Lot 840
1881 Hawaiian Eighth Dollar. PCGS graded Proof 63. This is an extremely rare example of the Hapawalu, or Eighth Dollar (one "bit", or half a quarter = 12 ½¢). Only 20 were struck as pattern issues for the Hawaiian Government from a single pair of dies prepared at the Philadelphia Mint. Curiously, the other pattern issues for Hawaiian coinage were prepared and coins struck at the San Francisco Mint. These dies were prepared by Charles E. Barber and or George T. Morgan. Claus Sprekels, the sugar king, used his influence to have the coins made for the Hawaiian Government.
We note faint hairlines in the fields, accounting for the grade, and the devices are all sharply struck. Toned a bit with hazy gold around the edge, and with a minor streak in the left obverse field, with a tiny mint made flaw within the streak below the first A of KALAKAUA near the King's neck. Apparently struck in silver (as well as other metals) with a reeded edge, which is visible in the PCGS holder. Long known as a classic rarity, and certain to be the highlight of any specialized Hawaiian collection.
Soon after the dies were prepared, and a few coins struck, the Hawaiian Government decided to change the denomination from a 12 ½¢ coin to a dime, sealing the fate of this curious issue. The original dies were defaced and now reside in the Hawaiian state archives. Few auction records are recorded for these, they simply don't turn up often with so few minted. The last one we noted was offered in Superior's February 1999 auction, lot 1509, but it was only PCGS PR-61.
A recent PCGS Population Report notes only 3 graded as such, with 2 coins graded higher, both PR-66 (same coin submitted twice?), and a few graded lower than PR-63.
Estimated Value $20,000-UP.
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| Realized $16,675 |
