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FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Liberty Half Eagles
1890 $5 MS68 ★ NGC. The American coinage of 1890 was a study in enormous contrasts. Between four denominations -- the Indian cent and Liberty nickel (both series records at the time), the Liberty Seated dime, and the Morgan dollar -- the Philadelphia Mint managed to produce more than 100 million coins in this single year.
Meanwhile, other series suffered active neglect. The silver Seated quarter and half dollar issues both saw minuscule mintages, particularly for the latter at 12,000 pieces. The Liberty Head quarter eagle issue was struck only at the Philadelphia Mint -- as had been the case every year since 1879 -- and only to the extent of 8,720 circulation strikes. Even the Liberty double eagle, arguably the nation's most important coinage issue, saw only 75,940 business strikes.
But the low-mintage-sweepstakes winner of the year was the 1890 half eagle, struck in the paltry amount of 4,240 business strikes plus 88 proofs. The twin culprits were the Sherman Silver Purchase Act of 1890, which mandated that the Treasury buy 4.5 million ounces per month of domestic silver for coinage into Morgan dollars, as well as the ending of the gold dollar and three dollar denominations in 1889 (and made official in 1890), which likely served to increase the need for minor coinage.
Even though the nation was awash with the unwanted, unpopular Morgan dollar, the props applied to the domestic silver market meant that Philadelphia had no leftover capacity to strike gold coinage in abundance. The mintage of the 1890 Philadelphia Morgan dollar by itself exceeded 16.8 million coins, and combined with three other mints, the total silver dollar coinage for the year surpassed 38 million pieces.
From the total of a bit more than 4,000 coins, this MS68 ★ NGC 1890 half eagle is by far the finest survivor of a tiny issue (10/16). (The next-closest is a single MS66 NGC piece.) Dazzling mint luster is this coin's strong suit. Bright, light reddish-gold color prevails throughout, with the fabric of the fields similar to that seen on three dollar gold pieces, bright semiprooflikeness combined with a slight cartwheel effect. The strike is just a hair short of full, and strong magnification is required to discern even the smallest abrasions.
Ex: ANA Signature (Heritage, 10/2012), lot 5947.
From The Soluna Collection.
1890 $5 MS68 ★ NGC. The American coinage of 1890 was a study in enormous contrasts. Between four denominations -- the Indian cent and Liberty nickel (both series records at the time), the Liberty Seated dime, and the Morgan dollar -- the Philadelphia Mint managed to produce more than 100 million coins in this single year.
Meanwhile, other series suffered active neglect. The silver Seated quarter and half dollar issues both saw minuscule mintages, particularly for the latter at 12,000 pieces. The Liberty Head quarter eagle issue was struck only at the Philadelphia Mint -- as had been the case every year since 1879 -- and only to the extent of 8,720 circulation strikes. Even the Liberty double eagle, arguably the nation's most important coinage issue, saw only 75,940 business strikes.
But the low-mintage-sweepstakes winner of the year was the 1890 half eagle, struck in the paltry amount of 4,240 business strikes plus 88 proofs. The twin culprits were the Sherman Silver Purchase Act of 1890, which mandated that the Treasury buy 4.5 million ounces per month of domestic silver for coinage into Morgan dollars, as well as the ending of the gold dollar and three dollar denominations in 1889 (and made official in 1890), which likely served to increase the need for minor coinage.
Even though the nation was awash with the unwanted, unpopular Morgan dollar, the props applied to the domestic silver market meant that Philadelphia had no leftover capacity to strike gold coinage in abundance. The mintage of the 1890 Philadelphia Morgan dollar by itself exceeded 16.8 million coins, and combined with three other mints, the total silver dollar coinage for the year surpassed 38 million pieces.
From the total of a bit more than 4,000 coins, this MS68 ★ NGC 1890 half eagle is by far the finest survivor of a tiny issue (10/16). (The next-closest is a single MS66 NGC piece.) Dazzling mint luster is this coin's strong suit. Bright, light reddish-gold color prevails throughout, with the fabric of the fields similar to that seen on three dollar gold pieces, bright semiprooflikeness combined with a slight cartwheel effect. The strike is just a hair short of full, and strong magnification is required to discern even the smallest abrasions.
Ex: ANA Signature (Heritage, 10/2012), lot 5947.
From The Soluna Collection.