An Analysis of S-Mint Seated Quarters

An Analysis for No-Motto San Francisco Quarters

Posted by LSCC Admin at 7 November, 2004, 11:08 am. 415 views
Categories: LSCC

by John W. McCloskey, President Liberty Seated Collectors Club

This article originally appeared in “The Gobrecht Journal”, Volume 31, Issue #91 (Nov. 2004) and later reprinted in the Richmond Collection Auction catalog in March 2005. It is excerpted here with the author’s permission.

The San Francisco branch mint was established in 1854 and began producing gold and silver coins from precious metals during the middle of the 19th century. The No Motto San Francisco quarters represent a set of 10 pieces that were struck during the first decade of silver coinage at this western mint. This set begins with the 1855-S coin and ends with the 1865-S coin that was being struck as the Civil War came to an end. These early San Francisco quarters circulated freely in the west and are usually encountered today in average circulated grades. All of these issues become very scarce in XF and higher grades and they are all rare in mint state. But I believe that the true rarity of many of these issues is not fully appreciated and I will show that even the famous collections did not contain high grade examples of all of the dates in this ten piece branch mint set.

Table 1 provides a listing for 31 sets of early San Francisco quarters that were offered at auction over the past forty years. This listing does not include all of the early San Francisco quarters sold during these years since an auction was listed only if it contained at least five pieces from this branch mint set. The data shows that early San Francisco quarters were usually offered in circulated grades and that mint state pieces were often not available. The listing contains 22 complete sets of ten coins along with nine partial sets of at least five coins.

Table 2 provides the grade distribution for the 31 sets of San Francisco quarters listed in Table 1. This table shows that these coins appeared in a wide range of circulated grades as well as mint state. For these auctions it was found that six of the ten dates appeared in mint state grades at least 7 times. This would mean that these six dates would be available in mint state often enough for a collector to have a reasonable opportunity to obtain them in this condition. This leaves the 1858-S, 1859-S, 1860-S and 1861-S quarters that are so rare in mint state that a collector may never have the opportunity to obtain them in these grades. One can only conclude from this data that some of the early San Francisco quarters are prohibitively rare in mint state.

Table 3 shows the number of coins at various grade levels for the 31 sets of early San Francisco quarters. Only one set had as many as 7 coins in mint state. This data clearly identifies the Richmond Collection as containing the best set of early San Francisco quarters.

Table 4 provides data from the 22 complete sets of early San Francisco quarters in order to estimate the relative rarity of the different dates within this set. Data was obtained by ranking the grades of the ten coins within each set. The coin with the highest grade would be given a rank of 1 while the coin with the lowest grade would be given a rank of 10. For each set the ten coins were then assigned a rank from 1 to 10. Ties were handled by averaging the ranks together for all of those coins with the same grade. After the ranks were assigned to all of the dates in the 22 sets, the average rank was obtained for each of the ten dates.Table 4 shows that the 1859-S, 1860-S and 1861-S quarters had the highest average ranks and therefore generally appeared in the lower grades within each set.

Another way to examine rarity for a given series is to study the certified populations for the dates within the set. Census data was therefore obtained for the NGC and PCGS populations as of March 2004. The grade distribution of these combined populations for the ten No Motto San Francisco quarters is shown in Table 7. This information is similar to the auction data showing a wide range of grades for each of the ten dates with extreme rarity evident for the 1858-S, 1859-S, 1860-S and 1861-S quarters in mint state. These four dates also show the fewest number of certified coins among the ten dates in the early San Francisco quarter set.

The analysis presented with this article demonstrates that the Richmond Collection contains the finest set of early San Francisco quarters among the 31 collections listed in Table 1. The overall quality of this set will be examined using the Percentile Ranking system. In this system each of the coins is rated relative to the certified populations for their dates. Each of the ten coins in the Richmond Collection has been certified by NGC so that they appear in the population statistics. The Percentile Ranking system is illustrated in Table 8 for the Richmond coins. For example, the 1855-S quarter in the set has been certified as NGC MS-63. There are 42 coins in the combined NGC and PCGS populations with 37 of them graded MS-63 or less. This gives a Percentile Ranking of 88.10% for the 1855-S quarter. A similar calculation is performed for each of the ten coins in the Richmond Collection. Table 8 shows that four of the ten coins are ranked within the upper 5 percent of their certified populations with the 1858-S quarter equal to the finest certified. The average grade for this ten coin set is a rather ordinary looking MS-60 but the average Percentile Ranking is 89.26%. If every coin in a set had a certified grade equal to the highest grade for its date in the certified population, the set would have a perfect average Percentile Ranking of 100%.

