Lot 2853
1797 Draped Bust Dollar. 9 stars left, 7 right, small letters. PCGS graded AU-58. Rarity 4. A hint of light gold toning. A nice well struck coin. When this high-quality 1797 draped bust silver dollar sold in an ANR sale of June 2005, it was described as: "Even light silver gray with much luster remaining at peripheries and around devices. Sharply struck at peripheries though somewhat soft at central reverse, where several adjustment marks criss-cross at and below the eagle. Some vestiges of adjustment marks are also noted at the reverse rims, especially in the lower left. A little granular and with some marks below Liberty's ear, hairlines on both sides, splash of dark toning outside star two. A very sharp example of this elusive and popular major variety, labeled by Bowers in his Encyclopedia as 'the most famous variety after 1794 and before 1804.' This is the single finest certified by PCGS. Among the finest we have located, finer than the Austin, Aspen, and Ebsen coins by a long shot. Now considered Rarity-4, this variety was long considered a classic rarity and once upon a time was unpriced above VF. As noted in the Bowers Encyclopedia "AU coins are virtually unheard of" and in 1990 the knowledgeable cataloger of the Chalkley collection noted that Superior had offered only five specimens in that firm's history. Despite a reappraisal of the rarity of the variety as a whole, top grade pieces like this are still exceptionally elusive; few if any surpass this one."
The toned spot at star two, as well as the location of the adjustment marks confirms this coin's provenance. Pop 1; none finer @ PCGS (PCGS # 6866) .
(Some believe this to be the R.L. Miles coin, Stack's sale of April 1969, Lot 1534. That specimen, though unplated, was described as "Brilliant Uncirculated, golden iridescence, usual adjustment marks in field. The reverse has adjustment marks, as well as a planchet defect. A rare variety seldom seen in this condition.").
Estimated Value $125,000 - 150,000.
Ex: Cardinal Collection.
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