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Lot
1144

1836 P$1 Name Below Base, Judd-58 Restrike, Pollock-61, R.6(?), PR63 NGC....

2009 August Los Angeles, CA US Coin Auction #1128

 
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Auction Ended On: Jul 31, 2009
Item Activity: 10 Internet/mail/phone bidders
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Location:

Hyatt Regency Century Plaza
2025 Avenue of the Stars
Los Angeles, CA 90067

Description:
Popular and Historic 1836 Gobrecht Dollar
Name Below Base, Judd-58, PR63
1836 P$1 Name Below Base, Judd-58 Restrike, Pollock-61, R.6(?), PR63 NGC. Silver. Plain Edge. Die Alignment III: Center of Liberty's head opposite N in ONE. Numismatist extraordinaire John Dannreuther wrote in his article "Gobrecht Reflections":

"Today, many of the things that occurred at the Mint during the middle of the nineteenth century would result in the convening of a grand jury. At the time, however, no one was prosecuted, but a few officials were dismissed. Some of the coins made in the Mint were legitimately traded for items needed for the Mint Collection (started in 1838), so there was a reason for their striking. There were some coins struck that were made for the profit of their makers and they were the ones that caused controversy. The story of the plain edge Restrike 1804 dollars has been told numerous times with Mint employees forced to retrieve several of the ones that had been sold for $50 each in 1858 or 1859. This did not stop the restriking or creation of rarities and the practice continued through at least 1878 and possibly until 1885. It still happened periodically after that, such as the clandestinely struck 1913 Liberty Head nickels and continues through to the present--the 1999 saga of the Philadelphia Mint employee who hid impressive errors in his work cart was chronicled in the numismatic weeklies and even reported through national news outlets."

The Name Below Base Gobrecht dollars are similar creations by the mid-19th century Mint. However, their clandestine nature, then as well as now, has not affected their value to collectors. At the MacKenzie Sale in 1868, a Name Below Base brought an astounding $92.50. Two years later at the Fewsmith Sale, Edward Cogan bought a Name Below Base for a "mere" $35, a drop of more than 60%. This would indicate a supply of the coins had become available between 1868 and 1870, and may indicate a striking period for these enormously popular coins.
This is a brightly reflective example. The mirrored fields are definitely consistent with the proofs produced by the Mint from 1858 onward, and are unlike the shallowly mirrored original Gobrecht dollars dated 1836. The surfaces are lightly hairlined, which explains the technical grade of the coin, and each side is interspersed with blue and rose patches of color. Curiously for a coin that grades PR63, there are no singularly mentionable contact marks. This piece represents an opportunity for the advanced and knowledgeable collector in 2009, just as it did in 1868, when the first example crossed the auction block. (PCGS# 11217)

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Gobrecht Dollars
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