Fred 2 Book

EARLY CENTS AUCTIONS www.earlycentsauctions.com | info@earlycentsauctions.com P.O. BOX 41000, Austin, TX 78704 Lucas Baldridge, Texas Auctioneer Lic#18106

EARLY CENTS AUCTIONS Includes the following: Chris McCawley - EAC member #1394 Consignments and Expert Direction Bob Grellman - EAC member #575 Grading, Cataloger

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EARLY CENTS AUCTIONS www.earlycentsauctions.com | info@earlycentsauctions.com P.O. BOX 41000, Austin, TX 78704 Lucas Baldridge, Texas Auctioneer Lic#18106 © 2025 EarlyCentsAuctions

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PART 2

Friday, August 22 nd 5:00PM CST LARGE CENTS Lots 500-758, pg. 7-81

Internet only Tuesday, August 26th, 5:00PM CDT Lots 759-933, pg. 82-111

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EARLY CENTS AUCTIONS

Fred and Kathy Borcherdt

Fred Borcherdt’s collection is called “The Hall of Fame Collection” for two reasons: first because he is in The Drag Racing Hall of Fame, and second because the coin collection he built is worthy of Large Cents Hall of Fame status. Fred set drag racing records and won national championships in a highly competitive sport. He earned a sponsorship from the Pontiac Motor Division during the “Muscle Car” era of the 60’s and 70’s because he found ways to improve the performance of their engines and drive trains beyond what the finest Pontiac engineers were able to achieve. As a result he was able to win championships racing Pontiac cars, and that brought added prestige to the Pontiac stable of high-performance vehicles. Because of his performance as a car builder and race driver he was enshrined into the Drag Racing Hall of Fame in 1972. Fred’s coin collection also qualifies for a Large Cents Hall of Fame (although none exists today, at least not officially) because he assembled a collection of superior quality and depth. The collection was built quietly and privately over many decades. Many if not most of his coins will be new to the marketplace. They came from private sources and have never been sold at auction, appeared in a dealer’s show case, or been offered on a fixed price list. Some are the finest known of the variety and others are extremely rare die states. But there is something for everyone with lower grade “backup” coins of most varieties in affordable grades. The extent of the collection is astounding. And the overall quality of the first line collection is breathtaking. You can’t look at everything in one day. We have tried—and failed miserably. So get ready for something special. Cataloging the entire collection will take some time. Your area of interest will become available soon. Please be patient. We are confident you will find coins that will fit your collecting objectives. So get ready for a real treat—even if all you do is look. This second offering of Fred’s large cents features selections from the years 1850-1857 followed by an internet-only offering of cents from 1840-1857. Most of these cents were acquired decades ago from private sources, but some come with famous provenances. There are several very rare die states and many condition census pieces in this sale, but more modest selections are included. Something for everyone. Enjoy.

EARLY CENTS AUCTIONS www. earlycentsauctions .com | info@ earlycentsauctions .com P.O. BOX 41000, Austin, TX 78704 Lucas Baldridge Texas Auctioneer Lic#18106

6

LARGE CENTS 

LOT 500 1850 N-1 R2+ MS62. Lustrous light to medium steel brown. Satiny and choice except for a spot of very fine carbon between stars 12 & 13. E-MDS, die state a late. The fine die lines at AMERIC are dull but visible. CC#5 for the variety in the Grellman census. 

From the Fred H. Borcherdt Collection

 CONDITION CENSUS N-2

LOT 501 1850 N-2 R1 MS63. Frosty light steel brown with generous traces of mellowed mint red on both sides. Sharply struck with trivial marks including a tiny spot of darker toning nestled between star 10 and the dentils and a speck under the 5. E-MDS, die state c early. The die lines on the obverse are clear and the die crack at TED to the dentils over the adjacent S is faint. Tied for CC#2 of the variety in the Grellman census. 

From the Fred H. Borcherdt Collection

LOT 503 1850 N-3 R1 AU58. Glossy light chocolate and steel brown with mint frost covering the fields and protected areas. Looks mint state but there is a hint of rub on the highest points of the devices. Attractive with microscopic marks including a few ticks on the jaw and in the field before the neck. A barely visible hairline close under the chin can help identify this cent. LDS, die state c. The fields are flowlined and the line inside the E in CENT is gone. Removed from a PCGS holder graded MS62 Brown (PCGS label #405866.62/14615127 included, and it shows the attribution). Comes with a nice provenance.

LOT 502 1850 N-2 R1 MS62. Glossy light olive and brown with 10% of the planchet showing mint red, mostly on the reverse. Lustrous and very attractive with trivial marks including a small spot of reddish brown toning right of the main curl and another spot under the N in CENT. MDS, die state c. The die lines around the date are clear and the die crack at TED to the dentils over the S is clear. Tied for CC#8 in the Grellman census. 

Ex Willard C. Blaisdell (via Del Bland) 9/1976-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection

From the Fred H. Borcherdt Collection

7 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

LOT 504 1850 N-4 R1+ MS60. Frosty light reddish brown and steel. Satiny and lustrous with only microscopic marks including a small spot of darker toning in the dentils off the end of the wreath ribbon and a tiny tick on the upright of the E in CENT. EDS, die state a, with a fine vertical line up from the upper right point of star 9. 

From the Fred H. Borcherdt Collection

LOT 507 1850 N-7 R2 MS63. Lustrous light olive and medium brown with 5% of the obverse and at least a third of the reverse showing mint red. Essentially flawless except for microscopic specks of darker toning (not carbon) scattered over both sides. A puff of slightly darker brown toning between stars 12 & 13 is the best identifying feature. MDS, die state b, with lightly flowlined fields. A few of the die lines from the inner curl to the main curl are still visible.

