January 25-28, 2004, The Pre-Long Beach Coin & Currency Auction
Sale 23

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Peace Dollars

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2817    1922-S. PCGS graded MS-64. Choice and frosty white.
Estimated Value $110-130.
 

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2818    1923. PCGS graded MS-66. A blast white Gem from the Larry Shapiro collection (so noted on the holder label). One tiny spot on Liberty's neck (probably removable).
Estimated Value $800-1,000.
 

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2819    1924. PCGS graded MS-65. PQ. Frosty with lovely rose toning.
Estimated Value $100-150.
 

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2820    1924. PCGS graded MS-65 PQ. Frosty with lovely bluish and light violet toning. Worthy of a premium bid.
Estimated Value $100-150.
 

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2821    1924. PCGS graded MS-65. Lovely natural toning.
Estimated Value $100-125.
 

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2822    1924. PCGS graded MS-65 PQ. Gorgeous delicate violet toning, thus a Premium Quality example for the grade.
Estimated Value $100-150.
 

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2823    1924. PCGS graded MS-65. Frosty with delicate pale violet toning.
Estimated Value $100-125.
 

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2824    1924. PCGS graded MS-65 PQ. A gem specimen, delicately toned and very fresh, thus our Premium Quality designation.
Estimated Value $100-150.
 

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2825    1924. PCGS graded MS-65 PQ. A lovely frosty mint gem, delicately toned and definitely a Premium Quality example for the grade.
Estimated Value $100-150.
 

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2826    1924. PCGS graded MS-65. Nice and frosty.
Estimated Value $80-90.
 

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2827    1924. NGC graded MS-65. Nice multi color toning on both sides. Color photo.
Estimated Value $100-200.
 
2828    1924. PCGS graded MS-64 PQ. A very choice offering with most being of Premium Quality for this numerical grade. All are nice and frosty and exhibit lovely original delicate toning. Lot of 11 coins.
Estimated Value $400-500.
 

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2829    1924-S. PCGS graded AU-58. Nice golden toning and looks strictly uncirculated to us.
Estimated Value $75-100.
 
2830    1925. MS-65. Clean unmarked surfaces on both sides, lightly toned.
Estimated Value $50-60.
 

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2831    1925-S. PCGS graded MS-63. Pure white on the obverse; toned in steel-blue and burgundy on the upper right reverse. A pleasing, frosty example of a date that is hard to find nicer.
Estimated Value $90-110.
 

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2832    1926. PCGS graded MS-66. A superb specimen with nice even light creamy golden toning. Pop of 90 with none higher.
Estimated Value $1,100-1,300.
 

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2833    1926-S. PCGS graded MS-64 PQ. A very choice frosty white mint specimen.
Estimated Value $125-175.
 

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2834    1926-S. PCGS graded MS-64. White and well struck. A high-end example of the date that actually comes quite close to the MS-65 level.
Estimated Value $120-130.
 

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2835    1926-S. PCGS graded MS-64. Above average strike and luster. Untoned. Exceptionally clean cheek.
Estimated Value $120-130.
 

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2836    1927-S. ICG graded MS-65. A creamy white gem with satiny smooth surfaces. A very rare and desirable coin in this excellent state of preservation.
Estimated Value $4,000-4,500.
 

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2837    1935-S. PCGS graded MS-65. A frosty white gem, as fresh as a daisy. Pop of 363 with 74 graded MS-66 by PCGS as finest.
Estimated Value $550-600.
 

1921 to 1922. An Extraordinary Set of Five Proof Peace Dollar Issues. To be Sold Individually