The following listing provides a reference for the finest specimens that have appeared at auction of each date in recent years.

1855-S Quarter

Lot #655 in the Grant Pierce sale was an 1855-S quarter described as a magnificent Brilliant Proof and the Finest Known 1855-S Quarter. This coin is believed to be the first quarter dollar minted in California and sent by Robert A. Birdsall, Superintendent of the San Francisco Mint, to the W.W. Long Museum. The piece was obtained from the Long Museum by Dr. Edward Maris and sold at public auction in 1886. Following its appearance in the Grant Pierce sale, the coin appeared in the Donald Groves sale by Stack’s in November 1974 where it was again described as a magnificent Brilliant Proof. This coin then appeared as Lot #1615 by Paramount in Auction ‘86 where it was described as a Choice Proof-63+. It also appeared in the Rarities Sale by Bowers and Merena in August 1998 where it was described as PCGS Proof-63. This coin currently resides in the Richmond Collection and will appear in the auction by David Lawrence Rare Coins in March 2005.

Several choice mint state coins of this date have appeared at auction over the years. A piece described as NGC MS-65 was sold by Bowers and Merena in their Phillip Flannagan sale of December 2001. However it should be noted that this same coin was described as MS-63 in the Eliasberg sale in April 1997.

1856-S Quarter

Mint state examples of this date have appeared at auction over the years. The Grant Pierce sale, the R.L. Miles sale, the Philip Speir sale, the Reed Hahn sale and the Robison sale all contained coins of this date described as Brilliant Uncirculated. The piece in the Gainsborough II sale was described as MS-64 while the specimen in the Richmond Collection has been certified as NGC MS-64.

1857-S Quarter

At least two gem uncirculated specimens are known for this date. Lot #1467 from the Eliasberg sale was described as an Unbelievable 1857-S Quarter, MS-66, prooflike, possible branch mint proof and the finest known. Lot #1676 from the Rarcoa section of Auction ‘88 was described as a Superb Gem Brilliant Uncirculated 1857-S Quarter. Frosty and pristine, this piece must certainly rank as the finest known specimen. Interestingly, this piece is from the James A. Stack sale of March 1975 where it was described as Brilliant Uncirculated and absolutely superb. The piece from the Richmond Collection has been certified as NGC MS-64.

1858-S Quarter

The 1858-S quarter is extremely rare in mint state and is most often seen in circulated grades. A piece certified as PCGS MS-62 appeared in the Rarities Sale by Bowers and Merena in August 1995. This same piece has recently been certified as NGC MS-62 and now resides in the Richmond Collection. It will be offered at auction by David Lawrence Rare Coins in March 2005. The coin in the Miles sale was described as Brilliant Uncirculated but with a curious rectangular counterstamp to the left of the date with the word “MINT” in block letters. The coin in the 1970 ANA Sale was described as Uncirculated with original mint luster. The coin in the Eliasberg sale was described as AU-58. The coin in the Gainsborough II sale was described as AU-55.

1859-S Quarter

The 1859-S quarter is currently unknown in mint state and this date has appeared in well circulated grades in most of the famous collections. The coin in the Eliasberg sale was described as AU-55, sharply struck and quite lustrous. The coin in the Richmond Collection has been certified as NGC AU-53. The coin in the Gainsborough II sale was described as AU. The Norweb coin was described as EF-45 with pleasing blue and golden toning. This date has proven to be very elusive in even nice circulated grades.

1860-S Quarter

The 1860-S quarter is extremely rare in AU grades and virtually impossible to obtain in mint state. The only known mint state specimen of this date is a coin certified as NGC MS-61 that appeared in the James C. Gray sale in July 2004. The piece was described as having surfaces that are softly frosted with a mostly even overlay of golden gray patina. This coin is from the Stack’s sale of September 1989 where it was described as About Uncirculated with frosty luster and pale golden toning.

The coin from the Richmond Collection has been certified as NGC AU-58. This coin is a beautiful example of this rarity in an exceptionally high state of preservation. The coin in the January 1991 sale by Stack’s was described as About Uncirculated with a few small contact marks on the obverse and a small reverse rim bruise. The coin in The Century sale was described as EF-AU. The 1860-S quarter is extremely elusive in even nice circulated grades.

