LOT #1603 |
Sold on Jan 7, 2009 for: Sign-in
or Join (free & quick)
1863 10C Ten Cents, Judd-325, Pollock-390, Low R.6, PR64 NGC....
Click the image to load the highest resolution version.
Sold on Jan 7, 2009 for:
$2,530.00
Bid Source: Live: Floor bidder
Description
Interesting 1863 Ten Cent
Postage Currency Pattern
Judd-325, PR64
1863 10C Ten Cents, Judd-325, Pollock-390, Low R.6, PR64
NGC. Design. The obverse design features the heraldic shield with arrows, inside an inverted laurel wreath, with the inscription EXCHANGED FOR U.S. NOTES around. The reverse shows the denomination 10 CENTS in two lines above the date, with the inscriptions POSTAGE CURRENCY above, and ACT JULY 1862 below. Struck in standard silver alloy, with a plain edge. However, in his groundbreaking study United States Pattern Postage Currency Coins, David Cassel tested examples of this issue and consistently found that the coins tested failed to match the standard 90% silver, 10% copper composition. The composition varied from 88% silver, 12% copper to 96.1% silver, 3.9% copper.
Commentary. The POSTAGE CURRENCY issues were intended to redeem small denomination postal currency notes during the Civil War. Hoarding of regular coinage created a catastrophic shortage of small change in the national economy. Judd-325 was coined using several weight standards (three different standards according to Cassel, four according to Pollock), all lighter than the standard dime. It was hoped that the lighter-weight coins would circulate more readily than their standard counterparts. Fractional currency proved to be a more practical solution.
Interestingly, the obverse die used on Judd-325 was also used to strike another issue, Judd-646, dated 1868. A number of prominent die cracks are visible on the present specimen. David Cassel has determined that examples of Judd-646 are from an earlier state of the die than Judd-325. In light of this evidence, some researchers have concluded that Judd-325 is a restrike issue, created in the time period after 1868. Alternatively, Cassel believes Judd-646 was actually minted in 1863, the result of a Mint error when a small 8 punch was inadvertently substituted for the 3 in the date. Cassel cites the set of coins presented to Salmon P. Chase in May 1863, which included examples of Judd-325. While there is much confusion surrounding this issue, the presentation set does establish that at least some examples of Judd-325 and Judd-646 were coined during May 1863.
Physical Description. The reflective surfaces are suffused with iridescent gold and lavender toning. A few scattered handling marks are consistent with the grade. NGC Census: 6 in PR64, 4 finer. PCGS Population: 8 in PR64, 2 finer (12/08).
Provenance. Ex: Stack's (2/1967); David B. Silberman Collection (Bowers and Merena, 11/1988), lot 5385.
From The Lemus Collection, Queller Family Collection Part Two.
Coin Index Numbers: (NGC ID# 29F5, PCGS# 60482, Greysheet# 12514)
View all of [The Lemus Collection, Queller Family Collection Part Two ]
Auction Info
2009 January Orlando, FL FUN Auction #1121 (go to Auction Home page)
Auction Dates
January, 2009
7th-11th
Wednesday-Sunday
Bids + Registered Phone Bidders: 14
Lot Tracking Activity: N/A
Page Views: 743
Buyer's Premium per Lot:
15% of the successful bid per lot.
Shipping, Taxes, Terms and Bidding
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial
Important information concerning Sales Tax and Resale Certificates. Learn More
Terms and Conditions | Bidding Guidelines and Bid Increments | Glossary of Terms | US & World Coin Grading Tutorial