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Lot
4514

1870 G$1 MS66 PCGS....

2010 July Orlando, FL (Summer FUN) Signature US Coin Auction #1142

 
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Auction Ended On: Jul 9, 2010
Item Activity: 3 Internet/mail/phone bidders
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Location:

Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Description:
1870 Gold Dollar, MS66
With Prooflike Surfaces
1870 G$1 MS66 PCGS. The skimpy mintage of 6,335 gold dollars in 1870 came at a time when a plethora of unbacked fractional currency left over from the Civil War drove "good money" out of circulation, as Gresham's Law--"bad money drives out good money"--dictates. The situation was aggravated by postage currency, copper-nickel cents and three cents that were technically unredeemable, as were copper and bronze half cents, cents, and two cents. This currency patchwork quilt may have led to the retirement of a few of the shiny new 1870 gold dollars, which were then retained due to their low denomination and novelty value.
This Premium Gem coin displays repunching at the base of the 0 in the date, seen on most examples. Frosty orange-gold surfaces are noticeably prooflike, a byproduct of the low mintage, and only the tiniest ticks appear on either side. A super example of this low-mintage postbellum issue. Population: 4 in 66, 7 finer (6/10).(Registry values: N4719) (NGC ID# 25D6, PCGS# 7569)

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