Lot 1827
1883 Hawaiian Eighth Dollar. PCGS graded Proof 66 CAC Approved. In a new secure plus holder. Pop 2; none finer at PCGS. Probably the finest known. Bare head r. of Hawaii's last King matches that appearing on the other 1883 silver coins. The reverse bears the Hawaiian denomination HAPAWALU in a laurel wreath, the English equivalent below, EIGHTH DOL. with royal motto as legend, The Life of the Country is Perpetuated in Righteousness. Magnificent deeply gleaming silver contrasts with fascinating dappled toning for outstanding visual appeal.
One of only 20 Proofs struck from a single pair of dies and included in Proof sets made for presentation to Hawaiian notables, further limiting distribution. This seemingly odd denomination was first specified because it was equal to the old Spanish Real valued at 12½ cents that had long circulated in the islands. However, when regular coinage began, the dime was substituted, since the San Francisco Mint already had dime planchets on hand whose use would reduce the cost of the coinage. The 10-cent denomination was also part of the American decimal system of dime, quarter, half dollar and dollar.
No Hapawalu coins were struck for circulation, intensifying collector pressure on the few Proofs, which have been eagerly sought by collectors for 125 years. This Proof denomination is very seldom encountered at auction. The present coin's auction appearance provides an historic opportunity for collectors of the finest Hawaiian coins, a chance that may not occur again in the foreseeable future.
In their request to have coins struck by the United States government, the Hawaiian government included four denominations: a 1/8th Dollar (Hapawalu), a 1/4 Dollar (Hapaha), a 1/2 Dollar (Hapalua), and a Dollar (Akahi Dala). All of the denominations, except the 1/8th Dollar, conformed to American coins in size, weight and value. Because the Hapawalu would have required specially made blanks, a Dime denomination (Umi Keneta) was substituted for the Hapawalu. No Hapawalus were struck for circulation, but when 20 special presentation Proof sets were made at the Philadelphia Mint in 1884, Hapawalus were included along with the other four denominations.
(The Philadelphia Mint also produced 18 Hapawalus in copper from the same Proof dies and included them in four-piece Pattern sets of 12½c, 25c, 50c, and $1.) (PCGS # 10985) .
Estimated Value $60,000 - 70,000.
The Forsythe Collection.
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