1869-S 25C MS(PCGS#5475)

November 2025 Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3043

Erhaltungsgrad

MS65

Preis

31.200

Losbeschreibung

A remarkable coin that was obviously set aside shortly after striking and subsequently preserved with the utmost care - a highly unusual situation for an early San Francisco Mint Liberty Seated coin of any denomination. This beautiful quarter is awash in full, billowy satin luster with an overlay of iridescent champagne-pink toning that is a bit bolder on the reverse. Both sides offer universally full strike detail, the surfaces undisturbed by even the most trivial marks. One will have to search diligently for useful provenance markers, and even then all that will be found are a couple of tiny spots, one on the obverse after star 13, the other on the reverse atop the letter N in UNITED, both easily lost among blushes of slightly deeper peripheral toning. The eye appeal is extraordinary, strong enough to distinguish an example of a common date Liberty Seated quarter, and nearly defying belief in an 1869-S.<p>The 1869-S is one in a lineup of distinguished rarities among early San Francisco Mint quarters. As with the other issues in this group, the rarity of the 1869-S is due to a combination of a low mintage and a heavy rate of circulation. Only 76,000 pieces were produced, virtually all of which entered commerce at the time of delivery and remained there until worn out or lost. The need for circulating coinage on the West Coast was certainly significant, but there was also essentially no numismatic demand for mintmarked coinage at the time and few contemporary Americans set aside an 1869-S quarter. We suspect that the few Mint State survivors known either survived by chance or represent Assay pieces that were not destroyed through the activities of the Commission. In any event, these are very rare, with Larry Briggs (1991) assigning a Rarity-7 rating in Uncirculated condition.<p>Among the finest certified and also the finest known, this impressive premium Gem has a particularly strong claim to being a former Assay coin. When last offered at auction, in Superior's October 3, 1995 Auction, it was part of the set of "Fabulous 1869-S Seated Coinage from the Dr. De Freitas Collection", which was described by the catalogers as:<p><em>The following four Lots, Half Dime, Dime, Seated Quarter Dollar and Half Dollar of 1869-S comprise a unique offering of superb, matched quality. These were kept intact for many decades and sold to Dr. De Freitas by Kamal Ahwash, noted Seated coinage specialist. The set, referred to be Mr. Ahwash as a Presentation Set was purchased in the early 1980s and has recently been submitted for grading. Each coin is being sold separately, each is obviously Premium Quality, to say the least; and we hope that some astute bidder will make an effort to acquire all four pieces to carry on their association well into the future.</em><p>The quarter, offered as lot 624, was further described as "The Finest Known 1869-S Seated Quarter", and it is still housed in the same Generation 3.1 PCGS holder in which it was certified prior to the Superior offering. It is not too difficult to imagine these four coins being forwarded to the annual Assay Commission by the San Francisco Mint but, rather than being destroyed, were preserved as a set by one of the commission members. Unfortunately, however, the set's provenance prior being acquired by Kam Ahwash in the late 1970s is unknown. Regardless, as the only Gem Mint State example to have received strict CAC approval, we concur with the Superior catalogers that this is the finest known 1869-S Liberty Seated quarter. We are aware of only two other Gem Uncirculated survivors of this issue, the complete roster at this level being provided here for the convenience of our bidders.<p>1 - <strong>NGC MS-66.</strong> Ex S.H. & H. Chapman's sale of the Harlan P. Smith Collection, May 1906; John H. Clapp; Clapp estate, 1942; Louis E. Eliasberg, Sr.; our (Bowers and Merena's) sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 1493; our (Bowers and Merena's) Collections of Phillip Flannagan et al. sale, December 2001, lot 6216; our (American Numismatic Rarities') The Old West and Franklinton Collections sale, August 2006, lot 438; Heritage's sale of the Pelican Bay Collection, Part I, April-May 2025 CSNS Signature Auction, lot 3161.<p>2 - <strong>PCGS MS-65. CAC.</strong> Ex Kamal Ahwash, early 1980s, as part of a four-piece "Presentation Set" of 1869-S coinage; Dr. De Freitas; Superior's sale of the De Freitas Collection of 1869-S Seated Coinage, October 3, 1995 Auction, lot 624. <em><strong>The present example</strong></em>.<p>3 - <strong>NGC MS-65.</strong> Ex our Baltimore Auction of November 2012, lot 3099. This coin does not appear in the current online version of the <em>NGC Census</em>.