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Sale 69
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Lot 1853
1883 Hawaiian Dollar. PCGS graded Proof 63 Cameo CAC Approved. In a new secure plus holder. Light golden toning. Only 26 struck in Proof. This is an extremely rare example of the Akahi Dala, or One Dollar (same weight and fineness as the U.S. Morgan silver dollars of the day). Only slightly more than two dozen were struck in Proof for the Hawaiian Government from dies prepared at the Philadelphia Mint. Curiously, the copper pattern issues from the same dies for Hawaiian coinage were prepared and coins struck at the San Francisco Mint, not Philadelphia. The dies were engraved by Charles E. Barber. Months after the transaction was completed, it turns out that Claus Spreckels, the sugar baron, who used his influence to have the coins made for the Hawaiian Government, had clandestinely pocketed a $100,000 to $150,000 "seignorage" profit on the transaction, much to the annoyance of the government officials. When his malfeasance was discovered, there was little they could do about it besides fume.
We note some almost invisible hairlines in the fields, accounting for the still very choice grade. The devices, as on the other example in the sale, are all supremely sharply struck and well frosted, giving everything its cameo appearance. Toned deepest at the rim with warm almost-amber brown, smoothing out to lovely light golden color within, nothing untoward, unusual, or disconcerting to describe in the way of detractions. Quite the contrary, the coin is outstanding! Struck in .900 Fine silver with a reeded edge, which is visible in the NGC holder. Long known as a classic rarity, and certain to be the highlight of any specialized Hawaiian collection.
Some time after the coins were produced, the original dies (obverses only) were defaced with chisel marks and now reside in the Hawaii State Archives in Honolulu (small building next to the popular tourist attraction of Iolani Palace.) Few have ever seen them but they can be viewed upon request. They are not on display. Your cataloger had the good fortune to view them at the Archives in the 1970s. They are covered in protective grease to retard oxidation. Don Medcalf, in his "Hawaiian Money Standard Catalog" second edition, pictures a set of cancelled dies on page 39 for those interested. Scant auction records are recorded for Proof Hawaiian dollars, they simply sell too infrequently with only 26 made. Pop 1; 1 finer in 64CAM. (PCGS #415929).
Note: According to Jacob Adler ("Coinage of Hawaii", co-authored with Abe Kosoff):
"The Kalakaua coinage of 1883 resulted from an adroit combination of two apparently unrelated laws: The Coinage Act of 1880 and the National Loan Act of 1882. The coinage act provided that the Minister of Finance could buy gold and silver bullion "with any moneys which may from time to time be in the Treasury." With the bullion he could have gold coins minted of certain specified denominations and "Silver Coins of the value of One Dollar, Fifty Cents, Twenty-five Cents and Twelve and one-half Cents." All coins were to be of the same weight and fineness as coins of the United States.
"The National Loan Act provided for the lending of $2,000,000 for specific purposes, the most important being encouragement of immigration and agriculture, and construction of roads, bridges and government buildings. Under the law, the proceeds were not to be used for current expenses of the government. Bonds under the loan act were to be issued at not less than par, with an interest rate of not more than six per cent a year. Principal and interest were to be payable "in United States gold coin or its equivalent."
"Soon after the loan act was signed there were rumors that [sugar baron Claus] Spreckels would take all of the bonds. This was "denied authoritatively." Emphasizing the kingdom’s lack of credit, the Bulletin said: "The ways and means of floating the Two Million Loan were being discussed on the beach the other day and nearly everyone decried it as impossible." For several months requests for tenders up to $500,000 ran in the Honolulu newspapers without result. Unsuccessful efforts were also made to float part of the loan in San Francisco.
"Just when [Finance Minister Walter Murray] Gibson hit upon the combination of the coinage and loan acts as the solution to the financial troubles of the government is not entirely clear. Despite official denials, the thought that Spreckels would lend the money was an early one.".
Estimated Value $20,000 - 23,000.
The Forsythe Collection.
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| Realized $42,550 |
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