Pos	Grade	Pedigree and History
1	PCGS AU50	Spink & Son, Ltd., 1972 Fixed Price List; “New York Collector Collection,” Stack’s, September 1972, Lot 662 – $15,000; John W. Adams; Bowers and Ruddy, 1982 Fixed Price List, Lot 43 – $50,000; Bowers and Ruddy, marketed in Rare Coin Review #43, 1982; Bowers and Ruddy, marketed in Rare Coin Review #46, December 1982; Dr. Boyd Hayward, November 1985; Bowers and Merena, April 1986, Lot 945 – $45,100; R.E. "Ted" Naftzger, Jr., February 1992; Eric Streiner; Jay Parrino; Bowers and Merena, March 10, 1995; As PCGS AU50 #13457913. “The Walter J. Husak Collection,” Heritage Auctions, February 15, 2008, Lot 2050 – $632,500; John Gervasoni. S-48. Die State I.
2	PCGS XF45	Édouard Frossard, discovered in 1880 in his stock and retained; “The Édouard Frossard Collection,” Édouard Frossard, October 2, 1884, Lot 856 - $420 (sold as set of lots 850 to 900); T. Harrison Garrett; Robert Garrett, 1919; John Work Garrett; Johns Hopkins University, March 1973; John W. Adams; Bowers and Ruddy Galleries, November 1979, Lot 67 - $14,000; Denis W. Loring, December 1985; "The Herman Halpern Collection," Stack’s, March 1988, Lot 66 - $33,000; David Bloom, February, 1989; Kenneth M. Goldman, February 1989; Denis W. Loring, February 1989; Douglas F. Bird, April 1997; Denis W. Loring, January 2002; Scott A. Travers. S-48.
3	PCGS XF40	Empire Coin Company, October 1960 Fixed Price List - $475; Dorothy I. Paschal, 1978; Ray Chatham; Dr. Willard J. Carmel; Jack Beymer; As "Fine with Sharpness of VF25." "The Donald H. Petersen Collection," Superior, February 1992, Lot 703; Peter Setian. As "Fine 15." "The Dr. Robert J. Bye Collection," Stack's, May 1997, Lot 380 - $28,600; Adam Crum. As NGC XF40 #380323-002. Superior Galleries, September 1997, Lot 37A - $48,950; Superior, May 1999, Lot 1464; Northeast Numismatics; American Numismatic Rarities, March 2005, Lot 1125 - Passed; Greg Hannigan. As PCTS XF40BN #34867058. "The Rusty Thompson Uncommon Cents Collection," Heritage Auctions, January 15, 2025, Lot 4385 - $288,000; Jay Parino; "The St. Jude Collection" (PCGS Set Registry). S-48. Die State I.
3	Est XF40	Edward Miller, purchased prior to 1893; William Hesslein, April 1916, Lot 305 - $132.55; Robert D. Book, May 1930 • George H. Clapp; George H. Clapp to American Numismatic Society, December 19, 1946; American Numismatic Society- View. S-48. Die State I.
5	PCGS VF35	Discovered by Henry Chapman in a box of large cents. 1876; As "Fine." “The Samuel A. Bispham Collection,” Samuel Hudson and Henry Chapman, February 1880, Lot 162 – $4.25. As "Very Fine." “The John W. Haseltine Collection,” John W. Haseltine, March 1881, Lot 771 – $21. As "Fine." “The C. T. Whitman Collection,” Samuel Hudson and Henry Chapman, August 1893, Lot 826 – $50; Dr. Thomas Hall, September 7, 1909; Virgil M. Brand, 1934. As "Very Fine." “The Armin W. Brand Collection,” New Netherlands Coin Co., October 1951, Lot 579 – $225; Willard C. Blaisdell, September 1974; Del Bland, January 2, 1985. As "Very Fine." “The Jack H. Robinson Collection,” Superior Galleries, January 1989, Lot 84 – $33,000; Douglas F. Bird. As PCGS VF30. “The David Henderson Collection,” Goldberg Auctions, February 2001, Lot 266 - $66,125; Richard Pearl, April 23, 2005. Jon Alan Boka. As PCGS VF35BN #81238374. “The Jon Alan Boka Collection of 1794 Large Cents,” Heritage Auctions, September 2016, Lot 5333 – $258,500; Michael S. Gasvoda; “The Arizona Collection,” January 12, 2022, Lot 3009 – $312,000. S-48. Die State II.
6	PCGS VF30	Allison W. Jackman. As "Very Good." Henry Chapman, July 1919, Lot 190 - $225; Henry C. Hines, 1945; Dr. William H. Sheldon, April 19, 1972; R.E. “Ted” Naftzger, Jr., February 23, 1992; Eric Streiner; Jay Parrino, June 1995; Michael Arconti. As "VF25." Superior, February 2001, Lot 2133 - Passed; Jack Wadlington, via Bob Grellman and Chris Victor-McCawley, June 30, 2005; Dan Holmes; “The Dan Holmes Collection, Part I,” Goldberg Auctioneers, February 2009, Lot 79 - $212,750. Chris Victor-McCawley; John Hamrick; Peter Miller. As PCGS VF30BN #13666803. “The ESM Collection,” Stack’s Bowers, August 6, 2020, Lot 1010 – $156,000; Terry S. Denman. S-48. Die State I.
7	PCGS VF20	Heritage Auctions, January 14, 2026, Lot 3034 - $91,500. S-48. Likely a recent discovery.

