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STACK'S BOWERS: RICHARD MARGOLIS COLLECTIONStack's Bowers will be selling the Richard Margolis Collection as part of the December 2025 Collectors Choice Online Auction. Select items are discussed below. -Garrett 
FRANCE. Kingdom. Ecu, 1792-M. Toulouse Mint. Louis XVI. PCGS AU-55. Dav-1333; Gad-564.10; Gad-356 (R5). An EXTREMELY RARE and seldom offered type, this wholesome specimen offers deep toning across both sides. Note that the Gadoury reference on the PCGS slab is in error, as it refers to the Constitutional Ecu from this year. Estimate: $3,000 - $6,000. Provenance: From the Richard Margolis Collection (acquired from Weil in 2001 for $3,419). Ex: Michel Bonhomme Collection (Alain Weil - 10/2001) Lot # 392.
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FRANCE. Kingdom. Sol, 1791-A. Paris Mint. Louis XVI. PCGS Genuine--Cleaned, AU Details. KM-578.1; Gad-350. Variety with heron. Second semester. An intriguing example about which Margolis writes that it is "…very carefully struck on large (34mm), heavy (18.84g) flan; edge carefully filed smooth. Evidently a special striking." Estimate: $60 - $100. Provenance: From the Richard Margolis Collection (acquired from Stack's in 1984 for $125).
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FRANCE. Kingdom. Sol, 1791-T. Nantes Mint. Louis XVI. PCGS MS-63 Brown. KM-578.15; Gad-350 (R). Second semester. Quite vibrant and appealing, this Choice specimen glistens with great brilliance throughout. Estimate: $300 - $500. Provenance: From the Richard Margolis Collection (acquired from Bill Goetz [via Paul Bosco] on 1 July 1985 for $85).
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FRANCE. Kingdom. Mint Error -- Struck on 1/2 Sol Planchet -- Liard, 1791-K. Bordeaux Mint. Louis XVI. PCGS FINE-15. cf. KM-585.8 (for overall type); cf. Gad-348 (same). A VERY RARE example that utilized a 1/2 Sol planchet paired with Liard dies, this glossy brown specimen should no doubt excite the specialists. Note that the PCGS information is incorrect, as they attributed this as a regular 1/2 Sol. Estimate: $200 - $400. Provenance: From the Richard Margolis Collection (acquired from Gadoury in 1976 for $22.75). Ex: Victor Gadoury 5 (10/1976) Lot # 315.
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FRANCE. Constitution. Copper 24 Livres Module Essai (Pattern), Year 5/1793. Paris Mint. Louis XVI. PCGS SPECIMEN-65 Brown. Maz-53 (R2); cf. Gad-61 (for regular issue). The highest graded example of the type at PCGS, this VERY RARE off-metal pattern striking in copper delivers rich brown hues and a tremendous glossy nature across both sides. Estimate: $3,000 - $6,000. Provenance: From the Richard Margolis Collection (acquired from Schulman in 1961 for $15). Ex: J. van Kuyk Collection (Jacques Schulman - 6/1961) Lot # 588.
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FRANCE. Constitution. Ecu, Year 4/1792-BB. Strasbourg Mint. Louis XVI. PCGS Genuine--Cleaned, AU Details. Dav-1335A; KM-616; Gad-54. An EXTREMELY RARE type, this crown does exhibit some minor cleaning, yet nevertheless remains free from much in the way of actual circulation. Estimate: $4,000 - $8,000. Provenance: From the Richard Margolis Collection (acquired from Spink & Son in 1997 for $1,358). Ex: Spink & Son (10/1997) Lot # 737.
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FRANCE. Constitution. 2 Sols, Year 3/1791-?. Paris (Barnabite Convent) Mint. Louis XVI. PCGS MS-62 Brown. KM-603.1; Gad-25. Mintmark with dot above A. Quite vibrant and sharply struck, with some red-brown coloring throughout. Estimate: $150 - $300. Provenance: From the Richard Margolis Collection (acquired from A. H. Baldwin's in London on 6 November 1962 for $1.40).
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FRANCE. Constitution. 12 Deniers, Year 4/1792-D. Lyon Mint. Louis XVI. PCGS MS-64 Brown. KM-600.5; Gad-15. Though designated as brown, this near-Gem delivers a good deal of red around the devices. Estimate: $200 - $400. Provenance: From the Richard Margolis Collection (acquired from Glendining's in 1969). Ex: Glendining's (9/1969) Lot # 225.
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FRANCE. Constitution. Bronze 5 Sols Token, Year IV/1792. Birmingham (Soho) Mint. PCGS MS-64 Brown. KM-Tn31; Maz-145. This near-Gem offers vibrant brown surfaces with some hints of red throughout. Estimate: $150 - $250. Provenance: From the Richard Margolis Collection (acquired from Schulman in 1957). Ex: Charles N. Cooley Collection (Hans Schulman - 11/1957) Lot # 133.
