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1889-CC $1 MS65 NGC....
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Sold on Jul 31, 2008 for:
$287,500.00
Bid Source: Live: Phone bidder
Description
Amazingly Clean MS65 1889-CC Dollar
One of the Finest Examples Known of This Key Issue
1889-CC $1 MS65 NGC. Coins from the Carson City mint are
avidly collected by many enthusiasts, not only because of the
number of scarce and rare issues from that mint, but also because
of the "Wild West" history associated with states located at the
transition between central plains and western mountains. Morgan
dollars are also a favorite, so when the two specialties come
together as they do in this coin the combined interest is likely to
exceed that for either of the two separately. The 1889-CC Morgan is
a key date of the series along with the 1879-CC, 1893-S, and 1895
proof-only issues, and is extremely rare in Gem. First minted in
1878, Morgan "cartwheels" were a continuation of a denomination
that first appeared in 1794, most immediately preceded by Seated
Liberty and concurrent Trade dollar designs.Production of Seated Liberty silver dollars ended by an act of omission in the Coinage Act of 1873; no mention of it was made in the plans for future coinage. It was perhaps a moot point because silver dollars had rarely circulated domestically since 1850, their metal content of more value in international trade, particularly with the Orient. The 1873 Act also initiated the Trade dollar, with its on-again, off-again status as legal tender. With silver dollars headed overseas, none being minted for circulation, increased raw silver production from places such as the famous Comstock Lode in Nevada, and European oversupply, silver purchases by the U.S. government dropped dramatically.
The negative effect on the domestic silver mining industry was immediate, as was the resultant protest. As described by Walter Breen in his Complete Encyclopedia of U.S. and Colonial Coins "... the silver lobby and their ignorant partisans nationwide called the bill the 'Crime of '73'. As if to add insult to injury, Congress in June 1874 demonetized all previous silver dollars and revoked their legal tender status." The result of this perceived injustice was a concentrated push for a political, not to mention profitable remedy; which was conveniently provided five years later by the Bland-Allison Act. That 1878 Act required millions of dollars of monthly silver purchases by the Treasury Department for coinage into dollars, and only dollars, thereby maximizing the need for silver. The Act was a boon to mine owners, but it committed the mint to the production of a coin that was neither wanted nor used by most of the public.
The Carson City Mint was itself the result of political maneuverings. A little over 225 miles to the southwest was the established San Francisco Mint, ready and able to convert gold and silver bullion to coins. But with new silver discoveries centered around nearby Virginia City, Nevada citizens decided they too needed a mint. The town of Carson (as it was then known) was selected, the Carson City Mint established, and Abraham Curry selected as Mint Superintendent. However, Mr. Curry had apparently made many political and business enemies in his lifetime, and those who wouldn't do business with him continued to ship silver to San Francisco. Politics aside, Carson City Morgans are considered to be of good workmanship, mostly well struck, and often with prooflike surfaces. Except for the last two years of Carson City Morgan production, fewer were produced at that mint than at Philadelphia, San Francisco, or New Orleans.
The surfaces of this piece are remarkably clean. There are no mentionable marks on either side and, in fact, the coin is strongly suggestive of an even higher grade. It has been our observation that oftentimes key date coins are graded more strictly than their common date counterparts. In the case of this particular coin, we suggest that if it were an 1884-CC it would most likely grade MS67 because the surfaces are so extraordinarily clean. However, the surfaces display the curious combination of satiny and frosted finish, which would never be seen on an 1884-CC, but which is the norm on all 1889-CC dollars we have observed. The striking details are complete in all areas.
When available 1889-CC Morgans attract spirited interest even at lower grades, including coins compromised by environmental or other damage. Census reports show hundreds of grading events up to and including near-Mint State, and several dozen from there to Choice Uncirculated. That status changes abruptly at the Gem level. NGC and PCGS combined report only six certifications as MS65, and only one each above that (06/08). A type collector, Carson City mint fan, or Morgan enthusiast looking for nothing but the best need look no further than the present coin, a stunning combination of rarity, historic interest, and eye appeal.(Registry values: P9, N10218)
Coin Index Numbers: (NGC ID# 2559, PCGS# 7190, GSID# 7554)
Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.77346oz
Mintage: 350,000
The Confident Carson City Coin Collector
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
Auction Info
2008 July-August Baltimore, MD (ANA) US Coin Signature Auction #1114 (go to Auction Home page)
Auction Dates
Jul-Aug, 2008
30th-3rd
Wednesday-Sunday
Bids + Registered Phone Bidders: 20
Lot Tracking Activity: N/A
Page Views: 11,929
Buyer's Premium per Lot:
15% of the successful bid per lot.
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