From the Fred H. Borcherdt Collection

LOT 505 1850 N-5 R4 EF45+. Glossy light to medium brown with fine flowline frost in the fields and protected areas. Close to AU50 but there is a spot of very fine roughness between stars 9 & 10. LDS, die state b, with flowlined fields. The upper part of the line down from the hair bun is clear but the lower segment is gone.

From the Fred H. Borcherdt Collection

LOT 508 1850 N-7 R2 MS64. Lustrous mint red fading to steel brown on the highpoints with about two-thirds of the original red remaining. Essentially flawless except for the usual microscopic specks of dark toning scattered over both sides. A spot of dark steel on the rim over the first T in STATES is the best identifying mark. M-LDS, die state b. The fields are flowlined and just a couple of the earlier die lines at the top of the inner curl remain visible. Tied with several others for CC#10 in the Grellman census.

LOT 506 1850 N-6 R1 AU55. Glossy light olive and brown with traces of mint color in protected areas on both sides. Sharply struck and very attractive with just a hint of rub on the highpoints. A short streak of darker olive brown toning just right of star 6 and a nick well hidden in the main curl are the only notable marks. E-MDS, die state a. The reverse is uncracked.

From the Fred H. Borcherdt Collection

Ex BW 3/1981-FHB

Saturday, May 31 st , 2025 5PM CST

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 PROOFLIKE EARLY STATE

LOT 509 1850 N-9 R2 NGC graded MS66 Brown. Choice medium brown and light chocolate with bluish steel overtones on the obverse. At least 15% of the obverse shows mint red, but only traces of faded mint color remain on the reverse. The fields are hard and very slightly reflective, and microscopic die polishing lines cover the fields on the obverse. Walter Breen considered those few pieces he saw in this early die state to be proof strikes, but we respectfully disagree. However we do agree this cent has superior sharpness and eye appeal, and the partial wire rim on both sides is consistent with proof strikes of the era. Rare EDS, Grellman state a, with an uncracked reverse. The only notable mark is a tiny, very light rim bruise at the U in UNITED. Otherwise this cent is absolutely choice. Our grade is MS63+, but the eye appeal is consistent with a higher grade. Tied for CC#2 of those few pieces seen in this die state; tied for CC#11 overall for the variety in the Grellman census. 3909554-001

Ex Herman Halpern, Stack’s 3/16/1988:635-Chris McCawley 1994-W. M. “Jack” Wadlington (The Twin Leaf Collection), Stack’s Bowers 7/16/2015:2539 (as “a possible proof strike”)-Fred H. Borcherdt Collection

 UNLISTED DIE STATE

LOT 510 1850 N-9 R2 MS64. Choice lustrous medium brown. Satiny and nearly flawless with great eye appeal. A small, unobtrusive speck of reddish verdigris in the field close off the chin is the only notable defect. VLDS, die state c late. The earlier die lines on the obverse are gone and there is a fine die crack from the dentils above star 6 to the right point of that star and down to the coronet, faintly though the portrait to tip of the nose, then down towards star 2 where it splits into two cracks: one that reaches the upper right point of the star and the other that passes that star on the portrait side where it fades out. These cracks are very fine but clear, and they are unlisted in the 2021 Grellman reference. 

From the Fred H. Borcherdt Collection

9 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

RARE EARLY STATE N-14 EX DUPONT

LOT 511 1850 N-11 R3+ AU50. Very close to mint state but there are some very light, dull scratches in the field before the face, a few tiny marks between stars 2 & 3, a chip out of the rim left of star 5, and a streak of dark olive brown toning on the reverse. Lustrous light olive with traces of faded mint red in protected areas, mostly on the obverse. LDS, die state b. The small points on the reverse are gone but the doubling on the bottom of the 0 in the date is clear. 

Ex 2009 EAC Sale, McCawley & Grellman Auctions 4/18/2009:453-Fred H. Borcherdt Collection

LOT 512 1850 N-12 R1 MS64+. Lustrous light to medium steel brown with underlying faded mint red in the fields and protected areas on both sides, at least 15% of the planchet showing some mint color. Nearly flawless with great eye appeal. A microscopic planchet lamination at the top of star 1 is a good identifying mark but a small spot of slightly darker toning between star 5 and the dentils is easier to see. LDS, die state b. The points from the C in CENT are gone and there is a small lump on the rim at D-S. Tied for CC#7 in the Grellman census.

LOT 514 1850 N-14 R4 PCGS graded MS65 Brown, CAC Approved. Lustrous medium brown and light chocolate with faint peeps of faded mint color on the reverse. The only marks are a couple microscopic planchet flakes near the hair under star 7 (as struck) and two small patches of microscopic olive brown dirt on the obverse: one in the field close before the forehead and another left of star 12. The reverse is choice. Sharply struck VEDS, die state a early. This is a rare die state with smooth, hard fields and sharp die lines at the throat and over ICA in AMERICA. An attractive, frosty cent. Our grade is MS62, CC#4 overall but finest known of the early die state by a wide margin in the Grellman census. (The holder is scuffed.) 1889.65/26530479

From the Fred H. Borcherdt Collection

LOT 513 1850 N-13 R3+ PCGS graded MS63 Brown. Frosty light to medium brown. Satiny mint luster covers the fields and protected areas on both sides. This cent looks mint state but there is a hint of friction on the highpoints. The only notable marks are a few tiny ticks on the cheek, a small spot of slightly darker olive brown toning (not carbon) over star 2, and another on the right side of the second A in AMERICA. E-MDS, die state b early. The dash left of the 8 is clear, the field outside the wreath is starting to rise around the legend, and a few fine die cracks have formed on the reverse. Our grade is AU55, tied for CC#9 in the Grellman census. The attribution and Iskra Collection provenance are noted on the PCGS label. 405892.63/81174552