1861-S Quarter

This date is virtually impossible to obtain in mint state and no coins have been certified in these grades by NGC or PCGS. However this date has appeared several times at auction in this state of preservation. A coin described as Brilliant Uncirculated appeared in the Samuel Wolfson sale in May 1963. This same coin appeared in the Stadiem-Gardner sale by Stack’s in February 1965. This coin appeared again in Stack’s section of Auction ‘86 where it was described as Brilliant Uncirculated, strongly struck from a very rusty obverse die with die breaks around both sides.

The coin in the Norweb sale was described as AU-55 with creamy golden toning punctuated by some mottled darker toning in a few areas. The coin in the Miles sale was described as About Uncirculated and choice. The coin in the James A. Stack sale was described as About Uncirculated with pale purple and pink toning. The coin in the James C. Gray Collection has been certified as NGC AU-50. This coin is from the Stack’s sale of June 1985 where it was described as Extremely Fine. This is another San Francisco date in the series that is extremely elusive in even nice circulated grades.

1862-S Quarter

This issue is rare in uncirculated condition but it has appeared at auction in mint state grades a number of times. A piece in the Rarcoa section of Auction ‘82 was described as Gem Brilliant Uncirculated. An example in Stack’s section of Auction ‘86 was described as a Brilliant Uncirculated gem. The coin in the Eliasberg sale was described as MS-64. The piece in the Richmond Collection has been certified as NGC MS-63. Examples in the Wolfson, Miles, Speir, Stack, Hawn and Robison sales were all described as Brilliant Uncirculated. This issue is certainly not as scarce in mint state as the four previous San Francisco dates and would be available to the collector interested in obtaining an example in mint state.

1864-S Quarter

While this issue has long been recognized as a rare date, a number of mint state examples have appeared at auction over the years. The coin in the Eliasberg sale was described as MS-66, a spectacular gem and by far the finest known. The example in Auction ‘86 was described as Choice Brilliant Uncirculated. The coin in the Richmond Collection has been certified as NGC MS-63. Examples in the Miles, Hawn and Robison sales were all described as Brilliant Uncirculated. While a rare date, this issue is not as difficult to find in mint state as several of the other early San Francisco quarters.

1865-S Quarter

This date is the most readily available of the early San Francisco quarters in mint state. A number of gem specimens have appeared at auction over the years. An example in the Paramount section of Auction ‘84 was described as a Superb Gem Uncirculated coin, MS-67 with lustrous satin surfaces and a light natural golden toning. The same coin appeared again in the Paramount section of Auction ‘85. An example appeared in the Akers section of Auction ‘89 and was described as Gem Uncirculated, MS-65 with original frosty surfaces and beautiful light to medium gold and gray toning. The coin in the Richmond Collection has been certified as NGC MS-65. The coin in the Eliasberg sale was described as MS-63+. The coin in the Gainsborough II Sale was called MS-63. Examples in the Miles, Speir, Stack and Hawn sales were all described as Brilliant Uncirculated.

Table 1: No Motto San Francisco Quarter Sets at Auction

1. World’s Greatest Collection Sale by Numismatic Gallery. March 1945. The 1855-S coin was described as AU while the 1862-S coin was called a splendid Uncirculated coin.

2. Samuel W. Wolfson Sale by Stack’s. May 1963. The 1861-S and 1862-S coins were described as Brilliant Uncirculated. The 1857-S coin was called About Uncirculated. The 1858-S coin was called Extremely Fine and choice.

3. The Century Sale by Paramount. April 1965. The 1857-S and 1858-S coins were described as AU. The 1860-S coin was called EF-AU. The 1865-S coin was called Extremely Fine.

4. Grant Pierce Sale by Stack’s. May 1965. The 1855-S coin was described as a magnificent Brilliant Proof. The 1856-S coin was called Brilliant Uncirculated while the 1861-S coin was called a choice Extremely Fine.

5. Nicholson Family Sale by Stack’s. June 1967. The 1864-S coin was described as choice XF.

6. R.L. Miles Sale by Stack’s. April 1969. The 1855-S, 1856-S, 1858-S, 1862-S, 1864-S and 1865-S coins were all described as Brilliant Uncirculated. It was also noted that the mint state 1858-S coin had a curious rectangular counterstamp to the left of the date. The 1857-S and 1861-S coins were described as About Uncirculated.

