|
Sale 8
Lot 2245
1921 to 1922. An Extraordinary Set of Five Proof Peace Dollar Issues. The following five coins are included in this unique set of Peace Dollar proofs: 1921 Matte Proof, NGC graded Proof-65; 1921 Satin Proof, NGC Graded Proof 64; 1922 High Relief, Matte Proof, NGC graded Proof 65; 1922 Satin Proof (low relief), NGC graded Proof-63 and 1922 Matte Proof (low relief), NGC graded Proof 65.
This is an extraordinary set of Peace dollar proofs, the first ever offered as a group so far as we know. The appearance of a single coin, any in fact, of the above five pieces is cause for celebration and enough to make any auction memorable. The key to the set is the low-relief matte proof 1922. This coin is not reported in the Breen Proof Encyclopedia or in his primary United States coin encyclopedia. It is one of two believed made for Ambrose Swasey, a member of the Assay Commission, and the only coin so graded as a matte proof with the production style lower relief used for 1922 and later Peace Dollars. To have a complete set of proofs, the 1922 low relief matte proof must be obtained!
Coins of the United States reflected our countries values from the start. In 1796 when the heraldic eagle design was copied loosely from the Great Seal, engraver Robert Scot made the "mistake" of placing the warlike arrows in the eagle's right, or dexter claw (the place of honor), while relegating the olive branch of peace to the sinister, or left claw. Perhaps this was intentional by Scot, or maybe he didn't know any better. Another possibility, last summer while enjoying the Philadelphia ANA show and taking a tour of the Philadelphia State House where Congress first me, I noticed a finely engraved eagle inside the Senate meeting room, curiously the arrows were again in the right claw, while the olive branch of peace was in the left claw. The Philadelphia State House was only a few blocks from the original Philadelphia Mint, and it is conceivable that Robert Scot may have used this eagle carving as his model to design the heraldic eagle coinage. It is further apparent that no one changed the placement of the arrows and olive branch, as coinage so arranged continued for eleven years until the John Reich designs were phased in, which reversed the position of the arrows and olive branch in the claws to the position of peace over war. Subsequent designs came and went, some with more of a preference for war than peace, such as the Mercury Dime which portrays a large fasces of rods and axes, while the olive branch is relegated to an almost unrecognizable position in a low supporting role for the military hardware. Never had a circulating coin been designed for peace.
A proposal was made shortly after the Treaty of Versailles, which formally ended World War I, by Farran Zerbe at the ANA Convention in Chicago of 1920. Zerbe proposed that a new half dollar, or should silver dollar coinage be resumed a new silver dollar instead. The ANA's enthusiasm was so great that a committee was formed to submit a bill to Congress. On May 9, 1921 Morgan Dollar coinage resumed, on that same day a bill was submitted proposing a new "Peace" design. The bill languished while Congress adjourned because of a single objection and ensuing debate. Later, it was discovered that approval of the Peace dollar did not need Congressional blessing, as the Morgan design had been current well over its statutory 25 year tenure. Thus, the Federal Commission of Fine Arts announced a design competition on November 23, 1921 and invited eight of the nations leading sculptors to submit models. The winner was Anthony de Francisci, who submitted a lovely rendering of his wife as Ms. Liberty wearing a radiant crown similar to several Roman coins, and the reverse with an eagle breaking a sword, for disarmament (Isaiah 2:4). The design was publicized on December 19, 1921, the same day Congress approved his models, only to meet with howls of raging protest from officials. Somehow, the powers that be insisted the breaking of the sword implied defeat, not peace or victory! Due to these objections, Mint Engraver George Morgan altered Francisci's reverse design, remodeled the eagle, minus the sword and arrows but with the olive branch of peace, placed the eagle on a mountain peak inscribed PEACE. Hastily approved, Morgan's changed were even more hastily rendered into working hubs and dies in high relief, and 1,006,473 were struck December 26 to 31, 1921. A messenger delivered one to President Harding on January 3, others the same day to the Secretary of Treasury and Director of the Mint. These coins were probably the matte or satin finish proofs.