Ex Charles J. DuPont Collection (The Anderson DuPont Sale), Stack’s 9/24/1954:937-Robert S. Carter Del Bland 5/27/1970-Jules Reiver, Heritage Auctions 1/24/2006:20435-Daniel W. Holmes, Jr., McCawley & Grellman Auctions/Goldbergs 1/30/2011:403-Chris McCawley, McCawley & Grellman Auctions/Goldbergs 9/2013:399-2015 EAC Sale 5/2/2015:224-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:216-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

Ex Thomas D. Reynolds 4/25/2003-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:215 Fred H. Borcherdt Collection (includes the Iskra lot ticket)

Saturday, May 31 st , 2025 5PM CST

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 EXTREMELY RARE DIE STATE

LOT 515 1850 N-14 R4 AU50+. Glossy light brown with medium brown on the highpoints. Frost covers the fields and protected areas and there is just a light touch of wear on the highpoints. A choice cent in a very rare die state. LDS, die state f, with clearly defined rim cuds at D-STAT and F-AM. Finest of only 5 known in this die state, and it comes with a very nice provenance. A prize for the die state specialist. 

Ex Willard C. Blaisdell (via Del Bland) 9/1976-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Naftzger collection envelope)

 EXTREMELY RARE DIE STATE

LOT 516 1850 N-14 R4 VF30. Glossy olive brown and steel with lighter steel brown in protected areas. Smooth with light to moderate wear and nice eye appeal. A thin nick over the N in CENT is the only notable defect. LDS, die state g, with rim cud breaks at D-STAT, ES, and F-AM (the right half of the F-AM cud is not visible but the left half is clear). Only 7 of this die state are listed in the Grellman census, and this one is CC#4 of that small group. Removed from an NGC holder graded AU58 (NGC label #308002-011 included, and it shows the attribution and Jules Reiver Collection provenance). Another tough die state, and it comes with nice provenance. 

Ex George Ramont 8/3/1972-Jules Reiver, Heritage Auctions 1/24/2006:20436-Fred H. Borcherdt Collection (includes the Reiver collection envelope)

11 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

 ANOTHER RARE DIE STATE

LOT 517 1850 N-14 R4 VF35+. Glossy light olive blending to darker olive brown in protected areas. Smooth and attractive with light to moderate wear and very nice eye appeal for the grade, close to EF40. There are a few very light contact marks on the cheek, a dull nick on the top of the eyebrow, and a dull nick on the rim at the C in AMERICA. Extremely rare terminal die state, die state i, with 6 rim cud breaks on the reverse. The final rim cud break at TE in UNITED is clear while the others are visible but not especially strong. CC#3 of only 9 examples of the die state in the Grellman census.  Ex Tampa Coin Club bourse 11/1992-J. R. “Bob” Grellman, Jr. 7/1995-R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/Superior 6/2/2002:821-Chris McCawley 8/18/2006-Daniel W. Holmes, Jr., McCawley & Grellman Auctions/Goldbergs 1/30/2011:407-Fred H. Borcherdt Collection (includes the Holmes collection envelope)

 FINEST LATE STATE N-15

LOT 518 1850 N-15 R2 PCGS graded MS65 Red & Brown, CAC Approved. Lustrous mellowed mint red fading to light olive brown and steel with about a third of the planchet showing some mint color. Satiny and nearly flawless with great eye appeal. The best identifying marks are a dull, light tick on the end of the chin, a thin nick on the jaw, and a small spot of slightly darker toning on the left side of star 11. Rare M-LDS, die state b. The die lines from the dentils over star 5 are gone. Our grade is MS63+. The attribution and Iskra Collection provenance are noted on the PCGS label. 403947.65/81174553

Ex G. L. Dawson, McCawley & Grellman Auctions 1/11/1997:599-R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/Superior 6/2/2002:825-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:217-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

Saturday, May 31 st , 2025 5PM CST

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 EQUAL FINEST N-17

LOT 519 1850 N-17 R5 PCGS graded MS64+ Brown, CAC Approved. Lustrous tan and light steel brown with traces of mint red in protected areas on both sides. Sharply struck with great eye appeal and trivial marks. A microscopic speck of fine carbon nestled between star 9 and the bun and a tiny splash of darker toning at the right top of the first T in STATES are the best identifying marks, and they are insignificant. Sharply struck EDS, die state a, with sharp die lines on both sides. Our grade is MS62+, very close to MS63. Technically tied for CC#1 honors with one other piece, but this one has the better eye appeal. The attribution and Twin Leaf Collection provenance are noted on the PCGS label. 405898.64+/31543990 Ex Bowers & Ruddy 1/14/1981:138-Dr. Philip W. Ralls 4/1989-J. R. Frankenfield, McCawley & Grellman Auctions/Superior 2/17/2001:1588-unknown-McCawley & Grellman Auctions/Superior 6/2002:2499-W. M. “Jack” Wadlington (The Twin Leaf Collection), Stack’s Bowers 7/16/2015:2545-Fred H. Borcherdt Collection

LOT 521 1850 N-19/16 R1 MS60. A sharp, essentially flawless cent that is covered with a thin coat of lacquer or some similar substance. Lustrous medium brown and light olive with underlying very faded mint color in some of the protected areas. Sharply struck EDS, die state a, with sharp die lines on both sides. There are some low spots inside the wreath (caused by lubricant on the die). This cent has superb eye appeal, but the technical grade suffers from the coating (which should be removed). Our assigned grade of MS60 should jump dramatically if the coating is properly removed.

