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Lot
2633

1895 $1 PR67 NGC....

2010 January Orlando, FL FUN US Coin Auction #1136

 
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Auction Ended On: Jan 7, 2010
Item Activity: 8 Internet/mail/phone bidders
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Location: Orlando, FL
Description:
Superb Proof 1895 Dollar
With Speckled, Multicolored Toning Over Each Side
1895 $1 PR67 NGC. Both silver and gold U.S. coins have experienced singular extinction events that cast doubt on the reliability of mintage figures as guides to rarity. The gold recall of 1933 and the subsequent melting of millions of those coins have figured prominently in American numismatics. Just as dramatic, but somewhat less talked-about and understood, was the Pittman Act destruction of 1918, wherein more than a quarter of a billion Morgan dollars were reduced to bullion. Paul M. Green, in an article published in the November 13, 2007 edition of Numismatic News, wrote with understatement: "That Pittman Act melting ... really stirred the pot of confusion when it comes to Morgan dollars. When you destroy close to half of all the coins ever made of a certain type, as the Pittman Act did with Morgans, but have no record of what dates were involved, it can cause significant confusion."
Among the issues most confused by the Pittman Act melting was the 1895 Philadelphia Morgan dollar. Official records state that the mintage was 12,000 pieces. For multiple generations, until the Treasury releases of the 1960s, collectors wondered whether the business strike 1895 Morgans were waiting to be discovered. None turned up, and numismatists entertained the possibility that perhaps none had ever existed. Thanks to the Pittman Act meltings, whether business strikes were ever produced remains essentially an unanswerable question. What is undoubtable, however, is the existence of the year's proofs and their enduring desirability.
This is a magnificent example that is virtually perfect from a technical standpoint. Both sides display deep, speckled reddish-golden color, generally in the centers, with rich cobalt-blue around margins (again, generally). The depth of mirrored reflectivity in the fields shines brightly through the toning on each side. An outstanding, high grade example of this proof-only issue. Census: 11 in 67, 3 finer (11/09).(Registry values: N10218) (NGC ID# 27ZR, PCGS# 7330)

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