1795 $1 Silver Plug, BB-18 MS(PCGS#39993)

The Regency Auction 51

Auctioneer

Legend Rare Coin Auctions

Lot Number

21

Grade

AU55

Price

141,000

Lot Description

FROM THE DALE FRIEND COLLECTION, PART I. A superior grade 1795 Flowing Hair dollar with a mint inserted silver plug, this coin is from the B-7, BB-18 die pairing which is considered Rarity-3 overall, and perhaps Rarity-5 with the silver plug. A good proportion of the known plugged 1795 dollars were struck using this die pairing. The coinage act of April 1792 that established the U.S. mint, also created the standards for the content of each authorized denomination. By late 1792, several patterns and 1,500 half dismes were produced, but mint officials had to post surety bonds in order to strike gold and silver coins, so the only coins struck in 1793 were half cents and cents. In 1794 silver coins began to be struck, most of which were half dollars and a small number of silver dollars. The standards required that precious metal coins be within a very narrow weight tolerance, overweight planchets were filed down to proper weight; underweight planchets were sometimes treated with a silver plug, where a small hole was drilled into the blank planchet and a plug of silver was inserted, then flattened when the coin was struck. Prior to this coin being struck, the adjusted weight was too heavy and the planchet was lightened slightly as there are some minor adjustment marks. This well struck and CHOICE AU example has a rich, thick, gray patina on both sides that has bold accents of slate and deep blue, and gold toning. The strike is bold and has crisp definition throughout, including on Liberty's flowing hair and the eagle's head. The only touch of softness, some of which is rub from its brief stay in circulation can be seen in the extreme central high points. A minor rim bump at 11:30 on the reverse rim is the only noticeable flaw to the naked eye. A strong glass will uncover some very minor ticks and marks, perfectly acceptable for the assigned grade and the amount of circulation this coin had seen. Since most early dollars come in low grade or with serious flaws, this coin is a wonderful selection for a picky collector looking to enhance their type or date set. The Condition Census (2013) of this variety is 66,65,64,64,64,63 and Dave Bowers' list of "Notable Specimens" goes down to AU58, making this AU55 a very high grade for the B-7 die pair. This coin does not appear to be any of the examples sold previously at auction, so Dale must have bought this coin privately. PCGS 4, NGC 1. The only PCGS AU55 to sell in auction was CAC-approved, and had an extensive pedigree that dated back to June 1885, most recently selling in our May 2019 Regency Auction for $129,250. The current PCGS Price Guide value is $160,000. PCGS has graded just three examples finer, and they VERY RARELY ever appear in auction. Do not let this important early federal issue pass you by! An important coin for the collector. Cert. Number 42607896 PCGS # 6854