Watch List notes:

Confederate States of America
1861 1C Confederate States of America Cent, Original, PR63 PCGS. Breen-8005, Bertram-B861-20. The 1861 Confederate cent is one of the most sought-after, enigmatic issues in American numismatics. Very little has been confirmed about the origin of the Confederate cents, as early reports in the literature are frequently contradictory or unreliable. What is known is that approximately 16 pieces were struck in early 1861. Robert Lovett, Jr. was the engraver. Lovett struck the coins clandestinely, but accidentally spent one example in a Philadelphia tavern years later, leading to the discovery of the issue. The first auction appearance was in January 1874. Beyond that, just about everything is open to conjecture. Heritage Auctions is privileged to present a spectacular, high-quality specimen of this mysterious Civil War issue in this important offering.

Design and Striking of the Confederate Cent
No official documentation on the striking of the Confederate cents has ever come to light, and we have only second-hand testimony about their creation from the man who actually struck the coins. Fortunately, much has been learned from contemporary numismatic accounts and the evidence of the coins themselves. It seems that in the short window of time between the secession of South Carolina in December 1860, and the beginning of actual hostilities, Philadelphia die sinker Robert Lovett received a commission from Southern sympathizers to produce a design for a Confederate cent. The commission may have come through the jewelry firm of Bailey & Co., or Lovett may have conceived the project on his own, as his work was well-known in the South. The 2024 Guide Book notes it is unlikely that the commission came from the Confederate government, since they controlled the New Orleans Mint and had an engraver of their own. In any case, he proceeded to cut the dies and strike a small number of specimens for demonstration purposes in the early part of 1861.
The obverse die features a bust of Liberty, wearing a Phrygian cap with a band of six stars in the center, with the legend CONFEDERATE STATES OF AMERICA around, and the date below. The bust is from the same punch used on a store card Lovett issued the year before, making it easy for contemporary numismatists to identify the design as Lovett's work. The reverse includes the denomination in the center, surrounded by a wreath of agricultural products from the South, with a prominent cotton bale at the bottom. Lovett's initial "L" is inscribed on the lower right portion of the bale. The coins were supposedly struck on copper-nickel planchets, but the exact composition has recently been questioned by some researchers.
As might be expected of coins produced to demonstrate the design, the Confederate cents are uniformly well-made. The design elements are sharply detailed on most specimens known to us and the fields are noticeably mirrored. Some original Confederate cents were struck from perfect dies, but most show a faint die crack along the right side of the wreath on the reverse. The grading services have taken notice of the special production characteristics of the 1861 Original Confederate cents. PCGS used to classify Originals as proofs, and this coin is still designated PR63 on the holder, but PCGS now classifies Originals as Specimen strikes. NGC certifies them as proofs, with a few older submissions still listed in the population data as Mint State.
As hostilities deepened, Lovett grew increasingly anxious about the propriety of producing coins for the Confederacy. President Abraham Lincoln signed legislation making it illegal for Northern businessmen to engage in commerce with the Confederacy on July 13, 1861, making his fears of imprisonment even more concrete. In addition, it appears the reverse die for the cent cracked during the initial striking of the coins, as many examples show a die crack at the lower right of the wreath. With the die damaged and legal perils multiplying, Lovett abandoned his Confederate cent project and all the coins and dies were permanently concealed in his cellar. Or so he thought.

Early History and Confusion About the Issue
At some point, probably after the war was over, Lovett began carrying one of the Confederate cents as a pocket piece. He was fond of evening visits to a nearby saloon operated by Captain Thomas G. Funston, and one night in 1873, he inadvertently used his pocket piece to pay part of his bill at the bar. Funston noticed the unusual coin in his till and began showing it to numismatically minded customers, until a collector named T. Frank Carlin recognized its importance and purchased it. Apparently, Carlin showed the discovery coin to several numismatists in his early attempts to identify it, including Philadelphia coin dealer Ebenezer Locke Mason. The Original Confederate cent was mentioned in print for the first time in the October 1873 edition of the American Journal of Numismatics. Under Notes and Queries, Mason posed a question about the discovery coin, which he had seen, but could not identify, in a letter dated July 21. He described the French Head of Liberty and the reverse design and gave the composition as nickel (meaning copper-nickel). The editors of the AJN at that time were William Sumner Appleton, Samuel Abbot Green, and Jeremiah Colburn. Their response to Mason's query was:

"The head on the above mentioned piece is the same as on a business card issued in Philadelphia, and from the initial on the cotton bale, on the reverse of the piece, we should think that our correspondent would not have much difficulty in learning, from the engraver, the origin of the coin."