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2838    1921. NGC graded Matte Proof 65. This and the following five coins constitute an extraordinary set of Peace Dollar Proofs. The appearance of a single coin, any in fact, is cause for celebration and enough to make any auction memorable.
Coins of the United States reflected our country's values from the start. In 1796 when the heraldic eagle design was copied loosely from the Great Seal, engraver Robert Scot made the "mistake" of placing the warlike arrows in the eagle's right, or dexter claw (the place of honor), while relegating the olive branch of peace to the sinister, or left claw. Perhaps this was intentional by Scot, or maybe he didn't know any better. Another possibility, is that Robert Scot may have used the eagle carving inside the Senate meeting room and the Philadelphia State House as his model to design the heraldic eagle coinage. It is further apparent that no one changed the placement of the arrows and olive branch, as coinage so arranged continued for eleven years until the John Reich designs were phased in, which reversed the position of the arrows and olive branch in the claws to the position of peace over war. Subsequent designs came and went, some with more of a preference for war than peace, such as the Mercury Dime which portrays a large fasces of rods and axes, while the olive branch is relegated to an almost unrecognizable position in a low supporting role for the military hardware. Never had a circulating coin been designed for peace.
A proposal was made shortly after the Treaty of Versailles, which formally ended World War I, by Farran Zerbe at the ANA Convention in Chicago of 1920. Zerbe proposed that a new half dollar, or should silver dollar coinage be resumed a new silver dollar instead. The ANA's enthusiasm was so great that a committee was formed to submit a bill to Congress. On May 9, 1921 Morgan Dollar coinage resumed, on that same day a bill was submitted proposing a new "Peace" design. The bill languished while Congress adjourned because of a single objection and ensuing debate. Later, it was discovered that approval of the Peace dollar did not need Congressional blessing, as the Morgan design had been current well over its statutory 25 year tenure. Thus, the Federal Commission of Fine Arts announced a design competition on November 23, 1921 and invited eight of the nations leading sculptors to submit models. The winner was Anthony de Francisci, who submitted a lovely rendering of his wife as Ms. Liberty wearing a radiant crown similar to several Roman coins, and the reverse with an eagle breaking a sword, for disarmament (Isaiah 2:4). The design was publicized on December 19, 1921, the same day Congress approved his models, only to meet with howls of raging protest from officials. Somehow, the powers that be insisted the breaking of the sword implied defeat, not peace or victory! Due to these objections, Mint Engraver George Morgan altered Francisci's reverse design, remodeled the eagle, minus the sword and arrows but with the olive branch of peace, placed the eagle on a mountain peak inscribed PEACE. Hastily approved, Morgan's changed were even more hastily rendered into working hubs and dies in high relief, and 1,006,473 were struck December 26 to 31, 1921. A messenger delivered one to President Harding on January 3, others the same day to the Secretary of Treasury and Director of the Mint. These coins were probably the matte or satin finish proofs.
It is likely that the approval for coinage was based on these lovely proof issues, and not from production coinage. Soon the Mint found that the high relief coins of 1921 were causing unexpected die breakage and were weak at the centers, as the Mint turned down the striking pressure to extend die life. Morgan, who was upset that his design had been superseded, lowered the relief on the electroplate model by pounding it down with a board and hammer! Thus, the high relief coins were once again (like the 1907 double eagles) greatly reduced in relief, allowing dies to last longer, and striking pressure to be greatly reduced. The sad result is the uninspiring low relief coins which are greatly diminished from the original concept designs of the artist. These proof pieces stand as the only remnants of the glorious de Francisci design. All are extremely rare and desirable, and all collectors would do themselves a favor to study each of these coins to view these historic rarities offered individually.

The example offered here boasts superb surfaces throughout. The fine matte powder used gives the coin an even silvery gray color, with the periphery showing slight toning at the extreme edge. Sharply impressed by the dies, with outstanding device detail over Liberty's ear and on the reverse eagle high points. Breen notes that 6-8 are known, one is located at the Smithsonian, another at the ANS, making very few available for collectors. We're not sure if this is the Col. Green coin, Lester Merkin, 6/71 or the former Kagin example. Naturally, this coin carries its own credentials. NGC notes this coin alone in its grade category, with another graded Proof 62 below. PCGS has not graded any 1921 Peace dollars in proof.
Estimated Value $40,000-50,000.
 

1921 Satin Proof 64

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2839    1921. NGC graded Satin Proof 64. The 1921 Satin Proof boasts light golden toning on both sides, the strike is sharp, although the curls over Liberty's ear show only minor weakness. Diagnostic die lines are visible as noted in Breen. NGC has graded thirteen of these, the Jack Lee coin as Proof-66, then this coin is tied with six as the second best seen as Proof 64. Others grade lower. As noted in Breen, these show no trace of mint frost. PCGS has not graded any of these.
Estimated Value $40,000-50,000.
 

