LOT Heritage Rare Coin Galleries  /  2004 June Long Beach Signature Sale #349 - Sessi...  / 

6118

1839[PS$1] Name Omitted, Judd-104 Restrike, Pollock-116, R.3, PR64 NGC.

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1839[PS$1] Name Omitted, Judd-104 Restrike, Pollock-116, R.3, PR64 NGC.
<B>1839<PS$1> Name Omitted, Judd-104 Restrike, Pollock-116, R.3, PR64 NGC.</B></I> Silver. Reeded Edge. Die Alignment IVa. Head of Liberty opposite the right side of the F in OF, with the eagle flying level following a medallic turn. Fully struck in all areas with complete definition on Liberty's foot and sandal. Richly toned with gray-golden toning over both sides and a wide swath of cobalt-blue at the top of the obverse. The proof surfaces are deeply mirrored and only interrupted by a few crisscrossing hairlines in the right obverse field. Double punched on stars 5 and 8, as evident on all 1839 dollars.<BR> Recent research by M. L. Carboneau and James C. Gray indicates that the original 1839 dollars were made entirely in Die Alignment IV (not Die Alignment I) from perfect reverse dies. The original 1839 dollars can therefore be distinguished from the restrikes by the presence of microscopic die cracks at the top of MERI in AMERICA, at the base of LAR in DOLLAR, and through the top of TE in UNITED. Not all die crack combinations are present on all restrikes. This is due to either weakness of strike or the emission sequence of the specific coin relative to when the die cracks developed. Except for a few presentation pieces, most "original" 1839 dollars were intentionally placed into circulation at face value and therefore are regular issue coins and not patterns, although they are listed in the Judd and Pollock pattern books. Today, many 1839 dollars are found in circulated, impaired, or damaged condition. The present 1839 dollar has a faint die crack through the top of MERI in AMERICA. At least 20x magnification and proper lighting are necessary to see this crack. The existence of this die crack indicates that the coin is a "restrike" probably made between 1857 and 1859. From this die crack we can imply that this particular coin is from a small number of restrikes made under the authority of James Ross Snowden. During the late 1850s, there was a large demand for U.S. coins, which was spurred on in part by the elimination of the large cent in 1857. However, collectors quickly discovered that many coins made just a few years earlier (e.g., the Liberty Seated dollars of 1851, 1852, the Gobrecht dollars of 1836-1839, and several other issues) were impossible to find in circulation. Inquiries to the U.S. Mint for these coins led Snowden to realize that he could satisfy this demand by producing restrikes, and that the proceeds from these "private" sales could finance the purchase of coins and medals for the U.S. Mint Collection. Of course, Snowden was discreet about this operation, and at first there were no problems. Eventually, however, a scandal ensued which brought an end to Snowden's restriking activities. It was not until Linderman's tenure in office in 1867-1869 (and then again in 1873-1878) that the Gobrecht dollar dies were taken out and a small number of additional restrikes were made. In any event, many of the restrikes that Linderman made went into his own personal collection. In fact, several Gobrecht dollar rarities were still in Linderman's estate as late as 1887 (he died in 1879 while under investigation by a congressional subcommittee concerning charges of misconduct which were never resolved). In spite of all of the restriking that occurred during the 1850s and then later in the 1860s, relatively few Gobrecht dollars were made and only a small fraction of these coins still survive. Almost all the high grade 1839 dollars found today are "restrikes." The present specimen is an excellent coin that should fit in any high grade early dollar collection. <BR><BR><B>Important notice:</B> Heritage usually auctions material at the rate of 200-250 lots per hour. On some occasions eBay Live bid software or the Internet may not be able to keep up with the pace of the auction. We recommend placing a realistic absentee bid now as insurance to avoid disappointment. Occasionally the auctioneer may eliminate or reject an eBay Live bid, and the auctioneer may also reopen a lot after the close of the eBay live bidding (usually because we missed an audience bid), and may reject your bid even if it shows you as the winning bidder. By bidding via eBay Live, you agree that Heritage may award the lot to another bidder at its sole discretion under the circumstances described above or any other reasonable circumstances. Since eBay bids are not shown to us until we open the lot on the floor, we treat those bids just like floor bids. In most cases the floor responds before the eBay bid is presented to us, due to Internet lag time, so for consistency we have made it a policy that floor bids are always considered first over tie eBay live bids. Also please note that all Heritage lots purchased through eBay Live carry a 20% Buyer's Premium. Please make sure you read the Terms and Conditions before you bid.
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