Interestingly, Mason never mentioned the prominent initial L (for Lovett) on the cotton bale in his query. This would indicate that sometime between the mailing of the letter on July 21 and the date when the AJN went to press (probably early September), the editors actually examined the discovery coin, or saw a detailed rubbing of this specimen. They accurately identified Lovett as the die sinker, based on their familiarity with his 1861 store card. It is possible that Mason's query in the AJN may have alerted other numismatists, including Dr. Edward Maris, to the existence of the coins.
Researcher P. Scott Rubin recently discovered an account of Carlin's lucky acquisition in the catalog of the Boeing/Bridgman Collections (S.H. & H. Chapman, 11/1891), lot 823 (Carlin was the consignor of the lot). Rubin published his findings in an article in the January 2016 issue of The Numismatist, including the following quotation from the Chapman catalog:

"A letter from Mr. Carlin to the following purport accompanies this coin. In the early part of 1873 he purchased it from Capt. Funston (now deceased) who kept a saloon on Chestnut Street between 17th and 18th, Philadelphia, who is believed to have received it as a cent (spent by mistake) from Mr. Lovett who cut the die on an order from the South, but who was afraid to deliver it and subsequently when this specimen was discovered, stated that he had lost or spent his personal specimen accidentally and this is believed to be the identical one, -- may say is known to be. Had it not been for this to him unfortunate - at the time - loss, it is quite probable that the existence of the Confederate cent would have forever remained unknown. John W. Haseltine recognized the workmanship when he saw the present piece and accused Mr. Lovett of it - which was subsequently acknowledged and the dies dug up from their place of concealment in the cellar of Mr. Lovett's house, -- who sold them to J.W. Haseltine and J.C. Randall who had restrikes made in gold, silver, and copper and to their credit be it said, refrained from restriking any in nickel. The dies were subsequently destroyed after some 55 were struck in copper, 7 in gold, 12 in silver. Mr. Lovett struck some 12 in nickel in 1861. Mr. Carlin will make an affidavit to the above."

The Chapman's account was inaccurate in several important respects. Although he later claimed to have discovered the Confederate cent himself, it was actually well-known numismatist Edward Maris who initially recognized Carlin's coin as a product of Lovett's shop, not Haseltine. He approached Lovett later in 1873 and convinced him to sell the remaining coins, probably 15 examples, rather than the 12 indicated in Carlin's account. Maris later noted, "I believe only about 16 were ever struck" which coincides exactly with the number of specimens known today (see roster below). Maris alerted Haseltine to the existence of the coins by consigning one example to his sale of January 13, 1874, which was described in lot 665 of the catalog:

"The dies for the above piece were made by Mr. Lovett, of Philadelphia, in 1861. Mr. Lovett says that they were ordered in 1861, for the South, and that the dies were delivered. Previous to delivering the dies, he struck twelve pieces, but showed them to no one and kept the matter quiet, fearing that he might be arrested if it were known. It was not until about six months since Mr. Lovett parted with all he had (either ten or twelve) to Dr. E. Maris, of Philadelphia, from whom this one was obtained. Although it is evident that the Southern Confederacy did not adopt the piece, still it will always be considered interesting and valuable as the only coinage designed for the Southern Confederacy, and will no doubt bring a high price. I have been somewhat particular in giving the facts about this piece, as there are persons who always sneer at and doubt anything new and interesting that is discovered by other than themselves."

Haseltine quickly followed up the successful sale of the coin by purchasing as many as 11 more examples from Maris, which he marketed privately in the following years (he continued to believe only 12 examples were struck). He also coaxed Lovett into selling him the dies (which were not delivered to the Confederacy) and embarked on the program of Restrikes outlined in the Chapman's 1891 catalog. Restrikes have significantly softer definition, presumably because of reduced striking pressure used by Haseltine because of the cracked reverse die. Another notable difference between originals and restrikes is that originals were all struck with a medallic turn, while restrikes were produced with a coin turn. Although the dies were defaced after the Restrikes were produced, they were not completely destroyed, and Robert Bashlow used them to produce a popular series of Restrikes in various metals 100 years later. Haseltine later took credit for discovering the Confederate cent himself, in his speech at the 1908 ANA Convention, and his account was widely accepted before Rubin (and others) debunked his claims in recent years.
The 1861 Confederate cent remains an elusive issue today and examples are always in demand. Auction appearances occur only infrequently, as the coins are usually tightly held in specialized collections. This lot represents an important opportunity for the series specialist.

