LOT #4647 |
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1852 $1 Restrike PR64 ★ NGC. CAC....
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Sold on Jun 9, 2016 for:
$50,525.00
Bid Source: HA.com/Live bidder
Description
1852 Seated Liberty Dollar, PR64 ★
Previously Unknown Restrike
1852 $1 Restrike PR64 ★ NGC. CAC. The Mint had little
inclination to strike the higher denominations of silver coinage in
1851 and 1852, with the price of silver out of balance with gold
amid an onslaught of bullion from the California gold fields. New
legislation was in the works, and it soon remedied the imbalance
with the Coinage Act of 1853. In the meantime, only nominal
mintages of silver dollars were struck.Collectors and bullion specialists soon recognized the rarity of 1851 and 1852 dollars. Several individuals corresponded regularly with Mint officials and received personal attention to their requests for the latest Mint issues. Among them was M. A. Stickney, who was well connected with the Mint but experienced first-hand the difficulty of obtaining an 1852 dollar. His attempts in 1852 and 1853 were unsuccessful. Trying again in 1854, Mint assayer William E. DuBois responded to Stickney's request on May 2, 1854:
"... in exchange for $23 received from you, vis:
Silver coins of the current year.
Two three-dollar gold pieces (just out),
Silver dollars of 1856, 8 & 9 master specimens,
Gold coin of Nero.
Gold dollar of 1836.
No silver coins of 1852 are on hand here."
Not to be dissuaded, Stickney tried to make a deal with Henry M. Brooks, to which Mr. Brooks replied on January 8, 1858:
"You have written me several times in reference to the 1852 dollar which is in my collection. You mentioned wishing to exchange the 1796 half or the 1836 dollar -- now, I have both those pieces and should not, of course, wish to make such an exchange, but I will make you this proposition. I will let you have the 1852 dollar for the dollar of 1804..."
Stickney eventually got an 1852 silver dollar, which was part of the June, 1907 Henry Chapman sale of the Stickney Collection as lot 808, described as "Original. Fine. Extremely rare." Purchased by Elder, it brought $250, a princely sum.
One can only imagine what Stickney would have offered for the present coin -- a shimmering, near-Gem Restrike proof with the NGC Star designation. Glassy-mirrored and rainbow toned, lime-gold hues meld with fuchsia-red, ocean-blue, and violet shades for a memorable display of obverse color. The reverse is likewise mirrored with slightly more sedate shades of khaki-gold, violet, and blue. A few minor planchet marks are noted on the portrait with a few pinpoint spots of deep-blue toning, yet the piece is sharply struck with outstanding eye appeal.
We believe this is the first appearance at public auction for the coin, having been carefully preserved in the McClure cabinet for many decades. Struck from the Osburn-Cushing OC-P2 die pair, a reverse of 1856 was employed -- one of the few appearances on an 1852 dollar with this reverse die, identifying it as most likely from the first group of restrikes that occurred in late 1858 or early 1859. Examples are extremely rare with this die marriage. The Osburn-Cushing website lists only one other example.
In all, perhaps as many as 75 restrikes are thought to exist, although the exact number is unknown and varies by source. PCGS CoinFacts estimates just 30 to 35 pieces known. This coin is from the early Osburn-Cushing Die State a/a. We are extremely fortunate to have two proof 1852 dollars in this auction, each extremely rare in its own right -- the sole-finest Original proof, and a near-finest Restrike. Both coins are numismatic treasures of high importance and rarity.
From The Rev. Dr. James G. K. McClure Collection.(Registry values: N10218)
Coin Index Numbers: (NGC ID# DN5B, PCGS# 6995, Greysheet# 7277)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
View all of [The Rev. Dr. James G. K. McClure Collection ]
Auction Info
2016 June 8 - 12 Long Beach Expo US Coins Signature Auction - Long Beach #1236 (go to Auction Home page)
Auction Dates
June, 2016
8th-12th
Wednesday-Sunday
Bids + Registered Phone Bidders: 15
Lot Tracking Activity: N/A
Page Views: 804
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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