Lot 2772
1795. 3 leaves beneath each wing. B-5. PCGS graded EF-45. Another sharp, attractive example of the popular 1795 flowing hair style silver dollar. Well struck with greyish-violet toning and some reverse adjustment marks in the center. BB-27 is the final variety of this Type listed in the Bowers reference, with the change to the draped busy style of portraiture presumaly made thereafter (BB-51 & BB-52); the gap in the numbering system used by Bowers-Borckhardt is there to provide space for any new discoveries of hitherto unrecognized die varieties.
"Statute One," the Mint Act of April 2, 1792, authorized coinage of silver dollars at the weight of 416 grains and the awkward fineness of 1,485/1,664 silver, 179/1,664 copper. The coins were supposed to pass at par with Spanish and Mexican dollars (the international trade coin of the day), though the primitive assaying methods available at the time prevented authorities from learning the true Spanish standard, which was 65/72 silver, 7/72 copper = 902 7/9 Fine (compared to the Philadelphia Mint's 892.43+ Fine). But because Spanish and Mexican dollars remained legal tender at par with those coined by federal authority, worn Mexican and South American "pieces of eight" circulated preferentially. Little bullion was brought in for coinage into United States dollars, and only a fraction of those reached circulation, according to Breen's encyclopedia.
Estimated Value $10,000 - 12,000.
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