1794 Liberty Cap Cent. S-37. Rarity-6+. Head of 1794. VF-20 BN (NGC).A legendary rarity among the 1794 large cents, the single most elusive of the fifty-eight different collectible varieties to which Sheldon assigned numbers. This is the "Steigerwalt variety," named after Pennsylvania coin dealer Charles Steigerwalt who discovered it, or at least first publicized it, in the spring of 1900. According to Steigerwalts account in The Curio</em> (as reprinted in the July 1906 The Numismatist</em>), the discovery coin turned up in a "New York sale" described as a Hays-44 (Sheldon-66) and subsequently sold to A.G. Heaton. Heaton, upon examining the coin and realizing the misattribution, returned it, no doubt in disappointment as Hays-44 was, and still is, quite a rare variety in its own right. The coins true status as a new variety featuring a previously unknown obverse die was discovered when scrutinized by the dealer in an effort to correct his error. The variety seems to have remained unique for several decades and fewer than 20 total specimens have come to light in the intervening century.The offered coin is among the finer of those examples that are available to collectors. Considered by most to be the 4th finest known (3rd finest privately owned), behind the Dr. French-Sheldon-Clapp-ANS, Husak, and Rasmussen-Boka specimens. This piece is very similar in quality to the Rasmussen-Boka example, that coin not quite as sharp though has slightly smoother surfaces. Both are in VF-20 holders. The present coin has a charming overall appearance and strong detail that stands out boldly thanks to the two-tone color, a dark olive backdrop against tan devices. The surface texture suggests a careful burnishing, probably to smooth out some porosity, traces of which still remain. Still, the surfaces are generally glossy and free of any serious marks or other flaws. Quite impressive looking in hand, especially considering the lowly state of the majority of survivors.The offering of any Sheldon-37 represents a fleeting opportunity for advanced large cent collectors. There are simply far more die variety collectors of 1794 cents who are able and desirous to own one than there are examples to go around. However, the availability of a storied, condition census example such as this takes on a new level of significance. Collectors should recognize the unusual fortune of this coin having been available several times over the last decade. Prior to its emergence in the 2009 sale of the Dan Holmes collection, it had traded at auction only once since it was discovered more than 50 years earlier. That sort of infrequency of public appearances is more typical of great coins such as this that tend to trade privately if at all, and could very well be the case in the future.PCGS# 35576. NGC ID: 223P.Ex G.G. Finnell, who discovered it unattributed in the 1950s, August 1978; Tom Morley, January 1979; Del Bland, March 1984; George E. Ewing, Jr., December 1989 via Darwin Palmer; Robinson S. Brown, Jr.; Tom Morley; Superiors sale of the Tom Morley Collection, May 1992, lot 189; Tom Morley, January 1996; Jack Wadlington, June 2005 via Chris McCawley and Bob Grellman; Dan Holmes; Goldbergs sale of the Dan Holmes Collection, September 2009, lot 59; Paul Gerrie; Chris McCawley, June 2011 via Greg Hannigan; Adam Mervis; Heritages sale of the Adam Mervis Collection, January 2014, lot 2464; Chris McCawley; Dan Trollan, Goldbergs sale of the Dan Trollan collection, January 2019, lot 138.
