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Lot
10256

1840 $1 PR63 NGC. Proof 1840 dollars are a curious issue. In the past, we have encountered a coin that showed extensive ev...

2005 July San Francisco, CA (ANA) Signature Auction #382

 
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Auction Ended On: Jul 28, 2005
Item Activity: 5 Internet/mail/phone bidders Number of Bidders
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Description:
Rarely Seen Proof 1840 Seated Dollar
1840 $1 PR63 NGC. Proof 1840 dollars are a curious issue. In the past, we have encountered a coin that showed extensive evidence of die rust in the reverse field, indicating a later restrike from original dies. We have also offered two examples from a previously unrecorded die pair. The diagnostics of this coin show the well-known characteristics as listed in the Breen-Borckardt reference:

1. Two defects, joined, appear as projections on the right side of the final A in AMERICA.

2. Each of the three elements in the vertical shield stripes extend into the crossbars with the sole exception of the final element in stripe 4.

3. The final element of stripe 1 extends to crossbar 3.

Breen suggests that both originals and restrikes were made from this reverse die, which the Mint also used to produce most proof Seated dollars dated 1840-1850, and at least one example of the proof 1852 (the ANS specimen). We see no evidence of die lapping on this coin, and the only die rust is a tiny dot below the N of UNITED. Not enough study has been done on these coins to conclusively state if this tiny speck of die rust is enough to call this coin a restrike. If so, then there must have been two restriking periods, one with this dot and the other with extensive die rust over the reverse. Which naturally leads one to another question, which is whether or not there were any original proofs struck in 1840?
The surfaces of this piece are lightly hairlined, and the only mentionable defect is a tiny planchet flaw in the upper reverse field below OF. Curiously soft in the striking department with notable softness on the head of Liberty, the peripheral stars, and the upper portion of the eagle's left (facing) wing. Light golden toning covers each side.
From The Dr. John L. Pellegrini Collection of Liberty Seated Dollars.(#6981)(Registry values: N7079) (NGC ID# 24ZP, PCGS# 6981)

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