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Lot
2211

1846 $1 MS65 PCGS. Mint records indicate a total production of 110,600 silver dollars in Philadelphia during the year. Des...

2005 November Dallas, TX Signature Auction #388

 
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Auction Ended On: Nov 3, 2005
Item Activity: 6 Internet/mail/phone bidders
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Location: Dallas, TX
Description:
Gem Mint State 1846 Seated Dollar Rarity
1846 $1 MS65 PCGS. Mint records indicate a total production of 110,600 silver dollars in Philadelphia during the year. Despite this significant mintage figure, the fifth largest of the decade, Gem quality survivors are essentially non-existent. In fact, it is quite possibly the case that this is the single finest example known today. In the past dozen years, we have only offered one Gem example prior to this sale, along with two others graded MS64. The recently offered (but not sold) Rod Sweet Collection coin is the single NGC MS65 grade example, and appears to be slightly lower than this in overall quality. That coin was previously offered by our firm in the 1998 ANA Convention Sale.
This is an intriguing year for varieties, as all Mint State coins are from Normal Date dies, and all Proofs are from a blundered obverse die with the date originally punched too low, and corrected in the proper position. This Jack Lee Collection coin, while clearly a business strike example from the Normal Date obverse die, was actually once traded as a Proof example, perhaps because of its sharp strike and moderately reflective fields. Floyd Starr acquired this coin as a Proof in 1942. Only one other high-quality example has been offered recently, as part of the L.K. Rudolf Collection sold by Stack's in May 2003. They claimed that coin to be the finest known example. Perhaps a side-by-side comparison of the three coins will be necessary to prove the true finest known example, and we believe this piece would win that competition. This example is sharply struck, including hair and star details on the obverse, both of which are complete. The eagle is a tad weak only on the left facing wing and leg, with all other design details boldly rendered. Fully lustrous and prooflike surfaces have ivory color accented by light gold toning. The reverse has hazy gray and golden-brown color. A characteristic of the reverse die is the upward extension of the left most line in stripe 1, passing through seven horizontal shield lines, almost to the top border.
Ex: T.J. Schaefer (Noble, PA, 3/22/1942); Floyd T. Starr (Stack's, 10/1992), lot 585.
From The Jack Lee Collection, III(#6932) (Registry values: N7079) (NGC ID# 24YG, PCGS# 6932)

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