LOT 520 1850 N-18 R4 AU55. Lustrous light to medium brown. Sharp with solid mint state eye appeal, but a glass reveals a light touch of rub on the highest points of the devices. The only marks are a thin diagonal nick under star 10, a tiny planchet flake right of star 6 (as struck), and a spot of reddish toning on the right side of the E in ONE. Sharp EDS, die state a, the earliest seen, with fine die polishing lines covering very slightly reflective fields. The die lines at the dentils over star 7 are sharp. Tied for CC#10 for the variety but CC#4 of the die state in the Grellman census. Comes with a nice provenance.

Ex George Ramont (via Jules Reiver) 5/1983-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Ramont/Naftzger collection envelope)

Ex Alan Meghrig (via William C. Noyes & Douglas F. Bird) 4/21/1994-Wesley A. Rasmussen, 1995 EAC Sale, lot 454 R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/ Superior 6/2/2002:829-Daniel W. Holmes, Jr., McCawley & Grellman Auctions/Goldbergs 1/30/2011:411-Fred H. Borcherdt Collection (includes the Holmes collection envelope)

13 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

LOT 522 1850 N-19/16 R1 AU55. Glossy light to medium brown with frost covering the fields and protected areas. Looks mint state but there is a touch of friction evident under magnification. No spots or stains, just a few microscopic ticks of no significance. A small tick over star 12 can help identify this cent. E-MDS, die state a late. Most of the die lines on the obverse are gone but the lump between the 1 & 8 is still visible. 

From the Fred H. Borcherdt Collection

 CHOICE RED & BROWN N-19/16

LOT 523 1850 N-19/16 R1 PCGS graded MS65 Red & Brown, CAC Approved. Very attractive mint red toning down to light olive and bluish steel brown on the highpoints, at least a third of the bright original mint red remains, mostly on the reverse. There are a couple dull, tiny ticks right of star 2 and a few more under the hair bun; otherwise the surfaces are pristine. A sharp, lustrous cent that has great eye appeal. MDS, die state b (Newcomb’s old #16). The diagonal die lines on the obverse and the lump left of the 8 have been lapped off the die, but some of the die lines on the reverse are still visible. Our grade is MS63, tied for CC#8 in the Grellman census. Comes with a nice provenance. The Dan Holmes provenance is noted on the PCGS label. 1890.65/19132792 Ex Herman Halpern, Stack’s 3/16/1988:641-J. R. Frankenfield, McCawley & Grellman Auctions/Superior 2/17/2001:1593-Daniel W. Holmes, Jr., McCawley & Grellman Auctions/Goldbergs 1/30/2011:413-Stateline Coin Exchange 3/24/2013-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:221-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

Saturday, May 31 st , 2025 5PM CST

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 MOSTLY RED N-19/16

LOT 524 1850 N-19/16 R1 MS65. Lustrous bright mint red fading to steel brown and olive on the highpoints with nearly two thirds of the bright mint color showing, mostly on the reverse. Very attractive and nearly flawless. The notable marks are a light diagonal nick in the center of the cheek, a tiny scuff close over the tip of the coronet, and a puff of slightly darker steel toning in the field left of star 11. LDS, die state b (Newcomb’s old #16). The obverse die lines and the lump between the 1 & 8 have been polished off the die, and just a few die lines remain visible left of the C in CENT. Removed from a PCGS holder graded MS65RB (PCGS label #405905.65/16210035 included, and it shows the attribution). Our grade is MS65. CC#3 in the Grellman census, and it comes with a nice provenance.  Ex G. Lee Kuntz, Superior 10/6/1991:1114-R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/Superior 6/2/2002:835-Evan L. Kopald, McCawley & Grellman Auctions/Goldbergs 9/20/2010:1178-Fred H. Borcherdt Collection  CONDITION CENSUS N-20

LOT 525 1850 N-20 R5+ EF40+. Sharpness near AU50 but there are several tiny cuts on the edge at star 5. Otherwise this cent is choice; a tiny tick right of the upper lip being the only additional mark. Frosty tan and light steel brown with slightly darker steel brown on the highpoints. EDS, die state a. The fine die line through RIC is clear. Tied for CC#4 in the Grellman census. 

Ex Thomas D. Reynolds-Fred H. Borcherdt Collection (includes the Reynolds sales envelope)

15 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

LOT 526 1850 N-21 R2 EF40. Glossy medium brown with a splash of darker chocolate in the field before the face. Mint frost shows in the protected areas on both sides. Only minor marks including a small horizontal nick right of the nostril. Rare EDS, die state a, with die lines from the dentils between stars 2 & 3. A common variety but a tough die state. 

Ex Jack H. Robinson, Superior 1/29/1989:1548-Rodney C. Burress-Fred H. Borcherdt Collection (includes the Superior lot ticket and Burress sales envelope)

 EQUAL FINEST N-21

LOT 527 1850 N-21 R2 MS64+. Slightly mellowed mint red fading to light brown on the highpoints, about 75% of the planchet showing mint color. Satiny and beautiful; essentially flawless except for the usual microscopic specks of darker toning scattered over both sides. LDS, die state c, with rim cud breaks over TES and F-A. Both cuds are strong on this example. Common as a hoard coin in this die state, but this is a very nice one. Tied for finest known honors with several other pieces in the Grellman census. 

From the Fred H. Borcherdt Collection

LOT 529 1850 N-23 R2 EF40. Sharpness AU55 but there are four rim nicks on the obverse and one on the reverse. The only mark inside the rims is a tiny one under star 10. The surfaces are satiny and there is a just hint of friction on the highest points of the devices. Lustrous steel brown with tan in the fields and protected areas. Sharply struck E-MDS, die state a, before the line connecting the tops of the O & F was added.

