1797 1/2C C-3c, Low Head, Gripped Edge, BN MS(PCGS#35116)

Spring 2019 Baltimore U.S. Coins Auction

Auctioneer

Stack's Bowers

Lot Number

1011

Grade

AG3BN

Price

40,800

Lot Description

Extremely Rare 1797 Low Head, Gripped Edge Half Cent Cohen-3c The Rarest Half Cent Variety Listed in the Guide Book 1797 Liberty Cap Half Cent. C-3c. Rarity-7-. Low Head, Gripped Edge . AG-3 (PCGS). 82.2 grains. This is a monumental rarity among Early American Coppers, offering pleasing definition and superior surface quality. The surfaces are toned in light sea green shades with a touch of peach at the central obverse and gold highlights throughout. The reverse is largely smooth, leaving just a portion of the left wreath and bow distinct, while the obverse is sharper with the date and LIBERTY clear and Liberty's lower portrait boldly outlined. An old scratch passes from the lower left reverse through CENT, providing a convenient pedigree marker across this otherwise untroubled example. Confirming the great rarity of these Gripped Edge half cents is the fact that noted expert Jules Reiver did not have an example in his vast collection. This edge variant was discovered in the 19th Century and one was offered in the H. Rogers Collection sold by S. K. Harzfeld in January 1881, lot 281. Another was offered in the great Stickney Collection of 1907. More recently, a Good Details--Tooled (PCGS) example was sold by Heritage in September 2016 for $54,050, and a Good-6 (PCGS) coin from the Davy Collection was sold by Ira and Larry Goldberg in 2011 for $195,500, affirming that the demand for these elusive anomalies is strong than ever. Just about a dozen examples exist in all grades and most show significant wear or surface problems. PCGS has certified only 5 examples in problem-free grades while NGC does not list any in their Census, giving further indication as to the true rarity of the famed "Gripped Edge" variety. The present example is among the most pleasing of the known survivors, pedigreed back to the famous Missouri Cabinet, assembled by the enigmatic Mr. R. Tettenhorst in collaboration with Eric P. Newman. It was called "fair" by Walter Breen in his 1983 half cent Encyclopedia and was listed as #6 on his Condition Census among 7 confirmed specimens. He notes an additional 3 unverified examples. Apparently, the "low heads" half cents of 1797, including the C-3c, were struck late in the period, possibly as late as early 1800 as Breen discusses in his Encyclopedia. Given the numbers of "spoiled cent" stock used this would arguably make sense as so few 1800 dated half cents show evidence of cent stock undertype. These Gripped Edge pieces were struck on rolled down (thinned) cent planchets at a time where anything copper was pressed into coinage as the need for small change was great. What brought about the vertical "grips" or reed marks on the edge begs scrutiny. Clearly these are intentional and imparted most likely by some form of collar, or less likely by the casting machine that was used to letter the edges of the silver coinage. Historically, copper coin reeding was ignored due to the fact that copper was not worth the trouble to shave off. Despite their enigmatic inception, the C-3c variety occupies a rarified space in the realm of U.S. copper and any example represents a jewel in a collection. With superior surface quality and pleasing definition, this example is sure to see significant interest from specialists, and another offering may not occur for quite some time. Provenance: Purchased unattributed by Richard S. Shimkus; Don Valenziano, Jr.; Early American Coppers Sale, May 1986, lot 62; Jack H. Robinson, Superior Galleries, January 1989, lot 1891; R. Tettenhorst; Missouri Cabinet (Mocab 97.3c.4); Ira and Larry Goldberg's sale of the Missouri Cabinet, January 2014, lot 48. PCGS Population (coin #35116 only): 2; 1 finer. An additional 2 finer examples are certified under the base coin #1390. PCGS# 35116. NGC ID: 2U6J. Click here for certification details from PCGS.