Goldberg Coins and Collectibles

Sale 65

Lot 832

1877. PCGS graded Proof 65 Cameo. Well struck, fully brilliant and untoned. A beautiful Gem dancing with fresh radiance. Only 510+ struck for this Proof-only year. Pop 36; 29 finer (PCGS # 83831) .

Historic note: Due to silver coin hoarding in the 1860s, the government instructed the Mint to switch to nickel-copper alloy for 3-cent and 5-cent pieces beginning at the end of the War. It had long been surmised that the subsidiary silver coins which disappeared in 1861-62 during the Civil War were melted or sent to Europe and sold as bullion. It turns out only a small proportion were disposed of in this way. The majority went to countries where they had values as coins above their bullion values, some to Canada but most to Latin-America. Their dramatic reappearance many years later was noteworthy in its day. The capacity of Latin-America to absorb United States silver was obviously limited, but there was some place for new coins even after the wholesale exportation of 1862, and in later years the mints continued to coin silver for bullion dealers who shipped the coins to Latin-America and brought back gold or foreign silver coins. After June, 1862, the United States mints were, so far as silver was concerned, merely establishments conducted for the benefit of New York and San Francisco bullion dealers.
Estimated Value $3,500 - 4,000.

Realized $4,140

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