LOT 528 1850 N-22 R3+ AU50+. Frosty light to medium steel brown with a thin swipe of darker chocolate and olive toning over ES-OF-AM. Sharply struck with just light friction on the highpoints. Satiny mint frost covers the fields and protected areas on both sides, and the eye appeal of this cent is very nice. MDS, die state b. The tiny die lines from the dentils under star 1 are gone but the elongated lump on the bust tip is clear.

From the Fred H. Borcherdt Collection

Ex G. Les Dawson, McCawley & Grellman Auctions 1/11/1997:605-Chris McCawley 3/2004-Phyllis Thompson, McCawley & Grellman Auctions/Goldbergs 1/31/2010:672 Fred H. Borcherdt Collection

Saturday, May 31 st , 2025 5PM CST

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 CONDITION CENSUS N-24

LOT 530 1850 N-24 R5- AU50. Five points sharper but there are some extremely faint hairlines on the cheek and jaw. These hairlines are visible only under magnification and with just the right light angles. Otherwise the only mark is a small spot of dark steel toning (not carbon) near the dentils above star 4. Frosty medium brown. Nicely struck E-MDS. The die lines on the reverse are sharp. A very nice example of this tough variety. Tied for CC#4 in the Grellman census. 

Ex Eric Fix-Fred H. Borcherdt Collection

LOT 531 1850 N-25 R4 MS60. Frosty light to medium brown with traces of very faded mint color in protected areas on the obverse. Essentially flawless except for a couple dozen specks of darker toning scattered over the obverse (the largest one right of star 2), and a tiny rim nick at star 8. MDS with lightly flowlined fields, as always in this second marriage for both dies. 

Ex J. R. Frankenfield (privately)-Fred H. Borcherdt Collection

 EQUAL FINEST N-26 EX NAFTZGER

LOT 532 1850 N-26 R4 PCGS graded MS64 Red & Brown. Lustrous mint red fading to bluish steel and light olive. About half the obverse shows faded mint color, and the reverse has underlying very faded mint color in the fields and protected areas. The fields are smooth and slightly reflective thanks to freshly polished dies. This cent would rate gem status if not for a carbon spot nestled between the upper left points of star 5. Otherwise there are only a few minor spots on the obverse; the reverse is pristine. E-MDS, die state b early. The die line above UN reaches to over the center of the N where it fades out. A beautiful example of this tough variety. Our grade is MS64, tied for CC#1 in the Grellman census. The attribution and Naftzger Collection provenance are noted on the PCGS label. 406642.64/18900388 Ex Fred H. Borcherdt 4/1990 (via J. R. “Bob” Grellman, Jr.)-R. E. “Ted” Naftzger, Jr.-Naftzger Estate, McCawley & Grellman Auctions/Goldbergs 9/7/2009:1012-Chris McCawley 8/7/2012-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:229-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

17 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

 CONDITION CENSUS N-27

LOT 533 1850 N-27 R4+ AU50. Frosty light steel brown with slightly darker steel brown on the highpoints. Satiny mint luster shows in the fields and protected areas and there is just a hint of friction on the highpoints. Just a few light contact marks including a thin nick left of star 11, a tick right of the nostril, and another in the field near the forehead. The reverse is close to mint state. E-MDS. The recutting at the bottom of the 0 in the date is visible and the point up from the right top of the T in CENT is clear. Removed from an NGC holder graded MS63BN (NGC label #1633409-001 included, and it shows the attribution). Our grade is AU50. Comes with a nice provenance.  Ex Douglas F. Bird 11/1994-R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/Superior 6/2/2002:864-Martin Paul, McCawley & Grellman Auctions/Superior 2/24/2003:436-Daniel W. Holmes, Jr., 2011 EAC Sale, McCawley & Grellman Auctions 5/14/2011:551-Fred H. Borcherdt Collection (includes the Holmes collection envelope)

LOT 534 1850 N-28 R3- EF45+. Glossy light to medium brown with slightly darker brown toning at stars 5-8. Mint frost shows in the protected areas and this cent has very nice eye appeal. Smooth with trivial marks, mostly on the neck and in the field behind the portrait. A pair of tiny nicks under the outer edge of the hair bun may help identify this cent. MDS, die state a late. The fine die line inside the bottom of the E in ONE is faint, nearly gone.

LOT 535 1851 N-1 R3 Repunched 18 MS60. Lustrous light to medium steel brown with hints of very faded mint color on the obverse, mostly at the date. Very attractive with trivial marks including a shallow planchet flake on the rim just right of the date, a couple light nicks left of star 11, and a speck of dark toning on the chin. MDS, die state b early. The die lines in the field around the date are gone but the repunching on the bottom of the 18 is clear, strongest on the 1. The fields on the obverse are smooth and this cent has excellent eye appeal for the grade.

From the Fred H. Borcherdt Collection

Ex S. M. Koeppel 8/27/1945-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Naftzger collection envelope)

Saturday, May 31 st , 2025 5PM CST

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N-5 EX SARTORIS-NAFTZGER

LOT 536 1851 N-2 R1 MS62. Frosty light olive and bluish steel brown with mint color covering 10% of both sides. Nearly flawless except for a very shallow low spot on the neck (from debris/lubricant on the die). A small splash of dark toning on the rim off the end of the wreath stem is the only notable mark. Nicely struck MDS, die state a late. The die lines at the throat and inner curl are dull but visible. Removed from a PCGS holder graded MS64 Brown (PCGS label #1892.64/21436478 included).

