Variety Equivalents: 

Notes:

Images courtesy of Superior Galleries 
From the "Pre-Long Beach Sale", June 5-7, 2000, Lot 229, where it was described as follows:
"1803 S-261 R2+ AU58 Choice glossy tan and light brown with some steel overtones on the highpoints, especially at the lower curls, and a few hints of very faded mint red in protected areas. The surfaces are smooth with a few trivial ticks in the right obverse field and just a hint of very light friction on the highest points of the design. Sharply struck E-MDS. There are crisp die clashmarks on both sides and the arc crack passes from the rim below 80 to the hair ribbon but not beyond. Tied for finest known at AU55 in the Noyes census, #2 in the Bland census.
    Ex T. James Clarke-Judge Joseph Sawicki-Stack's 2/54:615-Judge Thomas L. Gaskill-New Netherlands Coin Co., privately 11/56-Dorothy Paschal 1972-R.S. Brown, Jr., Superior 9/30/86:383-C. Douglas Smith-Dr. Robert A. Schuman."

Recent appearances:
Net VF-20.  Ex - Bowers and Merena Galleries' Robert W. Schwan Collection Sale, October 26-27, 2000, Lot 149, "Sheldon-261, Small Date, Large Fraction", not illustrated @ $253.00

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

Relevant collector organizations:
Early American Coppers Club