The Present Coin
This Original 1861 Confederate cent was purchased privately from Q. David Bowers by Dr. Dudley Noble, in April 1974 for $14,995. It spent the next 40 years in the Noble Family Collection before being sold for a record price of $211,500 in lot 5139 of the FUN Signature (Heritage, 1/2014). It has been off the market for the last 10 years.
This spectacular Select specimen exhibits a sharp strike in most areas, with just a touch of softness on Liberty's curls. The L (for Lovett) is especially strong, as seen on all Original Confederate cents. This example shows no trace of die cracking on the leaves on the right side of the wreath, indicating this was one of the first, if not the first of these historic coins struck. A curious feature is noted in that area, though: Pronounced mechanical doubling is seen along the leaves on the right side of the wreath. The shallowly mirrored fields show evidence of slight die polishing, especially on the reverse. The surfaces display the tan-golden color expected from a copper-nickel cent of 88% nickel / 12% copper alloy. The reverse shows deeper, reddish-tinted patina. Areas of shallow planchet porosity are seen on each side - mostly around the margin on the obverse, more obviously seen in the lower reverse field below the CE in CENT. The overall presentation is most attractive. This coin is pictured on PCGS CoinFacts. Listed on page 435 of the 2024 Guide Book. Population: 2 in 63 (1 in 63+), 2 finer (3/24).

Roster of 1861 Original Confederate Cents
This roster was expanded from the population data in The Lovett Cent a Confederate Story, by Harold Levi and George Corell. We can trace 16 distinct specimens today, with many earlier appearances that may or may not represent the same coins. Grades are per the last auction appearance, unless a subsequent certification event is known.
1. SP64+ PCGS. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; F.C.C. Boyd; Boyd estate; John J. Ford, Jr.; John J. Ford, Jr. Collection, Part I (Stack's, 10/2003), lot 321; Simpson Collection; FUN Signature (Heritage, 1/2016), lot 5246.
2. PR64 NGC. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; F.C.C. Boyd; Boyd estate; John J. Ford, Jr.; John J. Ford, Jr. Collection, Part X (Stack's, 5/2005), lot 4478, realized $90,000.
3. SP63+ PCGS. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; "Colonel" E.H.R. Green; Green Estate; Partnership of Eric P. Newman / B.G. Johnson d.b.a. St. Louis Stamp and Coin Co.; Eric P. Newman @ $100.00; Eric P. Newman Numismatic Education Society (Heritage, 11/2017), lot 15124 (as PR63+ NGC, CAC), which realized $186,000.
4. SP63 PCGS (PR63 on holder label). Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; possibly John J. Ford, Jr.; Q. David Bowers; offered in Rare Coin Review numbers 19 and 20; purchased in April 1974 for the Noble Family Collection; FUN Signature (Heritage, 1/2014), lot 5139, where it brought $211,500. The present coin.
5. PR63 NGC. Robert Lovett, Jr.; Dr. Edward Maris; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; possibly a coin in the possession of John J. Ford, Jr. which he sold to Dr. Irving Schuster, reportedly later handled by Q. David Bowers; Rare Coin Review #72 (Bowers and Merena, Spring 1989); Jon Hanson; Donald G. Partrick Collection (Heritage, 1/2015), lot 5849, where it brought $188,000.
6. Choice Brilliant Proof. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; F.C.C. Boyd; Boyd estate; John J. Ford, Jr.; John J. Ford, Jr. Collection, Part X (Stack's, 5/2005), lot 4477, realized $110,000; Q. David Bowers; 74th Anniversary Sale (Stack's, 11/2009), lot 794 (grade per Ford auction appearance).
7. Choice Uncirculated. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Kensington Collection (Bowers and Ruddy, 12/1975), lot 431 (grade per 1975 auction appearance).
8. SP62 PCGS (MS62 on holder label). Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Aubrey and Adeline Bebee Collection (Bowers and Merena, 8/1987), lot 1545; West Coast collector, via Liz Coggan; William H. LaBelle, Sr. Collection (American Numismatic Rarities, 7/2005), lot 26; ANA Signature (Heritage, 8/2015), lot 3937.
9. SP62 PCGS. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Dr. William Lee circa 1874, he photographed and published this coin in a book on Confederate notes in 1875; Nicholson Family Collection (Stack's, 6/1967), lot 721; Henry P. Kendall; Kendall Foundation Collection (Stack's Bowers, 3/2015), lot 2579.
10. PR62 NGC. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Charles Steigerwalt; purchased by T. Harrison Garrett in late 1881; Robert Garrett; John Work Garrett; Garrett Collection, Part IV (Bowers and Ruddy, 3/1981), lot 1995; Jon Hanson; Donald G. Partrick; Central States Signature (Heritage, 4/2021), lot 3065, realized $138,000.
11. MS62 NGC. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Dodson/Collier Collections (Bowers and Merena, 6/1984), lot 3421; New York City Auction (Spink Smythe, 11/2008), lot 475.
12. MS60. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Lee F. Hewitt Collection (Bowers and Merena, 11/1984), lot 2799; Hoke S. Green Collection (Bowers and Merena, 6/1985), lot 498 (grade per last auction appearance).
13. SP58 PCGS. CAC. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; unknown intermediaries; Rarities Night Featuring Selections From the Augustana & Mocatta Collections (Stack's Bowers, 8/2022), lot 7267, realized $120,000.
14. AU. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; Hain Family Collection (Stack's, 1/2002), lot 876 (grade per 2002 auction appearance).
15. Extremely Fine. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; F.C.C. Boyd; Boyd estate; John J. Ford, Jr.; John J. Ford, Jr. Collection, Part I (Stack's, 10/2003), lot 322 (grade per Ford auction appearance).
16. Robert Lovett, Jr.; unknown intermediaries, most likely including Dr. Edward Maris and Captain John W. Haseltine; a specimen in the ANS Collection, accession number 1908.181.1, listed as an Original by Harold Levi and George Corell in The Lovett Cent a Confederate Story.