Ex Steve Estes 6/2004-Phyllis Thompson, McCawley & Grellman Auctions/Goldbergs 1/31/2010:678-Fred H. Borcherdt Collection

LOT 537 1851/81 N-3 R1 Overdate 51 over Inverted 18 AU55. Very attractive glossy light olive and medium brown with traces of very faded mint color on the reverse. Smooth and choice with a trace of rub on the highest points of the devices. Just a few barely visible marks including a tiny depression in the field right of star 3 and a faint planchet flake on the rim right of star 9. Neither mark is visible to the unaided eye. Sharply struck E-MDS, die state a late. The horizontal die lines at the date are dull but visible and the 51/81 feature is clear. A very nice example of this “Redbook” variety.

LOT 539 1851 N-5 R2+ MS62+. Beautiful lustrous light olive with 10% of the mellowed mint red remaining on both sides. Sharp and satiny with great eye appeal. The only marks, and they are barely visible, are a tiny struck-through line right of star 2 (as struck), a small nick on the coronet over the left edge of the E, and faint traces of an old fingerprint at the O in ONE. A beautiful cent, very close to MS63. CC#6 in the Grellman census. Comes with a nice provenance.

From the Fred H. Borcherdt Collection

Ex Federal Coin Exchange 10/29/1955:1257-Dr. Kenneth J. Sartoris 5/1972-Del Bland 2/7/1973-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Naftzger collection envelope)

LOT 538 1851 N-4 R1 Both 1’s Repunched AU50+. Glossy light olive and brown with mint frost in the protected areas. Sharply struck with just a hint of friction on the highpoints. This cent is coated with a thin layer of “Care” or some similar protectant (could be removed easily if desired). The only marks are a few barely visible scratches on the right side of the T in CENT and a small spot of darker toning over the right upright of the N in ONE. EDS, die state a, with strong repunching at the 1’s and rough die lines in the obverse fields.

From the Fred H. Borcherdt Collection

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EARLY CENTS AUCTIONS

LOT 540 1851 N-6 R1 Repunched 1’s and 5 MS60. Lustrous medium steel brown with a couple puffs of bluish steel inside the wreath. Ten percent of the reverse shows mellowed mint red. The only marks are a couple tiny ticks over star 2. E-MDS, die state b. The repunching at the date is dull but still visible as are some of the earlier die lines on both sides. 

From the Fred H. Borcherdt Collection

 RARE VERY EARLY STATE N-7

LOT 541 1851 N-7 R1 AU58. Lustrous light golden tan. Very close to mint state; just the lightest touch of friction on the highest points of the devices. A small nick right of the upper lip is a good identifying mark. This is a common die variety but an extremely rare die state. VEDS, the earliest state seen, with prooflike fields on both sides. The right field on the obverse is covered with tiny impressed lint marks as is the field inside the wreath; the rest of the fields on both sides are hard and reflective. It must have been one of the very first cents struck from this die pair. It is not only the finest seen of the die state, it is the only example of the very early die state recorded in the Grellman census. 

From the Fred H. Borcherdt Collection

LOT 542 1851 N-7 R1 MS63. Lustrous olive brown and steel with 20% of the mint red showing on both sides. Satiny and very attractive with trivial defects. A speck of carbon tucked under the brow lock and a tiny struck-through line on the jawline over the throat are the only notable flaws, and they are not visible to the unaided eye. MDS, die state a. The die lines at the inner curl are weak but visible and the fields are flowlined. Tied for CC#6 with many others in the Grellman census.

LOT 543 1851 N-8 R3- MS60. Frosty light olive and bluish steel brown with faded mint red in protected areas on both sides. Only trivial marks including a diagonal nick-like planchet void over star 12, a tiny struck through line over star 11, and a speck of dark toning tucked under the right top of the T in UNITED. E-MDS, die state a. The die line over the M in AMERICA is dull but clearly visible. Tied for CC#8 in the Grellman census.

From the Fred H. Borcherdt Collection

From the Fred H. Borcherdt Collection

Saturday, May 31 st , 2025 5PM CST

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LOT 544 1851 N-9 R3 AU50+. Very attractive glossy light to medium brown with frost covering the fields and protected areas. Close to mint state but there are a few minor marks including a pair of small scuffs on the jaw above the throat, a light vertical nick right of the nostril, and a small dig at the upper left point of star 11. E-MDS, die state a. The fine vertical die lines close to the main curl are clear.

Ex George Ramont-Jules Reiver-Fred H. Borcherdt Collection

LOT 546 1851 N-12/11 R1 ANACS graded MS63 Red & Brown. A lustrous mint state cent that was lightly cleaned and is retoning steel brown on the devices with attractive mellowed red in the fields and protected areas. Looks choice mint state and the ANACS assessment is understandable, but the light cleaning is undeniable in our opinion, at least on the obverse. EDS, die state a, with dull diagonal die lines in the field around the date (Newcomb’s N-12). Our grade is MS60 cleaned net AU55. The attribution is noted on the ANACS label. 2365551

CHOICE RED & BROWN N-10

Ex McCawley & Grellman Auctions/Goldbergs 1/29/2012:544 Fred H. Borcherdt Collection (lot ticket included)

LOT 547 1851 N-12/11 R1 MS60. Lustrous light olive and steel brown with mellowed mint red in protected areas, especially on the obverse. The only marks are a speck of carbon on the jawline just left of the earlobe and a small spot of dark steel toning on the left side of star 6. Sharply struck MDS, die state b. The die lines in the field at the date are gone but the crisscrossed lines at the inner curl are still visible. This is N-12. Removed from an NGC holder graded MS64BN (NGC label #447784-001 included).

LOT 545 1851 N-10 R1 MS63+. Lustrous light olive and bluish steel brown with at least 20% of the mint red remaining on both sides. Very attractive, essentially flawless except for a tiny struck-through line between the 8 & 5 (as struck). M-LDS, die state b, with flowlined fields and a tiny lump before the eye. The lines and points of the earlier die state are gone. A very nice cent, tied for CC#11 in the Grellman census.

