LOT #3982 |
Sold on Aug 24, 2022 for: Sign-in
or Join (free & quick)
1921 $1 Matte PR65 NGC....
Click the image to load the highest resolution version.
Sold on Aug 24, 2022 for:
$126,000.00
Bid Source: Internet bidder
Description
1921 Peace Dollar, PR65
Exceedingly Rare Matte Proof
Only Five Known, Off The Market Since 2006
1921 $1 Matte PR65 NGC. One of the rarest U.S. proof coins
is the 1921 Peace dollar with a matte or sandblast finish.
Currently, researchers know of four different examples, with a
possible fifth example that has not been seen for decades. Of the
four (or five) examples known, two reside in institutional
collections and cannot, therefore, be considered collectible. That
leaves two -- possibly three -- opportunities for collectors to
acquire this great rarity.Lester Merkin sold the presently offered coin in 1971 and noted the existence of four matte proof examples at the time. He was well aware of the surface characteristics of matte proof Peace dollars, having owned -- simultaneously -- three 1922 matte proofs. Merkin's list of matte proof 1921 Peace dollars included:
1. American Numismatic Society, "from Anthony de Francisci." More about this later.
2. Geiss: 407, ex: Col. Green, not now located. "Geiss" would have been Frederick W. Geiss, whose collection B. Max Mehl offered in February 1947.
3. Smithsonian
4. The present piece.
Merkin described the presently offered coin as: "Choice matte Proof. Perfect sharp strike in higher than normal for uncirculated coins, all letters, curls and feathers bold even in centers. Pale gray matte surface...Potentially a high five figure coin." The coin realized $9,000. However, Merkin correctly predicted that this would become a high five figure coin; unfortunately, it would be many years hence.
In 1977, F.C.I. Press, Inc. (First Coinvestors, Inc.) published Walter Breen's Encyclopedia of United States and Colonial Proof Coins, 1722-1977. This groundbreaking work included a five-coin census of matte proof 1921 Peace dollars that matched Merkin's list. However, Breen added some additional information, including: The Smithsonian's example had been lacquered and had a rim nick; that the American Numismatic Society's coin had been found in a tray of medals on April 11, 1962 with the label "By Anthony de Francisci"; and that the Merkin specimen was now in a Midwest collection.
The next appearance of this coin was in an October 1986 Stack's sale, where the cataloger described it as "Matte Proof, oyster gray toning, fine grain matte surfaces." The cataloger identified this coin as the specimen from the 1971 Merkin sale and noted, "Based on auction records and our own research, we feel that there are probably 7-8 specimens known."
In 2004, Ira & Larry Goldberg offered this coin, then with its current grade of NGC Matte Proof 65, repeating Walter Breen's statement in his 1988 Complete Encyclopedia of U.S. and Colonial Coins that possibly six to eight examples existed. The coin appeared subsequently in a January 2005 Superior sale and a February 2006 Goldberg Auctions sale, where it finally found a home at $25,300.
Why hasn't the matte proof 1921 Peace dollar received more recognition over the years? Why did the coin presented here and sold in 2006 bring only $25,300 when satin proof 1921 Peace dollars, which are far less rare, had already sold for as much as $39,600 in a lesser grade in 2000?
The answer lies in the disparate ways that PCGS and NGC treat proof 1921 Peace dollars. NGC recognizes both satin and matte proof 1921 Peace dollars, reporting 22 satin proofs and three matte proofs in their Census. PCGS has never recognized satin proof 1921 Peace dollars, nor have they certified any matte proofs. However, PCGS needed a way to recognize both proof versions in their Auction Prices Realized (APR). Unfortunately, they created an internal identification number (called a "spec" number) for the matte proofs, which was then used to record the appearances of both satin and matte proof 1921 Peace dollars. Thus, when a collector searches for matte proof 1921 Peace dollars in the APR, they find that PCGS records 37 auction appearances, vastly understating the true rarity. Digging deeper, the collector finds that 35 of the auction citations are for satin proof 1921 Peace dollars and that only two are for matte proof 1921 Peace dollars (both citations being for the coin offered here). Hopefully, PCGS will create a separate spec number for the satin proofs and transfer over the relevant citations.
The presently offered matte proof 1921 Peace dollar features a superb strike that features de Francisci's design in all its full, three-dimensional, high relief glory. The color, as mentioned previously, appears oyster gray and the surfaces remain well-preserved and intact. A small carbon spot on the rim below the second E of PEACE serves as a distinctive provenance marker. We know of no finer example. Absent confirmation of the existence of the former Kagin specimen, we consider the the finest of only two collectible examples. Hopefully, our presentation will help this incredible rarity realize the respect, and value, that it finally deserves.
Ex: Lester Merkin (6/1971), lot 813 (as a raw Choice matte proof), where it brought $9,000; Stack's (10/1986), lot 112 (as a raw proof), where it realized $9,900; Goldberg Auctions (1/2004), lot 2838, (as an NGC PR65 Matte), not sold; Superior (1/2005), lot 909 (as an NGC PR65 Matte), not sold; Goldberg Auctions (2/2006), lot 1928 (as an NGC PR65 Matte), where it sold for $25,300.(Registry values: N10218)
Coin Index Numbers: (NGC ID# 2UAU, PCGS# 7382, Greysheet# 7888)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
Auction Info
2022 August 22 - 28 US Coins Signature® Auction #1348 (go to Auction Home page)
Auction Dates
August, 2022
22nd-28th
Monday-Sunday
Bids + Registered Phone Bidders: 21
Lot Tracking Activity: N/A
Page Views: 2,331
Buyer's Premium per Lot:
20% 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