Lot 4508
1871. Longacre's Indian Princess Design Pattern Set. Consists of: Half Dime J-1059 NGC PF66 Pop 1; none finer, Dime J-1074 NGC PF66 Pop 2; none finer, 25¢ J-1090 NGC PF67 Pop 1; none finer, 50¢ J-1105 NGC PF66 Pop 1; none finer, $1 J-1121 NGC PF66 Pop 1; none finer. All High Rarity. Each coin marvelously toned, all are superb examples of their type, in all cases but one, the Finest Certitied, rarities all!
1871 continues the appearance of Longacre's famous Indian Princess design on Pattern coins introduced in 1870. The motif (in modified form) subsequently appeared on later varieties through 1873. Collectors agree almost to a man that had it been adopted for circulation, the Indian Princess set would have made a beautiful addition to the nation's coinage. The design was by James Barton Longacre, Mint Engraver from 1844 until 1869. Longacre adapted Liberty's head ornamentation in modified form from his 1854 Type 2 and Type 3 gold dollars as well as the similar $3 gold pieces introduced in 1854. Liberty's seated figure faces to the left. At her side, in place of the Union shield is a globe of the world inscribed LIBERTY on a ribbon, the letters of which are raised instead of incuse. Behind are two flags. On the larger denomination (dollar) the initials J.B.L. are below the base at right.
Each coin in this unique set of Indian Princess Types uses a design without obverse stars. The reverses employ Longacre's cereal wreath consisting of cotton and corn, with the word STANDARD above the wreath.
Longacre created three versions of a cereal wreath, two of which made it to circulating coinage while this third wreath remained exclusively on the STANDARD series of Pattern coins (but not the STANDARD SILVER inscribed Patterns, which employ yet a different style wreath altogether). The Longacre "cereal wreath" which is used on the flying eagle cents, the gold dollars (type 2 and 3) as well as the $3 gold pieces, is comprised of corn, wheat, cotton and tobacco. Another "cereal wreath" comprises cotton, tobacco, sugar cane, corn, wheat and oak leaves and is used on numerous Patterns as early as 1859, as well as the regular issue half dimes and seated dimes introduced in 1860.
According to William T. Gibbs, a "Coin World" staff writer, "The Treasury Department and Congress in 1870 were considering a major revision of U.S. laws involving coinage and the Mint, with John Jay Knox, then deputy comptroller of the currency (he later became comptroller), serving as special investigator into the needed changes and charged with writing a report with recommendation.
"Knox wrote his report in early 1870 and delivered it in April; he also wrote draft legislation based on his report, and it was submitted to Congress. Both included a provision for a "standard" silver dollar: a 90 percent fine silver dollar weighing 384 grains. (the existing silver dollar weighed 412.5 grains). Such a dollar would be exactly twice as heavy as the 90 percent silver half dollar then in production (the 1853 reduction in the weight of silver coins did not include the silver 3-cent coin or dollar, which remained at their existing weights), rather than more than twice the lower denomination's weight.
"Mint officials, however, rejected the idea of issuing the standard silver dollar recommended by special investigator Knox. Acceding to their wishes, he deleted the standard silver dollar provision from his draft. Knox's draft legislation languished in Congress from the summer of 1870 to February 1872. That was when a House committee inserted an amendment seeking a "trade" dollar weighing 420 grains and composed of 90 percent silver."
It was during this period, when the provisions for a STANDARD coinage was still being debated, that the Mint produced this exquisite series Pattern coins at the new proposed weight standard. A magnificent set of Indian Princess Patterns destined for the finest collection of such pieces. Lot of 5 coins.
Estimated Value $190,000 - 210,000.
Ex: Garrett Collection.
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