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Dallas Signature US Coin Sale 1253 4-6 Apr 2017
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Proof Morgan Dollars
1895 $1 PR63 Cameo NGC. The silver dollars that bore the Morgan design were authorized by the Act of February 28, 1878, better known as the Bland-Allison act after its sponsors. The Act amounted to a subsidy for silver miners, as millions of unwanted silver dollars piled up in Treasury vaults. The Act of July 14, 1890, more than doubled the per-month silver subsidy, and within three years, the nation's financial reserves were in peril.
The Act of November 1, 1893, brought sanity back, cutting off the silver miners' windfall. Without the constant flow of domestic silver into the various mints, silver dollar production plunged. Philadelphia had struck more than 1 million silver dollars in 1892, but the numbers tell the tale: 378,000 pieces in 1893, 110,000 coins in 1894, and just 12,000 business strikes were reported for 1895. The emphasis, of course, is on reported, since no business strike survivors dated 1895 are known today. Instead, generations of collectors have turned to proof 1895 dollars to fill the space.
The 1895 proof Morgan dollars belong to a sequence of "well-made" years in the series. They often show strong detail and contrast. Both elements are rewarding on this Select specimen, thanks to generous frost on well-defined devices. The fields are strongly mirrored beneath gold-gray patina, and arcs and dots of blue and deep amber appear along the rims. The fields are lightly hairlined, but this is a thoroughly pleasing example for the grade. Census: 8 in 63 Cameo, 89 finer (2/17).
Ex: ANA Signature (8/2010), lot 3367; Central States Signature (Heritage, 4/2016), lot 4742.
HID02901242017
1895 $1 PR63 Cameo NGC. The silver dollars that bore the Morgan design were authorized by the Act of February 28, 1878, better known as the Bland-Allison act after its sponsors. The Act amounted to a subsidy for silver miners, as millions of unwanted silver dollars piled up in Treasury vaults. The Act of July 14, 1890, more than doubled the per-month silver subsidy, and within three years, the nation's financial reserves were in peril.
The Act of November 1, 1893, brought sanity back, cutting off the silver miners' windfall. Without the constant flow of domestic silver into the various mints, silver dollar production plunged. Philadelphia had struck more than 1 million silver dollars in 1892, but the numbers tell the tale: 378,000 pieces in 1893, 110,000 coins in 1894, and just 12,000 business strikes were reported for 1895. The emphasis, of course, is on reported, since no business strike survivors dated 1895 are known today. Instead, generations of collectors have turned to proof 1895 dollars to fill the space.
The 1895 proof Morgan dollars belong to a sequence of "well-made" years in the series. They often show strong detail and contrast. Both elements are rewarding on this Select specimen, thanks to generous frost on well-defined devices. The fields are strongly mirrored beneath gold-gray patina, and arcs and dots of blue and deep amber appear along the rims. The fields are lightly hairlined, but this is a thoroughly pleasing example for the grade. Census: 8 in 63 Cameo, 89 finer (2/17).
Ex: ANA Signature (8/2010), lot 3367; Central States Signature (Heritage, 4/2016), lot 4742.
HID02901242017