Not
Your Average Find
By David C. Harper, Numismatic News
December 18, 2008
It
was a nice little coin, a 1792 silver center cent
bought for $400 at a police auction. It's even nicer now that
the owner has learned it's worth $300,000.
A California collector is just now absorbing
the news from ANACS that the coin he had purchased at a 2006
Modesto Police Department auction is one of only 14 known
pieces. This one was graded VG-10 details but scratched.
"I'm still a little in shock myself,"
said the collector, who wishes to remain anonymous.
The process of finding out the truth about
the coin took more than two years and was not without its
skeptics.
"I actually showed it to a local coin
dealer who said, 'No, no that's nothing,'" he recalled.
Even the members of the local coin club were
not encouraging. The members passed it around, but the "club
treated it as a novelty," he said.
Because the collector is a regular submitter
of material to ANACS, he decided to send the silver center
cent along.
"I'm probably throwing good money after
bad," he said he thought at the time.
But his courage was bolstered by looking at
auction lots on the Stack's Web site. He noted that a coin
being offered had a similar wear pattern.
ANACS President James Taylor said that when
his firm received the coin for authentication and grading,
it was shown around at shows to the top experts. Each one
was not told of the opinions of the others.
The experts included Ken Bressett, John Kraljevich,
Julian Leidman, Anthony Terranova and Alan Weinberg, who concurred
it was authentic.
The silver center cent was made as a pattern
where a silver plug worth three-quarters of a cent was inserted
in copper worth a quarter of a cent. It is listed as the first
pattern, Judd-1, in the classic United States Pattern Coins,
Experimental and Trial Pieces by J. Hewitt Judd.
ANACS came back with the good news and shipped
the pattern back to the collector on Dec. 15 - a perfect Christmas
gift.