Ex Bowers and Merena 12/2/2004:237 (via Chris McCawley)- Daniel W. Holmes, Jr., McCawley & Grellman Auctions/ Goldbergs 1/30/2011:437-Fred H. Borcherdt Collection (includes the Holmes collection envelope)

From the Fred H. Borcherdt Collection

21 Photos of all lots can be found at www.earlycentsauctions.com

EARLY CENTS AUCTIONS

LOT 550 1851 N-14 R2 First 1 Repunched, PCGS graded MS63 Brown. Lustrous steel and light olive brown with delicate overtones of light bluish steel. The only notable contact mark is a nick on three dentils over the first A in AMERICA. Looks mint state but there is a hint of friction on the very highest points of the devices. MDS, die state b. The repunching under the base of the 1 is faint but still visible, especially at the left end. A shallow low spot (caused by debris on the die) covers the bust and truncation, and a couple more low spots show inside the wreath. Our grade is AU58+. The attribution is noted on the PCGS label. 406686.63/30481415

LOT 548 1851 N-12/11 R1 PCGS graded MS64 Brown. Lustrous light to medium brown and light chocolate with peeps of mint red on both sides. The surfaces are smooth and satiny, and this cent has great eye appeal. The only notable mark, and it is trivial, is a tiny swipe of slightly darker toning at the peak of the first 1. LDS, die state d (Newcomb’s #11). The die lines at the inner and main curls are gone. A nice cent that comes with a very nice provenance. Our grade is MS60 but the eye appeal suggests a higher grade. The attribution and Iskra Collection provenance are noted on the PCGS label. 406680.64/81161864

Ex R. S. “Robbie” Brown, Jr., Superior 9/30/1986:1297 (where misattributed as N-39)-Jack H. Robinson, Superior 1/29/1989:1577-R. S. “Robbie” Brown, Jr., McCawley & Grellman Auctions/Superior 6/2/2002:919-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:244-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

Ex McCawley & Grellman Auctions/Goldbergs 8/31/2014:537 Fred H. Borcherdt Collection (includes the Goldberg lot ticket)

LOT 551 1851 N-14 R2 First 1 Repunched AU50+. Close to mint state with a trace of rub on the highest points of the devices, but there is a fine diagonal line of microscopic ticks on the lower half of the neck. Otherwise quite nice, and the ticks on the neck are microscopic. LDS, die state c. The repunching under the first 1 and the line at the neck are both gone. The fields on both sides show microscopic nearly vertical die polishing lines from a fresh die polishing (that most likely removed the repunching and die line).

From the Fred H. Borcherdt Collection

LOT 549 1851 N-13 R1 PCGS graded MS62 Brown, CAC Approved. Lustrous light olive and steel brown with mellowed mint red in protected areas on the reverse. Satiny mint frost covers this cent and the eye appeal is excellent. No spots or stains. The only marks are a faint diagonal nick just right of the nostril and a fine diagonal hairline scratch in the field before the lips. Neither mark is visible to the unaided eye. LDS, die state d (Reiver’s old #43). The points from the main curl are gone. Our grade is MS60, tied for CC#11 in the Grellman census. The attribution and Iskra Collection provenance are noted on the PCGS label. 406683.62/81161865

Ex Chris McCawley-J. D. Watson 4/20/1998-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:245-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

LOT 552 1851 N-15 R3 MS62. Frosty medium brown and steel with underlying very faded mint color peeking through in the fields and protected areas on both sides. Nearly flawless; the only notable marks are a barely visible nearly vertical nick on the cheek and a tiny chip or rim nick over the left top of the second T in STATES. M-LDS, die state b. The points from the throat are gone.

From the Fred H. Borcherdt Collection

Saturday, May 31 st , 2025 5PM CST

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LOT 553 1851 N-16 R3 First 1 Repunched AU58. Glossy olive and light chocolate with faded mint color covering 5-10% of both sides. A spot of slightly darker reddish chocolate toning in the field off the tip of the nose and a spot of dark olive at S-O are the notable marks. M-LDS, die state b. The repunching on the first 1 is gone and the fields are covered with radial die flowlines. Our grade is AU58, tied for CC#13 in the Grellman census. Removed from a PCGS holder graded MS64BN (PCGS label #406693.64/18900421 included, and it shows the attribution and Naftzger Collection provenance).  Ex H. P. McCullough, Stack’s 11/20/1967:136-R. E. “Ted” Naftzger, Jr.-Naftzger Estate, McCawley & Grellman Auctions/Goldbergs 9/7/2009:1046-Fred H. Borcherdt Collection (includes the Stack’s lot envelope/Naftzger collection envelope)  EARLY STATE N-17 TIED CC#3

LOT 554 1851 N-17 R2+ First 1 Repunched, PCGS graded MS64 Brown, CAC Approved. Very attractive lustrous medium olive and chocolate with 10-15% of the mint red remaining, mostly on the reverse. Sharply struck with just a few trivial marks including a couple tiny spots of darker toning at star 3 and a tiny diagonal nick left of the ear. Very early die state (VEDS), die state a early, with fine diagonal die lines covering the fields on both sides. Traces of repunching show on the first 1 and the fields on the reverse are smooth and reflective. An impressive die state with great eye appeal. Our grade is MS63, tied for CC#3 in the Grellman census. The attribution and Iskra Collection provenance are noted on the PCGS label. 406696.64/81161867

Ex 1992 EAC bourse-J. R. “Bob” Grellman, Jr. Collection 2/1/2012-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:249-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

LOT 555 1851 N-17 R2+ First 1 Repunched EF45. Five points sharper with a few too many light contact marks on the obverse for the sharpness grade. The notable marks are a light scratch up from the bust, a collection of tiny marks on the jawline, and a few more in the field off the chin. None of these marks is distracting and the eye appeal is nice. Glossy tan with medium chocolate brown on the right sides. M-LDS, die state c early. The narrow rim cuds at stars 1-2 are weak but visible, and all the early die lines are gone including the repunching on the first 1. 

