Amazing Find, 1794 Liberty Cap S-34 R5+

I have recently become highly interested in EAC. (Early American Copper) Draped busts, Liberty Caps and the like. Prior to this find my rarest coin, was a 1795 Liberty Cap, in About Good condition. 500k minted.

Now, to start the luck off right, I had purchased a lot of junk "V" or liberty Nickels. Cull, pvc damage and more. In this lot was a 1886! Which I recently sold for 75$, I had paid 50 cents for this one! I believe I posted about it on here, well with the 75$ I got from that sale, which was already lucky, I had purchased the coin you see here!

At first I thought "Wow, this coin is stunning, already I got a good deal! I could sell it for 100-200$ with ease if I chose to get rid of it." I made a post on another online forum, and someone asked me the Sheldon variety, to which I said Im not sure, I haven't checked. He asked for pictures so I sent him a whole album! Immediately he identified the coin as a S-34. Being a Rarity 5, this coin has somewhere between 31-75 in existence.

He showed me the evidence to suggest its attribution, which was undeniable. The die crack from the L in Liberty, to and under the hat is a tell tale sign of the S 34 variety.
I am no expert on the Sheldon Varieties however two EAC collectors, and members of the "Boyz of 94" had confirmed it. This left me in shock! Even in this condition, it is worth a lot!

It has gone out to NGC for grading! I am so excited! Allegedly this is the 34th known, Sheldon 34! From 50 cents, to over a thousand dollar coin! Incredible! The guys who helped identify it were "flabbergasted" and amazed claiming this was the find of the decade!

Reverse:

 

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Good luck

 

I've no idea of the attribution, but if it is an R-5 that is great! The condition is quite rough, of course, with a significantly porous coin and quite a bit of wear. I'd guess G details, porous. Even still, worth quite a bit more than you paid for it. Congrats!

 

Thanks, I likely will peg details, but it shouldn't be body bagged. Due to the variety and co

Yes, the condition is rough, but for it to be the 34th known to exist, its nothing for me to complain about! I bought it because I thought, even in this shape, it was attractive! so its a win win win for me!

 

I thought the date must be legible to get a grade.
Unless they are just going to authenticate that it is genuine.
It looks P-01 if there's a date.

 

There are plenty of straight-graded dateless 1916 SLQs. I wouldn't be a bit surprised to learn that the same can happen with EAC.

 

I feel stupid for asking, but is this a cent or half-cent?

 

I hope it doesn't but I don't think it will come back straight-graded. Damaged/corroded/detailed/bagged. Good luck though! Post the results here when it comes back,

 

for a Sheldon # it is a cent

 

Yes I was wondering if the date could be determined by other markers,
if it then wasn't required to have a legible date to receive a grade.

 

Congrats! @Eduard will certainly love this coin... but he may already own an R6 variety ;-)

 

Thank you, Michael (@micbraun) for pointing this out. Very interesting.

As you say, I love the coin. As a matter of fact, I love ALL large cents (and half cents).

A '94 S-34 is certainly a very scarce coin. HA archives list 12 examples sold, 3 of them in 2018.
I am not able to see the diagnostic rim break above LI, at least not indisputably,
but I defer to the experts in the other forum for the correct attribution.
Your example is admittedly in very low grade, but at least it does not show major pits or corrosion. I would grade it PO1, or a 2 is also quite possible.

I am attaching pictures (HA archive) of a vg8 Details/damaged example sold last year to give you an idea of the value of your example. This one sold for $750.

I am tagging Marshall ( @Marshall ) as I am sure he would like to see this.

A nice find for sure, and hope you find many more on your early copper journey.

 

It does have the die crack from L through the cap and that does definitely identify the obv as that used on S-34, but it is also used on S-32 and 33. The die crack isn't seen on S-32 but does appear on later stages of S-33. The positioning of the wreath stems on the reverse are right for S-34 but wrong for S-33 (which is too bad, as S-33 would have REALLY been a great find, an R-6)

Congratulations, I'm jealous, I don't have an S-34.

 

Yes. Since early US coins like this were completely hand punched, each die marriage is completely unique. The letters, numbers, stars, date, etc will all have markers that positively identify it as that variety from that year. Die cracks and clashes only make it easier. Now, many of these traces are harder to see on a well worn and corroded coin, but specialists can still identify them (as seen in this thread).

 

@Marshall Thought you might like this if you hadn't seen it based on your post history

 

I'd like to confirm the S-34, but I'm having a problem with the reverse. The Obverse appears to be correct. The normal diagnostic rim break is obscured by PMD, but the die break through the cap is certainly bold enough to confirm Obverse 13 and possibly in a die state between late 33 (Noyes D) and early 34 (Noyes D).

Now my problem:

The 33 is paired with Reverse K and has a very large knot. The subject coin does not appear to be correct as others have pointed out.

But the 34 is paired with Reverse L and has the ribbon loops almost touching the wreath stem and the subject coin appears to be in a standard position and just left of the knot.

The only other pairing of this obverse is on the 32 paired with Reverse K, but before the Obverse die crack across the cap has appeared.

While I can't be certain, it has the severed left ribbon between the left stem and Wreath core stem of Reverse C. But I can't confirm it as a match.

This coin will take further examination and preferably in the copper to find additional diagnostics for confirmation, if possible.

 

You can see the shadow of the “4” if you look in that area. It’s a 1794 cent for sure.

 

If you can see LIBERTY well above the top of the head, it is characteristic of 93s and early 94s. Since the 93s have a unique punch for R and left of all 94s, it is sufficient for identification as an early 94.

 

Thanks for the adept response! I have it sent out to NGC so Im hoping they can assess it thoroughly!

 

I wouldn't count on them correctly attributing it. I have just seen too many errors.

They are good at market grading though so I expect it will be returned with a details grade and probably Environmental damage. Don't let that throw you since a majority of early copper has details grade because of the nature of copper.

At a minimum, you should have better photography of the coin. They have gotten much better at it than they used to be.