#1 PCGS AU50

Spink & Son, Ltd., 1972 Fixed Price List; “New York Collector Collection,” Stack’s, September 1972, Lot 662 – $15,000; John W. Adams; Bowers and Ruddy, 1982 Fixed Price List, Lot 43 – $50,000; Bowers and Ruddy, marketed in Rare Coin Review #43, 1982; Bowers and Ruddy, marketed in Rare Coin Review #46, December 1982; Dr. Boyd Hayward, November 1985; Bowers and Merena, April 1986, Lot 945 – $45,100; R.E. "Ted" Naftzger, Jr., February 1992; Eric Streiner; Jay Parrino; Bowers and Merena, March 10, 1995; As PCGS AU50 #13457913. “The Walter J. Husak Collection,” Heritage Auctions, February 15, 2008, Lot 2050 – $632,500; John Gervasoni. S-48. Die State I.

#2 PCGS XF45

Édouard Frossard, discovered in 1880 in his stock and retained; “The Édouard Frossard Collection,” Édouard Frossard, October 2, 1884, Lot 856 - $420 (sold as set of lots 850 to 900); T. Harrison Garrett; Robert Garrett, 1919; John Work Garrett; Johns Hopkins University, March 1973; John W. Adams; Bowers and Ruddy Galleries, November 1979, Lot 67 - $14,000; Denis W. Loring, December 1985; "The Herman Halpern Collection," Stack’s, March 1988, Lot 66 - $33,000; David Bloom, February, 1989; Kenneth M. Goldman, February 1989; Denis W. Loring, February 1989; Douglas F. Bird, April 1997; Denis W. Loring, January 2002; Scott A. Travers. S-48.

#3 PCGS XF40

Empire Coin Company, October 1960 Fixed Price List - $475; Dorothy I. Paschal, 1978; Ray Chatham; Dr. Willard J. Carmel; Jack Beymer; As "Fine with Sharpness of VF25." "The Donald H. Petersen Collection," Superior, February 1992, Lot 703; Peter Setian. As "Fine 15." "The Dr. Robert J. Bye Collection," Stack's, May 1997, Lot 380 - $28,600; Adam Crum. As NGC XF40 #380323-002. Superior Galleries, September 1997, Lot 37A - $48,950; Superior, May 1999, Lot 1464; Northeast Numismatics; American Numismatic Rarities, March 2005, Lot 1125 - Passed; Greg Hannigan. As PCTS XF40BN #34867058. "The Rusty Thompson Uncommon Cents Collection," Heritage Auctions, January 15, 2025, Lot 4385 - $288,000; Jay Parino; "The St. Jude Collection" (PCGS Set Registry). S-48. Die State I.

#3 Est XF40

Edward Miller, purchased prior to 1893; William Hesslein, April 1916, Lot 305 - $132.55; Robert D. Book, May 1930 • George H. Clapp; George H. Clapp to American Numismatic Society, December 19, 1946; American Numismatic Society- View. S-48. Die State I.

