items or items of a more fragile nature sold in this sale, as determined by Superior. It is the Bidder's responsibility to contact Superior after the sale to make shipping and packaging arrangements. Due to the fragile nature of some lots, it may be necessary to charge additional shipping and handling. Lots indicated as being "framed" are shipped at the Bidder's risk.
23. Taxes, postage, freight charges, if applicable, handling, insurance, the fifteen percent (15%) Buyer's Commission, and any other fees required by law to be charged or collected will be added to the invoice for any lot(s) that is invoiced to successful Bidders. On any tax not paid by Bidder which should have been paid, even if not collected by Superior by mistake, error, negligence or gross negligence, Bidder agrees to promptly pay the same on demand together with any interest or penalty that may be assessed.
24. Bidder grants to Superior or its assigns the right to offset any sums due, or found to be due to Superior, and to make such offset from any past, current, or future consignment; purchases that are in the possession or control of Superior; or from any sums due to Bidder by Superior. Bidder further grants Superior a purchase money security interest in such sums or items to the extent applicable. Bidder agrees that Superior and its assigns shall be a secured party with respect to items bought by Bidder and in the possession of Superior, to the extent of the maximum indebtedness, plus all accrued expenses attorney fees and costs, until the indebtedness is paid. Bidder grants Superior the right to file a UCC on such items without need for Bidders signature, and to assign such interest to any affiliated or related company or any third party deemed appropriate by Superior.
25. In the event a successful Bidder fails to make payment when due, Superior reserves the right to resell the lot(s) in a commercially reasonable manner, which may include a private sale. Bidder agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, including reasonable attorneys' fees and costs, cataloguing and any other reasonable charges.
26. If the auction invoice is not paid for in full when due per invoice terms, the unpaid balance will earn interest at the rate of one-and-one-half percent (1-1/2%) per month until it is paid in full. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law. Bidder agrees to pay all reasonable attorneys' fees, court costs and other collection costs incurred by Superior or any affiliated or related company to collect past due invoices. Superior reserves the right to assign its interest to any third party.
27. Title to any lot remains with Consignor, any secured party of the Consignor, or Consignor's assigns, as the case may be, until the lot is paid for in full by Bidder.
28. It is the Bidder's responsibility and obligation to have the lots fully insured while in his or her possession. Bidder assumes any and all RISK OF LOSS while the lot(s) is in Bidder's possession.
29. If a dispute arises concerning ownership of a lot that has been bid upon, Superior reserves the right to commence a statutory interpleader proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs.
30. Superior reserves the right to postpone the auction sale or any session thereof for a reasonable period of time for any reason whatsoever. No Bidder shall have any claim as a result thereof, including incidental or consequential damages.
31. Neither Superior nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms and Conditions of Sale, the auction or the conduct thereof and in no event shall liability for any such failure exceed the purchase price, premium, or fees paid.
32. Rights granted to Bidders under the Terms of Conditions of Sale are personal and apply only to the Bidder who initially purchases the lot(s) from Superior. The rights may not be assigned or transferred to any other person or entity, whether by sale of the lot(s), operation of law or otherwise. Any attempt to assign or transfer any such rights shall be absolutely void and unenforceable. No third party may rely on any benefit or right conferred by these Terms and Conditions of Sale.
33. If the Bidder fails to comply with one or more of these Terms and Conditions of Sale, then, in addition to all other remedies which it may have at law or in equity, Superior may at its sole option, either (a) cancel the sale, retaining all payments made by Bidder as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell a portion or all of the lot(s) held by Superior, in a quantity sufficient in the opinion of Superior to satisfy the indebtedness, plus all accrued charges. More than one such sale may take place at the option of Superior. Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other last known address by Superior. Such sale will be at Superior's standard commission rates at public or private sale. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to Superior, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred. Bidder is also liable to Superior if the proceeds of such sale or sales is insufficient to cover the indebtedness.
34. These Terms and Conditions of Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of California, regardless of the location of the Auction Sale.
Bidder acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction over any dispute(s) arising hereunder, and Bidder hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of California, regardless of any party's current or future residence or domicile. Bidder further agrees that venue shall be in the Superior Court for Los Angeles County, in the State of California.
35. If any section of these Terms and Conditions of Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way.