NGC Certifies Newman’s Unique 1792 Washington President Gold Eagle

[dena]

Coin with a rich numismatic history will be sold this summer in Philadelphia.

Numismatic Guaranty Corporation® (NGC®) has certified the late Eric P. Newman’s most cherished coin: the unique 1792 Washington President gold eagle that researchers believe was presented to George Washington and carried by him as a pocket piece.

Graded NGC XF 45★, the coin will be sold without reserve by Heritage Auctions on August 16, 2018, at the ANA World’s Fair of Money in Philadelphia. All of the net proceeds will be donated to charity.

 

1792 Eagle & Stars Gold $10 Washington President, graded NGC XF 45★. Click images to enlarge.

 

August’s sale marks only the third appearance of this extraordinary rarity in auction—and the first since 1890. After Washington, only eight elite numismatists have held this gold coin. The famed “Colonel” E. H. R. Green purchased it privately in 1933 for over $2,500, a significant sum for the day. Eric P. Newman acquired the coin in July 1942, and since then it has remained in his collection.

“This is one of the most amazing treasures that I have examined in my nearly 40-year career,” said Mark Salzberg, NGC Chairman and Grading Finalizer. “NGC is honored to have been selected to certify a coin with such remarkable history, provenance and appeal.”

Newman, one of the greatest numismatic researchers and writers of all time, believed that this coin was struck as a pattern (a proposed coin) for a gold eagle, or $10 piece, and was expressly struck for, presented to and carried by George Washington. Further research indicates that this coin was produced in America by Jacob Perkins of Newburyport, Massachusetts, rather than in England as previously believed.

The obverse of Newman’s unique gold pattern features a bust of Washington surrounded by “WASHINGTON PRESIDENT” and the 1792 date. The reverse features a heraldic eagle based on the Great Seal of the United States. It bears an edge lettered UNITED STATES OF AMERICA.

Newman, who passed away in November 2017 at the age of 106, assembled one of the most important collections of coins and paper money, with a particular focus on Colonial and Early Federal US pieces. Newman’s coins, which have been entirely certified by NGC, have achieved nearly $59 million at auction in a series of sales by Heritage Auctions since 2013.

Of all the great rarities owned by Newman, the 1792 Washington Gold Eagle was the scholar’s favorite. He explained why in 1975: “This coin is unique in that it was owned by George Washington. It is unique as the earliest gold pattern prepared for the United States coinage; and it is unique because only one example of the coin was made. What other American coin can command historical and numismatic respect of that magnitude?”

“NGC was the logical choice to grade this important rarity due to the tremendous success of the past NGC-certified selections,” said Stuart and Maureen Levine, advisors to the nonprofit Eric P. Newman Numismatic Education Society (EPNNES). “We look forward to the history-making sale in August.”

For more information about the sale, visit Heritage Auctions’ website HA.com. To view all of the NGC-certified selections from the Eric P. Newman Collection, visit NGCcoin.com/Newman

About the Eric P. Newman Numismatic Education Society (EPNNES)

Items being sold are from the extensive collection of Eric P. Newman Numismatic Education Society (a Missouri not-for-profit corporation) and have been assembled over a period of 90 years. Proceeds of the sale of all items will be used exclusively for supplementing the Society’s scholarly numismatic research efforts and for the benefit of other not-for-profit institutions selected by Eric P. Newman Numismatic Education Society for public purposes.

[World Colonial]

Very interesting, thanks for posting.  I didn't know this coin existed.

[LINCOLNMAN]

As I understand it, Washington provenance is based on conjecture, but still a very cool piece and bound to elicit additional research and interest.

[JIM F.]

Pretty cool.  Has the coin been raw and  ungraded until now?

 

[WoodenJefferson]

WOW!

[USAuPzlBxBob]

It is a fascinating piece, and the Washington conjecture…

Well, it's a one off piece, with wear from someone…

So, some day that conjecture may be erased by the enormity of its history of auction prices realized.

Learned about it from routine emails from NGC.  Read $1 million starting bid.

So, we'll see how conjecture weighs in.

[MarkFeld]

7 hours ago, USAuPzlBxBob said:

It is a fascinating piece, and the Washington conjecture…

Well, it's a one off piece, with wear from someone…

So, some day that conjecture may be erased by the enormity of its history of auction prices realized.

Learned about it from routine emails from NGC.  Read $1 million starting bid.

So, we'll see how conjecture weighs in.

I read that it is being sold at no reserve. If that is the case, there will not be a $1,000,000 starting bid.

[Conder101]

18 hours ago, jimbucks said:

Has the coin been raw and  ungraded until now?

Yes, it's been in the same collection for over 75 years. Why shloud he have had it slabbed?  It wasn't going anywhere.  And since it is unique, the grade isn't that important either.  It's not like you are going to pass and wait for a better one.