1922 Matte Proof 65

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2840    1922 Low Relief. NGC graded Matte Proof 65. These were not known to Breen and are not reported in his Proof or regular encyclopedias. Two of these turned up in the massive Norweb sale by Bowers and Merena in 1988. Both apparently came from the collection of Ambrose Swasey, a member of the Assay Commission at the time. It appears that George T. Morgan coined two pieces in this matte finish specifically at the request of Swasey. This coin was from Lot #3933 in the Norweb Sale. Although 4 are reported in the NGC census, there may be one reported twice, this coin is listed under "Norweb/Lee" (one of 2 graded Proof 63 and this coin as 65), then below as "Matte Low Relief" as Proof 65, since this is one of two Norweb coins it is reasonable to assume that someone sent it back for a possible upgrade, keeping the known population at 3 coins. Milky white in color, and an outstanding gem in every way. Free of toning and a beautiful example in every respect.
This is the key to the set of Matte and Satin Finish Proof Peace Dollars. This coin is not reported in the Breen Proof Encyclopedia or in his primary United States coin encyclopedia. It is one of two believed made for Ambrose Swasey, a member of the Assay Commission, and the only coin so graded as a matte proof with the production style lower relief used for 1922 and later Peace Dollars. To have a complete set of proofs, the 1922 low relief matte proof must be obtained!
Estimated Value $75,000-85,000.
 

1922 Matte Proof 65

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2841    1922 High Relief. NGC graded Matte Proof 65. The 1922 Matte Proof in High Relief is very similar in texture and appearance to the 1921 Matte Proof. The matte process shows fine grains, and the surfaces are even in color, a milky white silver. There is a small speck below the E of E PLURIBUS on the reverse, which will help trace the pedigree of this coin. Breen estimates that 6-8 are known, some of which are impaired. NGC has graded 4 as such, with 3 graded higher. The surfaces of this coin are outstanding, and it is sad that such quality is possible to coin, when one compares this with the normal low relief issues of 1922.
Estimated Value $75,000-85,000.
 

1922 Satin Proof 63

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2842    1922 Low Relief. NGC graded Satin Proof 63. The 1922 Satin finish proof features the low relief, and the coin has no mint frost but instead is entirely reflective. Despite the low relief, this coin is very sharply struck and boasts amazing detail on the curls over Liberty's ear. Only 2 have been graded by NGC, none by PCGS, making this coin extremely rare. Breen noted that only 3 were known in his encyclopedia, and apparently none have been offered in some years at auction. This coin has delicate gold toning on both sides, and because of its sharp strike, is obviously a proof issue.
Estimated Value $20,000-25,000.
 

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2843    1921 High Relief. PCGS graded MS-63. Light golden-lilac toning. One of the best values in numsimatics and one of the most impressive designs.
Estimated Value $250-300.
 

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2844    1921 High Relief. PCGS graded MS-65. Boldly struck in the designated High Relief style rather than the usually seen lower relief, with satin-like surfaces which are remarkably free from serious nicks or scratches. This key issue is overlaid with a touch of delicate natural toning.
Estimated Value $1,500-1,700.
 
2845    1922-D (2 pieces), 1926-D, 1934 and 1934-D. These grade MS-60 to MS-63. Choice gold toning on the periphery and strong luster on each. Lot of 5 coins.
Estimated Value $110-140.
From the Benson collection.
 
2846    A Six Piece Dollar Lot. Consisting of: 1878 7/8 T.F. MS-60; 1878 8 T.F. MS-60 PL; 1893-0 Good 5; 1895-0 Good 5; 1898-S Fine 15; 1921 Peace Fine 15. Lot of 6 coins.
Estimated Value $275-300.
 
2847    A Lot of Uncirculated Peace Dollars. 1922 (8); 1923 (2). Lot of 10 coins.
Estimated Value $80-90.
 
2848    A Lot of Peace Dollars. Consists of 1921 to 1935. Includes some of the better dates. Grades range from Very Fine to Uncirculated. Lot of 16 coins.
Estimated Value $150-175.
 

Eisenhower Dollars

2849    1971-1978-S Complete Set of Eisenhower Dollars including Proof-Only issues and varieties. All are uncirculated and brilliant proof and mounted in a Dansco album. Lot of 32 coins.
Estimated Value $150-200.
 
2850    A Lot of Ike Dollars. Consists of: 1972-S (2) Proof; 1973-S (5) Unc. in blue packs; 1974-S (2) Unc. in blue packs. Lot of 9 coins.
Estimated Value $50-60.
 

Sacagawea Dollars

2851    Two Sets of Sacagawea Dollars. Consists of the following complete sets: 1 set 2000 thru 2003; 1 set 2000 thru 2002. Includes Proofs and Uncirculated coins, each mounted into a Dansco album. Lot of 21 coins.
Estimated Value $100-150.