Goldberg Coins and Collectibles



Sale 80

June Pre Long Beach Sale


Peace Dollars
 
 
Lot Photo Description Realized
Lot 1342
1921. High Relief. NGC graded MS-64+. CAC Approved. A nice white coin.
Estimated Value $800 - 850.
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Realized
$1,058
Lot 1343
  A group of 1921 High Relief Peace Dollars. Coins will grade VG to EF, mostly cleaned. Lot of 11 coins.
Estimated Value $800 - 900.
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Realized
$823
Lot 1344
1922. PCGS graded Proof 67 PQ. CAC Approved. Matte Finish High Relief. Boldly struck and almost perfect. Tied for the finest known at either grading service. Only 8 examples are estimated to have survived. Pop 1; none finer at PCGS. Accompanied by the original envelope that Raymond Baker stored the coins in.

A highly glossy Superb Gem that has moonbeam white patina whose brilliance seems to stretch to the horizon and beyond, plus a razor sharp impression. From the luster, we next focus on the details of the design. Given the proper amount of strike pressure from the Proof High Relief dies, the coin was fully brought up in all areas. This is a fascinating and incredibly beautiful example whose details surpass any we have offered for sale before. It has no bothersome abrasions nor points of weakness.

A beautiful example of Anthony De Francisci's new design, and one of only two dates available in high relief. George T. Morgan, Mint Engraver at the time and whose own design had been replaced by De Francisci’s, lowered the relief of the electroplate model by hammering it with a flat board! The subsequent lower relief was used for the remaining issues of Peace Dollars, 1922 to 1935. Morgan elected to further cut down the relief by lessening the striking pressure on the coin presses, ostensibly to reduce die wear. In a similar fashion to the enchanting 1907 High Relief Double Eagles, De Francisci’s beautiful 1921 and this exceedingly rare 1922 High Relief, were thus greatly modified to adapt the design to normal coin production.

Ultimately, it turned out to be impractical to strike each coin with several blows from the dies to bring up the high relief. It is also not practical to increase striking pressure to the point where the dies wear rapidly and breakage occurs. Doing this would cause further problems. We see with other high relief designs, that the Mint had to compromise the artist’s concept to meet the demands of efficient, high-speed coin production.

Die Characteristics: On the Proof 67 coin, the ray on the reverse that passes through the N of ONE is much longer than on the Proof 64, much longer than on any other business strike 1921 or 1922 Peace Dollar.

Also, one thing that the PR67 has that isn't seen on the PR64 or any other business strikes is the very short ray segment that is next to the rim, wedged between the tail and the tip of the wing. The rays are rounded, and magnification reveals a small defect in the area between the eagle's talon and leg, and the olive branch, as seen on others from this reverse die.

Provenance:

Originally acquired by Mint Director Raymond T. Baker. Raymond Thomas Baker (1877–1935) was a wealthy United States businessman who was Director of the United States Mint from 1917 to 1922. Baker was born in Eureka, Nevada in 1877, the son of George Washington Baker, the lead counsel of the Southern Pacific Railroad, and Mary Agnes (Hall) Baker. He was educated at the University of Nevada, Reno, then at Stanford University.

After college, Baker became involved in gold mining as one of the first investors active in Rawhide, Nevada. He became a rich man when he sold his claims. He then moved east. Baker had a longtime interest in prison reform and in 1911, with his brother, Cleve Baker, serving as Nevada Attorney General, Raymond T. Baker became warden of the Nevada State Prison, a position he held from February 1, 1911 to May 10, 1912. In 1915, Baker traveled to Russia to become confidential secretary to United States Ambassador to Russia George T. Marye, Jr.

In 1917, President of the United States Woodrow Wilson appointed Baker Director of the United States Mint and Baker subsequently held this office from March 1917 until March 1922,

On June 12, 1918, he married Margaret (Emerson) Vanderbilt, widow of Alfred Gwynne Vanderbilt I, who had died in the RMS Lusitania sinking.

During the 1926 Senate elections, Baker sought election as United States Senator from Nevada on the Democratic ticket, but was defeated by the Republican incumbent, Tasker Oddie.

After a decade of marriage, Baker and his wife divorced. On December 4, 1928, he married a second time, to Delphine (Dodge) Cromwell, daughter of Horace Elgin Dodge (who founded the Dodge automobile company), and ex-wife of James H. R. Cromwell.

