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FROM THE NAPLES COLLECTION OF EARLY GOLD PART I
Legend Rare Coin Auctions is honored to sell this VERY IMPORTANT early gold piece, long considered one of the RAREST of the denomination. A challenging coin in any grade. Often lacking in eye appeal from mistreatment of one sort or another over the last two and a quarter centuries, this CHOICE AU example is wonderfully preserved, and offers a sensational look for the assigned grade. Glossy lustrous surfaces offer a wealth of medium gold brilliance. The design elements are very well struck and despite a touch of minor friction, they retain bold definition on both sides. There are hints of planchet adjustment marks in the central obverse, as made at the mint. Struck from a late state of the dies, there are a number of die cracks and clashes (also all mint made) seen on both sides, mostly in the peripheral areas of the devices. A few ancient and tiny ticks are noted with the aid of a glass, and there is a short scratch on the reverse, hidden by the shield details. All the “flaws” are noted for the sake of accuracy in our description and have nary an effect on the outstanding eye appeal this rarity possesses.
Among the RAREST early gold types struck by the United States, the 1796 With Stars quarter eagle is a true prize for the collector. The estimated mintage of a mere 432 pieces makes it one of the lowest in all of American Numismatics, and as the only date with 16 stars on the obverse, it is an important subtype among the with Stars quarter eagle type, struck 1796 to 1807. The estimated survival in all grades ranges from David Akers’ estimate of 20-25 to John Dannreuther’s estimate of 40-50, including two incredible Mint State examples that are impounded in institutional collections (the Bass coin in the American Numismatic Association Money Museum and the National Numismatic Collection coin at the Smithsonian). There are a few other Mint State pieces that are out there for collectors to vie for, but they appear usually only when major collections are offered (Simpson, Pogue, etc). There are a few scattered among the AU designations, and a few VF or XF pieces. Many have problems that would preclude numeric grading by the services. Obtaining an example in ANY GRADE is a major feat and is indeed missing from many collections of early gold.
While one of the originally authorized denominations, it would be three years after the mint opened before quarter eagles were struck. The 1792 law establishing the mint and coinage system required surety bonds to be posted by mint officials to produce gold and silver coins. The bonds proved expensive and the levels required were reduced and in late 1794, half dollars and silver dollars, representing the first precious metal coinage was delivered for circulation. In 1795, the first gold coins, both $5 and $10 gold pieces were struck. Quarter eagles were not requested by gold depositors until 1796, when a small quantity was produced. Along with quarter eagles, the mint struck the first dimes and quarters as well, marking the first time that every authorized denomination was struck.
All 1796 With Stars quarter eagles were struck from a single pair of dies, the BD-3 die marriage. As early as the 1960s, when Walter Breen wrote his monograph on the series, it was determined that this is a totally different obverse die; the engraver did not just add stars to obverse 2. The position of LIBERTY is different. This CHOICE AU example is struck from the latest state of the dies, described as “State e” in the Bass-Dannreuther reference, featuring a number of bold die cracks and multiple die clashes on both sides. It is actually amazing to think that a die that struck so few coins obtained such an incredible amount of damage. It would be hard to imagine many coins were struck after this piece came off the dies. It is suspected that all 432 struck were delivered on January 14, 1797.
PCGS 7, NGC 0. AU examples are very rarely offered in auction; indeed, a PCGS AU55 has not sold in auction in nearly eight years! The two most recent PCGS-graded examples to sell in auction were an XF45 at $105,000 in April 2021 and an MS62 at $456,000 in August 2021. The current Collectors Universe value seems to be too low, listed at only $170,000; the more “common” No Stars is listed at $200,000. With those two recent auction records, we think this coin should be worth more like $220,000-$250,000. Adding this important rarity to your early gold cabinet will automatically lift your collection to a level rarely attained. We wish good luck to all our prospective bidders and an advanced hearty congratulations to the winning bidder!
Cert. Number 37979158
PCGS # 7647
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