#5 PCGS VF35

Discovered by Henry Chapman in a box of large cents. 1876; As "Fine." “The Samuel A. Bispham Collection,” Samuel Hudson and Henry Chapman, February 1880, Lot 162 – $4.25. As "Very Fine." “The John W. Haseltine Collection,” John W. Haseltine, March 1881, Lot 771 – $21. As "Fine." “The C. T. Whitman Collection,” Samuel Hudson and Henry Chapman, August 1893, Lot 826 – $50; Dr. Thomas Hall, September 7, 1909; Virgil M. Brand, 1934. As "Very Fine." “The Armin W. Brand Collection,” New Netherlands Coin Co., October 1951, Lot 579 – $225; Willard C. Blaisdell, September 1974; Del Bland, January 2, 1985. As "Very Fine." “The Jack H. Robinson Collection,” Superior Galleries, January 1989, Lot 84 – $33,000; Douglas F. Bird. As PCGS VF30. “The David Henderson Collection,” Goldberg Auctions, February 2001, Lot 266 - $66,125; Richard Pearl, April 23, 2005. Jon Alan Boka. As PCGS VF35BN #81238374. “The Jon Alan Boka Collection of 1794 Large Cents,” Heritage Auctions, September 2016, Lot 5333 – $258,500; Michael S. Gasvoda; “The Arizona Collection,” January 12, 2022, Lot 3009 – $312,000. S-48. Die State II.

#6 PCGS VF30

Allison W. Jackman. As "Very Good." Henry Chapman, July 1919, Lot 190 - $225; Henry C. Hines, 1945; Dr. William H. Sheldon, April 19, 1972; R.E. “Ted” Naftzger, Jr., February 23, 1992; Eric Streiner; Jay Parrino, June 1995; Michael Arconti. As "VF25." Superior, February 2001, Lot 2133 - Passed; Jack Wadlington, via Bob Grellman and Chris Victor-McCawley, June 30, 2005; Dan Holmes; “The Dan Holmes Collection, Part I,” Goldberg Auctioneers, February 2009, Lot 79 - $212,750. Chris Victor-McCawley; John Hamrick; Peter Miller. As PCGS VF30BN #13666803. “The ESM Collection,” Stack’s Bowers, August 6, 2020, Lot 1010 – $156,000; Terry S. Denman. S-48. Die State I.

#7 PCGS VF20

Heritage Auctions, January 14, 2026, Lot 3034 - $91,500. S-48. Likely a recent discovery.

Charles Morgan:

The 1794 Liberty Cap Cent, Sheldon 48, Starred Reverse

The Sheldon-48 (PCGS #35705) remains one of the most inexplicable die varieties from the United States Mint’s infancy. Known to collectors as the Starred Reverse, the die features a constellation of 94 tiny stars meticulously punched between the tips of the reverse denticles. While the design was clearly intentional, die defects and striking inconsistencies mean that few specimens exhibit a truly "full complement" of visible stars.

The purpose behind this labor-intensive feature remains a mystery, especially given that it was a notoriously inefficient use of an engraver's limited time. Underscoring the futility of this extra detail is the fact that the reverse die buckled early in its production life; this failure resulted in a heavy, straight crack running from 10 o'clock to 4 o'clock. On later strikes, the damage is so extensive that only a faint cluster of stars remains visible near 7 o'clock.

This celebrated reverse is paired with a retooled version of Obverse 21. This obverse was previously deployed on the S-47 (#35606). This obverse features the Short Bust of Liberty, sans loop.

Because the American numismatic hobby did not reach a high level of sophistication until the mid-to-late 19th century, this rarity remained hidden in plain sight for nearly 80 years. Its discovery finally came in 1876, when Henry Chapman was sorting through a hoard of large cents alongside his brother, Samuel Hudson Chapman, and the renowned expert Dr. Edward Maris. It was Henry who first caught the glimmer of the unusual stars.

Following the announcement, a handful of other specimens surfaced before the turn of the century. In 1880, the prominent dealer Édouard Frossard identified one of the finest known examples within his own stock, later selling it to the legendary T. Harrison Garrett. To this day, the Starred Reverse is unknown in Mint State; the current "King" of the census is a PCGS AU50BN with an elite pedigree including John W. Adams, R.E. "Ted" Naftzger, Jr., and Walter J. Husak. Today, the Sheldon-48 remains a high-status rarity, with approximately 60 examples known to survive across all grades. Most grade no finer than VG.

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