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1817/4 O.102a. Rarity-7. The Eliasberg and Finest Known Specimen

From Stack's October 2006 New York Auction, Session 1 on Oct 17, 2006

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Categories  •  Stack's October 2006 New York The George Byers Collection of U. S. Half Dollars, 1795-1964 United States Half Dollars United States Capped Bust, Lettered Edge Half Dollars

1817/4 O.102a. Rarity-7. The Eliasberg and Finest Known Specimen.  About Uncirculated.  This is the...1817/4 O.102a. Rarity-7. The Eliasberg and Finest Known Specimen. About Uncirculated. This is the most famous example of this coveted rarity, and the discovery coin. The surfaces show scattered handling nicks expected for a coin which did circulate, and a small cluster of pin scratches between star six and Liberty's forecurl. Not only does the present coin boast the highest technical grade of those known, but it also has wonderful old toning of blue toward the edges combined with light silver-gray centers, toning typically seen on the silver coins from the Louis Eliasberg Collection.

The strike is reasonably sharp particularly on the left side, but weaker on the right, a function of the bisecting obverse die crack which affects both the obverse and reverse strike. The obverse die had literally split in two soon after coinage began, weakening the right side along the back of Liberty's curls. This die crack resulted in the quick retirement of this obverse die, and ended the production of the 1817/4 Half Dollar. Of the eight examples known today, five show the bisecting obverse die crack, while three do not have this fatal crack.

First off, why is this coin so rare? That part of the story begins in 1814. American coinage of most denominations slipped during the period of 1812 to 1815 as the effects of the War of 1812 continued to disrupt trade and shipments of copper planchets and trade. People and businesses held on to their precious silver and gold, not wanting to spend their wealth until the outcome of that War was certain. Coinage of most series stopped or was sporadic at best from 1812-1815. Of all the denominations only the Large Cent and Half Dollars were coined in relatively stable numbers through the second decade of the Nineteenth Century. Those two denominations, along with the Half Eagle, provided the backbone of coinage for our economy, combining with the mix of foreign coins which were generally accepted through this time period.

As if the War of 1812 was not enough, coinage was further disrupted by a fire in January 1816 in a Philadelphia Mint building which housed the drawing and rolling equipment. The destroyed building and some equipment had to be repaired, and this halted silver and gold production in 1816 and part of 1817. Large cents were coined in 1816 as foreign copper planchets were delivered after the English blockade was lifted.

Once the Philadelphia Mint had the damaged building and rolling mills repaired, coinage immediately focused on the Half Dollar. Two earlier obverse dies were pressed into service, one dated 1813, another dated 1814. Neither die had been used before, and were not about to be wasted simply because the year had changed. Both dies were updated with a current '7' over the previous '3' or '4'. The 1817/3 obverse die was prolific and its coins relatively common, but the 1817/4 obverse die failed immediately. Perhaps that obverse die had been hardened prior to engraving the 7 over the 4, and this process weakened the die. Of the eight examples of this overdate known, most show a bisecting obverse die crack from the rim above the peak of Liberty's cap down through her cap, ear, lower curl and ending at the rim right of the '7'. The obverse die had split to the degree that the left devices are sharply struck while those on the right side of the crack tend to be poorly struck up.

Another factor which added greatly to the turmoil of the Mint fire was the departure of Mint Engraver John Reich in March of 1817. Reich had been instrumental in redesigning coinage since his employment at the Philadelphia Mint in 1807. Reich only engraved a single obverse die in 1817, which curiously was not used until it was overdated to coin Half Dollars of 1818. Reich left a small signature on the obverse dies he engraved by using a star punch with a tiny notch out of one of the arms, usually the notched arm is pointed toward the rim, always in the final star position right of the date. Reich did engrave the 1817/4 obverse die, but did most of the work in 1814. It is likely that the aging Engraver Robert Scot or an assistant completed the overdate of this die once coinage resumed in 1817. The reverse die was probably engraved in 1817, and curiously that die shows a broken 'I' punch missing the lower right serif; this is the only time that broken letter punch is seen on any reverse die.

The rarity of the 1817/4 die pairing is legendary. First reported in the October 1930 edition of The Numismatist in an editorial comment by E. T. Wallis, Wallis noted that this discovery coin had been held by the same family since 1846. The discovery coin (which is almost certainly the coin offered here) was sold into the Pratt Collection, from which Al C. Overton obtained it in 1951. The coin was sold to Louis Eliasberg in 1953 for $1,500. For the first few decades, just this single example was known, despite ongoing publication in Wayte Raymond's Standard Catalogue of U. S. Coins starting in 1953. No additional specimens turned up until the early 1960s, and a total of seven examples were discovered by 1976.

At seven the census stood until 2005 when remarkably, an eighth specimen was literally dug up from fill dirt in New York. This new coin was corroded and dark from years buried in soil. The surfaces were cleaned with ''Tarn-X'' silver cleaner prior to the realization of the great rarity that lay before the discoverer. Patches of corrosion remain on the surfaces, and the coin was graded by ANACS as ''Corroded'' with ''XF Details'' and no net grade assigned. Perhaps a net grade of Fine to Very Fine would be appropriate for this particular coin. After more than 50 years of active searching by countless collectors and dealers, the entire known population of this die pairing amounts to a meager eight coins.