Baker died on April 28, 1935, approximately three months after suffering a heart attack.

R.T. Baker passed all his belongings to his "Daughter" Yvonne Ranger. Years later while going through her inheritance from her father were these two Peace Dollars wrapped in the envelopes. These two Peace Dollars were given as a token of appreciation from Yvonne to her husband’s business partner, Mr. Murphy. Upon Murphy's death in 2013 he left his three children these two remarkable High Relief Proof Peace Dollars.

(Lineage of Yvonne Ranger)

(Grandfather) Horace E. Dodge -- (Grandmother) Anna Thompson -- They had two children Horace Jr. and Delphine Dodge

(Father) Raymond T. Baker -- (Mother) Delphine Dodge (PCGS # 7383) .

List of Proof 1922 High Relief Peace Dollars

There are at least four distinct 1922 Proof Peace Dollar issues, struck in High Relief and Low Relief, having either a Satin or a Matte/Sandblast finish. The following is the High Relief roster only, satin Proof first:

1.) 1922 High Relief "Medium Ray" Satin Finish, The PCGS PR64 "Indicator" piece being one example. These Proofs were made from dies that are essentially the same relief and design specifications as the 1921 design. Mintage: 104,001 (per envelope), virtually all melted.

Known examples:

PCGS PR64 #29547404

NGC PR63 #1847564-001 Heritage, Sept 2006, Lot#2574 $26,000.01

2.) 1922 High Relief "Long Ray" Matte Finish, This PCGS PR67 "Hybrid" piece being one example. These Proofs were made in somewhat lower relief than the Medium Ray pieces, but still regarded as High Relief. Mintage: 20 pieces (per envelope)

Known examples:

PCGS PR67 #29547405 The present coin.

NGC PR67 #1727946-051 Heritage, Jan 2014, Lot#5347, $329,000.00

NGC PR66 #1274863-002 Heritage, April 2009, Lot#2658, $161,000.00

NGC PR66 #1634739-001 Ex Norweb, Heritage, April 2002, Lot#4354, $51,750.00

NGC PR65 ____________ Goldbergs Jan 2004 Lot#2841 (unsold) Rev spot below E of E PLURIBUS

PCGS VF25 #02423037 Heritage April 2006, Lot#6536, $10,637.50.
Estimated Value $250,000-UP.
Ex: Raymond T. Baker Director of the U.S. Mint 1917 to 1922.

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$458,250
Lot 1345
1922. PCGS graded Proof 64. Matte Finish High Relief. Only 8 examples are estimated to have survived. Some discoloration. The so-called "Indicator Piece." Pop 3; 3 finer, 2 in 66, 1 in 67. Accompanied by the original envelope that Raymond Baker stored the coins in.

The form and scope of this beguiling numismatic jigsaw puzzle is finally coming together. The Raymond T. Baker envelope accompanying the Lot reads: INDICATOR REGISTERED / 104,001 PIECES STRUCK / WHEN THIS COIN TAKEN / RAYMOND T. BAKER / SEC. OF TREASURY 1922.

Roger Burdette, in his "A Guide Book of Peace Dollars" makes reference to research done by fellow numismatic scholar, Robert W. Julian, which gives a mintage total for which this new information may provide additional clues. The section in question on page 168 reads:

"High-relief 1922 Proof Peace dollars were struck at the Philadelphia Mint, most likely between January 3 and 19, 1922. This was during or just after 1922 high-relief trial production and after Morgan had revised the reverse, but before completion of the medium-relief obverse. Examples were sent to Mint headquarters on several occasions.

"Although one example of a 1922 high-relief obverse and 1921 reverse is known, it is likely that all of the 34,000 production trial strikes identified by Robert W. Julian were from this initial pairing of dies. Later, Morgan reworked the reverse hub and created the version used for these Proofs and all known medium-relief pieces."

It would appear that the Matte Proof 64 in this Lot is one of the described coins, which Baker, or someone on the mint staff, had burnished and "antiqued." The toned areas are medium to deep gray with here and there around the main device a light brassy or golden sheen.

We note on this Proof 64 that there are three or four small contact marks in Liberty's hair, possibly from striking other coins in the press’s ejection tray or bin. Study comes to no conclusion for whether these marks occurred before or after the coin was sandblasted/burnished and the antique effect applied by Mint staff.

