Heritage World Coin Auctions
ANA Signature US Coin Sale 1258 2-6 Aug 2017
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Proof Morgan Dollars
1892 $1 PR68 ★ Ultra Cameo NGC. Ex: Chappell Collection. Proof set sales in 1892 nearly doubled over those of the previous year as a result of the dime, quarter, and half dollar debuting. It was the first new design type that at least two generations of Americans had seen on the lesser denomination silver coinage. The new subsidiary silver coin designs were by the hand of Engraver Charles Barber. Barber was a master of the mechanical requirements of the Mint, and his Liberty Head and eagle designs reflected an ideal relief and layout of the motifs for efficient mass production. However, where technical necessities were impressively mastered, artistic creativity was lacking. Barber's Liberty portrait was more reminiscent of a Roman Emperor than the allegorical personification of American liberty, and the eagle was a rather unexciting variation of the Great Seal, similar to designs used on early Bust coinage of nearly a century earlier. The designs failed to excite collectors, and demand for the new coins evaporated before the end of the year.
Proof set production in 1892 closely reflected the fast fall-off of collector interest in the new Barber coins. While more than 1,200 sets were issued, the vast majority were ordered in the first two quarters of the year. According to the mintage delivery dates, only 250 proof sets were delivered in the latter half of 1892.
The proof 1892 Morgan dollar's high mintage in relation to other proof issues in the series makes it plentiful today. However, quality is lacking on most survivors. Dave Bowers and Wayne Miller have both described the 1892 proof as frequently coming poorly struck, and a glance at auction appearances reveals that the issue is decidedly rare in Superb Gem condition. Cameos are in a minority, and only the most patient and well-heeled collectors can attempt to acquire a rare Ultra Cameo, such as the coin offered here.
In all grades, NGC has seen only six Ultra Cameos, and PCGS reports just four. Of these, three are graded PR68 and one is designated PR68 ★ (6/17). The glittering white-on-black Ultra Cameo from the Chappell Collection is arguably the sole finest 1892 proof Morgan dollar known. Strongly detailed devices have equally intense frost, and the surrounding mirrors have remarkable reflectivity with only occasional streaks of milky patina. The fields are absolutely smooth, and the coin offers eye appeal in spades. At this top grade and contrast level, the 1892 is rarer than the more famous and highly valued 1895.
HID02901242017
1892 $1 PR68 ★ Ultra Cameo NGC. Ex: Chappell Collection. Proof set sales in 1892 nearly doubled over those of the previous year as a result of the dime, quarter, and half dollar debuting. It was the first new design type that at least two generations of Americans had seen on the lesser denomination silver coinage. The new subsidiary silver coin designs were by the hand of Engraver Charles Barber. Barber was a master of the mechanical requirements of the Mint, and his Liberty Head and eagle designs reflected an ideal relief and layout of the motifs for efficient mass production. However, where technical necessities were impressively mastered, artistic creativity was lacking. Barber's Liberty portrait was more reminiscent of a Roman Emperor than the allegorical personification of American liberty, and the eagle was a rather unexciting variation of the Great Seal, similar to designs used on early Bust coinage of nearly a century earlier. The designs failed to excite collectors, and demand for the new coins evaporated before the end of the year.
Proof set production in 1892 closely reflected the fast fall-off of collector interest in the new Barber coins. While more than 1,200 sets were issued, the vast majority were ordered in the first two quarters of the year. According to the mintage delivery dates, only 250 proof sets were delivered in the latter half of 1892.
The proof 1892 Morgan dollar's high mintage in relation to other proof issues in the series makes it plentiful today. However, quality is lacking on most survivors. Dave Bowers and Wayne Miller have both described the 1892 proof as frequently coming poorly struck, and a glance at auction appearances reveals that the issue is decidedly rare in Superb Gem condition. Cameos are in a minority, and only the most patient and well-heeled collectors can attempt to acquire a rare Ultra Cameo, such as the coin offered here.
In all grades, NGC has seen only six Ultra Cameos, and PCGS reports just four. Of these, three are graded PR68 and one is designated PR68 ★ (6/17). The glittering white-on-black Ultra Cameo from the Chappell Collection is arguably the sole finest 1892 proof Morgan dollar known. Strongly detailed devices have equally intense frost, and the surrounding mirrors have remarkable reflectivity with only occasional streaks of milky patina. The fields are absolutely smooth, and the coin offers eye appeal in spades. At this top grade and contrast level, the 1892 is rarer than the more famous and highly valued 1895.
HID02901242017