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1408

1896 S$1 PR69 Deep Cameo NGC. Of the nine Morgan dolla

Currency:USD Category:Coins & Paper Money Start Price:350.00 USD Estimated At:1.00 - 1,000,000.00 USD
1896 S$1 PR69 Deep Cameo NGC. Of the nine Morgan dolla
<B>1896 S$1 PR69 Ultra Cameo NGC.</B></I> Of the nine Morgan dollars graded PR68 or PR69 Deep Cameo/Ultra Cameo that we have offered and recorded in our Permanent Auction Archives, five of the pieces are dated 1896, while there are two coins each of 1895 and 1898. This is far from accidental, as coins of the 1895-1898 era are generally acknowledged to be the most attractive, deeply mirrored, thickly mint-frosted cameo proofs of the entire Morgan dollar series. More specifically, the 1896 Morgan dollar, with a proof mintage recorded at 762 pieces, is accorded the high accolade of being the best-produced issue in the entire proof run. Both silver dollar experts Q. David Bowers and Wayne Miller attest to this fact. Page 2563 of Bowers' 1993 <I>Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia</B></I> reads in part, "Proofs are usually very attractive. Wayne Miller wrote that Proof dollars of 1896-1898 evidence the most awesome cameo contrast of any Proofs in the Morgan series. Even Proof-62 and 63 coins are apt to have a special degree of aesthetic appeal. Proofs of this and the next two years show that the Mint could turn out exceptional products if it wanted to." At least two obverse dies were used for the proof silver dollar coinage of 1896, for an average of only 381 pieces per die. This is not unique to the 1896, and in fact two obverse dies are also known for the 1895 proof Morgan dollars. When production of dollars from a new die began, the first few dozen pieces would show the deep mint frost on the devices and profoundly mirrored fields that produce the Ultra Cameo or Deep Cameo contrast designations that NGC and PCGS, respectively, use today to hallmark such coins.<BR> An examination of the population figures of NGC and/or PCGS is quite instructive in this regard: For many years, say 1883 through 1885, NGC shows one or two proof coins each year that have been certified as Ultra Cameo proofs. (To be specific: 1883, one PR67 Ultra Cameo; 1884, two PR68 Ultra Cameos; and 1885, one PR68 Ultra Cameo.) From 1886 through 1888, NGC has certified five Ultra Cameo dollars: two 1886s in PR67, one 1887 in PR65, and two 1888s in PR67 (one with the <img border='0' src='http://www.heritagecoins.com/images/star.gif' width=10 height=10> designation). Some years (1889) have no Ultra Cameo coins at all. In 1890, however, there are 14 proof Ultra Cameos. In 1891, there is but one. There are five pieces in 1892, 10 in 1893, and five again in 1894. The fabulous 1895 proofs show 14 pieces in Ultra Cameo. But in 1896, the population of Ultra Cameo coins swells to an even two dozen pieces, while 1897 shows but two coins, and in 1898 there were more than four dozen proofs produced that are now designated Ultra Cameo at NGC (2/07)!<BR> Thus far we have discussed the Morgan proof coinage solely in terms of contrast, not in terms of surface quality or numeric grade. However, to stress how truly rare and remarkable the present PR69 Ultra Cameo 1896 Morgan dollar is, we need to examine the <I>grades</B></I> of those Ultra Cameo dollars. One can rapidly see that for most years where Ultra Cameo dollars exist, the highest grade is PR67 or PR68. Even for those, more than four dozen 1898 Morgan dollars with Ultra Cameo contrast, the highest graded among them are two pieces certified PR68 S. At the intersection of the NGC Ultra Cameo designation with the PR69 (or PR69 S) grade level, we find precisely <I>five coins: an 1890 in PR69 <img border='0' src='http://www.heritagecoins.com/images/star.gif' width=10 height=10> Ultra Cameo; an 1895 in PR69 Ultra Cameo; two 1896s in PR69 Ultra Cameo, including the present piece; and a single 1896 in PR69 <img border='0' src='http://www.heritagecoins.com/images/star.gif' width=10 height=10> Ultra Cameo, the only piece of this date that could conceivably be called technically finer.</B></I> There are other coins graded PR69 that do not have the Ultra Cameo moniker, and other Ultra Cameo coins grading less than PR69, but at the nexus of the two, only those five pieces meet the criteria for the deepest possible contrast combined with the utmost in surface quality, aesthetic appeal, and scrupulous preservation.<BR> What is so special about 1896, and why did Mint personnel seemingly go to such great lengths, polishing the dies so highly and employing more than one die? The reasons are lost to posterity. Concerning the present specimen, for those who like to have their cake and eat it too, this coin combines the best of both worlds in another way as well: Despite the Ultra Cameo designation, there is light peripheral toning visible, most prominently in the area of E PLURIBUS UNUM, in shades of pinkish-gold and iridescent steel-blue. This light peripheral color in no way detracts from the stunning contrast, appearing as a thin band of patina near the margins on each side. Census: 2 in 69, 1 in 69 S, 0 finer; none at PCGS (2/07).<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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