Die Characteristics:

On the accompanying Proof 67 coin, the ray on the reverse that passes through the N of ONE is much longer than on the Proof 64, much longer than on any other business strike 1921 or 1922 Peace Dollar.

On this Proof 64 coin, the length of that same ray is about the length of what is seen on 1921 High Relief business strikes. One might very well refer to the 1922 Proof 64 as "Style of 1921" since the length of that ray on regular relief 1922 business strikes is shorter.

It appears that the overall relief of the Proof 64 coin closely resembles that of the 1921 business strikes, including the length of the ray.

It is important to note, "All obverses have the point of the bust sharply overlaying the 9 in the date. The reverses all have a small defect in the area between the eagle’s talon and leg and the olive branch; the rays are rounded." [Burdette] (PCGS # 7383) .

Our consignor's numismatic advisor has emailed us these insightful observations:

"From Q. David Bower's Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia, copyright 1993, things that I picked-up from the article.

"1.) Public knowledge of the existence of 1922 High Reliefs was unknown for several decades! The first report was Lester Merkin in the 1950's who was known to have shown one to friends on occasion. First publicly sold wasn't until 1961!

"2.) The firm of Whitehead & Hoag was known to use the same proofing process, but Breen was never able to get an explanation. It didn't specifically say that they contracted with the mint to process the coins.

"I believe that the PR64 'indicator' is identical to the 1921 Proof dies, was one of the few surviving [1922 High Relief] 'business strikes' and that this piece received the special silver wash (plating). I believe this coin to be rarer than the PR67! It is interesting that Bowers concluded that the 'business strike' mintage was 35,401 while the envelope states 104,001. These pieces are the ones with the intermediate length of the ray that passes through the N of ONE. Either way, virtually all were melted."


Addendum:

Mention should be made that a 1921-dated High Relief Matte Proof exists which is pretty much identical to this 1922 High Relief Matte Proof 64 example. It has yet to be certified. It, too, is in a Raymond T. Baker envelope, and has been shown around at a Southern California coin show to a few individuals in the last couple of years by its owner or by the owner’s representative. It has the identical burnished/antique surfaces. It has the same appearance as the 1922 Proof 64 specimen offered here.

There are five coins in this other Raymond T. Baker group. They include the 1921 Matte Proof just described; a 1922 satin finish (toned) Medium Relief specimen with finely detailed hair on Liberty, unlike the later low relief production coins; a 1922 coin marked #3200 with inked notation on the surface, along with an envelope stating that the dies broke at that point; plus two other specimens, both 1922s of indeterminate relief, but definitely not the High Relief type. Your cataloger has examined all five coins on several occasions along with their cellophane-taped, brown craft Raymond T. Baker envelopes with typed notations.
Estimated Value $75,000-UP.
Ex: Raymond T. Baker Director of the U.S. Mint 1917 to 1922.

