Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Proof Morgan Dollars
1890 $1 PR68 Cameo NGC. Bimetallism works in a financial system when gold and silver are legal tender at a fixed ratio to each other. When one metal fluctuates in value independently of the other, opportunities for arbitrage exist and traders seek to take advantage of the differing prices for the same asset -- for example, Treasury Notes redeemable for either silver or gold. In 1890, the ratio of silver to gold declined from 16:1 to 20:1, and soon a run to exchange Treasury Notes for gold was rampant. Still, the Mint pounded out silver dollars by the tens of millions. Financial panic loomed. The Mint reduced the number of proofs to a near all-time low of just 590 pieces.
This Superb Gem Cameo proof is a resplendent relic of those turbulent days. The serene portrait of Liberty is frosted and unblemished, set on mirrorlike reflective fields. Metaphorically, the silver surfaces are restrained by a thin band of gold at the rims, a sign of the times. There are no numerically finer proofs in Cameo format than this immaculate representative. Census: 6 in 68 Cameo (2 in 68★), 0 finer (3/17).
From The Siegel Collection.
HID02901242017
1890 $1 PR68 Cameo NGC. Bimetallism works in a financial system when gold and silver are legal tender at a fixed ratio to each other. When one metal fluctuates in value independently of the other, opportunities for arbitrage exist and traders seek to take advantage of the differing prices for the same asset -- for example, Treasury Notes redeemable for either silver or gold. In 1890, the ratio of silver to gold declined from 16:1 to 20:1, and soon a run to exchange Treasury Notes for gold was rampant. Still, the Mint pounded out silver dollars by the tens of millions. Financial panic loomed. The Mint reduced the number of proofs to a near all-time low of just 590 pieces.
This Superb Gem Cameo proof is a resplendent relic of those turbulent days. The serene portrait of Liberty is frosted and unblemished, set on mirrorlike reflective fields. Metaphorically, the silver surfaces are restrained by a thin band of gold at the rims, a sign of the times. There are no numerically finer proofs in Cameo format than this immaculate representative. Census: 6 in 68 Cameo (2 in 68★), 0 finer (3/17).
From The Siegel Collection.
HID02901242017