LOT Old Heritage Auctions  /  2007 (ANA) Signature Coin Auction #444  / 

1770

1899 $1 PR69 NGC

Currency:USD Category:Coins & Paper Money Start Price:100,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1899 $1 PR69 NGC
<B>1899 $1 PR69 NGC.</B></I> A numerical grade of 69, Mint State or proof, assigned to any coin is a statement that the coin is perfect. The higher grade of 70 does not exist, except for certain modern issue pieces. Only 18 proof Morgan dollars are graded so high by NGC and PCGS. The Cameo, Ultra Cameo, and <B> S</B></I> designations are assigned to some, but all 18 grading events represent perfection in the Morgan series.<BR> What does it take to grade PR69? John Dannreuther explains the standards in <I>The Official Guide to Coin Grading and Counterfeit Detection</B></I>. While published by PCGS, these standards should apply equally to each independent grading service.<BR> “<B>MARKS:</B></I> This coin will appear perfect to the unaided eye. Upon magnification, one or two minute imperfections (extremely minor hairlines, a previously hidden lint mark, a flake from the planchet, etc.) will be evident. Note: Slight die polish, very minor die breaks, or incomplete striking will <I>not</B></I> preclude a coin from attaining this grade.<BR> “<B>STRIKE:</B></I> The strike will be full, showing all of the detail intended.<BR> “<B>LUSTER:</B></I> The surfaces must be fully reflective (if applicable) and not negatively affected by toning or patina. Any toning must be attractive.<BR> “<B>EYE APPEAL:</B></I> Superb! Note: Darkly toned proof coins will <I>not</B></I> grade Proof-69.”<BR><BR> Having an understanding of the various elements necessary for the grade, application of these standards will show the desirability of this amazing dollar.<BR> A cursory unmagnified examination of this piece does not reveal any marks on either side. Further critical examination with a 5x magnifier reveals only the few tiny planchet flakes and minor hairlines that prevent all coins from the magical grade of 70. As the coin resides in a holder, it is necessary to distinguish between actual hairlines on the coin surface and those on the holder that are reflected by the deep mirrors. Die polish is limited to the open area of Liberty’s cheek.<BR> The element of strike in the grading standards seems a little unclear. A full strike is required, with a note that an incomplete strike will not preclude the grade. While two or three intricate hair strands over the ear are slightly merged, the strike can be considered full for purposes of assigning the grade.<BR> Deep mirrors are completely reflective with a crisp transition to the lettering and devices. Central obverse and reverse motifs exhibit full silver color with the obvious cameo contrast that creates superb eye appeal. The obverse is brilliant and white at the centers with incredible violet and blue toning around the border. The reverse is similar with peripheral lilac and gold.<BR> Every aspect of this incredible proof Morgan meets the grading criteria. While not designated as such, it is also an impressive Cameo proof with full contrast between the fields and devices. Dave Bowers writes in <I>A Guide Book of Morgan Silver Dollars</B></I> that “there is no universally accepted definition of cameo in the trade, and opinions vary, as do labels affixed to holders.” In the case of this piece, the label should have been affixed to the holder. It is the single finest proof 1899 Morgan dollar graded by NGC or PCGS, and one of the top 18 examples of any date in the series.<BR><BR><B>Coin Engraver:</B> George T. Morgan<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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