LOT Old Heritage Auctions  /  2008 April Rosemont, IL (CSNS) US Coin #1104  / 

2371

1896 $1 PR68 Deep Cameo NGC

Currency:USD Category:Coins & Paper Money Start Price:30,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1896 $1 PR68 Deep Cameo NGC
<B>1896 $1 PR68 Ultra Cameo NGC.</B></I> An exquisite Superb Gem with ice-white motifs and darkly mirrored fields. The contrast easily merits an Ultra Cameo designation. Although a powerful loupe locates a few hair-thin striations, relics of the die preparation, no abrasions are observed. The present piece can be identified by a tiny curly lintmark (as produced) on the reverse margin near 9 o'clock.<BR> Only 762 proofs were struck, a reduction of 118 pieces from that of the prior year's proof issue, the famous 1895 silver dollar. According to Q. David Bowers in his monolith <I>Silver Dollars & Trade Dollars of the United States</B></I>, two obverse dies were used to coin proof 1896 dollars, "both with date further left than usual, one with two small die file marks below ear, the other with heavy die polish in [the] ear and curls." On the present piece, there is no indication of heavy die polish within the ear, and a couple of delicate die polish lines are present below the ear. Therefore, this is the first obverse die referred to in the Bowers reference.<BR> Mintages of Morgan silver dollars declined after 1891, and bottomed out in 1895. 1895 was the only year without Philadelphia business strike production, and also was the only year that the combined mintages at all mints were less than 1 million dollars. It is surprising, then, that business strike emissions soared in 1896. The three mints struck close to 20 million pieces, with nearly 10 million coined at Philadelphia.<BR> It is true that the economy had improved in 1896. But since Treasury vaults contained more than 100 million silver dollars by 1896, none needed to be struck for circulation. One possibility for the heavy coinage of silver dollars was that they were needed to back the issue of 1896 silver certificates (Friedberg-224). 1896 was also an election year, and agitation by the free silver movement may have compelled increased government purchases of silver. Census: 15 in 68 Ultra Cameo, 3 finer (2/08).<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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