1652 Pine Tree Shilling. Small Planchet. Noe-24, Salmon 4-C, W-880. Rarity-7+. VF-30 (PCGS).
67.6 grains. An exceptional rarity in this series, and one of only six examples known. Both the obverse and reverse are toned in warm olive-gray with blushes of lighter rose-gray in the centers, as well as iridescent powder blue undertones that flash into view as the coin dips into a light. The obverse is quite soft at upper right, although all of the branches of the tree in that area can be made out. The inner border is soft everywhere, again most pronounced at upper right. The peripheral legend is completely on the flan and fully legible despite softness at the letters ET, outer border bold to discernible from 8 to 4 o'clock. The tree's root structure is almost complete. On the reverse, the peripheral legend is complete with all letters bold, date and denomination soft but legible, outer border complete in all areas save for at 11:30. The reverse die state is late with the break through the inner border below the letter A in AN well developed and another break engaging the first stroke of the letter W in NEW. Muling two previously used dies, the obverse of Noe-18 (Crosby's obverse 23) with the reverse of Noe-23 (Crosby's reverse M), this must have been a short lived marriage. This variety follows Noe-23 in the emission sequence, as the aforementioned break within the beads under the A in AN is larger than on Noe-23. Whether or not it precedes or follows Noe-18 is up for debate: it was noted in the Ford sale that "none of the N.24 examples seen show any sign of obverse damage, so it is likely that when the Crosby M reverse died the obverse was then married to Crosby reverse L to make Noe 18s." However, the "bird's nest" break seen among the upper right branches of the tree on Noe-18 is discernible (with patience) here and in close enough to the same form to make the order indeterminate. The fine die crack from the rim through the lower curve of the first letter S in MASATHVSETS is likewise present, and nearly identical, on both varieties. We remain undecided on which came first, particularly without higher grade survivors to study. We have confirmed, however, that only six examples of Noe-24 are extant: 1 - NGC EF-40. Ex Heritage's sale of the Christopher J. Salmon Collection, Part I, August 2022 Signature Auction, lot 3328. 2 - PCGS VF-30. Ex Thomas Hall; Virgil Brand; Carl Wurtzbach; T. James Clarke; F.C.C. Boyd; John J. Ford, Jr.; our (Stack's) sale of the John J. Ford, Jr. Collection, Part XII, October 2005, lot 123; Anthony Terranova, October 2006; Sydney F. Martin Collection. The present example . 3 - Choice Very Fine. Ex our (Bowers and Merena's) sale of the Norweb Collection, Part I, October 1987, lot 1213; our (Stack's) sale of the Hain Family Collection, January 2002, lot 152. This coin is now in the Lasser Collection at Colonial Williamsburg. 4 - NGC Fine-15. Ex Lester Merkin, April 1988, to the following; our sale of the Henry P. Kendall Foundation Collection, March 2015 Baltimore Auction, lot 2407, as PCGS Fine-15; Heritage's sale of the Christopher J. Salmon Collection, Part II, October 2022 Long Beach Signature Auction, lot 3479. 5 - NGC Clipped. Ex Heritage's sale of the Christopher J. Salmon Collection, Part IV, March 2023 Showcase Auction, lot 93093. 6 - Very Fine, Bent. American Numismatic Society Collection. The primary Salmon coin seems to be the finest of these, claiming the title long held by the Norweb specimen. Certified grade notwithstanding, we would still give an edge to the Norweb coin over the Ford specimen offered here, but since the census falls off precipitously in quality when we get to the other three examples, and the Norweb coin is now impounded as part of the Lasser Collection, this is one of the two finest Noe-18s in private hands. Many of the great collectors, including Stearns and Partrick, never owned one, and the astute bidder would be unwise to let this opportunity pass.
PCGS# 915762. NGC ID: 2ARZ.
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From the Sydney F. Martin Collection. Earlier ex Thomas Hall; Virgil Brand; Carl Wurtzbach; T. James Clarke; F.C.C. Boyd; John J. Ford, Jr.; our (Stack's) sale of the John J. Ford, Jr. Collection, Part XII, October 2005, lot 123; Anthony Terranova, October 2006. The Wurtzbach, Noe and Salmon plate coins.

Estimate: $20000