Lot 1276
1869 Pattern Quarter Dollar. Copper, reeded edge. Judd-724. Pollock-805. High Rarity 7. NGC graded Proof 65 Brown. Magnificent electric blue iridescent toning on both sides. A sparklingly fresh gem with rich iridescence on both sides makes this a landmark offering.
During the late-nineteenth Century it began to occur to the Treasury Department that a subsidiary coinage -- i.e., one in which there is less than full metallic value relative to face value -- was acceptable to the public at large. The reasoning behind this was the public's ready acceptance of Civil War tokens, shin plasters (private bank notes), and Fractional Currency, none of which had any intrinsic value and yet circulated widely. Patterns such as this may have been the American government's first venture into issuing token coinage. By the 1890s, with silver's price declining fast and no longer at the old 16-to-1 market ratio against gold, our fractional denominations had become true token coinage (although still minted in precious metal). It was not until 1965 when clad coins arrived that the government completed the process. Pop 1; the finest graded at this service.
Estimated Value $6,000 - 6,500.
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| Realized $5,175 |
