1795 Reeded Edge Large Cent to sell at Heritage Auctions
A rare 18th century US coin rediscovered after more than 50 years is heading to auction at Heritage next year.
Dating from 1795, the Reeded Edge large cent is one of just 10 examples known to exist. The coin set to be sold at Heritage, known as the 'House of Davis McKinney' Specimen, is the fifth-finest of those coins, graded NGC VG, EAC Good 4.
The Reeded Edge cents were produced with a delicate pattern around the outside edge of the coin, which experts believe was used as an early anti-counterfeiting device. The existence of such a design was first recorded by numismatists in 1862, and since then only a handful have ever been discovered.
The particular coin offered at Heritage first came to the attention of collectors in 1964, when it was listed by researcher Del Bland in his Condition Census. Bland had found the coin mentioned in a sale catalogue, with its then-owner L.R. Davis McKinney, Jr. stating "this specimen is as important as a United States large cent can be", but it remained unseen.
In every census issued since 1964 the coin had been listed as "untraced", and it was believed lost to the hobby until its recent rediscovery.
"The coin has been known to the large cent community since 1964, but has never been seen until now," said Greg Rohan, President of Heritage Auctions. "It's a thrill to handle this coin. Heritage is the only firm that has handled four different Reeded Edge large cents out of the 10 known. No other house has seen more than two of them."
The finest-known example of the coin, graded EAC VG8, sold at Heritage in 2014 for $646,250. The 'House of Davis McKinney' Specimen will be offered during the Heritage Platinum Night sale, held as part of the Florida United Numismatists (FUN) Convention on January 7, 2016.
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