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4131

Sale (Stack's, 1/89), lot 201; Anthony Terranova; Larry ...

2002 April Columbus, OH (CSNS) Signature Sale #288

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Auction Ended On: Apr 25, 2002
Item Activity: 9 Internet/mail/phone bidders
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Location: Columbus, OH
Description:
The Ambassador and Mrs. R. Henry Norweb Specimen of the Legendary 1884 Trade Dollar
1884 T$1 PR63 PCGS. Ex: Norweb. The 1884 T$1 is a coin that needs no introduction. Numismatists young and old, novice or experienced, can quote the number of extant examples and probably relate one or two facts concerning the production and history of this issue. The true story of this fabled numismatic rarity is, however, not widely known. The reason for this is clear: popular numismatic references such as Walter Breen's Encyclopedia of United States and Colonial Proof Coins: 1722-1977, Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins, and Q. David Bowers' Silver Dollars and T$1s of the United States: A Complete Encyclopedia, either state explicitly or imply that this issue was created clandestinely by parties within the Mint, at night, and perhaps at a later date, for the well-connected Philadelphia dealer William K. Idler. Research done in 1988 by the late Carl W. A. Carlson, on the other hand, proves that the 1884 T$1 was struck officially and under the supervision of Mint officials. The following commentary is based on the evidence that Carlson brought to light in Stack's June 1988 catalog of the Frank Sprinkle Collection.
The "Die Record Book" kept by A. W. Straub, foreman of the Die Makers' Room, clearly records receipt from the Engraving Department of one obverse and one reverse die for the proof 1884 T$1 on January 3 of that year. Straub supervised the transfer of these dies from the Die Makers' Room to the Coining Department when Superintendent Colonel A. Loudon Snowden ordered proof production to begin. This most likely happened within the first week of January. The first coins produced with these dies were copper trial pieces (Judd-1732, Pollock-1943), a clear indication that the Mint had plans for large scale production. Today, three or four copper die trial pieces are extant, two of which have been silver plated. We do not know how many silver impressions of the proof 1884 T$1 followed the copper die trial pieces off the coinage press, but we do know that the Mint officially struck a number of examples on January 9. These coins were delivered to the cashier on January 19. Shortly thereafter, the Treasury Department sent orders to the Mint forbidding production of proof T$1s for sale to collectors. Perhaps just 10 coins were originally struck, all of which were preserved, or the 10 coins extant today are those that were not melted after the Treasury Department's decree arrived in Philadelphia. Both the obverse and reverse dies were destroyed on January 2, 1885, as shown by the die destruction report of the coiner.
For reasons that will be made clear below, we know for certain that all 10 proof 1884 T$1s were once owned by William K. Idler, who added them to proof sets of that year. There are three scenarios that could explain how Idler acquired these coins, all of which hinge upon his special connections with the Mint, probably through a personal relationship with Superintendent Snowden:

1. Idler acquired the first 10 proof 1884 T$1s delivered on January 19 before the Treasury Department halted production. He would have done this legally because employees and their friends could acquire current coins from the Mint by exchanging them for the proper amount of bullion. This policy remained in effect through the late 1930s.

2. Idler convinced Superintendent Snowden to save 10 of the proof T$1s delivered on January 19, 1884 from destruction. Either Snowden or Idler provided the bullion for exchange so that the Mint's journals would balance.

3. Snowden saved the coins from destruction, provided the bullion, and kept the coins for an unknown period of time. At a later date, Idler acquired the coins from him.

In all of these scenarios, Idler would have obtained the coins legally because the required bullion for exchange would have been deposited at the Mint. The fact that the Mint's bullion journals balanced explains why there is no official correspondence concerning this issue--nobody would have been looking for bullion that was not missing. Regardless of which of these scenarios is correct, there is little doubt that the 1884 T$1 is a legitimate issue that was legally produced and properly acquired from the Mint. We are also fairly certain that Superintendent Snowden played a key role in Idler's acquisition of all 10 coins.
While numismatists were familiar with the copper die trial strikings of the 1884 T$1 early on, the existence of the 10 silver proofs remained largely unknown until the early 20th century. Idler died in 1901, after which his numismatic estate passed to his son-in-law, Captain John W. Haseltine. In 1907, Haseltine's partner Stephen K. Nagy sold the first 1884 T$1 to Chicago beer magnate Virgil M. Brand. The owner of the Brand Brewing Co. would eventually acquire four more of the 10 known examples. The first auction appearance of the 1884 T$1 took place the following year, when an example was offered in Ben G. Green's 44th Sale in Chicago on November 27. The balance of the numismatic community finally learned of the existence of the 1884 T$1 when Haseltine, in an address at the 1908 Philadelphia ANA Convention, revealed that silver examples were included in Idler's estate. By the end of 1909, the existence of 10 proof 1884 T$1s was known widely enough that Farran Zerbe could make mention of this fact in the November issue of The Numismatist.
Today, the 1884 T$1 holds a place of honor in the pantheon of U.S. numismatic rarities. Its status is now assured thanks to Carlson's research and the resultant conclusions that the 1884 is, indeed, a legitimate product of the U.S. Mint. The following pedigree list of all 10 examples is complete through 1997:

1. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; William Forrester Dunham; B. Max Mehl; William Forrester Dunham Collection Sale (Mehl, 1941), lot 1150; Floyd T. Starr; Floyd T. Starr Collection Sale (Stack's, 10/92), lot 844; Jay Parrino. Certified PR66 NGC as of April 1997.

2. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; William Cutler Atwater; William Cutler Atwater Collection Sale (Mehl, 1946), lot 377; Louis E. Eliasberg, Sr.; Louis E. Eliasberg, Sr. Collection Sale (Bowers and Merena, 4/97), lot 2353. Graded PR66 in the Bowers and Merena catalog of the Eliasberg Collection.

3. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries; Waldo C. Newcomer; B. Max Mehl; J. C. Morgenthau & Co.'s 384th Sale (Morgenthau, 5/35), lot 431; Colonel E. H. R. Green; Burdette G. Johnson; Jack V. Roe Collection (Mehl, 6/45), lot 627; Jerome David Kern; Jerome David Kern Collection Sale (Mehl, 5/50), lot 896; Amon Gamaliel Carter; Amon Carter, Jr.; Carter Collection Sale (Stack's, 1/84), lot 440. Graded PR64 at the time of the Carter sale.

4. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries; Clint Hester; Adolphe Menjou Collection Sale (Numismatic Gallery, 6/50), lot 2040; Benjamin Stack, Imperial Coin Company; W. G. Baldenhofer; Farish-Baldenhofer Sale (Stack's, 10/55), lot 1039; Fairbank's Sale (Stack's, 10/60), lot 698; Samuel Wolfson Sale (Stack's, 5/63), lot 1541; Dan Messer; Jack Klausen; Carlson-Shipkey Sale (Quality Sales Corporation, 10/76), lot 426; Danny Arnold; Arnold-Romisa Collections Sale (Bowers & Merena, 9/84), lot 2342; John N. Rowe, III; L. R. French, Jr.; L. R. French, Jr. Collection Sale (Stack's, 1/89), lot 201; Anthony Terranova; Larry Whitlow; Denver Coin Company; Jay Parrino. Certified PR64 NGC as of April 1997.

5. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; King Farouk of Egypt; Palace Collection Sale (A. H. Baldwin and Sons, Ltd., 1954), lot 1679; Ambassador and Mrs. R. Henry Norweb; Norweb Collection Sale (Bowers and Merena, 3/88), lot 1847; American Coin Portfolios; private New York collection; Bowers and Merena Galleries, Inc.; private New England collection; unknown intermediaries (?); Morris Silverman. The present example.

6. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; Virgil M. Brand; Colonel E. H. R. Green; Will W. Neil; Will W. Neil Collection Sale (Mehl, 6/47), lot 296; Robert C. Pelletreau Collection Sale (Stack's, 6/59), lot 1054; Jerry Cohen; Julian Leidman, Mike Brownlee, and Hugh Sconyers; James Halperin; November 1975 New England Numismatic Association Sale (New England, 11/75), lot 630; Mulford (Bret) Simons, Jr.; Hanks and Associates' Sale of April 20, 1985, lot 351; Auction '89 (RARCOA), lot 327; Jay Parrino; Auction '90 (Superior), lot 1163; private collection. Certified PR63 NGC as of April 1997.

7. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; private collection; ANA Sale (Stack's, 8/76), lot 723; Joel D. Rettew; Midwestern medical doctor; Early Spring 1996 ANA Signature Sale (Heritage, 3/96), lot 6513; Jeff Garrett. Certified PR63 NGC at the time of the Heritage sale.

8. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of who may be Virgil M. Brand; Chicago estate (possibly that of Brand); RARCOA; World-Wide; Steve Ivy; Robert Marks Collection; Bowers and Ruddy Galleries Rare Coin Review, No. 15, 1972; Herstal Sale (Bowers and Ruddy, 2/74), lot 734; Donald Apte and Mulford (Bret) Simons; Mulford (Bret) Simons; private Southern Collection. A PR63 example.

9. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; Colonel E. H. R. Green; Burdette G. Johnson; James Kelly; Frank F. Sprinkle; Sprinkle Collection Sale (Stack's, 6/88), lot 106; Larry Whitlow; Early American Numismatics Sale (Dana Linett, 10/88), lot 461; Auction '90 (RARCOA), lot 845; Mark Chrans; unknown intermediaries (?); ANA National Money Show Sale (Stack's, 3/02), lot 795. Graded Brilliant Proof or slightly finer, in Stack's catalog for the ANA National Money Show Sale.

10. Ex: Mint Superintendent Colonel A. Loudon Snowden; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; unknown intermediaries, one of whom may be Virgil M. Brand; Fred Olsen; Fred Olsen Collection Sale (Mehl, 11/44), lot 997; George Sealy Ewalt; Ewalt Collection Sale (Stack's, 11/65), lot 42; Calvert L. Emmons, M. D.; Emmons Collection Sale (Stack's, 9/69), lot 814; private collection; Western Numismatics; 1980 ANA Sale (Steve Ivy), lot 2643; Auction '84 (RARCOA), lot 1809; Fred L. Fredericks; Hoffecker Sale (Superior, 2/87), lot 1446A; Eugene Worrell Collection; Worrell Collection Sale (Superior, 9/93), lot 1324. Graded PR60, cleaned and hairlined in Superior's catalog for the Worrell Collection.

The present PR63 PCGS example displays a virtually complete strike. The surfaces are lightly to moderately toned in silver-gray shades that allow appreciation of the reflective qualities at most angles. Scattered hairlines account for the PR63 designation, but there are no individually bothersome contact marks. A small toning spot in the obverse field below Liberty's outstretched arm, as well as a lintmark (as struck) in the field after the date, are worthwhile pedigree markers. This is the plate coin in Bowers 1993 book Silver Dollars and T$1s of the United States: A Complete Encyclopedia.(Registry values: N1) (NGC ID# 27YW, PCGS# 7064)

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