1795 $1 Flowing Hair, Three Leaves MS64 PCGS....

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Description

Magnificent 1795 Silver Dollar, B-7, BB-18
Three Leaves Variety, MS64
The Eliasberg Specimen

1795 $1 Flowing Hair, Three Leaves MS64 PCGS. B-7, BB-18, R.4. The Flowing Hair silver dollars of 1795 are sometimes overshadowed by their famous cousins of 1794, but this specimen will stand out in any collection of early silver dollars. The coin possesses uncommon virtues in many areas. Its superlative condition makes the coin a prize for any connoisseur of early silver dollars. The advanced type collector cannot overlook this piece if he desires a truly superb example of the Flowing Hair type. The collector of Red Book varieties will be especially pleased to find such a high-end specimen of the coveted Three Leaves variety. Finally, no student of numismatic history can fail to be impressed by the coin's illustrious pedigree.
Production of silver dollars was suspended from October 1794 until May 1795 because the Mint did not have a screw press capable of striking silver dollars. The difficulties encountered in striking this denomination in 1794 convinced Mint Director David Rittenhouse that a larger press was necessary, and the Mint concentrated on the half dollar denomination, which could be coined without defect on the existing machinery. A larger, more powerful press was designed and built for silver dollar production. The press was ready for operation on May 6, 1795, and the first delivery of 1795 dated silver dollars took place the same day. The delivery of 3,810 pieces was more than twice the number of silver dollars produced in the previous year, indicating the Mint had found solutions for the production problems that had plagued the denomination the year before. Silver dollar coinage continued, with only short interruptions, until October 27, 1795. The deliveries totaled 203,033 pieces, but this includes many examples of the Draped Bust design, which was adopted in the middle of the year. Q. David Bowers believes that dies dated 1795 were used in later years to create more 1795 dated dollars. Bowers estimates that approximately 390,000 pieces of this date were eventually minted, with about 280,000 examples being Flowing Hair dollars.
The large estimated mintage of 1795 Flowing Hair dollars was divided into 17 different varieties, using nine different obverse dies and 10 different reverse dies. Two of the reverse dies display branches of three leaves on the inside of the wreath, underneath the eagle's wings. Of the 17 different die marriages of 1795 Flowing Hair dollars, only five combinations include a three leaf reverse. This important three leaf reverse has been listed as a Red Book variety since the first edition.
The present coin is an example of the B-7, BB-18 variety, distinguished by the three leaf reverse and the high placement of the letter E in LIBERTY on the obverse. The variety is one of the more available issues, but is extremely rare in high grades. Notable specimens of BB-18 include the famous Lord St. Oswald coin; the present specimen, which was a highlight of the fabled Eliasberg Collection; a coin in the October Sale (Superior, 10/1990), lot 3714; and an uncirculated example in Bolender's collection in 1952. When Bowers compiled his Condition Census in 1993, this coin occupied the number two position, behind the Lord St. Oswald coin. A number of coins have been certified at the Gem level since that time, but it is doubtful if any of them truly exceeds the present coin in terms of technical quality and eye appeal.
The coin offered here is one of the most desirable specimens ever to appear at auction. The coin features an extraordinary strike, with all details of the design sharply delineated. Minute details in the hair strands can be studied, two small artifacts near the end of the left ribbon are plainly visible, and details on the eagle's head stand out boldly. Mint luster is impressive and unbroken, complemented by the bold, frosty devices. A few adjustment marks can be seen on the reverse, and act as reliable pedigree markers. Hints of lilac and gold highlight the well preserved surfaces to create spectacular eye appeal. This coin is virtually unimprovable. Advanced collectors should appreciate this coin on many levels, and we expect intense competition when this lot is called.

Ex: Peter Mougey Collection (Thomas Elder, 9/1910); John H. Clapp; Clapp Estate; Louis Eliasberg; Eliasberg Collection (Bowers and Merena, 4/1997), lot 2169.
From The Estate of Jack Lee Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 24WZ, PCGS# 6852, GSID# 7145)

Metal: 89.24% Silver, 10.76% Copper
Weight: 26.96 grams
ASW: 0.77352oz
Mintage: 160,295

View all of [The Jack Lee Estate Collection ]

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