Sharp, beautiful specimen with mint lustre.” — Henry Chapman, 1890</em>Slate blue and pewter gray mingle with halos of bright silver and areas of dark amber among the stars, all enshrouded in thick and impressive lustrous cartwheel. With exceptional bloom and aesthetic appeal, this coin stands out among surviving specimens from these dies. The surfaces are frosty and glossy, with an attractive blend of colors on both sides. The same dark amber seen hidden among the right obverse stars also appears near Liberty’s hair bow and in the space between OF and AMERICA on the reverse. The portrait is well detailed, just a bit soft on some tresses near center. The eagle’s legs and talons are not fully struck, and his head and breast likewise lack full detail, typical of the variety. Stars 1 and 2 show blunt centers, but all other peripheral details are fully struck. A good light and lens finds some light hairlines in the fields, and some well hidden hairline scratches are seen below Liberty’s lowest curl. Similar lines are noted above stars 2 and 3, below IB of LIBERTY, and a short curved section is seen on Liberty’s cheek, above a duller and lighter scratch whose arc it nearly parallels. No substantial nicks or digs are present. A short curled lintmark hides between the second T of STATES and the denticles above it.The die states of this variety are typically tracked by the shape and size of the large lump between IC of AMERICA. Caused by a piece that fell from the die face, probably because of a metal impurity that lurked below the die’s surface, the shape of the lump on this specimen places it in the range of Bowers Die State III or IV. Related spalling streaks and chips cascade through the adjacent MER. On the obverse, some shallow die texture is seen in the field off Liberty’s profile and behind her lower curls, appearing like die rust though perhaps not actual oxidation of the die surface. Some of the details of the highest wave of hair, beneath E of LIBERTY, have been diminished by lapping.A coin of beauty, grace, and great significance, this ranks as the finest survivor of this die variety and among the finest extant of the date. For much of the late 19th century, it was in the cabinet of Cincinnati connoisseur Thomas Cleneay, one of America’s great collectors. In 1879, <em>King’s Pocket Book of Cincinnati</em> lamented the fact that there were no public museums in the city, but pointed out that citizen Thomas Cleneay had among the nation’s finest collections of rare books and Indian artifacts. When his coin cabinet was dispersed three years after his death in 1887, the <em>American Journal of Numismatics</em> noted that “this collection was much more complete and extensive than was generally known, having been the result of nearly forty years’ labor on the part of its late owner, an enthusiastic numismatist … From an inspection of the catalogue it appears that his aim was to secure the best specimens attainable, whether Proofs or Uncirculated, of United States coinage.” This coin was purchased at the Cleneay sale by Lancaster, Pennsylvania numismatist Charles Steigerwalt, after which it disappeared from view for decades. It does not appear to have sold at auction since.Early dollar researcher W. David Perkins suggests this coin may be the specimen that was offered in Hollinbeck Coin Company’s little known fixed price list of the Emmanuel Taylor collection, offered in 1959. The Pogue family’s notes indicate that this piece came from “a Hollinbeck sale in the early 1940s (stated by David Akers).” During the course of Perkins’ research, Hollinbeck principal Art Kagin recalled that the Taylor collection was offered in the 1940s, but further inquiry revealed the group was actually purchased by him in the late 1950s. The catalog, entitled <em>America’s Outstanding Collection of Silver Dollars,</em> included a 1796 B-5 dollar described as “Large Date, small letters, UNCIRCULATED with pleasing patina. A joy to behold. VERY RARE SO CHOICE.” Though the list was not illustrated, the description certainly fits this coin well, suggesting the Taylor collection may represent a missing link in the provenance chain of this specimen. Only three specimens of the Large Date, Small Letters variety have been certified as Mint State by PCGS. This is the only one to grade finer than MS-62.PCGS# 6861. NGC ID: 24X3.
