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5750

1895 $1 PR67 Cameo NGC....

2013 January 9-14 US Coin FUN Signature Auction - Orlando #1181

 
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Auction Ended On: Jan 10, 2013
Item Activity: 7 Internet/mail/phone bidders
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Location: Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Description:

1895 Dollar, Brilliant PR67 Cameo
Key Date With Only 880 Pieces Struck
1895 $1 PR67 Cameo NGC. The 1895 Morgan dollar is a famous and notorious issue in U.S. numismatics, one of the most curious mysteries of the "Hobby of Kings." Only proofs are known of the 1895 silver dollar -- no conclusive business strike has ever been found, even though 12,000 pieces were recorded as being struck. The Guide Book says simply in a footnote, "Beware of removed mintmark. Values are for Proofs. Circulation strikes are not known to exist."
Q. David Bowers writes in his Guide Book of Morgan Silver Dollars, rather emphatically:

"In Philadelphia in 1895 no silver dollars were minted for general circulation, and production was limited to just 880 proofs for collectors. The Annual Report of the Director of the Mint stated that 12,000 circulation strikes were made, but later research by Henry T. Hettger would reveal that this was an accounting-entry error, and that the pieces were of earlier date.
"The production of dollars at the other two operating mints, New Orleans and San Francisco, was low for the era, creating varieties that a later generation would recognize as rare, especially in higher grades."


There are actually only two realistic scenarios for the mythical 12,000 business strikes reported:

--Either they were never produced at all (meaning that they were dated 1894 in all likelihood); or
--If they were indeed produced and dated 1895, they remained unreleased in Treasury holdings until meeting a fiery doom in the vast Pittman Act meltings of some 270,370,722 silver dollars under the provisions of the Act of 1918 (with the actual meltings occurring in 1919 and continuing into 1920).


The other remote possibility -- that some small handful is waiting to turn up somewhere -- is rendered moot by the vast number of American collectors, the rising prices of silver over recent decades, and that most overseas hoards of American coins have been gold, not silver. If any 1895 business strike Morgan dollars still exist, the evidence certainly suggests they would have been found by now.
This is an exceptional 1895 Morgan; in fact, it would be an exceptional coin even if it were another nonkey date. Both sides are thoroughly brilliant, and the fields are impressively deep in their mirrored reflectivity. Contrasted against this mirroring is the significant mint frost over the devices. There are no singularly mentionable or noticeable contact marks on either side to distinguish this coin from the other 10 Cameo PR67 coins certified by NGC. Exceptional quality and a coin that will surely bring an impressive price when it crosses the auction block.
From The Douglas Collection.(Registry values: N10218) (PCGS# 87330)

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