|
Sale 25
Lot 2360
1838 Pattern Dollar. Silver, reeded edge. Restrike. PCGS graded Proof 64 PQ. Among the finest known examples of this classic pattern, this coin, in addition to its high technical "number grade," also possesses a special eye-appeal not enjoyed by most of the few other Judd-84 coins in existence. It has come to market from the same old source as the marvelous Judd-65 dollar in this sale, and is now making an unusually rare auction appearance. Its wonderful iridescent sea-green and silvery gray toning is made all the more intense by the shimmering reflectivity of its mirrored surfaces. Beneath this gossamer sheath of toning lies a brilliant intensity of "mint bloom" such as is seen on few other early Proofs, including most Gobrechts. We recommend personal inspection, for one look will convince any viewer of this coin's instant visual appeal.
Perhaps 60 or even 80 examples of this die combination are known, including an estimated uncertified group of 20 to 40 coins which are far from perfect, having been studied many times or carried as pocket-pieces and cherished as mementos of their era without regard to how the coins might suffer from such care. Among the better pieces are some 37 graded by PCGS and NGC, although those Pop Reports can frequently include the same coin submitted more than once but not so recorded.
Some technical details seem in order, and follow here: an extremely fine die-crack shows above MERI on reverse, and the Die Alignment is #3. From the website www.uspatterns.com we gleaned the following interesting details: researchers Michael Carboneau and James Gray, who have checked the die-alignment of numerous Gobrechts, draw these conclusions about Judd-84: "Based on our research, it appears that the first set of 1838 dollars were probably made in die alignment IV, not die alignment I; and were probably struck in 1838 and/or 1839 from perfect reverse dies, making these coins either 'originals' or 'second originals' (using the terminology that is frequently applied to the issue of 1837). It is also noted that nearly all 1838 dollars have been observed in die alignment III orientation. However, a few die alignment IV coins are known (e.g., the Norweb specimen). No 1838 dollar is believed to have been deposited into the U.S. banking system. Therefore all 1838 dollars can be considered patterns; most of which are restrikes sold to collectors in the late 1850's and 1860's." Mintage is unknown, they continue, but "1838 dollars are significantly more rare than 1839 dollars." Many others share this opinion, of course, although 1839 is certainly "a rare bird" for most collectors.
Our lovely PR-64 Judd-84 Gobrecht dollar is apparently among the nicest 10 in existence. The L.K. Rudolph coin sold by Stack's in May 2003, PCGS graded PR-65, sold for $54,625. The Eliasberg "PR-64" (slabbing did not exist when that collection was sold) ended up graded PR-65 by NGC but that coin was very dark, and in our opinion lacked the sparkling eye-appeal of the presently offered coin. The top examples of this pattern from both grading services are all in the 64 to 65 range. We feel eye-appeal is of great significance, particularly in the large dollar patterns, and that this lovely coin could set a record, considering its splendid look and the significant rarity which marks its stature in American numismatic lore. In a word, a "great" coin! (PCGS # 11352) .
Estimated Value $75,000 - 100,000.
|
| |
| Realized $69,000 |
|