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Lot: 1718
Auction: 1114   		1794 $1 VF25 NGC....
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Ended: Jul 30, 2008
  Printable Version of Prices Realized for this Auction
 
Buyer's Premium: 15% of the successful bid (minimum $9.00 per lot)
Description
Desirable 1794 B-1, BB-1 Dollar, VF25


1794 $1 VF25 NGC. B-1, BB-1, R.4. As the first U.S. silver dollar, the 1794 is always in great demand from specialists and general collectors, including first-year of issue type collectors. The demand far exceeds the limited supply of just 130 examples that have survived since they were minted on October 15, 1794. Just 1,758 coins were struck prior to that delivery. Production of these first silver coins was delayed 20 months from the initial coinage at the Philadelphia Mint, due to unforeseen circumstances. In order to handle precious metals, Henry Voigt and Albion Cox were each required to post a substantial bond of $10,000, an bond neither could provide. Eventually, the bond requirement was reduced to $5,000 for Voigt, and $1,000 for Cox. Posting those reduced bonds paved the way for precious metals coinage.
Before silver dollars could be coined, a supply of silver was necessary. The first deposit of silver was dated July 28, 1794, consisting of about 8,000 troy pounds of French silver coins, found to be well below the standard purity for American coinage. Mint Director David Rittenhouse made his own deposit of $2,000 in silver on August 29, 1794, destined to be the silver used for the new dollars.
Once coinage of these silver dollars finally commenced, a new problem was discovered. The coinage press that had served admirably for the softer and smaller copper coinage, was inadequate for production of the larger and harder silver dollars. As a result, nearly all examples show some areas of weakness, mostly at the bottom and left obverse, and left and top reverse. The present specimen is a perfect illustration.
The actual coinage production may have been as many as 2,000 pieces, according to the late Jack Collins who quoted the conjecture of Walter Breen, who suggested that the 242 additional pieces were all used as planchets for 1795 silver dollars. The entire mintage of 1794 silver dollars, all 1,758 coins, were delivered to David Rittenhouse for his personal use. He may have given some out as presents to family and friends, or he may have spent the entire lot, to get them in front of the public.
Jack Collins, in his unpublished manuscript on 1794 dollars, wrote: "The owner of a 1794 dollar in any grade, no matter how low, possesses a precious historic relic: one of the first federal silver coins, made on the initial day of silver coinage, of the first federal design for circulation with eagle or stars; a coin made from David Rittenhouse's own bullion, and personally owned and given or traded by David Rittenhouse himself."
This splendid piece has lovely pewter-gray surfaces with a few minor marks, including a thin scratch in the left obverse field that identifies it as the Herbert Bergen coin, a piece that has not been offered since 1979. The date and the first four stars are extremely weak, as are nearly all of UNITED STATES on the reverse. The weakness is typical of nearly all 1794 silver dollars. Overall, it is an outstanding and desirable example of the coinage, and a chance to own a coin whose history dates back to Director Rittenhouse himself.
Ex: Earl Parker (1946); Herbert M. Bergen Collection (Abner Kreisberg and Jerry Cohen, October 1979), lot 1338; Jim Payette (New Hampshire Numismatics); Jim McGuigan; a Pennsylvania collector.(Registry values: N10218) (#6851)

Auction Name: 2008 July-August Baltimore, MD (ANA) US Coin Signature Auction #1114
Description: Heritage Numismatic Auctions offers U.S. and World coins, medals, and tokens in our Signature Auctions & Final Session Sales, held in conjunction with some of the largest numismatic conventions. These sales feature award-winning cataloging and photography. Call or e-mail one of our Consignment Directors to learn about selling through Heritage.
Auction Type: Signature: !! Heritage Live: After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)

This lot is in:  Signature Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live) (lots 1-3497)
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.

Item Activity: 9 Internet/mail bidders, 1,347 page views



Previous Prices from Heritage Auctions
Lot Date Grade Service Realized
Auction 422, Lot 4941 Saturday, January 6, 2007 25 NGC $126,500.00
Auction 402, Lot 821 Friday, April 7, 2006 25 NGC $126,500.00
Auction 352, Lot 6299 Saturday, August 21, 2004 25 PCGS $131,100.00
Auction 300, Lot 7732 Saturday, September 28, 2002 25 PCGS $60,375.00
Auction 21073, Lot 3413 Tuesday, July 17, 2001 25 PCGS $68,000.00
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PLEASE NOTE: All prices realized reflect the final hammer price PLUS the buyer's premium in auctions that charge a buyer's premium. Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium. Example: A item that sells with a final hammer price of $100 and a 15% buyer's premium will display with a price realized of $115. All information listed is intended to be as accurate as possible, but errors are possible. Please use this guide carefully and inform us of any inaccuracies.

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