1837 Classic Head Quarter Eagle. HM-2. Rarity-7. EF-45 (PCGS). <strong>Die Variety:</strong> HM-2. Obverse 1: Star 7 points between the first and second curls along the top of Libertys head, whereas on the only other obverse known for this issue this star points to the center of the first curl. Obverse 1 was used for both die pairings of the circulation strike 1837 quarter eagle issue. Reverse F: There is a weak, detached tongue in the eagles mouth and small, split berry at the end of a branch stem that varies from strong to weak depending on die state. The letter D in UNITED is slightly lower than the adjacent E. The 1837 HM-2 represents one of four uses of Reverse F in this series, which also appears in the 1836 HM-1 and HM-8 attributions and the only known die pairing of the 1839 quarter eagle.<p><strong>Die Emission Sequence: </strong>Struck after HM-1, with which it shares its obverse die, the HM-2 is the second and final variety of circulation strike 1837 quarter eagle produced.<p><strong>Die State: </strong>There is a bisecting crack down from star 9 through the digit 8 in the date, as inherited from the 1837 HM-1 pairing. This is the usual obverse die state and, although too few examples are known to confirm this assertion, this bisecting crack was probably viewed as terminal by the coiners and resulted in their decision to abandon this obverse after a very short press run in the HM-2 pairing. The reverse is rotated about 30 degrees counterclockwise on the present example. It represents a late state of this die, relapping having effaced most of the eagles tongue and removed the stem that once connected the now-detached berry from the rest of the branch.<p><strong>Estimated Surviving Population for the Variety: </strong>Just 12 coins in all grades (per Daryl J. Haynor, 2020), or 3.0% of extant 1837 Classic Head quarter eagles.<p><strong>Strike: </strong>The strike is typical for this issue; a few stars lack radial centers and the central curls are rounded. For the reverse the eagles right thigh and wing are soft at their junction with the left edge of the shield.<p><strong>Surfaces: </strong>Generally smooth surfaces retain ample reflectivity around the peripheries and within the protected areas of the design elements. Pleasing blend of light olive and medium gold color. Two tiny obverse indentations are indispensable for tracing the provenance of this rare 1837 HM-2 quarter eagle: one on Libertys neck and another in the field inside stars 2 and 3.<p><strong>Commentary: </strong>A very rare variety that is desirable in any available grade, HM-2 is by far the more elusive of the two circulation strike die pairings known for the 1837 quarter eagle. Only HM-3 is rarer for the date, although that is a Proof-only variety. John McCloskey had an EF-45 example of the 1837 HM-2 and it was the only one he knew of as of 2007. There was no example of this die variety in the extensive Harry W. Bass, Jr., Collection. Daryl J. Haynor (2020) credits McCloskey with discovering this variety in 1996, which was first published in the <em>John Reich Journal</em>. The author states that only six or seven examples are known in the modern market, his estimate of 12 specimens allowing for the possibility that a few might remain unattributed in other collections. If you are a serious collector of Classic Head quarter eagles, this is a memorable opportunity. While this series has only begun to be recognized for its varieties, such attention will undoubtedly grow after publication of Haynors excellent reference on Classic gold coinage and the spectacular offerings from his Virginian Collection. PCGS# 764779. NGC ID: 25FX. PCGS Population (HM-2 attribution only): just 1 in all grades. From the Daryl J. Haynor Virginian Collection. Earlier ex Dr. James A. Ferrendelli; our sale of the Dr. James A. Ferrendelli Collection, August 2014 ANA Auction, lot 11047, as NGC AU-50, unsold. NGC insert #2092524-002 with a grade of AU-50 from the coins earlier certification is included with this lot. The plate coin for the 1837 HM-2 variety in the 2020 Haynor reference on Classic Gold coinage.
