1796 $1 Large Date, Sm Letters MS (PCGS# 6861)

2005 November Dallas, TX Signature Auction Platinum Night #388

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    2189
  • Grade:
    MS62
  • Price:
    $86,250.00
Lot Description
1796 $1 Large Date, Small Letters MS62 NGC. B-5a, BB-65, R.2. An extremely rare coin in Mint State, and certainly one of the very finest in existence. The surfaces are pleasing for the grade, with no nicks or cuts readily apparent. The entire surface is toned a light gold with darker gold or blue flecks tucked into the devices. The color is well matched on the obverse and reverse. A boldly struck coin that shows full radial lines on most of the stars, and strong feather definition on the eagle. This is truly a memorable coin, not only for the grade but for the strike, color and quality. Examination will note a trace of adjustment marks hidden in Liberty's hair near her ear, and these same adjustment marks cross the second and third stars on the obverse slightly weakening their centers, otherwise the force of the strike obliterated these adjustment lines. On the reverse we note a tiny carbon spot on the left side of the eagle's neck which someone has attempted to remove with a sharp instrument. No adjustment marks are found on the reverse. As nearly always seen, there is a raised die lump touching the IC of AMERICA and additional tiny lumps through ER of that word. These were caused by defective die steel, which possibly had a small bubble or weak area in the die. As more coins were struck, this bubble collapsed causing the raised lumps on the coins struck. Similar bubbles are seen on 1796 JR-1 dimes and later on the 1800 B-14, BB-167 silver dollars. All known specimens of this die variety show this lump to some degree. As to rarity, any Mint State 1796 Draped Bust dollar is extremely rare, PCGS has graded one as MS61 and another as MS62, with none seen finer. NGC has graded 3 coins this high, with a single coin graded finer of this date. Anticipate a well deserved battle to capture this prize, as it may be quite some time before a comparable specimen appears at auction. From The Jack Lee Collection, III
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