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1922 $1 Matte PR66 NGC....
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Sold on Apr 30, 2009 for:
$161,000.00
Bid Source: Live: Phone bidder
Description
Matte PR66 1922 Peace Dollar, One of the
Great Rarities in 20th Century Numismatics
1922 $1 Matte PR66 NGC. The new Peace dollars of 1921 were a
design success but a production failure. Dies shattered when the
coins were struck at 150 tons of pressure. When George Morgan
reduced the striking pressure to 120 tons, the results were
predictable: softer strikes. The 1921 dollars were all struck
toward the end of the year and the entire mintage was struck in
high relief, but it was understood something had to change in 1922
in order to attain higher production figures.In a recent article in Coin World (March 2, 2009) Roger Burdette delved into the development of the 1921 dollars and the evolution of the design into what we generally recognize as the low relief design that began in 1922. What is not generally known is the reduction to low relief was achieved in several stages, and specimen strikings were made as the design was lowered.
The first stage involved Morgan altering the obverse design, but leaving the 1921 reverse intact. That was an unsuccessful combination, as die life and striking definition were no better than in 1921. The next step was to alter the reverse die. The story continues until low relief was achieved and the coin went into mass production, but this piece is an example of the altered obverse and reverse die before the relief was radically lowered. The 1921 Satin proof in this auction gives the bidder the rare opportunity to examine the differences between the two dies.
Burdette notes that George Morgan "made a plaster copy [of one of the bronze casts], then began carefully shaving the lettering, Liberty's coronet and the portrait." On the reworked reverse Burdette notes that "The original 1921 reverse has lettering that is flat on the upper surfaces while the 1922 edition has more rounded lettering." There is also a diagnostic diagonal die defect between the olive branch and eagle's right talon that is absent on the 1921 strikings.
These subtle tweaks were insufficient to significantly reduce the relief from the original 1921 design; more radical alterations would have to be made for high-speed production. In short, the matte proof 1922 dollars represent a production failure. But those pieces also represent a "what if?" scenario. What if Morgan's tweaks had worked? The visual presentation of the Peace dollar series through 1935 would undoubtedly have propelled these coins to among the most attractive and popular series if they had been struck in the high relief seen here.
The surfaces of this piece have a steel-gray appearance with a slight overlay of golden color. Striking definition in the centers is absolute: There is no sign of softness on Liberty's hair curls or on the eagle's wing feathers. Probably no more than a dozen matte proofs were struck of the 1922 Peace dollar, with eight to 10 pieces believed known today. It is difficult to overstate the opportunity this piece represents for the dollar collector or the collector of major rarities. Census: 4 in 66, 1 finer (3/09).
From The Joseph C. Thomas Collection.(Registry values: N14284)
Coin Index Numbers: (NGC ID# 2828, PCGS# 7383, Greysheet# 7890)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
View all of [The Joseph C. Thomas Collection, Part One ]
Auction Info
2009 April-May Cincinnati, OH (CSNS) US Coin Auction #1124 (go to Auction Home page)
Auction Dates
Apr-May, 2009
29th-3rd
Wednesday-Sunday
Bids + Registered Phone Bidders: 9
Lot Tracking Activity: N/A
Page Views: 16,132
Buyer's Premium per Lot:
15% of the successful bid per lot.
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