1794 Liberty Cap Cent. S-48. Rarity-5. Starred Reverse. EF Details--Damage (PCGS).A superior example of this rare variety with espresso-brown patina across both sides. The surfaces show varying levels of porosity and the field behind Libertys hair is particularly rough. Even so, the complexion is faintly glossy and overall pleasing. Most importantly, each of the eponymous stars remains distinct at the reverse denticles, a quality that is only shared by a small handful from these dies. Well struck and bold, the obverse is well centered while the reverse is slightly drawn towards 2 oclock. Among the finest known, it is tied at CC#9 with the Norweb specimen on the 2006 Noyes census.This is an historic example with provenance stretching back more than a century to Geoffrey Charlton Adams sale of the Temple Collection in April 1905. Even then, it was recognized as a magnificent rarity and was cataloged as "the finest specimen ever offered at auction. Only one better known." In the following decades, it passed through the hands of several famed numismatists including Henry C. Miller, George French, T. James Clarke, R.E. Naftzger, John W. Adams, and many others. We last had the pleasure of offering this piece in our February 1982 sale of the Robison Collection, where we called it a "splendid Condition Census example." Nearly 40 years later, it remains one of the most desirable survivors form these dies and we are thrilled to present it to a new generation of collectors. The S-48, Starred Reverse is one of the most popular, eagerly sought, and also enigmatic varieties in the early large cent series. The reason for including 94 stars on the reverse of this variety has been lost to history although, as with so many other aspects of U.S. numismatics, theories abound in the literature. Two of the more interesting are attributed to Dr. Edward Maris and R. Coulton Davis, both of which are related in Walter Breens large cent encyclopedia:"Dr. Maris had conjectured that the number of stars was meant to allude to the Signers of the Declaration of Independence. Robert Coulton Davis connected it with the Mint Cabinets 1792 experimental copper coin today called Joseph Wrights pattern quarter dollar (Judd 12, Pollock 14, Encyclopedia 1365), which has 87 stars in the reverse border."Exactly who discovered the Starred Reverse variety is also debated, although most numismatists credit 19th century dealer and numismatist Henry Chapman in 1876 or 1877. His brother, Samuel Hudson Chapman, told of the discovery in his work United States Cents of the Year 1794</em> (second edition 1926):"This die was discovered by Henry Chapman during 1877. Dr. Maris, the first man to make a study of the series, was standing between him and the author whilst we were examining a lot of 1794 Cents, when H.C., picking up the specimen and examining it, exclaimed, Here is a die with minute stars around the reverse. Dr. Maris confirmed the discovery and said, It was previously unknown."Regardless of the intent of the stars and when and by whom the variety was discovered, the appeal of Sheldon-48 has remained strong throughout the 20th and into the 21st centuries. Its scarcity has also stood the test of time for today only 60 or so examples are believed extant, the actual total perhaps as low as 50 to 55 coins. On the vast majority of Starred Reverses, only a small portion of the stars may be seen -- only the very best pieces, as here, have all the stars apparent and so bold to the unaided eye. PCGS# 35705. NGC ID: 223P.Ex Joseph Armstrong Temple; Geoffrey Charlton Adams sale of April 1905, lot 227; Geoffrey Charlton Adams, circa 1910; Henry C. Miller; Thomas Elder, April 1917, lot 660; Dr. George P. French, March 1929; B. Max Mehl’s 1929 Fixed Price List, lot 29; T. James Clarke, June 1944; B. Max Mehl, April 1947; R.E. “Ted’ Naftzger, Jr.; New Netherlands, November 1973, lot 368; John W. Adams; our (Bowers and Ruddy’s) Fixed Price List, 1974; our (Bowers and Ruddy’s) Fixed Price List, 1975; Ellis Robison; our (Stacks) sale of February 1982, lot 408; Anthony Acevido; Robert Vlack, March 1988; Dan Holmes; Chris Victor McCawley’s Fall 2005 Fixed Price List #78.
