1796 25C Browning 2 MS (PCGS# 5310)

2013 November 15 - 16 Selections from the Eric P. Newman Collection Part II Signature Auction - New York #1190

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    33327
  • Grade:
    MS67+*
  • Price:
    $1,527,500.00
Lot Description
1796 25C MS67+ S NGC. CAC. B-2, R.3. Ex: "Col." E.H.R. Green. The Mint Act of April 2, 1792 specified five silver denominations, half dimes, dimes, quarters, half dollars, and silver dollars. The half dollars and silver dollars first appeared in 1794, the half dimes in 1795 (although dated 1794), and the dimes and quarters in 1796. The two largest denominations were important trade coins and were the most requested denominations of the Bank of the United States. The smaller denominations were added to supply the late 18th century commerce with desperately needed small change. The Philadelphia Mint coined 5,894 quarter dollars during the second quarter of 1796 with deliveries dated April 9, May 27, and June 14. Another small delivery of 252 coins was dated February 28, 1797. The total of 6,146 coins was accomplished through the use of two obverse dies and one reverse die. Current rarity ratings for the two varieties indicate that as many as 700 examples survive. NGC and PCGS have certified 510 pieces in all grades with an average grade slightly below VF30. The current standard reference is Early Quarter Dollars of the United States Mint, 1796-1838, by Rory R. Rea, Dr. Glenn Peterson, Bradley S. Karoleff and John J. Kovach, Jr., published in 2010, and hereinafter identified as Early Quarter Dollars. The authors estimate that 56 to 75 Mint State 1796 quarters survive. That survival estimate is likely quite accurate. Rumors have circulated for nearly seven decades that there was once a hoard of Mint State 1796 quarters owned by "Col." Green. The size of the hoard, according to the rumors, ranged from nearly 100 coins to 200 coins. The rumors began with Abe Kosoff who reported seeing nearly 100 pieces when Green's collection was dispersed. Those rumors are false, and "Ned" Green never owned any quantity of 1796 quarters.
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