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Sale 46: The Broadus R. Littlejohn, Jr. Collection

Table of Contents

$2.50 Liberty Head (1854 - 1859)

Lot 345

1854-S $2.50 Liberty. PCGS graded Fine-12. For collectors of the Liberty quarter eagles, the 1854-S is considered the paramount issue. This series contains several rarities, but approximately 12-18 examples of the '54-S are known from the original mintage of 246 coins in April 1854 is the ultimate treasure of the group. This issue was entirely unknown in numismatic circles until discovery of the first specimen over century ago. It is our belief that this is the Wolfson Example.

This issue is one of the true rarities in United States numismatics, a classic piece with few rivals. With just a handful of pieces known, it has a rarity similar to coins such as the 1804 silver dollar, the 1907 Ultra High Relief double eagle, the 1927-D double eagle, and the 1894-S Barber dime, all coins that have broken the million-dollar barrier.

Historical Overview

With paper money prohibited in the early years of the California gold rush, trade was disorganized with few coins available save those perhaps brought west by those seeking their fortune. Most coins consisted of Spanish eight reales and fractional pieces, with private companies making gold pieces from mined ore. There was a small quantity of 25 cent, 50 cent and one dollar pieces privately minted with most ranging from $5 to $50 dollars, many in ingots. Miners would often carry small sacks of gold to offer for their needs.

The Act of July 2, 1852 legislated the establishment of the San Francisco Mint and production began April 3, 1854 after the building was completed. In the interim period private firms continued production of coins and bars. Initially, only gold coins were produced, consisting primarily of gold dollars (all Liberty design), eagles, and double eagles. A small quantity of quarter eagles (246) and half eagles (268) were made and are some of the rarest and most prized coins. Small denomination silver coins would not be struck until the next year. Production of $4,084,207 face value of gold coin during this initial year, using 197,573 ounces of gold, was minuscule compared to the amounts of gold that had been shipped east for export to London and other markets including the newly created New York Assay Office. (1851 - $34,000,000+, 1852 - $45,000,000+, 1853 - $56,000,000+, 1854 - $51,000,000).

Private firms did continue to produce gold pieces for a short period of time and while not all problems in the region were solved, creation of the San Francisco Mint eased many of the difficulties. As demand for coins only increased, in 1874 operations were relocated to a much larger facility and the building was demolished in 1875.
Estimate $75,000 - 100,000.

Realized: $150,000

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