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Lot
3876

1840 $1 PR65 NGC....

2011 October 13-16 US Coins Signature Auction- Pittsburgh #1160

 
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Auction Ended On: Oct 13, 2011
Item Activity: 7 Internet/mail/phone bidders
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Location: David L. Lawrence Convention Center
1000 Ft. Duquesne Blvd.
Pittsburgh, PA 15222

Description:
1840 Seated Liberty Dollar, PR65
First Year of Issue
1840 $1 PR65 NGC. The date is minutely above center in its exergual space, and properly centered left to right. The shield point is directly above the center of the upright of the 1. The reverse has a defect on the outside right edge of the final A, a characteristic common to many proofs of this decade. At one time it was believed that the defect indicated a restrike, but more recent research has shown that many original proof dies were used over a span of many years, being carefully preserved and stored from one year to the next.
More proof 1840 dollars are known than for some later dates of the decade, while the demand for the first year of issue coinage is higher than for the later issues. This lovely Gem proof has light contrast with satiny and fully lustrous devices on both sides. The fields are pristine and deeply mirrored, with delicate green, gold, violet, and blue toning on both sides. Both sides of this piece show bold doubling of the impression, with considerable evidence that the coin was actually struck three times.
The provenance of this piece is undetermined at the present time. An area in need of substantial further research is the early gold, silver, and copper proof coins minted prior to 1858. With few exceptions, each and every one is a major rarity, but the most recent work was Walter Breen's 1989 update of his 1977 Proof Encyclopedia, a reference that is recognized today for its serious shortcomings. Census: 4 in 65, 0 finer (9/11).(Registry values: N10218) (NGC ID# 24ZP, PCGS# 6981)

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