1870-S $1 MS(PCGS#6965)

The February 2008 Baltimore Auction

拍卖行

Bowers & Merena

批号

2035

等级

VF25

价格

5,019,832

详细说明

The Farouk-Schultz Specimen 1870-S VF-25 (PCGS) Discounting the unknown 1873-S, the 1870-S is the rarest issue in the Seated Dollar series of 1840-1873 and, indeed the rarest regular-issue Silver Dollar of any type. With only nine examples positively confirmed, the 1870-S Seated Dol¬ lar is also one of the leading rarities in the entire United States coinage family. It is rarer than the world-renowned 1804 Dollar -15 examples of which are confirmed in three distinct classes, plus four Mint-made electrotypes. It is also rarer than the MCMVII (1907) Ultra High Relief Saint-Gaudens Double (ap¬ proximately 20 pieces known) and equally as rare as the 1894-S Barb< Dime (nine examples traced). In fact, such is the impor¬ tance of the 1870-S Seated Dollar in U.S. numismatics that the issue has been honored with the #84 ranking in the 2005 book 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth. (As an in¬ teresting aside, the 1870-S is even rarer than the 1933 Double Eagle, although only if we include the 10 1933 Double Eagles that were seized by the federal government in 2004. Those 10 1933 Double Eagles are currently illegal to own.) The 1870-S is also one of the most enigmatic issues in U.S. numismatics. Federal records do not include a mintage for the 1870-S, and we are unaware of any other official documentation pertaining to this issue. According to traditional numismatic wis¬ dom, the creation of these coins is connected to the building of the second San Francisco Mint building. Completed in 1874 and now widely known as the “Granite Lady,” the cornerstone for the second Mint building was laid on May 26, 1870. In the 1988 book Walter Breens Complete Encyclopedia of U.S. and Colonial Coins, the author states: ...it is possible that [the 1870-S Seated Dollars] were made for presentation purposes at the celebration at the cornerstone of the new Mint building (the “Granite Lady”) at Fifth and Mint Sts., between Market and Mission Sts.Support for this theory comes partly from the existence of an 1870-S Seated Half Dime and an 1870-S Three-Dollar gold piece, both of which are unique. Since those two issues are also not mentioned in the mint director’s report, they also may have been prepared for presentation purposes at the cornerstone ceremony. Further proof that the 1870-S Seated Dollar was prepared for presentation purposes comes from the fact that the S mintmark was hand-engraved in the reverse die. At first glance, this fact may seem to refute this theory as the process of hand-engraving any de¬ vice into a working die might be seen as a way of cutting corners in the production process - an unlikely occurrence for presentation pieces, most of which are usually prepared with better-than- average care. In this case, however, we feel that the hand-engraved mintmark is indicative of Mint employees’ requirement to absolutely, positively strike some 1870-S Seated Dollars no matter what efforts or expedients were required. There is no record of the Engraving Department in the Philadelphia Mint shipping any Silver Dollar dies to the San Francisco in 1869 for use in 1870. We do have record, however, of San Francisco Mint Coiner J.B. Hamstead returning two Dollar reverses to the Philadelphia Mint and receiving two replacements on May 28, 1870. Based on the fact that the cornerstone was laid on May 26, 1870, we can safely assume that those dies were for the 1870-S Gold Dollar - a regular issue with 3,000 pieces struck — and not die 1870-S Sil¬ ver Dollar, this despite the fact that Hamstead’s report does not include either the word “gold” or “silver” in connection with these dies. Of course, the San Francisco Mint had to receive at least one 1870-dated obverse die for the Silver Dollar or else they would not have been able to strike any 1870-S examples. They probably also received a reverse die at some time but, as previously stated, someone on staff (probably Hamstead) had to enter the S mint- mark by hand. The use of a leftover reserve die was out of the question since the last time the San Francisco Mint struck any Seated Dollars was in 1859, at which time the No Motto design (and not the Motto type introduced in 1866) was current. It is very likely that, despite