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Lot
5698

1895 $1 PR64 Cameo NGC....

2011 January Tampa FUN Signature & Platinum Night US Coin Auction #1151

 
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Auction Ended On: Jan 6, 2011
Item Activity: 7 Internet/mail/phone bidders
1,092 page views
Location: Tampa Convention Center
333 S. Franklin St.
Tampa, FL 33602
Description:

1895 Dollar, PR64 Cameo
Nicely Contrasted, Only 880 Pieces Struck
1895 $1 PR64 Cameo NGC. Following several years of heavy Morgan dollar production, spurred by first the Bland-Allison Act of 1878 and especially the Sherman Act in 1890, the nation's financial reserves were in crisis. The government had radically overpaid for the silver used for striking the Morgan dollars of the time, and a wrinkle in the Sherman Act--that the government had to pay for the silver with paper money convertible to gold--led to a precipitous drop in the nation's gold reserves. The Panic of 1893 wrecked hundreds of banks and hundreds of thousands of households' finances before Congress repealed the Sherman Act that year, eliminating the reserve-draining subsidy and the monthly influx of silver to be minted into coin.
The years from 1893 to 1895 saw drastically reduced Morgan dollar production; business strikes from those three years combined do not come close to the 16.8 million pieces coined at Philadelphia in 1890 alone. All Morgan dollars in that date range are elusive at best, and two of the greatest Morgan dollar rarities, the 1893-S and the 1895, are among them. This is an example of the latter, a proof as always, since not one of the 12,000 1895 business strike dollars listed in official Mint Reports has ever turned up.
Both sides are appreciably contrasted, as most specimens of this date came originally, with nicely frosted devices offering contrast to the mirrors. While the centers are minimally toned, the fields offer gold-gray patina that deepens close to the rims. Strong reflectivity with only a few minor hairlines and marks to preclude an even finer designation. Census: 32 in 64 Cameo, 49 finer (10/10).
From The New Hope Collection.(Registry values: N7079) (PCGS# 87330)

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