Why is this die variety so popular--enough to command a six figure price, even more than comparably rare die pairings? This results from a number of factors. First off, the overdate feature is visible to the naked eye, and the variety has been included in The Guide Book of United States Coins by Yeoman for decades and The Standard Catalogue of U. S. Coins by Wayte Raymond in the years prior. For any ''complete'' major type and variety collection, a specimen must be obtained. Further demand is comes from the legions of Capped Bust Half Dollar collectors, many of whom belong to the Bust Half Nut Club. Al C. Overton wrote Early Half Dollar Die Varieties 1794-1836 in 1967 and in later editions, the 1817/4 was prominently featured on its front and back covers. No one can buy that kind of promotion.

When famous Bust Half Dollar collector Charlton Meyer needed this single variety to complete the entire 449 piece Bust Half Dollar variety collection, the 1817/4 O.102 was the final die pairing he needed. Bowers and Ruddy offered a specimen in 1975, which his wife purchased for him. Meyer remains the only individual to have obtained at least one example of each of the 449 die marriages of Bust Half Dollars. Pressure comes from other sources as well, noted collector Juan XII Suros, who specialized in overdates, purchased this coin soon after the Eliasberg sale. Further publicity has been generated by inclusion in the 100 Greatest U. S. Coins by Garrett and Guth.

Without question, this is one of the most important highlights of the present collection, or of any collection and certain to be one of the most contested among numismatists. Here is an amazing opportunity to purchase what is without question the Finest Known of this coveted rarity. PCGS AU50.

The Condition Census for the 1817/4 is as follows, with our thanks to noted specialist Sheridan Downey for assistance in this Census.

1) PCGS AU50. O.102a.
The Present Example and Finest Known. Last offered in The Richmond II Collection (David Lawrence Rare Coins, November 2004, lot 1388); The 2003 ANA Sale (Bowers and Merena, July 2003, lot 1443, unsold); Juan XII Suros Collection (Superior, February 1999, lot 180); Louis E. Eliasberg Collection (Bowers and Merena/Stack's, April 1997, lot 1735); purchased privately from Al C. Overton in 1953 for $1,500 by Eliasberg and earlier from the Pratt Collection purchased by Overton in 1951; Likely the Wallis and discovery coin published in 1930 and offered in a Fixed Price List by Wallis in 1934 for $2,500. Said by Wallis to have been held in a family collection since 1846.

2) VF25. O.102. The Meyer coin. Considered finer today by most experts. Plated in the 1990 Overton/Parsley reference incorrectly as 102a but actually O.102. Purchased from a coin dealer in 1962 by Al C. Overton and sold to Bowers and Ruddy's Empire Coin Company; privately to Hazen B. Hinman; The Century Sale (Paramount Coin Company, May 1965, lot 1112); next offered privately in The Rare Coin Review (Bowers and Ruddy, issues #18-22 from 1973-75); Purchased by Gloria Meyer for her husband Charlton Meyer where it resides today.

3) VF25. O.102a. The Farley coin. Also considered finer today by most experts. Private collection; Floyd Farley Collection (Sheridan Downey, July 2002, lot 8); Discovered or first reported by Thomas Pfeffer in 1967 or 1968 and sent to coin dealer and noted numismatic author Don Taxay for authentication and sale. Sold to Stewart P. Witham in early 1968 and resold in March 1968 to Floyd Farley where it remained until 2002.

4) F/VF. O.102a. The Witham coin. Also considered finer today by most experts. Last offered privately in 1983 and sold; purchased by Stewart P. Witham on May 18, 1966; apparently discovered by coin dealer Ed Johnson in the 1940s.

5) NGC VF20. O.102a. The Burke coin. Sheridan Downey Phone/Mail Bid sale, April 1997 at $135,000; discovered by Alfred E. Burke in 1973 or 1974 after he purchased Overton's variety book. The coin was obtained by Burke in 1970 for $28.

6) F12. O.102. The Dosier coin, plate coin from Overton/Parsley's 1990 Edition of United States Early Half Dollar Die Varieties 1794-1836 under the O.102a variety. Crowley Selected Rarities Sale (Sheridan Downey, August 2001, lot 4; Sheridan Downey's MBS #22, October 1998, lot 268; Sheridan Downey privately in 1988 to Leonard Elton Dosier; discovered by Milton Silverman in 1976. A thoroughly wholesome example with wonderful dark gray toning and excellent surfaces.

7) ANACS XF Details, Corroded. Net Fine or so. O.102a. Discovered by George Williams in some fill dirt in upper New York in 2005, dipped in ''Tarn-X'' to remove some of the dirt and tarnish. Several patches of corrosion on both sides. While the amount of wear may merit a technical XF grade, the surface corrosion and cleaning reduce this coin to the 7th best of the 8 known by general consensus of Bust Half Nut Club. Sold in the FUN Sale (Heritage, January 2006, lot 3184 for $253,000). An article about the sale and discovery of this coin was published in Coin World on February 13, 2006 on page 110.

8) Good 6, Repaired. O.102. Located in 1963 or 1964 by Ed Shapiro to Dan Messer in 1964 or 1965, then to John Cobb in 1965; sold to Steve Markoff in 1969; Al C. Overton bought the coin in 1969 and had the gouge repaired on the reverse; to Donald and Bonnie Parsley in 1972 after Al Overton passed away; sold with the collection by Sheridan Downey in July 1993 privately.


Lot # 1031 Session 1
Hammer Price: $270,000.00

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