[MAULEMALL]

Another feather in NGCs cap But is it really XF? 

 

[WoodenJefferson]

...and not  a peep ATS unless I missed it being talked about there. I for one will not take it to that forum, for fear I might get stoned to death. Shame.

[MarkFeld]

38 minutes ago, WoodenJefferson said:

...and not  a peep ATS unless I missed it being talked about there. I for one will not take it to that forum, for fear I might get stoned to death. Shame.

It’s there.

[MAULEMALL]

3 hours ago, MarkFeld said:

It’s there.

All I saw was Dave shilling for gold... Bullion at that.. 

That's sad...

PCGS's own David Hall is back and talking U.S. minted gold coin smack....gets political too??

So it looks like PCGS is the one actually shilling for gold through David Hall

[MarkFeld]

15 minutes ago, MAULEMALL said:

All I saw was Dave shilling for gold... Bullion at that.. 

That's sad...

PCGS's own David Hall is back and talking U.S. minted gold coin smack....gets political too??

So it looks like PCGS is the one actually shilling for gold through David Hall

See here: https://forums.collectors.com/discussion/1000654/eric-p-newmans-1792-washington-president-gold-piece-to-be-sold

[Just Bob]

4 hours ago, MarkFeld said:

It’s there.

Someone there  posted a picture of Mr Newman holding the coin. I thought that was a nice touch.

 

[WoodenJefferson]

12 hours ago, Just Bob said:

Someone there  posted a picture of Mr Newman holding the coin. I thought that was a nice touch.

 

...but here's the rub. Someone mentioned it was graded by NGC and it graded out  XF-45 and in the next breath another poster asks 'will it cross' after the auction? 

[Conder101]

For some people it's all about the plastic.

[LINCOLNMAN]

1 minute ago, Conder101 said:

For some people it's all about the plastic.

Difficult to imagine the smallness of the person who would ask about it crossing, assuming they were serious - hope not. Unique piece, VF/XF/AU - irrelevant. 

[LINCOLNMAN]

Just read the "cross" comment ATS. Was a tongue-in-cheek, sort of, reference to Legend, should they get it. 

[LINCOLNMAN]

I like a good story as much as the next guy, but so much is NOT known about this piece and the similar tokens in copper and silver, that it seems like quite a stretch. For all we know these are Conder tokens and the gold version was given to the mayor of London, or am I missing something in my brief readings on this? I have to admit that I'm a huge skeptic when I delve into tokens and "coins" of the period. For example, I'm at a total loss why any but a few store card collectors would be interested in a Mott token. Humbug I say!

[World Colonial]

27 minutes ago, LINCOLNMAN said:

For example, I'm at a total loss why any but a few store card collectors would be interested in a Mott token. Humbug I say!

It's in the Red Book.  If it wasn't, interest in it would be a lot less since it probably wouldn't be considered a colonial "coin".

As for the subject piece of this thread, if it really is what is it claimed even without the GW story, it should be ranked as one of the top coins in the entire US series, far higher than so many US mint issues with seven figure price tags.

[LINCOLNMAN]

1 hour ago, World Colonial said:

As for the subject piece of this thread, if it really is what is it claimed even without the GW story, it should be ranked as one of the top coins in the entire US series, far higher than so many US mint issues with seven figure price tags.

Never a doubt there. As for the provenance, I wasn't aware of John Kralevich's article and related research until I just read the HA write-up in its entirety. More compelling than I thought, much more than a tale. It's reasonable to suppose that the subject piece was presented to GW, enough to add value certainly. 

[WoodenJefferson]

But still I have learned through history and it persists that George Washington objected to having his likeness or name depicted on coinage or -script, as the people of America just left a country where Monarchs adorned the monies. So, on that note, why would he cherish a gold pattern with both his name and depiction? It may have been presented to him but he only lived for 7 more years after presentation. I wish for history's sake at least some of this is true.

[LINCOLNMAN]

2 hours ago, WoodenJefferson said:

But still I have learned through history and it persists that George Washington objected to having his likeness or name depicted on coinage or --script, as the people of America just left a country where Monarchs adorned the monies. So, on that note, why would he cherish a gold pattern with both his name and depiction? It may have been presented to him but he only lived for 7 more years after presentation. I wish for history's sake at least some of this is true.

The "likeness" question aside, it is hard to imagine GW carrying this gold piece in his pocket for several years. Although a wealthy man, I have the sense that he was an organized, practical man - a gold piece would have represented a substantial amount of money at that time. Likely never to be disproved, but seems an odd thing to do for a man like GW. I have to grant that it's an odd thing for anyone to do, so I suppose, why not GW? Perhaps one of our history buffs might weigh in on how common it was to carry pocket pieces back in the day, for good luck say.  A most interesting piece that should give the new owner many enjoyable hours of research and contemplation. Wish I could afford it.