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$102,813
Lot 1346
1922. NGC graded MS-63. Intense blue obverse toning rarely found on a toned Peace dollar. Most attractive.
Estimated Value $900 - 1,000.
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Unsold
Lot 1347
  1922-S and 1923-S. NGC graded both MS-64+. Both frosty white coins. Lot of 2 coins.
Estimated Value $500 - 550.
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Realized
$865
Lot 1348
1922-D. NGC graded MS-66. A frosty white coin and a rock-solid Gem. Both sides display the typical "look" for this popular D-mint delivery: thickly frosted surfaces, rolling cartwheel effects, solid rims. As we see it, when it comes to the centers of the hair and the shoulder area on the eagle, the strike is above-board, sharp, and well defined in most areas. This would become problematic on the S-mint coins, but by comparison Denver has consistently well made silver dollars during the 1922-34 years when it struck Peace Dollars. Pop 239; 23 finer, 3 in 66 Star, 4 in 66+, 15 in 67, 1 in 67 Star .
Estimated Value $1,400 - 1,500.
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Realized
$1,645
Lot 1349
1922-D. PCGS graded AU-58. CAC Approved. Wonderful gold and blue toning on both sides (PCGS # 7358) .
Estimated Value $500 - 550.
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Lot 1350
1923. NGC graded MS-65. Wonderful blue and golden obverse toning. Frosty white reverse, a dazzling Gem.
Estimated Value $500 - 550.
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Unsold
Lot 1351
1923. PCGS graded MS-66. CAC Approved. Lovely obverse rainbow toning (PCGS # 7360) .
Estimated Value $400 - 450.
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Lot 1352
1923. PCGS graded MS-64. Wonderful toning on both sides. Shimmering luster that glitters and swims in "satiny" fashion (PCGS # 7360) .
Estimated Value $150-UP.
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Realized
$188
Lot 1353
1923. PCGS graded MS-65. CAC Approved. PQ. Frosty and fully in the gem class, the snappy white luster glistens across the fields and devices. Housed in an Old Green Holder (PCGS # 7360) .
Estimated Value $100 - 110.
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$129
Lot 1354
1923. MS-63. Housed in a First Generation Holder. Golden toning on Liberty's head (PCGS # 7360) .
Estimated Value $100 - 110.
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Realized
$129
Lot 1355
1923-D. NGC graded MS-65. Light golden toning. Brilliant and lustrous otherwise, with a decent strike and only a few tiny abrasions. A gem. Pop 239; 29 finer at NGC.
Estimated Value $800 - 850.
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Realized
$1,087
Lot 1356
1924. NGC graded MS-64. Lovely toning on both sides.
Estimated Value $600 - 700.
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Unsold
Lot 1357
1924. PCGS graded MS-65. Frosty and white, this sterling quality gem has exceptional surfaces, detail, and overall eye-catching originality (PCGS # 7363) .
Estimated Value $100 - 110.
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Realized
$129
Lot 1358
1924-S. NGC graded MS-65. A frosty white gem. Rare in this grade with such a pleasing eye appeal. Pop 69; 1 finer in 66.
Estimated Value $3,700 - 3,900.
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Realized
$4,113
Lot 1359
1924-S. NGC graded MS-64+. CAC Approved. Mostly untoned, but still has some hints of golden color emerging from the fields on both sides. The coin bears the elegance of a BU coin even with some visible marks. Pop 30; 70 finer, 69 in 65, 1 in 66.
Estimated Value $1,200 - 1,300.
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Realized
$1,469
Lot 1360
1924-S. PCGS graded MS-64. CAC Approved. PQ. A nice frosty white coin featuring rolling fresh luster throughout. The Mint in San Francisco produced slightly different looking coins from both Philadelphia and Denver. In fact, once a collector studies this series closely, the minor variances become noticeable. Each production facility had similar modern equipment, but the talented employees used varying methods to prepare the planchets and dies and set up the complex equipment before coinage. 1924-S is elusive in grades above MS64 (PCGS # 7364) .
Estimated Value $900 - 1,000.
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Realized
$1,293
Lot 1361
1924-S. NGC graded MS-64. CAC Approved. Frosty and white. Pop 879; 101 finer at NGC.
Estimated Value $850 - 900.
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Realized
$1,175
Lot 1362
1924-S. NGC graded MS-64. CAC Approved. A nice white coin. Pop 879; 101 finer at NGC.
Estimated Value $850 - 900.
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Realized
$969
Lot 1363
1924-S. NGC graded MS-63+. CAC Approved. Frosty and mostly untoned.
Estimated Value $400 - 450.
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Realized
$646
Lot 1364
1925-S. NGC graded MS-65. A wonderful frosty white coin. A highly pleasing specimen, somewhat matte to satiny on both sides. Some lacking in detail at the centers, as typical for 1925-S. This variety often comes heavily nicked and very "baggy," to which this is a pleasing exception. At the Mint State 65 level certified by NGC, this is one of the more elusive Peace dollars in the series.

