Q. David Bowers
• DIE STATES:
Die State I: Perfect dies. No clash marks in fields. Cf. Neil Collection (Mehl, 1947): 1 to Amon G. Carter, Sr. to Carter Family Collection (Stack's, 1984): 207.
Die State II: Light clash marks in obverse and reverse fields (usually visible only on coins grading EF or better). The ends of Miss Liberty's hair locks extend farther into the field and are more detailed than on the next. End of curl approaches innermost point of star 2. Cf. Lord St. Oswald (Christie, Manson & Woods, London, 1964): 137 to AJ. Ostheimer, 3rd, to the Gilhousen Collection (Superior, 1973), to Frank Andrews (temporarily), to Jonathan Hefferlin, to Newport Collection (Bowers and Ruddy, 1975): 371, via intermediaries to Jimmy Hayes Collection (Stack's, 1985): 72; Lord St. Oswald (1964): 138 to Norweb (1988): 3741; Somerset Collection (Bowers and Merena, 1992) coins; and others.
Die State III: (A later die state has been reported with a rim break at 7th star; very late impression from the dies. Cf. Gilhousen (Superior, 1973): 1210, VF; there called one of just two reported. However, Jack Collins (in a commentary received by the author on December 31,1992) noted that the "rim break" is believed to have been a rim bump, and no specimen is known to exist with a break at the 7th star.)Obverse (especially) and reverse dies lightly reground, removing clash marks. The ends of Miss Liberty's lower hair locks are now shortened; the tips are missing. This is the usually seen die state.
Notes: A prooflike impression of these dies (State I) struck in copper (Judd-19) is in the National Collection in the Smithsonian Institution, a gift. of Stack's (in 1954, it appeared as Lot 1264 in Stack's Davis-Graves (James Davis) Collection sale, $1,400). Bolender reported a second, in copper, silver plated, but this was the American Numismatic Society's electrotype' (illustrated in the Bolender book as the plate for 1794; his own coin was only VG).
A 1794-dated pattern without obverse stars (Judd-18) is from a different 1794 die, a fact first noted by Andrew W. Pollock III; earlier, it was believed that stars were added to the pattern die for use in regular coinage.
COLLECTING NOTES: See narrative above
AUCTION POPULATION SURVEY: Good: 3, Very Good: 13, Fine: 21, Very Fine: 34, Extremely Fine: 15, About Uncirculated: 4, Mint State-60 or better: 12. Total: 102. (Average grade: VF-25)
These numbers, while interesting, are skewed in two ways. First, dollars of 1794 are very valuable, and an inordinate number of them have crossed the auction block, as compared to private sale. Second, in the past 20 to 30 years, several Uncirculated coins, in particular the two Lord St. Oswald specimens, have been listed in auction catalogues multiple times. The 12 Mint State listings probably represent only about five or six different coins.
• NOTABLE SPECIMENS:
Neil Specimen. MS-65 (PCGS). Neil catalogue description: "Uncirculated, some short file marks in the die on upper obverse right edge, undoubtedly a very early impression of the die as the stars on the left are as bold as on right and legend on reverse is perfect and well struck, hardly the slightest touch of cabinet friction, feathers on eagle's breast all show, full iridescent mint luster." • Will W. Neil Collection (Mehl, 1947): Lot 1. $1,250 .• Amon Carter, Jr. Collection (Stack's, 1984): Lot 207. $264,000 to the following. Hugh Sconyers for the American Rare Coin Fund Limited Partnership .• Superior sale, May 1991, certified MS-65 by PCGS. Jack Collins considers this to be the finest Mint State 1794 dollar. Die State I, prooflike.
