Lot 1338
1889 $10 Liberty. NGC graded MS-61. CAC Approved. The painfully low mintage of only 4,440 pieces is a hallmark of the 1889 P-mint Eagle. Primarily untoned. What is with the drop-off in gold coin mintage at Philadelphia in 1889? For one thing, panic began gripping the nation's East Coast money markets in 1888-9 as the government's bullion deposits which were used to back its bonds dwindled ever closer to nonexistence. Financiers scratched their heads about what to do and pointed fingers at one another as to the culprit; they talked up a storm -- and did virtually nothing (exactly like today). US Half Eagle, Eagle, and Double Eagle mintage recorded the unfolding drama in its own silent fashion: very low production numbers. The crisis eventually eased but not before much fear had occurred. Pop 20; 7 finer in 62.
Estimated Value $1,700 - 1,800.
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| Realized $3,105 |