As much as for any collection, the formation of a Peace Dollar set requires a great deal of connoisseurship and attention in addition to buying coins in labeled holders, this being standard opinion. Quality varies, and widely. There are some handy rules to follow, some of which can be found in Dave Bowers' The Official Guide Book of Morgan Silver Dollars, by Whitman. Generally the Philadelphia and Denver mint issues of 1926-1927, Philadelphia 1928, and the later 1934 and 1935 pieces come "nice," with satiny, creamy surfaces. San Francisco coins can be big problems, this true of just about all in the 1920s. Pop 61; none finer at NGC .
Estimated Value $9,000 - 10,000.
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Realized
$11,456
Lot 1365
1926. PCGS graded MS-64. Lovely golden toning on both sides (PCGS # 7367) .
Estimated Value $150 - 160.
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$176
Lot 1366
1927-S. NGC graded MS-65. Handsome strike with some light toning here and there. Very frosty and emits pastel halo. Pop 74; 1 finer in 66.
Estimated Value $4,000 - 4,400.
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Realized
$2,468
Lot 1367
1927-S. NGC graded MS-64. Frosty and white, above-average in detail and surface originality, this is a very choice Peace Dollar. Only 866,000 minted. Collectors who enjoy pouring over their Red Book mintages always like the ones with low numbers.
Estimated Value $750 - 800.
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Realized
$881
Lot 1368
1928. NGC graded MS-64+. Frosty and mostly untoned. A flashy beauty. Pop 21; 100 finer, 97 in 65, 1 in 65+, 2 in 66.
Estimated Value $1,000 - 1,100.
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Realized
$1,293
Lot 1369
1928. PCGS graded MS-62. Lightly toned, a lustrous well struck example. Mintage ceased in 1928 once the commitment to replace the melted Pittman Act (1918) silver dollars had been met. That is why there were no Peace dollars minted until 1934, in which year a new law authorized coinage of this denomination (PCGS # 7373) .
Estimated Value $550 - 600.
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Lot 1370
  1928. NTC graded MS-63. Signs of cleaning. Over graded.
Estimated Value $300 - 325.
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Realized
$353
Lot 1371
1928-S. PCGS graded MS-65. Frosty with nice original obverse toning. The '28-S may be more abundant than its attendant P-mint counterpart in an absolute sense, but the usual offered specimen of the San Francisco issue will rarely win awards for eye appeal. The example offered here is far sharper than the usually encountered Mint State example, this lovely Gem is filled with luster, and isn’t extensively abraded like the rest. In fact, both sides are really vibrant in the luster quality which issues forth behind the luster; we note full, frosty-textured finish that provides visual impact. Original toned throughout, the surfaces are free of all but a few stray abrasions that are well within the parameters of the Gem Mint State 65 criterion. The strike is also laudable for an S-mint Peace Dollar, with the definition bold-to-sharp in most areas. An important condition rarity that belongs in a PCGS Registry Set of this highly collectible 20th century silver series. Pop 50; 2 finer, 1 in 65+, 1 in 66 (PCGS # 7374) .
Estimated Value $14,000 - 15,000.
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Realized
$17,038
Lot 1372
1928-S. NGC graded MS-65. A very presentable Gem white coin. This lustrous example displays a vivid wintry blast of white color that undulates and billows across the near-pristine surface like a Himalayan avalanche. Such, then, for luster. Turning to the other key factor when assessing a scarce 1928 Peace Dollar struck in San Francisco, this handsome coins shows just how desirable it is with a meticulous, indeed a very sharp strike.

