Lot 1805
1901-S. PCGS graded MS-66. An outstanding frosty mint gem exhibiting full mint bloom colors. Pop 49; 5 finer, 2 in 66+, 3 in 67
Collectors see gold coins and admire them for their beauty and value, but rarely suspect that behind the curtain, they played a key role in regulating commerce here in the United States and abroad. Whenever a currency crisis arose during the gold standard period in the 19th and early 20th century, gold coins (and their associated bullion bars that banks also held in reserve) were at once the object of desire. A whole litany of money market and associated stock and bond market panics popped up regularly following the disruption released by the Civil War: 1869, 1873, 1884, 1890, 1893, 1895-6, 1901, 1903, 1907, with the latter being the final nail in the coffin of unregulated markets. The 1907 so-called Rich Man’s Panic ended when powerful banking interests set in motion the process for forming the Federal Reserve system, a modern-day version of a banking cartel. The Federal reserve had been preceded by two earlier ones: the First Bank of the United States (1791-1811) and the Second Bank of the United States (1816-36). The Fed is with us today, although sadly, the only gold coins that are issued by the Treasury Department are for investment or hoarding purposes and not for currency backing. The 1901 Half Eagles from San Francisco just happen to be some of the most attractive gold pieces ever minted in the United States in terms of sharpness and fine gleaming rollicking golden luster. The Mint State 66 coin in this Lot is a particularly beautiful example of what we mean (PCGS # 8404) .
Estimated Value $3,500 - 4,000.
The Del Valle Collection.
|
| |
| Realized $4,113 |
