LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

2912

1794 $1 AU55 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:350,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1794 $1 AU55 PCGS
<B>1794 $1 AU55 PCGS.</B></I> B-1, BB-1, R.4. In 1791, prior to the striking of any official U.S. coins, two different issues were debated between the Executive and Legislative branches regarding coinage. One concerned the necessity of coinage and the need for a mint, the other addressed who or what should be depicted on U.S. coinage.<BR> President Washington addressed the need for a mint in his Third Annual Address:<BR><BR> "The disorders of the existing currency, and especially the scarcity of small change--a scarcity so peculiarly distressing to the poorer classes, strongly recommend the carrying into immediate effect, the resolution already entered into concerning the establishment of a mint. Measures have been taken, pursuant to that resolution, for procuring some of the necessary artists together with the requisite apparatus."<BR><BR> In other words, Washington had done what he could do, now it was up to Congress.<BR> Beginning in January debates began regarding presidential portraits on coins. Shortly thereafter, Peter Getz presented his pattern silver half dollars with a portrait of Washington and small eagle. House debate in March largely objected to a presidential portrait. Representative John Page delivered a succinct and prophetic summation of the danger of a presidential portrait: "However well pleased they [the citizens] might be with the head of the great man now their President, they may have no great reason to be pleased with some of his successors." The House voted to retain the "device emblematic of Liberty," and the Senate followed suit in late March.<BR> Once the ground rules were established and actual coinage began to be produced, Washington's suggestion to first deal with the "scarcity of small change" was heeded. Half dismes were produced the following year with half cents and large cents following in 1793. The silver dollar was not coined until 1794, and then only 1,758 pieces were struck. Of that number originally produced, it is estimated that today only 130 or so pieces are known in all grades. This is obviously one of the finer 1794 dollars extant. Most are low grade and problem-ridden. This coin last appeared in auction in 1990, and a comparison to the auction photo plate suggests that some minor strengthening may have subsequently been done to a few of Liberty's hair curls, and that a couple of planchet laminations appear to have been filled in or otherwise reduced. That said, this is a remarkable 1794 dollar, sharply detailed throughout, with just the slightest weakness seen on the first two stars. Both sides display mottled golden toning with slight gray-violet overtones. The most obvious identifiers are a shallow planchet void beneath the L in LIBERTY and another diagonal planchet flaw to the left of the O in OF. <BR> This is an exceptional opportunity for the early dollar collector or a collector who simply wants to acquire premier rarities.<BR><I>Ex: Unnamed collection from Troy, New York, that was formed between the 1840s and 1894; purchased by Dr. Charles F. French in the 1930s; Dr. Frothingham (French's, 11/1973), lot 737; 1974 Central States Auction (RARCOA, 5/1974), lot 257; The Scott Collection (Bowers and Ruddy, 6/1975), lot 963; Buddy Ebsen Collection (Superior, 5-6/1987), lot 1873; Four Landmark Collections (Bowers and Merena, 3/1989), lot 1932; American Rare Coin Fund; A Cabinet of Rarities (Bowers and Merena, RCR # 78, 1990), lot 130; October Sale (Superior, 10/1990), lot 3710.<BR>From The Chandler Collection.</B></I><BR><BR><B>Coin Engraver:</B> Robert Scot<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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