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Sale 7
Lot 1784
THE FINEST 1884 TRADE DOLLAR. PCGS graded Proof 67. Of the 10 known of this famous rarity, this one has been confirmed to be the finest known. Only the Eliasberg coin comes close, it has been graded Proof-66 by NGC sometime after that famous sale in 1997. The other known specimens are in various states of gem to harshly cleaned, and none of the others even approach this coin in surface quality and magnificent toning.
Yes, the toning is superb, deep Arctic blues around the edges which fade to rose gold at the centers, with the shimmering mirror fields resplendent in their preservation. The color is similar on the reverse, with a dark ring of blue around the periphery, with most of the coin bathed in antique-golden gray tones. As to the strike, it is full, complete and bold throughout. As Mehl said of this coin in 1941 in the Dunham sale "Beautiful perfect brilliant proof," which still sums up this magnificent specimen of one of the most famous Trade dollars.
Although over-shadowed by its big brother, the 1885 Trade dollar, the 1884 is certainly in the same class as several of the most famous American coins made. Its rarity is legendary, with 10 known it falls in between the rarity of the 1804 dollar (15 known) and 1885 Trade dollar (5 known). One of several numismatic classics that is certain to make this auction an important reference sale for years to come. Whatever price is paid, a better or equal specimen won't appear on the market, for this is the finest example graded, and long held to be the finest known of the small group that has survived. A foremost opportunity, which may not soon be repeated.
This coin was graded Proof 67 by NGC (tag #900003-011) but the coin was crossed-over to PCGS where it was also graded Proof 67. The buyer could obviously have to coin returned to an NGC holder with the tag insert, if they prefer.
How, pray, did this coin come about? There is no official record of the coin being struck, yet somehow 10 apparently were, as that many survive today. Many individuals have researched this issue, and much has been discovered over the years.
There had been no changes in the law or otherwise that would have caused production of the Trade dollar to cease in 1883 or 1884. In fact, research by Carl W. A. Carlson on the subject found that the normal proof dies were prepared and delivered to the Philadelphia Mint on January 3, 1884 of the following denominations: trade dollar, standard dollar, half dollar, quarter dollar, dime, double eagle, eagle, half eagle, three dollar gold, quarter eagle, gold one dollar and five cent nickel (it was the Mint's normal practice not to deliver the dies for the proof cent and three cent piece until later in the year). Thus, under the direction of Col. A. Louden Snowden, superintendent of the Mint, striking of the annual proof sets began in January. Trade dollars since 1879 had not been included in the regular proof sets offered by the Mint, but were ordered separately ($1.25). No change in authorization had been received by the Mint until mid to late January, 1884. Therefore, it is possible that Snowden had authorized the coining of Trade Dollar proofs of 1884 prior to receiving the directive not to sell any Trade dollar proofs. In order to balance the bullion account, all Snowden had to do was deposit 10 other silver dollars, and keep the 10 proof 1884 Trade dollars. Hence, no bullion would be missed, and there was no need to show that any had been coined. Perhaps hundreds were coined in early 1884, but were melted once the letter was received rescinding the sale of 1884 proof Trade dollars, aside from the 10 Snowden kept for his own account. It is possible therefore, that the 1884 Trade dollar was issued under normal, legal circumstances, and is not one of the "after hours" coins for which Snowden is famous. On January 2, 1885, the official record of the coiner states that the 1884 Trade dollar proof dies were destroyed along with the other 1884 dies used for proof coinage, as was standard practice at the Mint, confirmed by R. W. Julian researching mint records.
Hence, Snowden had 10 1884 Trade dollars struck in Proof, they were snatched up by (per Breen's Encyclopedia, page 466) "William Idler, who had been for over two decades the Mint's appropriately named fence for restrikes and fantasy coins." The 1884 Trade dollars passed from William Idler to his son in law, Captain J. W. Haseltine, and Haseltine reported the discovery of both the 1884 and 1885 proof Trade dollars from the Idler estate in 1908 and soon worked their way into numismatic channels.
A list of the known specimens follows (from Stack's Starr sale, 1992):
1) This coin, the Finest Known. Ex. mint official, probably Col. A. Louden Snowden; William Idler; Capt. John W. Hazeltine; unknown; William Forrester Dunham and sold with his collection to B. Max Mehl in 1939; Mehl's inventory; Mehl's 1941 sale of the William Forrester Dunham Collection, lot 1150, $315; Floyd T. Starr; Stack's sale of the Starr Collection, October 21, 1992, lot 844; to Jay Parrino at $176,000 to our present consignor.
2) The Newcomer/Carter coin (as above, Snowden, Idler, Hazeltine) Waldo Newcomer to Colonel E. H. R. Green; B. G. Johnson around 1943; B. Max Mehl Jack Roe sale, June 12, 1945, lot 627; B. Max Mehl Jerome Kern sale, May 23, 1950, lot 896; Stack's Amon G. Carter, Jr. sale, January 18, 1984, lot 440
3) The Atwater/Eliasberg coin Snowden; Idler; Hazeltine; B. Max Mehl Atwater sale, June 11, 1946, lot 377 to the Eliasberg Collection; Bowers and Merena Galleries, April 1997, lot 2353
4) The Menjou/Wolfson coin as above, Abe Kosoff Adolphe Menjou sale, June 15, 1950, lot 2040; Stack's Farish-Baldenhofer sale, November 11, 1955, lot 1039; Stack's Fairbanks sale, December 10, 1960, lot 698; Stack's Samuel Wolfson sale, May 3, 1963, lot 1541; Abner Kreisberg/ Carlson-Shipkey sale, November 8, 1976, lot 426; Bowers and Merena's Arnold-Romisa sale, September 17, 1984, lot 2342; Stack's French Family sale, January 18, 1989, lot 201
5) The Farouk/Norweb coin as above, Sotheby's Palace Collections sale, February 1954, lot 1679; Bowers and Merena Norweb II sale, March 24, 1988, lot 1847
6) The Marks/Herstal coin as above, Virgil M. Brand estate; Bowers and Ruddy RCR 15; Bowers and Ruddy Stanislaw Herstal sale, February 7, 1974, lot 734
7) The 1976 ANA coin as above, Stack's sale, as part of a complete proof set of the year
8) The Neil/Pelletreau coin as above, B. Max Mehl, Will Neil sale June 17, 1947, lot 296; Stack's Robert Pelletreau sale, March 6, 1959, lot 1054; NERCA/NENA Convention sale, November 7, 1975, lot 635; Hanks & Associates, April 20, 1985 sale, lot 351; RARCOA auction '89, lot 327; Superior Auction '90, lot 1163
9) The Olsen/Ewalt coin as above, B. Max Mehl/ Fred E. Olsen sale, November 7, 1944, lot 997; Stack's George S. Ewalt sale, November 22, 1965, lot 42, Stacks' Dr. C.L. Emmons sale, September 19, 1969, lot 814, Ivy ANA Convention sale, August 18, 1980, lot 1809; RARCOA Auction '84, lot 1809; Superior L.W. Hoffecker sale, February 8, 1987, lot 1446A; Ira and Larry Goldberg's Kardatzke sale, February 2000, lot 1470
10) The Colonel Green/Kelly coin Colonel E. H. R. Green estate; B.G. Johnson; James Kelly (1943-44) Frank Sprinkle; Stack's Frank Sprinkle sale, June 21, 1988, lot 461; RARCOA Auction '90, lot 845.
Estimated Value $500,000-UP.
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