1835 $2.50 HM-1 MS(PCGS#764692)

The Summer 2022 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

5005

Grade

AU53

Price

2,040

Lot Description

Rare 1835 HM-1 Quarter Eagle 1835 Classic Head Quarter Eagle. HM-1. Rarity-5+. Broken M. AU-53 (PCGS). Die Variety:HM-1. Obverse 1: The Mint used only a single obverse die to strike all 1835 quarter eagles. Repunching is evident at the letter I in LIBERTY and, to a lesser extent, the letters R and Y. Reverse D: Attributable by the broken letter M in AMERICA. The reverse die of the 1835 HM-1 also appears in the 1834 HM-4 attribution. Die Emission Sequence: Struck from a perfect state of the obverse die, the HM-1 is the first variety produced for the 1835 quarter eagle. The very first coins struck from these dies were actually the Proofs of this date. Circulation strike coinage from this reverse die followed and alternated between the 1835 HM-1 and 1834 HM-4 pairings, both varieties with known or suspected remarriages. The mintage of 1835 HM-1 was achieved entirely during calendar year 1835. Die State: The obverse is free of cracks, as above, while the reverse is also perfect with no breaks at the letters N or D in UNITED and no evidence of die erosion around the periphery. There is only a small die lump on the bottom stroke of the letter M in AMERICA. Estimated Surviving Population for the Variety: 30 coins in all grades (per Daryl J. Haynor, 2020), or just 5% of extant 1835 Classic Head quarter eagles. Strike: The 1835 is one of the more poorly produced issues in this series and has contributed significantly to the reputation of the Classic Head quarter eagle as a softly struck type. The offered coin is noticeably blunt in and around the central obverse, as well as in the opposing area on the reverse (the left half of the shield and the eagle's right shoulder and leg). The eagle's neck feathers are also somewhat soft, but otherwise we note sharp to full detail for this minimally circulated example. Surfaces: Prooflike medium gold surfaces exhibit warm honey-olive undertones. Pleasingly smooth with no sizable or otherwise singularly mentionable marks. Commentary: This is the rarest die variety of the issue, barely edging out HM-3 for this distinction. With only two Mint State coins known (the finer is an MS-63 at NGC), the opportunity to acquire this high grade 1835 HM-1 quarter eagle in PCGS AU-53 is a significant one that deserves the utmost attention from advanced early gold variety collectors. Provenance: From the Daryl J. Haynor Virginian Collection. The plate coin for the 1835 HM-1 variety in the 2020 Haynor reference on Classic Gold coinage. PCGS Population (HM-1 attribution only): 1 in all grades PCGS# 764692. NGC ID: 25FT. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA. Click here to see Coins in Motion.[“Coins]