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Lot
10264

1849 $1 PR64 NGC. The proof 1849 Seated dollar is generally considered the rarest proof from the 1840s, and is even scarce...

2005 July San Francisco, CA (ANA) Signature Auction #382

 
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Auction Ended On: Jul 28, 2005
Item Activity: 6 Internet/mail/phone bidders
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Location: San Francisco, CA
Description:
1849 Proof Seated Dollar--The Rarest Of All Seated Dollars From The 1840s
1849 $1 PR64 NGC. The proof 1849 Seated dollar is generally considered the rarest proof from the 1840s, and is even scarcer than the well-known 1841 and 1843. Since 1992 only 10 coins have appeared in major public auctions, and five of those pieces have been in a Heritage sale. No explanation has been posited for the absolute scarcity of this issue, but it is known that proof coins, in general, hit a low point in production from 1849 through 1853. No proof sets of this date are known, and according to Walter Breen, there is no record of any having been made. Only 8-12 proof dollars are believed to have been struck, and of that number some 5-8 separate examples are believed known today. The population data from the two major services is somewhat misleading as 14 pieces show to have been certified. Of course, a fairly high percentage of those 14 coins are resubmissions, as this issue is known to be much rarer than the stated combined populations.
Proofs of this date show a peculiar and distinctive imperfection on the 4 in the date. One other diagnostic is the presence of die rust below and to the left of the 1 in the date, near the border. We do not see that on this particular coin; however, what we do see is what appears to be several spikes that protrude from the denticles that seem to be short marks from a graver. The reverse is a non-event, with the stock 1840-1850 proof reverse die used here as well as on earlier dates from this decade. The coin overall has a few light hairlines, as one would expect, with an overlay of irregular golden-brown and blue toning. The fields are deeply reflective, also as one would expect, with almost complete striking definition on the design elements.
From The Dr. John L. Pellegrini Collection of Liberty Seated Dollars.(#6990)(Registry values: N10218) (NGC ID# 24ZZ, PCGS# 6990)

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