Why was this 1928 production run followed by a five year hiatus when the Mints struck no more Peace Dollars? Beginning in 1921, the US Treasury was required to replace all 270 million Morgan Dollars melted under the terms of the Pittman Act of 1918. By 1928, this order had been fulfilled. Mint officials, who were never happy with the politically motivated issuance of large numbers of Silver Dollars anyway, happily ceased striking them at Philadelphia and San Francisco as soon as possible. Production did not begin again until 1934 (under terms of a new enactment). Pop 40; 1 finer in 66.
Estimated Value $10,000 - 12,000.
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Realized
$14,100
Lot 1373
1928-S. NGC graded MS-64. A fully white example with lucid smooth luster. Pop 1255; 67 finer, 2 in 64 Star, 26 in 64+, 38 in 65, 1 in 66.
Estimated Value $700 - 750.
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Realized
$940
Lot 1374
1928-S. NGC graded MS-63 PQ. A hint of light gold tone, frosty and choice.
Estimated Value $500 - 550.
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Unsold
Lot 1375
1934-S. NGC graded MS-64. A nice white example for this key date. Pop 316; 95 finer at NGC.
Estimated Value $3,600 - 3,700.
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Realized
$4,818
Lot 1376
1934-S. PCGS graded AU-55. Mostly untoned, well struck and lustrous. A scarce S-mint date in higher grades (PCGS # 7377) .
Estimated Value $700 - 750.
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Realized
$793
Lot 1377
1935-S. PCGS graded MS-64. Frosty with toning on both sides, another very choice, almost gem-quality example. The mints discontinued making Peace dollars after 1935. Dimes, quarters and half dollars were made in ever-growing numbers; the $1 denomination was filled by increasing supplies of $1 Silver Certificate paper money notes (PCGS # 7379) .
Estimated Value $500 - 550.
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$823
Lot 1378
1935-S. NGC graded MS-64. CAC Approved. A nice white coin with an extremely frosty and smooth reverse. A straightforward beauty and solid for the grade.
Estimated Value $500 - 550.
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Realized
$676
Lot 1379
  A partial Set of Morgan and Peace Dollars 1878-1921-S. A total of 60 different dates grading Good to Uncirculated. We note some better dates including a few "CC" mint dollars. Housed in three deluxe Whitman albums. Lot of 60 coins.
Estimated Value $1,300 - 1,400.
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Realized
$1,821
Lot 1380
  A group of NTC graded Peace Dollars. Consist of: 1921, AU-50 (1); 1921, AU-58 (1); 1922, MS-63 (2); 1922 MS-64 (3); 1923, MS-63 (1); 1923, MS-65 (1); 1923-S, MS-63 (1); 1924, MS-64 (3); 1924, MS-63 (3); 1925, MS-65 (1); 1925, MS-64 (1); 1927, MS-63 (1); 1927-D, MS-63 Cleaned (1); 1934, MS-63 (1); 1934-D, MS-63 (1); 1935, MS-64 (1); 1935, MS-63 (1). Most are over graded. Lot of 24 coins.
Estimated Value $800 - 850.
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Realized
$911
Lot 1381
  A set of Peace Dollars. From 1921 to 1935-S. Coins will grade VF to UNC. Lot of 24 coins.
Estimated Value $800 - 900.
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Realized
$911
Lot 1382
  A 1921 to 1935-S Peace Dollar Set. Coins will grade VG to AU. This desirable series was struck to replace the 300-odd million Morgan dollars melted per the Pittman Act of 1918, which included in the bill language to have the silver replaced. The coins, once minted, served for the most part to back Silver Certificates which the Treasury Dept. had put into circulation. West of the Mississippi, silver dollars tended to remain in banks; people preferred the more convenient paper money. Lot of 24 coins.
Estimated Value $700 - 750.
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Realized
$940
Lot 1383
  A lot of NGC graded Peace Dollars. Dates and grades include: 1923-D, MS-63; 1926-S, MS-64; 1927, MS-63; 1934-D, MS-63. All white coins. Lot of 4 coins.
Estimated Value $700 - 750.
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Realized
$793
Lot 1384
  A lot of Peace Dollars. Coins grade from Fine to Almost Unc. Includes some slightly better dates. Lot of 24 coins.
Estimated Value $550 - 650.
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Realized
$793
Lot 1385
  A lot of NGC graded Peace Dollars. Dates and grades include: 1922-D, MS-61; 1925, MS-62; 1927-D, MS-62; 1935-S, MS-62. All nice white coins. Lot of 4 coins.
Estimated Value $450 - 500.
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Realized
$541
Lot 1386
  A trio of Peace Dollars. NGC graded each MS-65. Consists of: 1922 (2); 1925. All frosty white coins. Lot of 3 coins.
Estimated Value $100 - 110.
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Realized
$306
Lot 1387
  A Set of Peace Dollars 1921 to 1935-S. Coins grade VF to BU . Lot of 24 coins.
Estimated Value $800 - 900.
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Realized
$1,410
Lot 1388
  Two Partial Sets of Peace Dollars 1921 to 1935. A few better dates. Coins grade VG to AU . Lot of 38 coins.
Estimated Value $750 - 800.
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Realized
$969
Lot 1389
  A Set of Peace Dollars 1921 to 1935-S. Housed in a blue Whitman folder. Coins grade Fine to AU . Lot of 24 coins.
Estimated Value $750 - 800.
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Realized
$969
Lot 1390
  A Lot of Old Green Holder Peace Dollars. Consists of: 1922 PCGS MS63 (2), 1922 PCGS MS64 (2), 1923 PCGS MS63, and 1923 PCGS MS64 (2). All nice coins. Lot of 7 coins.
Estimated Value $200 - 225.
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Realized
$341






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