From the Fred H. Borcherdt Collection

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EARLY CENTS AUCTIONS

 CHOICE N-18

LOT 556 1851 N-18 R1 MS62+. Highly lustrous uniform light olive with a couple tiny peeps of very faded mint color. A choice cent that has superb eye appeal. Just a couple microscopic ticks from flawless. A tiny mark midway between the inner curl and star 11 is a good identifying feature. MDS, die state b. The thin spike from the dentils over the left side of star 8 is gone but the points down from the diagonals of the N’s in ONE CENT are still visible. A beautiful cent, not offered publicly for over 70 years. Tied for CC#4 in the Grellman census. 

Ex Stack’s 12/14/1963:721-Del Bland- Fred H. Borcherdt Collection (includes the Stack’s lot envelope)

LOT 557 1851 N-18 R1 AU58. A sharply struck mint state cent, but it was lightly cleaned long ago. Partially retoned olive brown and chocolate with faded red in protected areas. The reverse is nicely retoned and could pass as original, but much of the obverse shows artificial mellowed red from the cleaning. No marks or other defects. M-LDS, die state b. The point down from the diagonal of the N in CENT is still clear but the one from the N in ONE is nearly gone. Needs a proper retoning.

LOT 559 1851 N-19 R3 Second 1 Repunched, PCGS graded MS65 Brown. Beautiful lustrous light olive and steel brown. Choice except for some specks of dark olive toning sprinkled over the obverse. Most of the spots are invisible to the unaided eye but the one at the brow lock and another under the earlobe are visible, and they contain traces of carbon. The overall eye appeal of this cent is still quite nice. LDS, die state e. The repunching on the second 1 is gone and numerous die cracks cover the obverse. The cracks are strong on this example including the final one from the coronet to the dentils over star 7. Our grade is MS62, tied for CC#9 in the Grellman census. Comes with a nice provenance. The attribution and Naftzger Collection provenance are noted on the PCGS label. 406704.65/18900428

Ex Abe Kosoff 12/9/1952:912-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Naftzger collection envelope where he called it MS65)

Ex Willard C. Blaisdell 9/1976 (via Del Bland)-R. E. “Ted” Naftzger, Jr.-Naftzger Estate, McCawley & Grellman Auctions/ Goldbergs 9/7/2009:1053-Fred Iskra Collection, McCawley & Grellman Auctions/Goldbergs 9/4/2016:251-Fred H. Borcherdt Collection (includes the Iskra lot ticket)

LOT 558 1851 N-19 R3 Second 1 Repunched EF45+. Glossy light chocolate brown. Smooth and attractive with light wear on the devices. A speck of dark toning over star 1 and a subtle puff of reddish brown toning under star 5 are the only notable marks. MDS, die state c, with die cracks on the obverse.

From the Fred H. Borcherdt Collection

Saturday, May 31 st , 2025 5PM CST

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LOT 560 1851 N-20/28 R3+ Repunched 1’s EF45. Slightly sharper but there are several small puffs of reddish brown on the lower part of the obverse. Otherwise the toning is a very attractive glossy light to medium brown and chocolate. Frost covers the protected areas on both sides. EDS but not quite the earliest, die state a. The die lines near the dentils at stars 1-2 are weak but visible and the tops of the C & E in CENT are not connected. The repunching at both 1’s is dull but visible. A rare die state. This is N-20.

LOT 561 1851 N-20/28 R3+ Repunched 1’s AU55. Frosty light olive and steel with a puff of reddish brown toning at the tip of the coronet and a small spot of similar toning under the outer edge of the hair bun.. Mint luster shows in the fields and protected areas and there is just a hint of rub on the highpoints. LDS, die state c. Both sides have die cracks and the top of the C & E in CENT are connected by crumbling. (This is Newcomb’s old #28.) Comes with a very nice provenance.

From the Fred H. Borcherdt Collection

Ex R. S. “Robbie” Brown, Jr., Superior 9/30/1986:1290-Jack H. Robinson, Superior 1/29/1989:1588-R. E. “Ted” Naftzger, Jr. (via William C. Noyes)-Fred H. Borcherdt Collection (includes the Naftzger collection envelope and Jack Robinson lot ticket)

 RARE EARLY STATE N-21

LOT 562 1851 N-21 R3+ AU50. Sharpness closer to mint state but there are a few contact marks including a dull rim nick at star 5, a few small nicks on the cheek and in the field off the chin, and a tiny rim bruise at the M in AMERICA. Frosty light brown with steel brown on the highpoints. Hints of very faded mint red can be found on the reverse. Sharply struck EDS, die state a, with numerous strong diagonal die lines around ONE CENT. A nice example of this rare die state. 

Ex Rodney C. Burress-Fred H. Borcherdt Collection (includes the Burress sales envelope)

LOT 563 1851 N-22 R4+ AU58. Frosty tan and very light olive with slightly darker steel brown on the obverse highpoints. Mark free and choice with mint state eye appeal in spite of a hint of rub on the highest points of the devices. A microscopic tick on the truncation over the 8 may help identify this cent. MDS, die state b. The die lines at the main curl and NI in UNITED are dull but visible. A nice example of this tough die variety, tied for CC#5 in the Grellman census. 

From the Fred H. Borcherdt Collection

25 Photos of all lots can be found at www.earlycentsauctions.com