Watch List notes:

Russia, Nicholas I, rouble, 1826НГ СПБ, St. Petersburg, 'wings down' variety, crowned double-headed eagle, date below, rev. crown above value within wreath (KM.C161; Bit.103 [R]), in plastic holder, graded by NGC as Mint State 67, a rare date and of the highest rarity in such a superb state of preservation *Probably ex Virgil Brand ex Hesselgesser, Superior, June 2004 This is the finest graded for date and type, and probably the finest known 'circulation strike' for the whole wings-down type. Two other pieces have been graded MS64 and MS63 by NGC; there are no uncirculated examples graded by PCGS. This coin has unbelievably perfect surfaces with light greenish-gold iridescent toning on both sides. It is best viewed in person, as a photograph simply cannot do it justice. It is visually shocking to view it and realize that it is almost 200 years old and has survived in such a pristine state. How did this happen? In 1826, the relatively few coin collectors in Russia were mostly of the nobility or wealthy, and they were interested in 'old' coins, meaning coins of the 1700s or earlier. In addition, they might have sought proofs of current coins or 'novodels' (restrikes) of earlier coins, both of which were made for these wealthy collectors and prepared in small quantities with special dies and blanks. These 'collector' coins were carefully struck and handled to minimize post-production damage on their way to a safe repose in a fine coin cabinet. By contrast, these same collectors would probably not have been interested in the large numbers of coins, the so called 'circulation strikes', pumped out daily by the newly modernized mint in St. Petersburg to fulfill the demands of commerce in Russia. Following the installation of new coin presses in 1807, most years saw millions of roubles produced, with some dates having well over 10,000,000 roubles enter circulation. Compared to the special handling afforded collector coins, quantity was more important than quality for business strikes and, after striking, the heavy silver coins would fall down a chute into a bin, hitting and being hit by more coins. In no time, the coins picked up many nicks, dents and scratches as they made their way into the hands of the Russian people to be spent. Finding one of these with few marks right after their issue would have been very unusual indeed. And spent they were, as most roubles of 1802-1840 show up today in heavily circulated condition. At the very end of 1825, Czar Alexander I died, and his brother Nicholas I became Czar. At the beginning of 1826, the mint continued to strike coinage bearing the designs used by the deceased Czar, but sometime in early spring of 1826, Nicholas decided to alter the eagle design on the silver rouble (and 50 kopecks) from the so-called 'wings-up' design, and to use the spread eagle or 'wings-down' design then current on the continuing gold coinage of his predecessor. Nicholas signed the decree towards the middle of 1826, thereby creating a year with two different coinage types for the rouble with a total mintage for that year of 730,000. The new 'wings-down' design was to last only six years with most years having mintages in the millions. Even with these large mintages, the coins were heavily used, and an uncirculated wings-down rouble of any date is a very scarce coin. With the 1826, however, there is no data to suggest how many of each type were made. Both types are rare and especially so in uncirculated condition. To find an 1826 business strike rouble in un-marked superb condition with glowing lustre and colour is little short of a miracle! So how did it happen? What makes the most sense is that our coin was picked to be a museum or mint sample of the new coinage type. It is fully struck from fresh dies with incredible detail. Since it has no marks, it could not have fallen down a chute and into a coin bucket. It must have been plucked immediately off the die after striking and carefully put away. As the years went by, some of the mint duplicates were sold off to wealthy collectors with influence such as Count I. I. Tolstoy. Tolstoy's collection was sold in 1913, with Virgil Brand a major buyer. There was an uncirculated 1826 wings-down in the sale, but no picture. Virgil Brand's collection was dispersed over many years, Dr. Hesselgesser being a major buyer. To put things in perspective, a US silver dollar of 1826, if it existed, with a graded population of less than 10 and in MS67 would probably sell for well over $100,000. A US 1796 quarter in MS67 of which there are more than 30 graded uncirculated examples, with just one in MS67, recently sold for $1,500,000. If you aspire to the finest rouble collection, you have to have this coin. The consignor tells us he has searched auctions and databases since his purchase in 2004 and has never seen anything nearly as nice. Even the few proofs of this date are hairlined from past mistreatment. This coin stands alone as the epitome of the 'Wings-Down' type of Rouble and most likely will never be equalled.

Estimate: £50,000-55,000