This reverse has a corrected error. The fraction has a figure 1 engraved over the first cipher which shows plainly beneath. - Howard R. Newcomb, The United States Cents of the Years 1801 - 1802 - 1803," 1925Showing surfaces that glow with luster and gloss, this cent retains abundant mint color, brightening as the cartwheel crosses it, showing greatest boldness around the date and profile. Rose and violet tones are seen, along with olive highlights on the reverse. A few old spots are present, behind Libertys eye, on her jaw, in the right obverse field, around UNITED, and elsewhere. Only minor marks are present, along with a short old scratch above TE of UNITED and a single hairline alongside Libertys nose. The visual appeal is superb, and the strike is solid in most regions. A few leaves are lacking in central detail, and denticles are flat in some areas, most notably under the date. A very light rim bruise is barely visible above the second S of STATES, and a natural lintmark arcs above the fraction bar.Arcs of lapping lines left by a lathe are seen within the hair atop Libertys head, nearly identical to those seen on 1800 S-197, but are also visible among her lower locks and at her shoulder. These likely remain from an attempt to efface clash marks, some of which remain visible just off Libertys profile. The die state is fairly early, roughly equivalent to Breens State II or III, though only one set of clash marks is plain, not nine as counted by Breen. The corrected fraction on the reverse is firmly struck and bold to the naked eye.This cent was unknown to Dr. Sheldon and thus omitted from the Condition Census that appeared in either Early American Cents (1949) or Penny Whimsy (1958). This coin made its first appearance in the Condition Census as a revision appeared in the pages of the July 1974 issue of Penny-Wise, there described as "65, new." The Early American Coppers club grading guide, published in 2014, illustrates this piece to exemplify "faded red" in its two-page layout of "an early copper color set," showing the range of shades assumed by large cents and half cents over a continuum from red to mahogany.While new to the large cent brain trust, this coin was likely collected by its first owner of record before World War II. A Cincinnati homebuilder, Joseph F. Carabin was also a part-time dealer, active from the late 1930s through mid 1950s. Abe Kosoff acquired his collection in 1956. This cent appeared in Kosoffs December 1956 advertisement in The Numismatist, described as "a delightful mottled brown. Uncirculated; superior to Clarkes AU." Other coins from the Carabin collection were included soon thereafter in Kosoffs March 1957 sale, an uninspiring event that John W. Adams laconically reports did include "a few decent cents," probably the leftovers from Kosoffs December 1956 advertisement.The Corrected Fraction of 1801 is among the most iconic varieties in the Draped Bust series. While widely available in lower grades, it is unusually rare above VF, and just three Mint State examples are listed on most census listings. This is the consensus choice for finest known, listed atop the Bland census, the 1974 Loring/Committee census, the 1991 Noyes census, and ranked first among all examples of the variety certified by PCGS. The Beckwith-Newcomb-Rasmussen specimen has been graded MS-62 BN by PCGS; the other Mint State example on the PCGS Population Report appears to be a duplicate of one of these two coins. The third Mint State survivor is said to remain uncertified.
