LOT Bowers and Merena Auctions  /  The November 2008 Baltimore Auction  / 

6024

Scotland.4Sh,9P Counterstamp US 1795 Flowing Hair

Currency:USD Category:Coins & Paper Money / World Coins - World Start Price:25,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
Scotland.4Sh,9P Counterstamp US 1795 Flowing Hair
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<span style="font-size: large;">Lot #6024. Scotland. George III (1760-1820). Glasgow, Lanarkshire. WG & Co. 4 Shillings, 9 Pence Counterstamp on a U.S. 1795 Flowing Hair, Two Leaves Silver Dollar. Counterstamp Undated (1820-1821).</span>
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Obv: bust of Liberty right with flattened, T-shaped, dentate WG & Co / 4/9 counterstamp over the lower part of the bust. Rev: eagle within wreath. (Counterstamp attribution: KM-CC54, Brunk-54680, Seaby-ST54; Undertype attribution: BB-21, B-1). <b>PCGS EF-45.</b><p>This is a very rare counterstamp that was discovered by W.J. Davis in June of 1906 from a specimen in the H.B. Bowles Collection. The discovery piece, on a Spanish Colonial 1792-Mo, FM Silver 8 Reales, was later published by Dr. Philip Nelson in December 1906 and now resides in the Birmingham City Museum in England. A second example of this counterstamp on a heavily cancelled Spanish Colonial 1789-Mo FM Silver 8 Reales is also known to exist. That coin, which is illustrated in the 1989 edition of Gregory Brunk's book on countermarked coinage, is now impounded in the British Museum collection.<p>At the time of discovery, this counterstamp posed considerable problems for numismatic scholars. The initials WG & Co, although almost immediately attributed to Glasgow, Lanarkshire, could have been affixed by as many as 19 different companies with those initials that were active during the late 1700s and/or early 1800s in that Scottish city. Additionally, the rarity of the counterstamp and its relatively late discovery resulted in some initial skepticism about its authenticity. The counterstamp could have been affixed to relatively inexpensive Spanish Colonial 8 Reales pieces in the early 20th century to create a more valuable countermarked coin.<p>Any and all doubt as to the authenticity of the WG & Co counterstamp was laid to rest with the discovery of the third and final-known example. Unlike the other two examples of this counterstamp that now reside in British museums, the third piece is on a United States 1795 Flowing Hair Silver Dollar of the Bolender-1 variety. Since this coin itself would have been a very valuable numismatic collectible in the early 20th century, there would have been no incentive for someone to deface it with a counterstamp. Also since the counterstamp on the 1795 Dollar matches that on the two Spanish 8 Reales pieces, it could only have been affixed in the late 1790s or early 1800s at a time when even a 1795 U.S. Silver Dollar did not command a premium as a numismatic collectible.<p>In his excellent book on Spanish Dollars (2001), Harry Manville finally and conclusively attributed the WG & Co counterstamp to William Graham & Company, merchants and cotton goods manufacturers. From 1820-1821, William Graham & Company shared offices at 19 Cochran Street, Glasgow with Thomas Shiels & Company, calico printers. Based on this attribution, the WG & Co counterstamp dates to either 1820 or 1821. Since Thomas Shiels & Company was an established issuer of counterstamped coins by that time, William Graham & Company would certainly have learned this trade from their neighbor. The countermarked coins from Thomas Shiels & Company are in the raised value of 5 Shillings, while those of William Graham & Company are raised to the relatively low face value of 4 Shillings, 9 Pence. This difference is easily explained, however, due to a drop in the price of Spanish Dollars on the London exchange by about 3 Pence in 1820 and 1821--the years to which the William Graham & Company counterstamps date.<p>As previously stated, there are only three examples of the WG & Co counterstamp known to exist. The present example is the only one on a U.S. 1795 Flowing Hair Silver Dollar, and it is also the only one available for private ownership. The coin itself is simply beautiful, with richly original lavender-gray and olive patina to surfaces that still possess considerable mint luster. Both sides are also remarkably smooth with no abrasions or other blemishes. The counterstamp is deeply impressed and sharp, although it has obliterated the eagle's head and the top of the wings on the reverse of the Silver Dollar. The balance of the coin is also boldly defined with only light highpoint rub to report.<p>One of the rarest and most important coins in this sale, this counterstamped Flowing Hair Silver Dollar is also an undeniably beautiful piece. The Brunk plate coin (1989), and a find for the advanced specialist that would serve as a centerpiece in the finest cabinet. <i>Est. $50,000 and up</i>


<span style="font-size: smaller;">Cert Number: 12527001 </span>
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<table cellspacing="0" cellpadding="3" border="1" id="ctl00_cntBody_FAQ1_grdShippingRates"
style="background-color: White; border-color: #9A3C35; border-width: 1px; border-style: Solid;
width: 350px; border-collapse: collapse;">
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Shipping Rates (Within the United States)</div>
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<tr class="AuctionTitleDetail" style="background-color: E0CA7A;">
<td class="AuctionListingsHeadings" valign="top" style="height: 20px; white-space: nowrap;">
Purchase Amount
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<td class="AuctionListingsHeadings" align="right" valign="top" style="width: 75%;">
Postage And Insurance
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PurchaseAmountTemplate">$0.00 to
$200.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PostageAmountTemplate">$6.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PurchaseAmountTemplate">$201.00
to $300.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PostageAmountTemplate">$9.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PurchaseAmountTemplate">$301.00
to $1,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PostageAmountTemplate">$10.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PurchaseAmountTemplate">$1,001.00
to $2,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PostageAmountTemplate">$13.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PurchaseAmountTemplate">$2,001.00
to $3,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PostageAmountTemplate">$17.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PurchaseAmountTemplate">$3,001.00
to $5,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PostageAmountTemplate">$18.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PurchaseAmountTemplate">$5,001.00
to $10,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PostageAmountTemplate">$23.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PurchaseAmountTemplate">$10,001.00
to $25,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PostageAmountTemplate">$27.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PurchaseAmountTemplate">$25,001.00
to $50,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PostageAmountTemplate">$42.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PurchaseAmountTemplate">$50,001.00
to $75,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PostageAmountTemplate">$55.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PurchaseAmountTemplate">$75,001.00
to $100,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PostageAmountTemplate">$70.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PurchaseAmountTemplate">$100,001.00
to $250,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PostageAmountTemplate">$100.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PurchaseAmountTemplate">$250,001.00
to $500,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PostageAmountTemplate">$175.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PurchaseAmountTemplate">$500,001.00
to $750,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PostageAmountTemplate">$250.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PurchaseAmountTemplate">$750,001.00
to $99,999,999.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PostageAmountTemplate">$400.00</span>
</td>
</tr>
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Bowers and Merena Auctions was founded in 1983 and has grown to become the world's
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