1792 Washington Roman Head Cent. Musante GW-21, Baker-19, W-10840. Proof-64 BN (PCGS).
197.53 grains. Deep and glossy golden-tan with a hint of chestnut-red and chocolate-brown throughout, and with traces of lively mint orange in the deeply protected design areas. Referred to in the 19th century, when photographic illustration was rare, as the Naked Bust to differentiate it from other Washington President obverses bearing the same date. This issue was recognized as an important entry in advanced Washingtoniana collections as of the Civil War. A "fine copy" appeared in W. Elliot Woodward's October 1863 sale of the Jeremiah Colburn Collection and realized $1. This is the first example we are aware of being mentioned. It was published in March 1860 as being in the Colburn Collection, in Volume 4 of The Historical Magazine, on page 85. However, that entry was drafted in February of 1859, well in advance of the publication date. The price of $1 suggests strongly that it was literally a copy of an original, and not a genuine impression. The fact that high-quality copies already existed by 1863 suggests that a market had been established, and that the piece was already identified as exceedingly rare. The first certain appearance we are aware of was in the 1864 John McCoy sale, where W. Elliot Woodward referenced this issue in his presentation of another type (GW-30 or GW-31), "The rarest of all the Washington Cents, the naked bust alone excepted." In his presentation of the Roman Head cent, at lot 2460, he wrote the following: "This piece, the celebrated Roman or Naked bust Washington Cent, of 1792, the owner considers far more desirable and more valuable than any other American coin or medal. Three specimens only are known in the country." It realized $480, selling to Colin Lightbody for an extraordinary amount of money in the numismatic marketplace of the 1860s. Indeed, in the same sale, $137.75 was spent on all these rarities, combined: 1792 pattern disme, 1792 half disme, "Eagle on Rock" trials, 1794 pattern silver dollar in copper. Notably, Woodward's comment that only three were known in this country points to his position close to the genesis of their appearance here. In fact, he wrote in his 77th sale catalog, in 1885, that the first "known to American collectors was imported by Mr. Davenport in a parcel of English tradesman's tokens. Many years afterward I bought the piece and sold it in the McCoy collection to Mr. Lightbody..." While Woodward suggests the McCoy piece was the first to appear, he did write of two others in 1864, so it would seem his memories may have been embellished a bit. Today, more than a century and a half after that 1864 sale, we are aware of only about 17 distinct specimens, though there are likely a few we have not identified, as indicated by Fuld's assertion that about 20 were known. It is clear the original issue was very small, whatever the reason, and for its entire time in America, it has been an object prized by collectors. As we wrote in our 2006 presentation of the Norweb specimen, "for years Breen's 'effeminate emperor' projection and aspersion upon the character of this piece has been bandied about, but the true purpose was surely not satire. Rather, since nearly every specimen known is in a well-preserved Proof state, it seems that this was just one more token struck to feed the passions of British token collectors of the day. Breen's implication that these were some kind of secret, hidden from view until the 1860s, does not stand up when the evidence that a boldly signed die trial of this obverse exists, identifying the author as 'I.G. Hancock' or the young John Gregory Hancock. Hancock, aged just 17 when these dies were engraved, would likely not have conceived this as a massive satire, but rather as a play on the Roman coins and engraved gems that most engravers studied during the 18th century as they learned their craft." This medal was notably missing from our recent sales of the E Pluribus Unum Collection of Washington medals and is especially notable for not being included in the William Spohn Baker Cabinet, sold by us on behalf of the Historical Society of Pennsylvania, in November 2019. Years can pass between offerings, though in some eras there have been flurries of offerings from the small number of pieces known. It is not an issue that can reliably or easily be found when sought, however. This one was last sold publicly, by us, 10 years ago.
PCGS# 731. NGC ID: 2B7G.
PCGS Population: 4; 5 finer in this category (Proof-66+ BN finest).
From our sale of the Ted L. Craige Collection, January 2013 Americana Sale, 11499.

Estimate: $80000