Images courtesy of Superior Galleries 

Significant examples:
"VF-20" (illustrated above).  Superior "Pre-Long Beach Sale", 06/2000:154, where it was described as follows: "1797 S-132 R5+ VF20 Stemless Wreath At least 10 points sharper with a few light rim bruises, mostly on the reverse, a pair of dull nicks on the forehead, a short, light scratch in the field at the chin, and a thin nick in the field under the hair ribbon. The planchet is reasonably smooth, but there is some reddish chocolate crud in several protected areas and a bit of very light verdigris in the wreath left of the C in CENT. Slightly glossy medium brown and reddish chocolate. Sharply struck LDS with dentil crumbling at IC in AMERICA. Graded VF30 net VF20 tied for CC#3 by Noyes, VF35 net VF25 CC#3 by Bland. A sharp example of this rare Stemless variety, and nearly all the nice ones have significant defects.
    Ex Harmer Rooke Numismatics, Ltd., 11/7/70-C. Douglas Smith-Dr. Robert A. Schuman."

Recent appearances:
Fine-12 (illustrated below).  Superior Galleries' "Pre-Long Beach Sale", 06/2000:155, "S-132, Rarity-5+, Stemless Reverse.  Sharpness VF20 with a trio of rim bruises on each side, strongest behind the lowest curls. In addition, there is a dull rim nick right of the date, a tiny dig at the dentils opposite the mouth, and a small void in the planchet at the dentils under the fraction. Glossy medium brown and olive. The date and legends are bold and the stemless feature clear. LDS with a rim cud at RIC in AMERICA. A difficult variety to find nice. Listed as net F15 tied for CC#6 in the Noyes census, net VF20 tied for CC#4 in the Bland census. Perhaps the F12 assessment is a bit harsh, but that's my final answer.  
    Ex John P. Young-M.H. Bolender #181, 9/1951:94-Willard C. Blaisdell-Del Bland-Richard H. Wright-Valley Plaza Coins FPL #1, Fall 1976:177- Bowers & Ruddy 10/6/77:789-Louis Ullian."

Fine-12.  Ex - Bowers & Merena Galleries' "The Cabinet of Lucien M. LaRiviere, Part II", March 15-17, 2001, Lot 2458, "Stemless" sold for $1,035.00

Sources and/or recommended reading:
"Penny Whimsy" by Dr. William H. Sheldon

"Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins" by Walter Breen

Relevant collector organizations:
Early American Coppers Club