Lot 811
1885. NGC graded Proof 67 Ultra Cameo. Fully white ultra Cameo Gem Proof. Only 930 struck. Sleek and white in color as this gorgeous coin is, the luster seems to seesaws with an occasional hint of iridescence along with the deep reflectivity from the surface. In former days, the luster was enough to determine a coin's status. But today, just as important is the strike: there is no deviation in the sharp design detail seen, not even in the two intricately detailed shields of this remarkable coin.
There had been an enormous expansion of silver coinage in the mid-1870s. Then, toward the latter part of 1877 vast numbers of previously exported silver coins from the Civil War years (1861-65) began flooding in to the United States from abroad. These came principally from Central America and Canada. Tens of millions of coins (worth perhaps as much as $30 million in the estimate of Robert W. Julian) returned like a whirlwind out of the past. This vast "inpouring" continued well into 1880, much to the amazement of the US Treasury (who had to store the excess in its vaults) and to the Mint staff. According to Julian, silver miners and their political partners were not only amazed by the unexpected inflow, but were enraged, because the mints were no longer buying silver for minor coinage. There was little demand for new coinage now that there was an abundance of the old, and the channels of trade were clogged with it. Because there was no inflation in prices paid for goods and services with the added coinage. In response to this inpouring, the Treasury ordered the suspension of minor silver coinage in early 1878 and did not resume it for some years because of the accumulation in the Treasury. It is Julian’s contention that contrary to popular belief, the coinage of Morgan dollars had nothing to do with the interdiction of subsidiary silver mintage in the years 1879-90. As in other such situations, the Mint is supposed to have struck nominal numbers of business strikes each year, along with the Proofs sold to collectors, in order to make them less rare, thereby discouraging speculators from buying up the current-date coins. Pop 2; 1 finer in 68.
Estimated Value $7,000 - 7,500.
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