Lot 2339
1933. So Called Dollar, HK-825. Pedley-Ryan Dollar. MS-63. These were struck in 1933 to provide small investors with an opportunity to speculate in the price of silver. After 1932, the minimum investment was a 1,000 silver bar. The Pedley-Ryan company hoped that this would provide an outlet for the large quantity of surplus silver on the market, and provide some price support for the metal, which was trading around 27 cents to the ounce at the time. It is thought that not more than 500 of these were issued on January 7, 1933, and production was halted when these soon started turning up in filling stations where customers used these in lieu of silver dollars, which were the same exact size. We note multiple cuttings on some letters, and an errant D or P below PEDLEY in the field. The silver was obtained from the Denver Mint, and these were sold at 3 to the dollar by the investment house named.
Estimated Value $50 - 75.
From the Benson collection and purchased from Ira S. Reed on March 9, 1945 for $25.00.
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| Realized $161 |
