Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Proof Morgan Dollars
1896 $1 PR69 Ultra Cameo NGC. Ex: Chappell Collection. Proof Morgan dollar production was decreased to 762 pieces in 1896, a reduction of 118 coins from the year before. Of course, the 1895 proofs are sought-after keys to the series, despite their higher mintage, because no business-strike examples are known. Accordingly, the 1896 proofs have been somewhat overshadowed by their 1895 counterparts, but they deserve special recognition for another reason: the consistently high quality and eye appeal of the coins. Series specialist Wayne Miller noted:
"The proofs from 1896-1898 evidence the most awesome cameo contrast of any of the proof Morgans. Special care seems to have been taken during these years to maximize the depth of the mirror fields and the whiteness of the devices."
Proofs were struck at quarterly intervals throughout the year in 1896, with 287 pieces delivered in March, 125 in June, another 100 in September, and a final delivery of 250 pieces in December. This would seem to indicate a fairly consistent demand for the coins throughout the year, with the usual heavy production at year's end to accommodate the holiday gift tradition. The proof sets began appearing at auction within a few years of issue, as evidenced by the seven-piece set offered in lot 238 of the Lincoln T Seagrave Collection (S.H. & H. Chapman, 6/1898), "1896 Complete brilliant proof set. Same denominations as last." The lot realized $3.00, a strong price at the time and an indication that collectors recognized the high quality of the 1896 proofs, even at that early date. Seagrave had a remarkable run of silver and minor proof sets from 1877 to 1897, with a sprinkling of earlier sets going back to 1859. Naturally, the earlier sets realized more than those of more recent years, but of the sets from 1885 on, the 1896 set realized more than any other issue except the 1895, which included the already famous proof-only dollar. The record price realized for an 1896 proof Morgan dollar is $126,500, brought by the extraordinary PR69 ★ Ultra Cameo NGC specimen in lot 1202 of the Atlanta Signature (Heritage, 4/2006).
Two die pairs were used to strike the small proof mintage, perhaps accounting in part for the high quality of the issue. This coin was struck from Bowers' second die pair, with heavy die polish in Liberty's ear and curls and die file markings in the open space between the ribbon bows on the reverse. The design elements exhibit razor-sharp definition throughout, with a thick coat of mint frost that creates profound cameo contrast with the deeply mirrored fields. The white-on-black cameo flash is truly spectacular when this coin is tilted in the light. The brilliant surfaces are just one tick away from technical perfection, but a small planchet lamination on the reverse, through T in UNITED, can serve as a pedigree marker. Overall eye appeal is incredible. We expect intense competition from Registry Set enthusiasts when this lot is called. Census: 3 in 69 Ultra Cameo (1 in 69★), 0 finer (3/17).
HID02901242017
1896 $1 PR69 Ultra Cameo NGC. Ex: Chappell Collection. Proof Morgan dollar production was decreased to 762 pieces in 1896, a reduction of 118 coins from the year before. Of course, the 1895 proofs are sought-after keys to the series, despite their higher mintage, because no business-strike examples are known. Accordingly, the 1896 proofs have been somewhat overshadowed by their 1895 counterparts, but they deserve special recognition for another reason: the consistently high quality and eye appeal of the coins. Series specialist Wayne Miller noted:
"The proofs from 1896-1898 evidence the most awesome cameo contrast of any of the proof Morgans. Special care seems to have been taken during these years to maximize the depth of the mirror fields and the whiteness of the devices."
Proofs were struck at quarterly intervals throughout the year in 1896, with 287 pieces delivered in March, 125 in June, another 100 in September, and a final delivery of 250 pieces in December. This would seem to indicate a fairly consistent demand for the coins throughout the year, with the usual heavy production at year's end to accommodate the holiday gift tradition. The proof sets began appearing at auction within a few years of issue, as evidenced by the seven-piece set offered in lot 238 of the Lincoln T Seagrave Collection (S.H. & H. Chapman, 6/1898), "1896 Complete brilliant proof set. Same denominations as last." The lot realized $3.00, a strong price at the time and an indication that collectors recognized the high quality of the 1896 proofs, even at that early date. Seagrave had a remarkable run of silver and minor proof sets from 1877 to 1897, with a sprinkling of earlier sets going back to 1859. Naturally, the earlier sets realized more than those of more recent years, but of the sets from 1885 on, the 1896 set realized more than any other issue except the 1895, which included the already famous proof-only dollar. The record price realized for an 1896 proof Morgan dollar is $126,500, brought by the extraordinary PR69 ★ Ultra Cameo NGC specimen in lot 1202 of the Atlanta Signature (Heritage, 4/2006).
Two die pairs were used to strike the small proof mintage, perhaps accounting in part for the high quality of the issue. This coin was struck from Bowers' second die pair, with heavy die polish in Liberty's ear and curls and die file markings in the open space between the ribbon bows on the reverse. The design elements exhibit razor-sharp definition throughout, with a thick coat of mint frost that creates profound cameo contrast with the deeply mirrored fields. The white-on-black cameo flash is truly spectacular when this coin is tilted in the light. The brilliant surfaces are just one tick away from technical perfection, but a small planchet lamination on the reverse, through T in UNITED, can serve as a pedigree marker. Overall eye appeal is incredible. We expect intense competition from Registry Set enthusiasts when this lot is called. Census: 3 in 69 Ultra Cameo (1 in 69★), 0 finer (3/17).
HID02901242017