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Lot
1237

1921 $1 Satin PR66 NGC. Ex: Jack Lee. An exceptionally rare proof striking. Breen believes th...

2006 April Atlanta, GA (ANA) Signature Auction #402

 
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Auction Ended On: Apr 7, 2006
Item Activity: 10 Internet/mail/phone bidders
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Location: Atlanta, GA
Description:
Finest Known 1921 Satin Finish Proof Peace Dollar
1921 $1 Satin PR66 NGC. Ex: Jack Lee. An exceptionally rare proof striking. Breen believes that the first 20 coins produced from this pair of dies were proofs, and of that number perhaps only 7 to 10 pieces are recognizable as such today. While the matte proof strikings have been known for decades, the Satin Finish variant did not surface until the 1975 ANA. Afterward, in 1979-80 a number were authenticated by Breen, but several of these were later discredited as business strikes struck after the limited run of proofs. Thus, the importance of this coin being encased in a reputable holder from one of the major authentication and grading services.
The surfaces of this coin are bright and, obviously, satiny with tinges of peripheral rose-golden color on each side. There are numerous raised polishing lines in the left obverse fields--one of the diagnostics for Satin Finish proofs. Also, the triangular pellet after TRVST is unusually bold, as are the rays on the reverse. There are also several raised die marks in the field behind S and OF on the reverse.
The striking quality is extraordinarily bold with complete definition on all the design elements. The surfaces show only the slightest evidence of contact. There is a shallow luster graze that curves down the neck of Liberty on the obverse. There are several marks on the reverse that serve as identifiers for this important coin. First, there is a long vertical mark across the ray above the first L in DOLLAR. Second, a short horizontal mark is noted below the M in UNUM. And last, a small milling mark is barely discernible toward the front of the bottom row of feathers on the wing of the eagle. The sheen of the coin's surfaces resembles that of a gold coin that was annealed between multiple strikings, leaving a thin layer of molten metal over each side.
The proof Peace dollars of 1921 are by far the rarest and most valuable issues in this short and widely collected series. They are also by far the mo (NGC ID# 2826, PCGS# 7382)

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