LOT #3125 |
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1889-CC $1 MS65+ PCGS. CAC....
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Sold on Aug 15, 2023 for:
$660,000.00
Bid Source: HA.com/Live bidder
Description
1889-CC Morgan Dollar, MS65+
'King of the Carson City Morgans'
Finest CAC-Approved Example
1889-CC $1 MS65+ PCGS. CAC. The 1889-CC is a sought-after
key in the popular Morgan dollar series, as a whole. It is also the
most elusive Morgan dollar from the famous Carson City Mint, making
it extremely popular with branch mint specialists. The 1889-CC is a
prime condition rarity, thanks to its low mintage and wide
circulation in the hard-money economy of the Wild West. In fact, at
the MS65 grade level, the 1889-CC is the rarest Morgan dollar, even
rarer than the fabled 1893-S. Any auction appearance of a
high-grade 1889-CC is a major event for the numismatic community
and Heritage Auctions is privileged to present this spectacular
Plus-graded Gem and sole 1889-CC dollar that is CAC-certified in
this important offering.Politics, the Carson City Mint, and Consequent Rarity
The fate of the Carson City Mint was closely linked to national politics in the 1880s. Democratic President Grover Cleveland ordered the closure of the famous Western facility in 1885. This act was most unpopular with the citizens of Nevada, who considered the Carson City Mint an important financial asset and a source of local pride. Fortunately, Nevada Senators John P. Jones and William M. Stewart fought hard to keep the facility active as a refinery and assay office in the ensuing years. When Republican Benjamin Harrison defeated the incumbent President Cleveland in 1889, he changed policy and appointed silver activist William Windom as Treasury Secretary. Windom authorized the reopening of the Carson City Mint on July 1, 1889.
Unfortunately, the facility needed extensive repairs, equipment needed to be replaced, and new employees had to be hired before operations could resume. The Mint was only ready for business after October 10, and only 350,000 Morgan dollars were struck in the last few months of the year. Few high-quality examples were saved by contemporary collectors. The bulk of the small mintage circulated heavily in the regional economy for years, suffering much loss and attrition along the way. It is likely that some coins held in government storage were later melted, under the provisions of the Pittman Act. A few random bags were released from Treasury holdings in the first half of the 20th century, but no substantial releases have been confirmed. Only a single coin was offered in the GSA sales of the 1970s. Accordingly, the 1889-CC is the rarest Morgan dollar from the Carson City Mint, and Mint State specimens are especially elusive.
The Present Coin
This delightful Plus-graded Gem exhibits razor-sharp definition on all design elements and the mostly brilliant surfaces are impeccably preserved. Vivid highlights of reddish-gold, cobalt-blue, rose, and orange-gold toning enhance the peripheries of both sides. The frosty devices stand out against the modest prooflike reflectivity of the fields. Overall eye appeal is terrific. This coin is the finest certified at CAC, by virtue of its Plus designation, confirming the high quality within the grade. Our consignor notes "an 1893-S in this grade would be a million dollar coin, and as the 'King of the Carson City Series', this will be one day also ... if not today!" This important branch mint key should find a home in the finest collection or Registry Set. Population: 2 in 65 (1 in 65+), 1 finer (6/23).(Registry values: P9, N10218)
From The Del Mar Collection.
Coin Index Numbers: (NGC ID# 2559, PCGS# 7190, Greysheet# 7554)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
View all of [The Del Mar Collection ]
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
2023 August 15 - 20 ANA US Coins Signature® Auction #1364 (go to Auction Home page)
Auction Dates
August, 2023
15th-20th
Tuesday-Sunday
Bids + Registered Phone Bidders: 34
Lot Tracking Activity: N/A
Page Views: 9,246
Buyer's Premium per Lot:
20% of the successful bid per lot.
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