Lord St. Oswald-Ostheimer Specimen. MS-63. Description from Gilhousen sale: "Uncirculated, frosty, gray toned, one of the sharpest strikes ever reported; date, all stars, all of back hair, feathers and leaves, dentils at left on both sides, and letters in UNITED STATES unusually bold; minor field -, handling marks, one reverse rim dent; some adjustment: marks (as made) near borders; light clash marks but no rim break." One of two 1794 dollars believed to have been obtained during a visit to Philadelphia in 1795. '; Major the Lord St. Oswald, late October 1795, on his visit to Philadelphia; in the hands of St. Oswald's descendants until 1964, when it appeared as Lot 137 of the Christie, Manson & Woods auction of the St. Oswald Collection .• Alfred]. Ostheimer, 3rd • Superior Stamp & Coin co? 1972 Gilhousen Collection (Superior, 1973): Lot 1209, sold for $110,000 to the following, but, apparently, problems developed, and it was reacquired. • Ralph Andrews' Superior Stamp & Coin Co • Jonathan Hefferlin for a reported $127,500 • Newport Collection (Bowers and Ruddy, 1975): Lot 371, $75,000.(Details from Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins, p. 424.) • Jimmy Hayes Collection (Stack's, 1985): Lot 72, $22,000. Die State II.
Lord St. Oswald-Norweb Specimen. MS-63. Obverse and reverse of nearly full brilliance, light gray toning, stars at the left side of the obverse are lightly struck, mint-caused planchet adjustment marks, Miss Liberty sharp with superb definition, reverse well struck except for tops of letters TED STA, which are intact but not as bold as their bases; eagle's breast feathers, wing details, head, eye, beak and all other features well defined. One of two -1794 dollars believed to have been obtained during a visit to Philadelphia in 1795 .• Family collection of Lord St. Oswald which was sold at auction by Christie's in London October 1964, Lot 138. Sold to the following. • A.H. Baldwin & Sons and Lester Merkin, on behalf " of the following
.• Ambassador and Mrs. R. Henry Norweb. Norweb Collection (Bowers and Merena, 1988): Lot 3741, MS,60/63. $242,000. Since graded MS,63 .• Additional information: The two Lord St. Oswald coins: Certainly among the very finest Mint State 1794 silver dollars are two coins sold at auction in 1964 by Christie's of London, as part of the family collection of Lord St. Oswald, who is said to have visited Philadelphia in 1795, possibly in October. These coins, long for, gotten with a group of other copper and silver issues dated 1794 and 1795, appeared on the market to delight and surprise numismatists, several of whom traveled from the United States to attend the London event. At the sale each 1794 silver dollar brought the American equivalent of $11,200. The first, Lot 137, went to AJ. Ostheimer, 3rd. The second, Lot 138, was knocked down to A.H. Baldwin & Sons, Ltd., Lon, don dealers, on behalf of Hon. and Mrs. R. Henry Norweb. As to which was the better coin has been a toss-up in discussions since. Lot 137 has fewer adjustment marks but is not quite as sharp on the 1 of the date, and has a few carbon marks on the reverse. Lot 138 has more adjustment marks. Both are brilliant and lustrous, and both are from an early state of the dies showing light clash marks. (There were three other early dollars in the sale: a specimen of 1795 BB,18 and two of 1795 BB,20. All told, the miscellaneous group of 1794 and 1795 pieces owned by Lord St. Oswald, representing an investment of less than $10 in 1795, brought the princely sum of $72,000! Die State II.
Boyd Specimen. MS·63 (PCGS). Uncirculated, graded MS-63 by PCGS in 1992. Lustrous, brilliant surfaces with detailed centers, clash marks in the fields, and the usual light striking at the left side of the obverse and corresponding part of the reverse. Some carbon marks 'at stars 3 and 6 serve-to identify the coin .• B. Max Mehl, unknown date, probably the 1930s .• F.C.C. Boyd Collection. "World's Greatest Collection" sale, Numismatic Gallery, 1945, Lot 1. • Unknown in" termediary .• Stack's (Fixed Price List No. 47, 1950 at $1,595) .. B. M. Eubanks .. Sold at auction by Quality Sales (Kreisberg-Cohen) on September 10-12, 1973, Lot 464 at $51,000 .• The Somerset Collection (Bowers and Merena, 1992): Lot 1300, MS-63 $115,500. Sold to following .• Jeff Isaac, who had it certified by PCGS (as MS-63).