7. George C. Slawson Sale by Stack’s. April 1970. The 1855-S coin was described as Brilliant Uncirculated.

8. The 1970 ANA Sale by the Rare Coin Company of America. August 1970. The 1858-S and 1862-S coins were described as Uncirculated.

9. H. Philip Speir Sale by Stack’s. March 1974. The 1855-S, 1856-S, 1857-S, 1862-S and 1865-S coins were all described as Brilliant Uncirculated.

10. James A. Stack Sale by Stack’s. March 1975. The 1857-S, 1862-S and 1865-S coins were all described as Brilliant Uncirculated. The 1861-S coin was called AU.

11. The 1976 ANA Sale by Stack’s. August 1976. The 1858-S and 1864-S coins were described as XF.

12. William H. Fenn Sale by Stack’s. October 1976. The 1855-S and 1857-S coins were described as XF.

13. Reed Hawn Sale by Stack’s. March 1977. The 1855-S, 1856-S, 1857-S, 1862-S, 1864-S and 1865-S coins were all described as Brilliant Uncirculated.

14. The Robison Sale by Stack’s. February 1982. The 1855-S, 1856-S, 1857-S, 1862-S and 1864-S coins were all described as Brilliant Uncirculated. The 1858-S coin was described as About Uncirculated.

15. Great Eastern Sale by Kagin’s. October 1983. The 1856-S coin was described as Choice EF-45.

16. The September Sale by Stack’s. September 1985. The 1860-S coin was described as VF.

17. Auction ‘86. July 1986.The 1855-S coin was described as Choice Proof-63+. The 1861-S coin was called Brilliant Uncirculated. The 1862-S coin was called a Brilliant Uncirculated gem. The 1864-S coin was called Choice Brilliant Uncirculated.

18. Westchester Sale by Bowers and Merena. February 1987. The 1864-S coin was called AU-50.

19. Norweb II Sale by Bowers and Merena. March 1988. The 1855-S coin was called MS-63 to 64. The 1862-S coin was called AU-58. The 1856-S and 1861-S coins were called AU-55. The 1865-S coin was called AU-50.

20. Sale of United States Coins by Stack’s. June 1989. The 1862-S coin was described as Fully XF while the 1864-S coin was described as XF.

21. Chris Schenkel Sale by Bowers and Merena. November 1990. The 1857-S and 1865-S coins were called MS-60. The 1855-S, 1856-S, 1858-S and 1864-S coins were described as EF-45.

22. Sale of United States Coins by Stack’s. January 1991. The 1855-S and 1860-S coins were described as AU. The 1859-S coin was described as EF.

23. Sale of the Charlotte Collection by Stack’s. March 1991. The 1855-S and 1862-S coins were described as VF.

24. Premier Sale by Superior. January 1995. The 1859-S coin was described as VF.

25. King of Siam Sale by Superior. January 1996. The 1856-S coin was called MS-61.

26. Gainsborough II Sale by Superior. February 1997. The 1856-S coin was called MS-64 while the 1857-S and 1865-S coins were called MS-63.

27. Eliasberg Sale by Bowers and Merena. April 1997. The 1857-S and 1864-S coins were described as MS-66. The 1862-S coin was called MS-64 while the 1855-S and 1865-S coins were called MS-63. The 1856-S and 1858-S coins were called AU-58. The 1859-S coin was called AU-55.

28. Briggs Collection in the Long Beach Sale by Heritage. September 1999. The 1857-S coin was called AU-55. The 1856-S coin was called AU-53.

29. Kardatzke Sale by Ira & Larry Goldberg. February 2000. The 1858-S coin was called XF-45.

30. James C. Gray Collection Sale by Bowers and Merena. July 2004. The 1860-S coin has been certified NGC MS-61. The 1855-S, 1856-S, 1857-S, 1862-S and 1865-S coins have all been certified as AU-58. The rare 1858-S and 1861-S coins have been certified as NGC AU-50.

31. Richmond Collection Sale by David Lawrence Rare Coins. March 2005. This sale contains the unique 1855-S quarter in Proof-63. The 1855-S, 1856-S, 1857-S, 1862-S, 1864-S and 1865-S coins have all been certified by NGC in grades from MS-63 to MS-65. The extremely rare mint state 1858-S coin has been certified as NGC MS-62. The 1860-S coin has been certified as NGC AU-58. The 1859-S coin has been certified NGC AU-53. This is a magnificent collection of No Motto San Francisco quarters.