1861 Confederate cent. Haseltine Restrike. Copper sells for over $43k

[coinsarefun]

Taken from auction here: http://www.stacks.com/lotdetail.aspx?lsid=AN00000754&asid=AN00000296&lrid=AN00161963
Description

1861 Confederate cent. Haseltine Restrike. Copper. B-8008. Proof-65 RB (PCGS).

Deep golden tan high points with satiny and largely reflective mint orange surfaces. The popular 1874 restrike of the ill-fated Confederate cent, nicely styled by Robert Lovett, Jr. of Philadelphia with its famous "Wealth of the South" reverse wreath style. One of a reported 55 (or 56) pieces restruck in copper—gold and silver restrikes are also known and are considerably rarer than the copper pieces.
 
Their maker, Captain John W. Haseltine, in a nod to posterity, struck no examples in copper-nickel, the metallic content of the dozen original pieces struck in 1861 by Lovett. Always in high demand by collectors of small cents and all things C.S.A.-related in numismatics, the present specimen will see spirited bidding activity as it re-enters the auction arena after many years in the LeNeve Collection.

Robert Lovett, Sr., was a well known engraver by the 1840s and was located at 67 Maiden Lane in Manhattan, a block or so from the NY Federal Reserve building today. He sired three sons who took up the family trade and each had offices within a block of their father for a time. Robert Lovett, Jr. moved down to Philadelphia by 1860. Here Robert Lovett, Jr. made connections and at some point was contacted by the local jewelry company of Bailey & Co. to engrave dies for a cent for the new Confederate States of America. Lovett chose a head punch similar to that on his 1860 store card advertising token, and the reverse of an open wreath of cereal and cotton seemed to fit the new country rather well. As the borders between the states were likely more open at that time to travel than today, it is likely that someone from the newly formed Confederate States came to Bailey & Co. and inquired about having coining dies made, with Robert Lovett, Jr. being chosen for the task. Lovett completed the pair of dies and proceeded to strike 12-15 cents with copper-nickel planchets, believed to be 88 parts copper and 12 parts nickel. Perhaps as the Civil War became a whole lot less civilized, or perhaps the person making the inquiry for the cents never returned, Lovett ended up keeping all the cents and the dies. As the war became more horrific, Lovett discussed his situation with his wife and they decided to hide the dies and cents for fear of retribution from the United States for helping out the enemy. The Lovetts decided to keep their dies and cents a secret, and did so for several years. Lovett actually carried one as a pocket piece for many years until one night in 1873, when in an unguarded moment he spent it at a local bar. The bartender happened to notice the unusual cent and it soon found its way to Capt. John W. Haseltine, a prominent coin dealer in Philadelphia, with the aid of J. Colvin Randall, a prominent collector. Inquiries were made, and of course the signature "L" on the bail on the reverse pointed pretty clearly to Lovett. Haseltine and Randall tried to find out more through meetings with Lovett, but were always met with vigorous denial of any knowledge of the cent in question. One time Haseltine and Randall were lucky, and called upon Lovett "slightly in his cup" as Haseltine put it in 1908, and Lovett opened his desk drawer and there was a line of 10 Confederate cents, and the story spilled forth with alcohol lubricating Lovett's lips. Soon Haseltine was able to buy not only the cents but the dies themselves. Capt. Haseltine, J. Colvin Randall and coiner Peter L. Krider made restrikes in gold, silver and copper. The edge collar broke after 55 copper cents were coined, and production halted. These copper issues were sold for $4 each in the 1870s, silvers were $15 and gold Confederate cents were $30.
In 1879 the first of the 4 original Confederate half dollars appeared on the market, and these are of the highest rarity and desirability as they were officially sanctioned by the Confederacy. It is a numismatic tragedy that just 4 were coined, keeping their value far beyond the means of most collectors. Our thanks to Michael J. Hodder and John J. Ford, Jr., for their research on this series published in our John J. Ford, Jr. Auction, Part I.

[Deagle74]

WOW, what a beauty! Interesting wreath - never seen something like it (with barrels etc..)

"These copper issues were sold for $4 each in the 1870s,...." ...