Lot 296
1880. NGC graded MS-67. This is one of those extremely low mintage dates from an era when silver coins were not generally circulating up until 1879. All silver (and especially gold coins) were hoarded through the beginnings of the Civil War (1861). As the war became unexpectedly long lasting, President Lincoln issued "Greenbacks" or unbacked (gold) paper money which circulated, and these helped pay for the onerous costs of the War. However, if you wanted gold or silver coins, you had to pay over the greenback (or par) price to get real metal coins. These gold and silver coins were often needed for international purchases. The greenbacks inflated well below the value of gold and silver through the war. After hostilities ceased the greenbacks were still dominate in circulation but ever so slowly the premium of gold/silver to paper began to shrink. By 1879 the paper price and gold price were at last the same, so coins from long hidden hoards came back into circulation. So many coins in fact, that no new coins were needed! Hence many tiny mintages of these Half Dollars in the 1880s. Enough were struck to keep the coining presses lubricated, but just barely. Here is one of these historic relics that was somehow carefully preserved in Superb condition from 1880 forward and today stands as one of the abolute finest seen from a meager mintage of a mere 8,400 pieces. Well struck. Wonderful rainbow toning on both sides.Pop 6; none finer at NGC. Estimated Value $7,500 - UP
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| Realized $9,312 |
