TNA May 2026

SESSION TWO SELECTIONS FROM FRED BORCHERDT’S HALL OF FAME COLLECTION  TERMINAL N-4

LOT 509 1838 N-4 R2 EF45+. Choice frosty brown and light chocolate. Sharp and very attractive with light wear. A pair of tiny nicks left of the brow and a tick left of star 5 are the only notable marks. TDS, die state h, with strong die cracks on the obverse and a cud break under the 83 that touches the bottom of the 8. A very nice example of this impressive die state.  From the Fred H. Borcherdt Collection

LOT 512 1838 N-9 R3 AU58. Glossy chocolate and light olive brown with traces of faded mint color in protected areas. A tiny planchet lamination in the field off the chin and a nick on a dentil at star 4 are the only notable defects. Nice eye appeal, just a touch of rub on the highest points from mint state. LDS with a strong rim cud break from right of the upper edge of star 12 clockwise to just left of the date. Called MS60 and tied for CC#6 in the Noyes census. Removed from a PCGS holder graded MS62BN.

LOT 511 1838 N-8 R1 AU50. Frosty medium brown. Close to mint state but there are a few defects including a dull mark on the rim at TA in STATES and a couple specks of corrosion and verdigris at ST. Otherwise sharp and attractive with mint state eye appeal on the obverse. E-MDS, die state b. The die line at stars 5-6 is gone and the fields are smooth. From the Fred H. Borcherdt Collection

Ex Bruno Crossfield 12/1956-Willard C. Blaisdell 9/1976 R. E. (Ted) Naftzger, Jr., McCawley & Grellman Auctions/ Goldbergs 2/1/2009:424 (as PCGS MS62BN)-Fred H. Borcherdt Collection

LOT 510 1838 N-7 R1 MS60. Lustrous light olive with traces of faded mint red in protected areas. Satiny and very attractive, void of any spots, stains, or contact marks. The only defects are a few minor planchet flakes near the dentils at OF-AM (as struck). MDS, die state b. The fields are flowlined, the spike from the leaf to the O in OF is dull but visible, and there is a very fine die crack through the lips and chin. Ex George Ramont-Fred H. Borcherdt Collection (includes the Ramont collection envelope)

LOT 513 1838 N-10 R1 EF40. Glossy medium chocolate brown delicately woodgrained with lighter brown on the obverse. Smooth with very nice eye appeal, just lightly worn. The only notable mark is a light rim bruise at OF. LDS, die state f late, with a raised

retained cud break at F-AM. From the Fred H. Borcherdt Collection

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