It is likely that the approval for coinage was based on these lovely proof issues, and not from production coinage. Soon the Mint found that the high relief coins of 1921 were causing unexpected die breakage and were weak at the centers, as the Mint turned down the striking pressure to extend die life. Morgan, who was upset that his design had been superseded, lowered the relief on the electroplate model by pounding it down with a board and hammer! Thus, the high relief coins were once again (like the 1907 double eagles) greatly reduced in relief, allowing dies to last longer, and striking pressure to be greatly reduced. The sad result is the uninspiring low relief coins which are greatly diminished from the original concept designs of the artist. These proof pieces stand as the only remnants of the glorious de Francisci design. All are extremely rare and desirable, and all collectors would do themselves a favor to study each of these coins to view these historic rarities offered as a single lot.
The first coin, the 1921 Matte Proof boasts superb surfaces, the fine matte powder used gives the coin an even silvery gray color, with the periphery showing slight toning at the extreme edge. Sharply impressed by the dies, with outstanding device detail over Liberty's ear and on the reverse eagle high points. Breen notes that 6-8 are known, one is located at the Smithsonian, another at the ANS, making very few available for collectors. We're not sure if this is the Col. Green coin, Lester Merkin, 6/71 or the former Kagin example. Naturally, this coin carries its own credentials. NGC notes this coin alone in its grade category, with another graded Proof 62 below. PCGS has not graded any 1921 Peace dollars in proof.
The 1921 Satin Proof boasts light golden toning on both sides, the strike is sharp, although the curls over Liberty's ear show only minor weakness. Diagnostic die lines are visible as noted in Breen. NGC has graded a thirteen of these, the Jack Lee coin as Proof-66, then this coin is tied with six as the second best seen as Proof 64. Others grade lower. As noted in Breen, these show no trace of mint frost. PCGS has not graded any of these.
The 1922 Matte Proof in High Relief is very similar in texture and appearance to the 1921 Matte Proof. The matte process shows fine grains, and the surfaces are even in color, a milky white silver. There is a small speck below the E of E PLURIBUS on the reverse, which will help trace the pedigree of this coin. Breen estimates that 6-8 are known, some of which are impaired. NGC has graded 4 as such, with 3 graded higher. The surfaces of this coin are outstanding, and it is sad that such quality is possible to coin, when one compares this with the normal low relief issues of 1922.
The 1922 Satin finish proof features the low relief, and the coin has no mint frost but instead is entirely reflective. Despite the low relief, this coin is very sharply struck and boasts amazing detail on the curls over Liberty's ear. Only 2 have been graded by NGC, none by PCGS, making this coin extremely rare. Breen noted that only 3 were known in his encyclopedia, and apparently none have been offered in some years at auction. This coin has delicate gold toning on both sides, and because of its sharp strike, is obviously a proof issue.
Last we have the 1922 Matte proof. These were not known to Breen and are not reported in his Proof or regular encyclopedias. Two of these turned up in the massive Norweb sale by Bowers and Merena in 1988. Both apparently came from the collection of Ambrose Swasey, a member of the Assay Commission at the time. It appears that George T. Morgan coined two pieces in this matte finish specifically at the request of Swasey. This coin was from Lot #3933 in the Norweb Sale. Although 4 are reported in the NGC census, there may be one reported twice, this coin is listed under "Norweb/Lee" (one of 2 graded Proof 63 and this coin as 65), then below as "Matte Low Relief" as Proof 65, since this is one of two Norweb coins it is reasonable to assume that someone sent it back for a possible upgrade, keeping the known population at 3 coins. Milky white in color, and an outstanding gem in every way. Free of toning and a beautiful example in every respect. It is important to note that the other Norweb Proof example of this low relief Matte Proof sold in Superior's 1995 Premier Sale January 1995, Lot 1069, graded NGC Proof 64, which realized $242,000! This coin is a higher grade and certainly worth more as such.
This group of five Proof Peace Dollars represents years of work and research, offered as a single lot, a tremendous collection of history for the numismatist. Lot of 5 coins.
Estimated Value $200,000 - 300,000.
|
| |
| Unsold |
|