Lot 1378
1840. PCGS graded Proof 64. Well struck with uniform iridescent toning on both sides. This attractive coin is struck from dies that show die rust throughout the reverse field. The absence of this feature in the field of some other Proof 1840 Seated Dollars suggests that this near-Gem possibly was struck at a later date. A magnifier reveals this to be a richly toned example with uniform medium lavender-gray color over with some undertones of other color. The reflective properties are evident at a few angles, while the crisply impressed devices are fully appreciable and very impressive for one who is familiar with the uneven strikes on the for-circulation pieces. Identifiable by an obverse lintmark that connects the two denticles below the 8 in the date.
According to the Heritage 2004 sale catalog: "It has been suggested that the original mintage (61,005 pieces) of the 1840 Seated Dollar accounts for 61,000 business strikes and five Proofs. Judging by current NGC and PCGS population data, however, it seems likely that the Mint produced more than five Proof Silver Dollars in this, the first year of the type. The exact number of coins delivered is not known with certainty, but it seems probable, despite what Bowers says in his 1993 encyclopedia, that some of the examples extant are restrikes. Nevertheless, it is probable that no more than 20 Proof Seated Dollars dated 1840 were produced. Some of the 34 coins known to NGC and PCGS (7/04) are highly likely resubmissions." Pop 2; none finer (PCGS # 6981) .
Estimated Value $37,000 - 40,000.
Ex Heritage August 2004 Auction.
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