Q.David Bowers
On December 13, 1884, Newlin sent Garrett several coins with the following note, again suggesting he send his duplicates in trade:
I have sent you for inspection gold coins as follows: quarter eagles, 1796 Proof, 1798 Proof, 1834 old type Proof, 1874 twenty-cent piece. Should these prove better than your specimens I would be willing to make a trade and would like you to send me the following: quarter eagles, 1796 with stars, 1796 no stars, 1797, and 1798-1 mean those you will discard for sure. I have let you have the choice of my rare gold and want the pieces to fill up the gaps.
The next letter from Newlin, on December 22nd, was a lengthy discussion of several rarities:
I received your registered letter this morning with the 1796 and 1798 quarter eagles. I enclose the 1797 small eagle reverse, the only Uncirculated one I have had. I got this from Mr. Parmelee, who paid me a little call several weeks ago. His price to me was $50 net, and as the last two in only Fine brought $40.00 and $42.50 in sales I took it. I should like to get $60 for it. In regardsto the 1822 half eagle, I think its price depends upon its condition. Mr. Parmelee has one in his collection, and he told me that Mr. Appleton of Boston had two at one time, but Mr. Appleton has sold his gold and I do not know where they now are.
It is only very recently that the 1822 was known to be rare. Nobody thought of looking for it. Now that it is more generally known and sought for, more specimens may turn up. H. P. Smith of New York City lately found one at a broker's office in the window and got it for $6, at least so he wrote me, and I believe it. The mint has one, and with Parmelee's, Smith's and two of Appleton's, there would seem to be five known. Parmelee thinks it's the scarcest after 1815, but it will never bring as much as that date as the 1815 has always been considered the rarest coin in the U.S. series and has been advertised for and looked after for 25 years, without another specimen being brought to light.
I do not think the 1829 [large date] is any rarer than the 1829 small date. I should consider the market value of an Uncirculated one to be $150 and a Very Fine one $100. Mr. Parmelee thinks it is worth $100.
I want for the 1874 twenty-cent piece and the 1834 quarter eagle Proof $75. Outside of the Mint Cabinet I have never seen the 1874 in silver. One in copper brought $29 in Haseltine's sale about a year ago. I mean the sale that had an addenda.
P.S. I have a strictly Uncirculated 1796 half dollar. On December 31, 1884, Newlin thanked Garrett for his check and enclosed a Proof 1834 quarter eagle, apparently of the new or second type, at $22. Thereon January 10, 1885, Newlin ventured:
As you wrote to me to send for your inspection anything good that I may have, I enclose a 1797 half dollar which I think is by far the best one in point of condition I have seen. Should it prove superior to yours and should you care to trade, if you will send yours to me I will let you know what I consider a fair difference.
On January 19, 1885, Newlin wrote again: Your registered letter reached me safely. I cannot tell just what value to put upon the 1797 half dollar as I do not know of an Uncirculated specimen ever having been sold. There was an Uncirculated 1796 half dollar sold in the Burton sale for over $300, and the same piece was sold in a Harzfeld sale for I think $325. Mr. Woodward considers a 1797 half dollar rarer than the 1796, in Uncirculated condition.
I believe the piece I sent you is worth between $175 and $210 and I believe your piece is worth, on the same basis of estimation, $80 and $100. The history of the piece I send you is as follows. It was picked up over a counter by a man who keeps a liquor store here about three years ago and was bought by a doctor who takes some interest in coins for $75 on speculation. I purchased it from him. I should be glad to have your ideas concerning the piece, and I do not want to appear to be asking more than the real value. I doubt if it can be duplicated in point of condition. I shall very cheerfully be guided by your opinion of the matter. I shall send you some gold you lack per express. Harold P. Newlin sent the gold to T. Harrison Garrett the same day as promised:
I send you per express today [January 19, 1885] per your instructions the following: double eagles 1852 Uncirculated $28, 1855 Uncirculated $28, 1856 Uncirculated $25, 1861 Uncirculated $28, 1876 Uncirculated $25. Eagles: 1850 Uncirculated $14, 1852 Uncirculated $15. Half eagle: 1808/7. Extremely rare variety. $13.
I have also a brilliant Proof set, gold, silver, and copper, of 1885. I got them early because the Proofs first struck are best. You can have the set at the mint price, of course, if you have not already secured yours. I hope to send you a few more dates that you want shortly.
P.S. Do you not want that 1792 large Liberty, Parent of Science cent in the Smith sale, plain edge? It is a beauty and I think it will not bring its worth. I wish I could afford to buy it for myself. If you want it telegraph me and I think I can get it cheap for you.
Newlin's acknowledged receiving a package of gold from Garrett but rejected his offer saying: In reference to the 1797 half eagle, I would say that I believe to a collector of fine pieces the coin is worth a fancy price as it is the only perfect specimen I have ever seen. In accepting your offer of $60 difference I would be out of pocket $7. I think $75 difference would be very advantageous to you. If you think not I will be willing to take $67. I await your pleasure in the matter.
The next letter from Newlin to Garrett on February 3, 1885, confirms the sale: I thank you for your courtesy in sending the check. I am glad that you concluded to take the piece, not on account of the slight benefits that accrued to me thereby, but because I think you have added a gem to your collection. Some time ago when trading for my 1802 half dime (now yours) I said to Woodward that an 1804 quarter I gave was worth $150. He thought it was ridiculous and allowed me about $35 in trade. The same piece was put in the Burton sale and realized by fair bidding $225. I merely state this to show that having studied the condition and varieties of scarce pieces I can speak somewhat intelligently as to their value. My estimate is often borne out by the prices they subsequently bring in auction.