| Description: |
One of the classic rarities in the American silver series and the rarest date of the
denomination. Even silver gray with some subtle blue and pale golden iridescence and
subdued reflectivity in the fields, very subdued on the heavily rusted reverse. No marks
are present, a fact which makes pedigree research difficult, and only some very light
hairlines visible under magnified scrutiny. The strike is of indifferent quality, similar
to the other known restrikes of this issue, with only star 1 showing a complete center and
the top two stars completely flat. The striking quality, surfaces, and the presence of a
tiny planchet fissure directly behind Liberty's head parallel to star 10 identify this as
the Miles coin, sold in 1969 by Stack's and again in 1978 by Bowers and Ruddy. Struck from
a heavily rusted die state, probably around 1876 according to research by Karl Moulton.
This was precisely the same time that other famous issues were being restruck for
collectors, including some patterns and the famed Class III 1804 dollar.
The 1827
quarter is the ultimate rarity in the quarter series. The Browning-1 of 1827 is the
original Proof emission, the issue made famous by the fanciful story that Joseph Mickley
bought four of the 10 or so struck at face value in 1827, a tale concocted by W. Elliot
Woodward. The 1827 originals, all of which are Proofs, are the single greatest rarity in
the quarter series, a fact that spurred the creation of this restrike from the original
obverse die (the identical die to the very rare 1823/2 issue, oddly enough, making this
the 1827/3/2 quarter for those keeping score at home!). The reverse die was used on the
1819 Browning-2 previously and resurrected to produce this restrike. Two very different
types of restrikes are known, as there are two specimens known from unrusted dies (both of
which are overstruck on cut-down Draped Bust quarters, incidentally) and the rest known
from rusted dies such as this specimen. The rusted die restrikes include both silver and
copper pieces, with only a few copper ones known and perhaps a dozen or so known in
silver. This piece is struck from heavily rusted dies, with the incuse pits in the surface
of the die manifesting as raised lumps on the coin—they are only notable on the obverse
around the date and star 13 with a few tinier lumps as high as star 10, but on the reverse
the die rust is more pronounced and widespread. A thin die crack is present on the reverse
at 9:00 just as it was in 1819.
The offering of an 1827 Restrike quarter dollar is an
exciting and unusual opportunity. The case of Herbert Bergen is instructive—he was a
dedicated collector of early quarters and the purchaser of the Waldo Newcomer quarter
dollar collection. He achieved an amazing feat by assembling 88 of the 90 known varieties
of early quarters by Browning number, a collection that was brought to auction by Abner
Kreisberg in 1979. The only two varieties he was never able to purchase were the two from
1827; he used the word "disappointed" to describe how their omission made him
feel. Ironically enough, the copy of the 1969 Miles catalogue that was used to discern the
pedigree of this coin has the owner's name inscribed in the front cover—Herbert M.
Bergen, Fullerton, California. Mr. Bergen's bookmark is still positioned in the page that
features this precise 1827 Restrike quarter, perhaps a bitter reminder to future
collectors that disappointment lasts a long time.PCGS Population: 6; 4 finer (Proof-66
finest). Considering the well-documented number of pieces in existence, duplication
through resubmission seems likely. NGC has certified an 1827/3 Restrike nine times,
offering grades ranging from Proof-61 to 66. With Breen's estimated population of 12 (with
some known duplication among his list, i.e. counting the present coin twice) and Karl
Moulton's well-researched estimate of no more than 15 specimens, the likelihood that there
are 22 different specimens, as the certification information suggests, is about nil.
We
offer our gratitude to researcher and author Karl Moulton for his assistance in the
researching the pedigree of this example.From Abe Kosoff's sale of the Menjou Collection
(from the Charles Williams Collection), June 1950, Lot 697; Abe Kosoff's sale of the Edgar
Levy Collection, May 1955, Lot 20; Stack's sale of the R.L. Miles Collection, April 1969,
Lot 899; Stack's sale of September 1975, Lot 182; Paramount's sale of the Lewis
Collection, July 1977, Lot 235; Bowers and Ruddy's 1978 ANA Sale of the Branigan
Collection, August 1978, Lot 722; Robert Hughes' sale of the Ott Collection, October 1979;
Lot 401; Superior's session of Auction '90, August 1990, Lot 1075; Superior's sale of
February 1991, Lot 1311; Heritage's 2000 ANA Sale, August 2000, Lot 5784; Superior's 2002
ANA Sale, August 2002, Lot 862; Bowers and Merena's 2003 ANA Sale, August 2003, Lot 1147. |