the obvious handicaps he was working under, Hamstead received orders from his superiors to use what tools he had to strike a small number of 1870-S Seated Dollars for presentation at the cornerstone ceremony for the new Mint build¬ ing. If this theory is true, the coins would have to have been struck prior to May 26, 1870. In addition to determining exactly why and when the coins were struck, estimating how many 1870-S Seated Dollars were produced is another challenging aspect of this issue. While con¬ siderable consensus exists among numismatic scholars over the “why” of this issue, the “how many” aspect is an extremely divisive topic of conversation. The largest estimate of which this cataloger is aware is a figure of 500 pieces provided by Weimar W. White in the book The Liberty Seated Dollar: 1840-1873 (1985). White bases this figure on a comparison between the survival rate of the 1870-S and those of other issues in the Seated Dollar series. Other estimates are much more conservative, such as the figure of, “.. .a couple of hundred pieces, if indeed that many,” provided by Q. David Bowers in the 1993 book Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia. R.W. Julian provides an estimate of just 50 pieces struck (as related in Bowers, 1993). The authors of the website, www.coinfacts.com, refrain from giv¬ ing an estimate on the number of coins struck, being content with approximating the surviving population at 10 pieces. If we accept as fact that the 1870-S Seated Dollars was struck for presentation purposes and, as such, was never intended as a regular Mint issue, neither White s nor Bowers’ estimates are ten¬ able. Julians is slightly more so, but we feel that it is highly likely that most of the coins distributed on May 26, 1870 have survived. In this regard it might help to once again compare the 1870-S Seated Dollar with the 1894-S Barber Dime. Conventional wisdom has it that 24 Dimes were struck in the San Francisco Mint during 1894, although only nine examples are positively known to exist today. Given that the 1894-S Dime was probably also prepared as some kind of presentation piece (the high-grade sur¬ vivors are either proofs or carefully struck, prooflike business strikes), the similarities between these two issues becomes even more obvious. Following the pattern established by the 1894-S Dime, therefore, we offer an approximate mintage of20-25 coins for the 1870-S Seated Dollar. As previously stated, only nine 1870-S Seated Dollars have been positively confirmed. The fact that most are well circulated and accompanied by impairments such as cuts, corrosion and/or cleaning should not cast doubt on the status of these coins as pres¬ entation pieces. Rather, the issue seems to have had the extreme misfortune of having been distributed to non-numismatists who later spent the coins, gave them to someone else who did or oth¬ erwise mishandled these important charges. The unique 1870-S Three-Dollar gold piece that was also prepared in connection with the cornerstone ceremony has also been mishandled. Today, that coin is most accurately graded as EF-40 Ex: Jewelry. Furthermore, the unique 1870-S Half Dime was probably also distributed around the time that the cornerstone of the second San Francisco Mint was laid. Obviously discarded by its original owner or a de¬ scendant at some point in time, the coin was “discovered” in a dealers junk box in 1978. The following roster of the nine 1870--S Seated Dollars that are positively known to exist is based on those provided in Bowers and Merenas catalog for the Eliasberg Collection, David Lawrences catalog for the Richmond Collection, Q. David Bow¬ ers 1993 Silver and Trade Dollar Encyclopedia and the website, www.coinfacts.com. Beginning with the finest-known example, the roster reads: 1. The James A. Stack, Sr Specimen. Ex: Colonel E.H.R. Green (believed to be correct); Stacks; James Aloysius Stack (1944 — no relation to the numismatic firm of the same name); James A. Stack estate; Stacks sale of the James A. Stack, Sr. Collection, March 1995, lot 212; Stacks sale of the L.K. Rudolph Collection, May 2003, lot 2136; The Legend Collection of Seated Liberty Dol¬ lars. This coin was displayed at the July 2005 San Fran¬ cisco ANA World’s Fair of Money convention along with the unique 1870-S Half Dime and the unique 1870-S