Among the most fascinating dollar coins listed in the reference United States Pattern Coins, by J. Hewitt Judd, are the 19 variations of the Gobrecht issues from 1836, 1838, and 1839. Perhaps no other subset of patterns has seen as much speculation, research, and scholarship over the last few decades. Among those researching these great coins was Julius Korein. A serious student of Gobrecht dollars, he amassed a large collection of them, indeed, the PCGS Proof-63 example offered in lot 3195 of the 2024 Global Showcase Rarities Night Auction is one of six that were part of his remarkable collection!
J(udd)-58, the first variant listed and long considered to be the first issue, is now thought to be among the final variants struck. What sets this apart is the bold C. GOBRECHT F. (which stands for Christian Gobrecht Fecit, or made it) below the base line above the date. The oft told story went that officials objected to the boldness of Christian Gobrecht’s signature, which led to the creation of J-60, which has the C Gobrecht F in incuse letters on the base, not below. As the J-60 is the most common of the Gobrecht dollars, this theory seemed to make sense.
The origin myth that Philadelphia dealer Ed Cogan recounted in the pages of the American Journal of Numismatics, suggesting that this was the original Gobrecht dollar design, stuck with this issue for more than a century. The real story is very nearly the opposite, as modern research has shown the obverse of this popular rarity to be the last of the Gobrecht dies created. It likely was sunk about 1858, using the central device punch from Judd-60 (the Name on Base type), from which Gobrecht’s name was eventually effaced. The name was placed in the field below the central design to create this new Name Below Base variety, tailor-made for contemporary collectors. After Ed Cogan wrote about this type, word spread that just 18 specimens were struck, and dollar specialists have considered this a prime rarity ever since.
Further it is noted that coins from Die Alignment III and DTS Die State C confirm this specimen as having been struck circa 1859 to 1864 by Henry R. Linderman et al., and probably toward the end of this striking period as the aforementioned die rust lumps in the left obverse field suggest. This is the second striking period for these Name Below Base specimens, and distinct from the first striking period of 1858 to 1860 during which Die Alignment IV DTS Die State A and B coins were produced. DTS Die State D and E coins also come in Die Alignment III and were made in 1869. All were made during an era when demand for rare patterns, restrikes and related coins had reached a fever pitch, and the executives of the United States Mint were happy to create a supply. The numbers distributed, however, were almost certainly limited as this was essentially a made-to-order delicacy. The gobrechtdollars.com website accounts for perhaps two dozen examples of Judd-58, most of which are in Die Alignment III.
This is a fantastic example of how modern numismatic research and scholarship has overturned long held theories and myths. Regardless of origin story, the fact remains that the Judd-58 is an important rarity that is always in demand. At the Proof-63 level, PCGS has graded just seven examples and just seven finer, with a Proof-65+ being the finest seen. CMQ approved for outstanding quality and eye appeal, this piece was certainly a highlight of the Korein Collection, and now will go to another collector, with proceeds of the sale benefiting the American Numismatic Society.
To view the entire August 2024 Global Showcase Auction visit StacksBowers.com.
