LOT Old Heritage Auctions  /  2008 February Long Beach Signature Coin #460  / 

827

1794 $1 XF45 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 XF45 PCGS
<B>1794 $1 XF45 PCGS.</B></I> B-1, BB-1, R.4. Far finer than the usual strike, with every digit, star, and letter on the obverse completely outlined. Both sides have complete borders with the solitary exception of about 8 o'clock on the obverse, exactly opposite the minor radial adjustment marks that are found near D and S on the reverse. It is known that adjustment marks on one side of a coin are responsible for weakness on the other side. The same cannot be said for later scratches, and provides an easy method of differentiation. This example probably ranks among the top 20% of all known pieces in terms of its strike. <BR> The 1794 is clearly a centerpiece coin for any important numismatic cabinet. In 1997, the Eliasberg cataloger wrote: "Over a long period of years, indeed virtually since day one of American numismatic interest, the 1794 silver dollar has been highly prized. Research by the late Jack Collins indicates that the population of known pieces is somewhere between 125 and 135 specimens, the precise number is indeterminable, as not all have appeared in auctions. Moreover, some auction listings are undoubtedly duplicated, as many early descriptions are not precise enough to establish pedigree links and were not photographed. The median grade for known 1794 dollars is about VF25."<BR> Among the early numismatic scholars was Mint Director James Ross Snowden, who penned <I>The Cabinet Collection of the Mint of the United States</B></I> in 1860. On page 107, he described the first silver coinage: <BR> "The first deposit of silver bullion for coinage took place on the 18th day of July, 1794. The deposit was made by the Bank of Maryland, and consisted of ‘coins of France,' amounting to eighty thousand seven hundred and fifteen dollars seventy-three cents and five-tenths ($80,715.73.5.)<BR> "The first return of silver coins from the Chief Coiner to the Treasurer was made on the fifteenth day of October, and comprised 1758 dollars. The second delivery was on the first day of December, and consisted of 5300 half dollars. This embraced the entire silver coinage of the year. There was a small coinage of half dimes, but they were only struck as pattern pieces, for the purpose of trying the dies, and were not regularly issued."<BR> The first silver dollars were clearly inadequate, due to the lack of a screw press large enough to strike them. The largest coinage press available at the time was intended to coin large cents and half dollars, rather than silver dollars. Recently, some researchers including Walter Breen have suggested the mintage of 1794 silver dollars was actually higher than the net distribution. Breen placed the number at 2,000 coins. The theory is that the remaining coins (242 based on Breen's estimate) were rejected because they were too weak, and were saved for later use as "planchets." Dave Bowers supports Breen's theory through the existence of two 1795 silver dollars that were actually struck over 1794 silver dollars. Opposing the theory is the fact that all coins the Mint produced were immediately returned to the depositors of silver, and later gold. Such a requirement would make it impossible to save coins for later use as planchets.<BR> This 1794 dollar has remarkable surfaces with attractive pale gray, lilac, and lighter highpoint toning. A tiny mark behind the head, and another attached to the top of the A in STATES are convenient pedigree markers. The reverse adjustment marks along the left border between D and S, have already been described. This is a highly desirable example that will easily be a highlight in the buyer's collection.<BR><I>Ex: Charles P. Britton Collection (Edward Cogan, 1/1883); S.H. & H. Chapman (6/1889), lot 190; E.S. Norris Collection (S.H. & H. Chapman, 5/1894), lot 24; J.M. Clapp; John H. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr.; Eliasberg Estate (Bowers and Merena, 4/1997), lot 2167.</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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