Three-Dollar gold piece. Over the years, the Stack spec¬ imen has been graded VF, EF and Mint State. We believe that the two MS-62 listings, as well as the lone MS-63 listing, at PCGS and NGC all refer to this coin. 2. The Granberg/Norweb Specimen. Ex: Henry O. Granberg, illustrated at the 1914 ANS exhibit on United States coinage; Waldo C. Newcomer, exhibited at the 1916 ANS convention; William H. Woodin; Colonel E.H.R. Green; Colonel Green estate; Burdette C. Johnson, sold approximately 1944; Stacks sale of the Anderson-DupontCollection, September 1954; Arthur M. Kagin; Ambas¬ sador and Mrs. R. Henry Norweb; Bowers and Merenas sale of the Norweb Collection, November 1988, lot 3825; Jim Jessen Collection. We believe that this coin is still housed in an NGC AU-58 holder, but the possibility exists that it is one of the MS-62s listed at PCGS and NGC. 3. The Eliasberg Specimen. Ex: Stacks sale of the George H. Hall Collection, May 1945, lot 1576; B. Max Melds sale of the Will W. Neil Collection, June 1947, lot 202; Stacks; Louis E. Eliasberg, Sr. (1947); Bowers and Mer¬ enas sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 2243. Currendy believed to be graded AU-50 at NGC. 4. The Ostheimer Specimen. Ex: M.H. Bolender’s Sale of the Compton Collection; M.H. Bolender; Mr. and Mrs. Al¬ fred J. Ostheimer III; Lester Merkin’s sale of the Os¬ theimer Collection, September 1968, lot 372; Superiors sale of the Gilhousen Collection, October 1973, lot 1339; Superiors 1975 ANA Sale, August 1975, lot 1125;Julian M. Leidman; House of Stuart (Gary Strutridge, KS dealer); Bowers and Ruddy’s 1978 ANA Sale, August 1978, lot 1160; James E. Pohrer; Kagin’s 1983 ANA Sale, August 1983, lot 2707; Leon Hendrick¬ son and Sal Fusco; private collection; advertised for sale by Phoenix Rare Coin Galleries in July of 1992; Rich¬ mond Collection; David Lawrence’s sale of the Rich¬ mond Collection, November 2004, lot 1497. Currendy graded EF-40 at PCGS. 5. The Stickney Specimen. Matthew Adam Stickney, sold pri¬ vately before the Stickney Collection sale; Colonel E.H.R. Green (perhaps); James Kelley; Jack V. Roe; James Kelley; Clint Hester or Charles M. Williams; Numis¬ matic Gallery s sale of the Adolphe Menjou Collection, June 1950, lot 2181; Abe Kosoff Fixed Price List, 1955; Stacks sale of the Fairbanks Collection, June 1960, lot 617; Stacks sale of the Samuel Wolfson Collection, June 1963, lot 1431; R.L. Miles, Jr.; Stack's sale of the R.L. Miles, Jr. Collection, April 1969, lot 1612; Stack’s 1978 Autumn Sale, September 1978, lot 345; David Quellar. 6. The Farouk-Schultz Specimen. Ex: Norman Schultz’s sale of December 1935, lot 1302; B. Max Mehl; unknown intermediaries; King Farouk of Egypt; Sotheby’s sale of the Palace Collection, February 1954, lot 1676; Arthur Conn and Harold Whitneck’s 1960 ANA Sale, lot 1168; Abner Kreisberg and Hans M.F. Schulman’s sale of April 1967, lot 1253; private collector; Stack’s sale of March 1987, lot 1203; private collection; Stack's sale of October 2007, lot 5294, Uncertified. Currendy graded VF-25 at PCGS. The present example. 7. The Charter Specimen. Ex: Waldo C. Newcomer; B. Mex Mehl; Colonel E.H.R. Green; Burdette C. Johnson; B. Max Mehl s sale of the Jerome Kern Collection, June 1950, lot 1941; Amon G. Carter; Stacks sale of the Amon G. Carter, Jr. Family Collection, January 1984, lot 285; Stacks sale of the L.R. French, Jr. Family Collection, Jan¬ uary 1989, lot 56; Stacks sale of November 1989, lot 546. VF, apparently not certified by either PCGS or NGC. 8. The F.C. C. Boyd Specimen. Ex: William Hesslein sale of December 1926, lot 900; F.C.C. Boyd; Numismatic Gallery’s sale of the Worlds Greatest Collection, January 1954, lot 271; Hollinbeck Coin Company’s Southern Sale, February 1951, lot 1248; Earl M. Skinner; New Netherlands Coin Co.’s 39th sale, November 1952, lot 162; Charles A. Cass Collection; Stack’s Empire Sale (Cass Collection), November 1975, lot 1759; Flollinbeck Coin Company’s 274th sale, November 1967, lot 1162; Stack’s sale of June 1969, lot 1940. VF Tooled, to remove initials. 9. The Eureka Specimen. Reportedly found by an 18-year old boy in Eureka, California sometime before 1922 who kept it until the 1970s. Steve Ivy’s Donovan Sale, July 1978, lot 1128; Manfra, Tordella and Brookes; Para¬ mount’s session of Auction ’85, July 1985, lot 1270. Fine- VF, and scratched. In addition to the nine confirmed examples, three additional 1870-S Seated Dollars are rumored. The existence of these coins is in doubt. 