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FRANCE. Constitution. Bronze 5 Sols Essai (Pattern), Year IV/1792. Birmingham (Soho) Mint. PCGS MS-64 Brown. Lec-8B (this piece cited and illustrated); Margolis (1988), pl. 31, 7 (same). An EXTREMELY RARE and unusual type, this specimen would, upon first glance, appear to be a fairly common emission from Boulton's vast monnaies des confiance output. However, Margolis writes about the type in his 1988 article in the British Numismatic Journal, entitled "Matthew Bouton's French Ventures of 1791 and 1792; Tokens for the Monneron Frères of Paris and Isle de France," stating that "...as none of the standard works or major auction or fixed price catalogues devoted to the Revolution have described any tokens for Isle de France, it might have been reasonably concluded that these proposals for a colonial token issue never went beyond the talking stage. However, this is not so. Essays were actually prepared..." and that "two different obverse types were paired with a reverse which was struck from a badly broken die. The nature of these die-breaks indicates, I believe, that the flaws occurred during the annealing process, rather than in striking." Lecompte notes just one example of each obverse type (dated year III and year IV, respectively), with both the cited specimens being in the collection of Margolis (the present piece being one of the two). Another similar example (cf. Lec-8A), graded PCGS Unc Details--Cleaned, realized a total of $19,200 in our 2025 Global Showcase Auction (Lot # 42394). Estimate: $10,000 - $20,000. Provenance: From the Richard Margolis Collection (acquired from Spink & Son in London on 29 September 1961 for $1.13).
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FRANCE. National Convention. Ecu de 6 Livres, Year II-W (1794). Lille Mint. PCGS Genuine--Cleaned, EF Details. Dav-1336; KM-625.4; Gad-60. A VERY RARE type that lacks the Gregorian year, this crown displays some pleasing toning and brilliance despite the noted cleaning. Incorrectly attributed by PCGS as Gad-58. Estimate: $1,000 - $2,000. Provenance: From the Richard Margolis Collection (acquired from Raymond Larson at ANA in Washington on 10 August 1971 for $215).
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FRANCE. National Convention. Copper Sol Restrike, "Year II/1793-AA". Metz Mint. PCGS MS-65 Red Brown. cf. KM-619.2 (for original issue); cf. Gad-19 (same). Wonderfully struck on a smaller planchet and with sharp detail, this red-brown Gem glistens with stunning flair and eye appeal. Estimate: $300 - $500. Provenance: From the Richard Margolis Collection (acquired from New Netherlands in 1974 for $125). Ex: New Netherlands (12/1974) Lot # 418.
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FRANCE. National Convention. Brass Sol "Prototype", Year II/1793-A. Paris Mint. PCGS SPECIMEN-64. KM-Unlisted; Gad-20. The highest of just three observed in the PCGS census, this staggering near-Gem stands as EXTREMELY RARE and offers exceptional craftsmanship. Estimate: $700 - $1,000. Provenance: From the Richard Margolis Collection (acquired from Münzen und Medaillen in 1962). Ex: Collection R.K. [Raoul Kraft] (Münzen und Medaillen - 11/1962) Lot # 321.
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FRANCE. Directory. 2 Decimes, Year 4-K (1795/6). Bordeaux Mint. PCGS MS-63 Brown. KM-638.4; Gad-300. An EXTREMELY RARE and highly sought after type, this specimen no doubt stands as one of the finest extant, clearly rivaling a PCGS MS-64, which realized a hammer of €11,000 in 2023. Deep brown in hue and with some inviting hints of red on the reverse, this stunner will assuredly generate massive interest. This fact can easily be seen given the rather strong purchase price paid by Margolis in 1980 (over $1,700). Estimate: $5,000 - $10,000. Provenance: From the Richard Margolis Collection (acquired from Weil in 1980 for $1,758.90). Ex: Collection of "Docteur D." (Alain Weil - 10/1980) Lot # 125.
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FRANCE. Directory. Mint Error -- Struck with Two Reverse Dies -- Decime, Year 5-I (1796/7). Limoges. PCGS VG-8. KM-645.6; Gad-185. Large type overstruck upon 2 Decimes. An intriguing concoction, this specimen with an edge split features two reverse dies. Estimate: $200 - $400. Provenance: From the Richard Margolis Collection (acquired from Salon Numismatique [Jean-Paul Vannier] on 27 November 1993 for $30).
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FRANCE. Kingdom (First Restoration). 5 Francs, 1815-W. Lille Mint. Louis XVIII. PCGS AU-58. Dav-86; KM-702.13; Gad-591.On the cusp of Mint State status, this crown provides great carnival glass iridescence atop a gunmetal gray backdrop. Estimate: $300 - $500. Provenance: From the Richard Margolis Collection (acquired from Hess-Divo in 2006 for $286). Ex: Hess-Divo (5/2001) Lot # 650.
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