1895 $1 PR67 Ultra Cameo NGC....
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
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It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
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Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
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This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 15% of the successful bid (minimum $14) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
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Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
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- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
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Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
Exceptional Quality in This Proof-Only Issue
Thus begins Jeff Garrett and Ron Guth's discussion of the issue, listed as number 76 in 100 Greatest U.S. Coins. The authors point out that the reported figure of 12,000 business strikes manufactured would put the 1895 Morgan business strikes (if any exist today, or ever existed in the past) as far rarer than the two other lowest-mintage business strike Morgans, the 1893-S and 1894, both of which posted circulation strikes of 100,000 coins or greater.
Ignoring the issue of whether or not any business strike 1895-dated Morgan dollars were ever struck, the mystery of the 1895 Philadelphia silver dollar production only deepens when one considers the characteristics of the proofs.
Writing in September 2006 in Coin Values magazine, in an article titled "Philly 1895 Morgan Dollars," Roger Burdette discusses the number of dies manufactured for the proof issue. He notes that Mint Chief Engraver Charles Barber provided an annual report of dies provided to the coiner, in which he separated the "dies by those used for circulation coinage and those used for Proof coins":
"All United States coinage dies were made by the engraving department at the Philadelphia Mint. Working dies for the coming year were prepared by the engraving department during the last quarter of the calendar year, and generally shipped to the Branch Mints in December. Because of the time and cost involved in making a coinage die, particularly those required for silver dollars, the engraving department made only the minimum expected to be needed during the first part of the new year. Thereafter, the Branch Mints placed orders for additional dies with the director's office in Washington.
"A typical pair of silver dollar dies could produce 250,000 or more coins before wear or damage caused the dies to be removed from service. Some die pairs lasted for 450,000 coins!"
Apparently nine dies -- five obverses and four reverses -- for the 1895 proof Morgans were created, yet no die totals at all are shown for standard circulating dollars. (Burdette writes, ".. nothing says they [the dies] were only used to strike Proofs.")
Four different obverse dies are documented among the proofs surviving today (see the Bowers Silver Dollar Encyclopedia). Why were so many dies created for a nominal proof issue of 880 pieces, and why were none recorded for business strikes? The question remains unsolved, as does the larger mystery of whether the 1895 business strikes were ever minted at all -- and if they were, what fate they ultimately met.
This is unquestionably one of the finest 1895 dollars extant. The surfaces are brilliant throughout, and the mirrored fields are deeply reflective. Set against the deep mirroring are the heavily frosted devices. The only noticeable ripple in the surfaces of this immaculate proof is a tiny area of planchet flaking in the left obverse field. Exceptional overall quality. Census: 5 in 67 Ultra Cameo, 6 finer (4/11).
From The Virginia Beach Collection.(Registry values: P4) (PCGS# 97330)
Service and Handling Description: Coins & Currency (view shipping information)