1. San Francisco Specimen. Ex: San Francisco Mint employee (1870); family of the preceding; San Francisco area military officer (1992); supposedly seen by San Francisco dealer Sam E. Frudakis in 1991. Reportedly Mint State. 2. San Francisco Mint Cornerstone Specimen #1 . Not verified, and no documentation exists confirming the inclusion of an 1870-S Dollar in the cornerstone of the “Granite Lady.” 3. San Francisco Mint Cornerstone Specimen #2. Same comments as to the preceding. This is a very pleasing Seated Dollar for the grade, regardless of the fact that it is the key-date issue in the series. Both sides are remarkably smooth with very few noticeable abrasions. This is a particularly uncommon attribute for the type as these large silver coins are often encountered with moderately-to-heavily abraded surfaces in the mid-to-high circulated grades. There is also an even overlay of lavender-gray patina that deepens ever-so-slightly to a dove-gray hue at the denticles. The wear that we note is commensurate with the grade and, while moderate, it is generally even in distribution. The rims and denticles, of course, remain sharp. Liberty’s portrait and the reverse eagle have noticeable lack of detail in many areas, but these are generally the higher elements of the design. Included here are the letters BE in LIBERTY on the scroll that crosses the obverse shield. Both of those letters are very faint, although they are still dis¬ cernible with the proper amount and angle of light. We stress that Seated Dollars at the lower reaches of VF are apt to be softer on the central letters in LIBERTY than examples of most other Seated Liberty denominations. The shield area on the Seated Dollar was executed in slightly higher relief than on, say, the Seated Quarter and Seated Half Dollar. As a result, the scroll with the word LIB¬ ERTY wore down a bit quicker in circulation on these large-size coins. Most major design elements, however, retain considerable boldness of detail in the more protected areas. In addition to the aforementioned features, notable exceptions are the top of Liberty’s head and the obverse stars, all of which are quite flat. Many Seated Dollar issues are characterized by softness of strike at Liberty’s head and over some or all of the obverse star centrils. The paucity of 1870-S Seated Dollars known, as well as the fact that most are circulated to one degree or another, makes it impossible for us to classify the overall striking quality of this issue. The fact that the James A. Stack, Sr. and Granberg/Norweb specimens are overall sharply defined does lead us to conclude that the lack of definition on the Schutlz/Farouk specimen that we are offering here is attributable to wear and not to any significant de¬ ficiencies with the strike. As previously mentioned, the surfaces of this coin are uncommonly smooth for such an extensively circulated Seated Dollar. While we would normally not draw individual attention to small, relatively inconspicuous abrasions on a Silver Dollar in VF, pedigree concerns do compel us to treat this coin in a different manner. There is an extremely faint, old pinscratch at the lower-right obverse border from the top of Liberty’s foot nearly to star 1. Other useful pedigree markers are present on the reverse: a shallow dig in the field below the tip of the eagle’s beak; and two tiny ticks in the field between the top of the right (facing) wing and the right base of the letter M in AMERICA. This lot also includes auction catalogs for three of the sales in which this coin was previously offered. Included are: Palace Col¬ lection, Sotheby & Co., February-March 1954, Fine, with some of the pages detached from the binding; 10th Anniversary Auction of United States and Foreign Coins, Abner Kreisberg & Hans M.F. Schulman, April 1967, the catalog itself grades EF, but the cover has considerable rubbing and it has become detached from the binding; and United States Gold, Silver & Copper Coins featuring Specialized Collections of Large Cents, Half Dollars & Silver Dollars, Stack’s, March 1987, otherwise AU, with writing on the inside front cover and a few of the catalog pages. (Total: 1 coin; 3 catalogs) PCGS# 6965.