LOT #30594 |
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1846 $1 MS65 NGC....
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Sold on Jun 23, 2014 for:
$35,250.00
Bid Source: HA.com/Live bidder
Description
1846 Seated Dollar, Rare MS65
Among the Finest Certified
Ex: Sweet Collection
1846 $1 MS65 NGC. Ex: Sweet Collection. Deep hues of
orange-gold, violet, and sea-green blanket semiprooflike fields
beneath a veil of muted lavender-gray patina. The design elements
are well-struck on the obverse, with notable sharpness seen on
Liberty's head and the surrounding stars, and only slight softness
is seen on the reverse over the top of the eagle's left (facing)
wing. A lens reveals a few minor surface ticks on each side, though
they are virtually undetectable to the unaided eye, due to the rich
patina.Population Data (5/14): NGC and PCGS combined have awarded Gem status to only four specimens (one MS65+, at NGC), with none finer.
Heritage Commentary: An Assay Commission study done of Philadelphia-issued silver coinage in 1846 revealed the average coin to be .9013 fine, which was somewhat "richer" than the statutory .900 fineness, but still within the allowed variation of .897 to .903 fine. With the melt value of silver coins of the period, especially that of the hefty silver dollars, being so close to their face value, the upsetting of the gold-to-silver value ratio brought about by the enormous influx of raw gold during the California Gold Rush in the following years, quickly drove the melt value of circulating silver coinage high enough that it became profitable for refiners and speculators to melt down such coins, effectively obliterating much of the original mintages of many issues and making high-grade survivors scarce in the modern-day numismatic market.
The 1846 silver dollar saw heavy circulation prior to the Gold Rush, and worn examples constitute the majority of the surviving population. Mint State pieces are scarce, and Gems are among the rarest in the series. Bowers writes in Silver Dollars and Trade Dollars of the United States (1993):
"Echoing the situation of 1843, the 1846 dollar is common in worn grades but is rare in Mint State, and is exceedingly rare in grades of MS64 or higher. In 1982, Bruce Amspacher suggested that a really nice Uncirculated coin turned up at a rate of one coin every five to 10 years."
More examples have turned up since that writing, but the certified population reports of NGC and PCGS still list only 46 pieces in Choice Mint State or finer grades. A percentage of these undoubtedly reflect multiple resubmissions, and the appearance rate of high-end examples at auction is seemingly not much higher than it was years ago. This piece represents a rare and important opportunity for the advanced Seated Liberty specialist, and in this condition, is among the rarest pre-Gold Rush issues in the series.
Provenance: Rod Sweet Collection (Bowers and Merena, 7/2005), lot 1041; Duncan Lee (9/2007).(Registry values: N7079)
Coin Index Numbers: (NGC ID# 24YG, PCGS# 6932, Greysheet# 7196)
Weight: 26.73 grams
Metal: 90% Silver, 10% Copper
Auction Info
2014 June 23 The Eugene H. Gardner Collection of US Coins Signature Auction - New York #1213 (go to Auction Home page)
Auction Dates
June, 2014
23rd
Monday
Bids + Registered Phone Bidders: 13
Lot Tracking Activity: N/A
Page Views: 1,035
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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