Other Appearances
A. Coin Sale (Captain John W. Haseltine, 1/1874), lot 665, the first auction appearance.
B. Dr. Edward Maris Collection (Harlan Page Smith, 6/1886), lot 304.
C. Thomas G. Funston; T. Frank Carlin; Boeing/Bridgman Collections (S.H. & H. Chapman, 11/1891), lot 823, apparently bought in by Carlin for $9.25.
D. Maris Collection (S.H. & H. Chapman, 11/1900), lot 850.
E. A specimen exhibited by Judson Brenner at the 1914 ANS Exhibition. This piece may have passed to Virgil Brand in 1919, when Brenner sold him the Confederate cent dies and many other coins.
F. George Earle Collection (Henry Chapman, 6/1912), lot 3823, based on toning patterns this coin resembles number 10 above, but the match is not definitive.
G. George M. Parsons Collection (Henry Chapman, 6/1914), lot 2707, toning patterns resemble the coin in number 5 above, but the match is not definitive.
H. John Story Jenks Collection (Henry Chapman, 12/1921), lot 6471, toning patterns resemble the coin in number 5 and letter G above, but the match is not definitive.
I. Fred E. Olsen Collection (B. Max Mehl, 11/1944), lot 1632, reportedly struck on a large planchet, possibly an off-center restrike according to John Ford.
J. Philpot/Zander Sale (B. Max Mehl, 11/1945), lot 2621, Extremely Fine.
K. Will Neil Collection (B. Max Mehl, 6/1947), lot 3071.
L. A fifth specimen that was included in the John J. Ford, Jr. Collection at the time of its sale in 2003. Sold privately via Stack's and not described in any of the catalogs.
M. Another specimen owned by John Ford at one time according to Michael Hodder, no longer in the Ford Collection at the time of the 2003 sale.

https://coins.ha.com/itm/confederate-states-of-america/1861-1c-confederate-states-of-america-cent-original-pr63-pcgs-breen-8005-bertram-b861-20/p/1374-37002.s?type=DA-DMC-CoinArchives-USCoins-1374-05082024

HID02906262019

© 2024 Heritage Auctions | All Rights Reserved