Lot 393
1831. Small Letters B-1. NGC graded MS-66+. Lovely blue and golden toning. Along with the delicate colors that grace this, we note satiny, extremely lustrous surfaces. Absolutely gem in all respects; the strike is sharp, the surfaces are essentially devoid of marks of any consequence, and the eye appeal is as expected as the assigned grade. Further, the present coin is the only one in its NGC "+" category (see census below).
Mint Director Samuel Moore laid the cornerstone of the new Mint building ("Second Mint," Juniper and Chestnut Sts.) on July 4, 1829, though not all machinery was to be installed for another 3-1/2 years. On the same day, Moore notified Treasury Secretary Levi Woodbury that coinage of half dimes had begun, embodying several mechanical improvements which he proposed to extend to all other denominations as soon as possible. Notable among these were wide, raised protective rims around a beaded border, and a "close collar" (called by Eric Newman and others a "collar die"), which confined planchets at striking, simultaneously reeding edges of gold and silver pieces, and imparting what Moore called "a mathematical equality" to their diameters. This improvement was extended at once to dimes, quarter eagles, and half eagles, but it was not to reach other denominations for some years; on quarter dollars the next opportunity was in 1831.
For the new issues, Moore directed Robert Scot's and John Reich’s successor in the engravership, William Kneass, to improve the designs, omitting the motto E PLURIBUS UNUM, 'One made up of many,' as redundant, expressing nothing more than the phrase UNITED STATES. The Treasury Department attempted to force its restoration, but Moore traveled to Washington, D.C., to justify his action, and the new coins remained without the motto until 1892, when it was restored as part of Charles E. Barber's copy of the Great Seal on the new design. Pop 1; 1 finer in 67.
Historic Note: There was a great expansion of private banks and insurance companies in in the 1820s and early 1830s. Due to prosperity in England, American exports to Britain climbed sharply. In 1825, prices fell, causing financial problems in the United States. A crisis swept through the banking community, and in New York alone there were 50 failures. The controversial Bank of the United States was beset with problems, had a shortage of specie, and could not redeem its own notes. In 1826 there was a business recession in the United States, but by 1827 conditions improved and by 1831 when the new Capped Bust small size quarters were introduced, the economy was once again humming, demand for small change growing by leaps and bounds. The Mint was kept busy almost full time.
Estimated Value $35,000 - 40,000.
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| Realized $49,350 |
