1794 $1 MS (PCGS# 6851)

2012 January 4-8 US Coins & Platinum Night FUN Signature Auction- Orlando #1166

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    3283
  • Grade:
    VF20
  • Price:
    $120,750.00
Lot Description
1794 $1 VF20 NGC. B-1, BB-1, R.4. Die State III. As explained in Martin Logies' reference on 1794 dollars, once the unusually high bond requirements were lowered for Mint Assayer Albion Cox and Chief Coiner Henry Voigt, the next hurdle in silver dollar production was acquiring the bullion itself. The Mint purchased almost 8,000 pounds of French silver coins, but these pieces were found to assay at only 0.73765. To use these coins would have required melting and refining, a process that would take several months. The needs were more pressing than waiting on this lengthy process. Mint Director David Rittenhouse solved the problem by depositing 1,734.50 troy ounces of his own in the form of refined silver ingots. This represented a value of $2,001.34. Once production began, however, more problems beset Chief Coiner Voigt. Almost immediately the dies slipped out of alignment. Most examples show profound weakness on the first two stars and noticeable softness on the 1 in the date. This coin has softness that is generalized along the left rim, but is not specific to the first two stars and the 1 in the date. This dollar is identifiable as the Boyd-Brand-Ryder specimen by the presence of a grease stain in the middle of the neck of Liberty. There is also a cluster of four grease stains below the eye of Liberty and one above. One speck is seen above the head of the eagle, and there are three short, vertical marks in the left obverse field. The light adjustment marks on the left obverse rim were not struck out of the coin because of the misaligned dies. The coin has an attractive even rose-gray patina that is well-matched from side to side. Overall the surfaces are quite pleasing with a smoothness not usually seen on 1794 dollars. Ex: Boyd, Brand, & Ryder Collections (Bowers and Merena, 3/1990), lot 2451; Americana Sale (Stack's, 1/2004), lot 3456; Pre-FUN Elite Sale (Superior, 1/2005), lot 502; Bergstrom & Husky Collections (Stack's, 6/2008), lot 2018.
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