Owner Comments:
SO-CALLED DOLLAR APPEARANCE/CONDITION:
Uncirculated+
*A very appealing example of this exceptionally rare and popular medal. Surfaces are steel grey with hues of dark gold and espresso; light peripheral burgundy/rose toning on both the obverse/reverse. There is no distracting toning and yet the piece appears somewhat of a darker color to the naked eye. Exceptional eye-appeal for a lower mint-state example. Additionally, the actual strike is quite strong compared to many Pedley-Ryan varieties I’ve seen. — Although one cannot see from the photos, a significant ~110-degree die-rotation is exhibited on this piece.*
SO-CALLED DOLLAR BACKGROUND:
Although not a “specific” Colorado So-Called Dollar, the HK-821 Pedley-Ryan “Nevada Dollar” is certainly associated with and has significant Colorado-related history. Pedley-Ryan & Co. was a Denver, Colorado based company, the silver planchets/discs were produced by Sachs-Lawlor Co. of Denver, and the actual silver that made up the planchets was obtained from the Denver Mint (all production and sales were exclusive to Colorado). — Numerous Pedley-Ryan medals/varieties exist; many of which are included in this collection. The only outsourced variety ever struck by Pedley-Ryan was that of the Nevada Dollar shown here; and even subsequently returned to the firm in Denver, CO after the Sterling Invest Company of Reno, Nevada returned all 2,500 medals to Pedley-Ryan & Co. It was recorded that the majority were subsequently melted; however, a small unknown number were issued to family/friends; hence its rarity. I feel lucky to have an example included in this collection. — Therefore, this issue is absolutely associated with Colorado for the obvious reasons listed above and certainly warrants a spot in this collection.
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“Pedley-Ryan & Co., a Denver investment house, in 1933 marketed a variety of one ounce silver slugs the same size as a silver dollar, as an investment opportunity. This Sterling Investment Company, Reno Nevada is considered one of the more popular varieties.” — Credited Source: Shevlin/Hayder
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“An agent of Pedley-Ryan & Co., Denver, CO, called at the office of the Sterling Investment Co. and sold a junior member of the latter firm 2,500 planchets to be stamped incuse with its name, city and state. Reverse dies of a Pedley-Ryan token, No. 825, were employed after a plan to use Nevada State Seal was abandoned. Purposes were publicity and stimulus to buying of silver.” — Credited Source: Hibler/Kappen
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“Sterling's senior member and manager was away on business when order was placed. He returned about the time the tokens arrived from Denver, disapproved their use, and ordered them returned to Pedley-Ryan & Co., which melted them. A few had, in the meantime, been issued to friends and customers for $1 each.”
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It is currently a collection goal to obtain and complete the entire 1933 Pedley-Ryan series. Although some types are virtually unattainable, I still intend to try. Thus far, I have collected 6 of the 10 types (which includes 1 unique variety; HK-825 “J.O. - Obverse”), completing ~60% of the sub-collection. This alone is already quite an accomplishment for me. The specific collection details are shown below:
- HK-821 (Nevada Dollar): NGC MS-61 (R6)
- HK-822 (Type I): NGC MS-63 (R7)
- HK-823 (Type II): N/A (R8)
- HK-824 (Type III): NGC MS-61 (R6)
- HK-825 (Type IV): NGC MS-62 (R5)
- HK-825 (Type IV “J.O. - Obverse” Specimen): MS-62 (~R9)
- HK-826 (Type V): N/A (R7)
- HK-827 (Type VI): NGC AU-55 (R6)
- HK-827A (Type VI): N/A (R7) — Deal to obtain NGC MS-61 example from Jeff Shevlin in early 2024. Due to the rarity/price, making payments for a full year starting in January 2023; ending in January 2024. As of March 2023, only 4 examples have been graded by NGC (2 MS-61’s & 2 MS-62’s). No example grades higher than MS-62 which is quite astonishing.
- HK-828 (Type VII): N/A (R7)
DESIGNER: Pedley-Ryan
CATALOG NUMBER: HK-821
RARITY: 2,500 (Total Struck) — Majority melted
(NGC Pop = 10; 23 Finer - Total Pop = 59): [10/2022]
Rarity Level 6 = ~21-75 Known - Designated "Rare” to “Very Rare”
SO-CALLED DOLLAR DESCRIPTION:
(Planchets were made by the Sachs-Lawlor Co. of Denver, Stamped by a Girl in the Pedley-Ryan Office, 99% Silver, 430 Grains, 38mm, Round, Plain Edge)
OBVERSE: Sterling / Investment / Co. Inc. / Reno / Nevada
REVERSE: 1933 / Silver / 430 Grains
HISTORICAL BACKGROUND:
(The Sterling Investment Company):
“The Sterling Investment Co. was incorporated by three members of the same family Feb. 13, 1930. Its charter was revoked on the first Monday in March 1934 for failure to file an annual list of officers and directors, to designate a resident agent and to file his acceptance thereof, and to pay the filing fee and penalty thereon. The charter has never been reinstated.” — Credited Source: Hibler and Kappen
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(Pedley-Ryan & Company):
“Pedley-Ryan & Co., Denver investment house, in order to provide a convenient medium for speculation in silver and to increase the use and popularity of silver as a medium of exchange, started a "Buy-an-Ounce-of-Silver" campaign Jan. 5, 1933. Silver at that time was in very limited demand, bar silver being quoted at 27 cents an ounce. Up to that time, the minimum amount of silver traded in on the big markets for actual delivery was 25,000 ounces, and this amount had been sold only since summer 1932.
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On Jan. 5, Pedley-Ryan began its sale of round, rimless, plain-edge discs. Size of a standard U.S. dollar, they contained one ounce of silver, 430 grains 99% fine. The slugs were sold three for a dollar and Pedley-Ryan was to redeem them at prevailing market prices of silver. It was believed that thousands of investors throughout the country would purchase the "dollars" and would realize large profits when silver reached the 16 to 1 ratio hoped for by the silver bloc. Silver mining interests in Colorado and elsewhere would, in the meantime, benefit from an increased market for silver.
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The campaign, which enabled even the smallest investor to speculate, ended in late summer. Sales had not reached anticipated goals. After that, Pedley-Ryan (later known as the Cow Gulch Oil Co.) sold bars of 1,000 ounces only.
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Planchets for the pieces were made for Pedley-Ryan by the Sachs-Lawlor Co., Denver, the silver being obtained from the Denver Mint in 100-plus ounce bars. The discs were stamped by a girl in the Pedley-Ryan office. All have plain edge. First five types sold by Pedley-Ryan were stamped or punched (incuse) while Type VII was embossed. Types V and VI, incuse, are not listed in Kenney.
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In An Inside View of the Coin Hobby in the 1930s: The Walter P. Nichols File, Q. David Bowers reproduces a series of postcards to Nichols from Ernest Cerny of Denver in March and April, 1933. Cerny describes Nos. 822 and 824 as difficult to find, but available for sale at $2.50 and $2.00 respectively. No. 825 is described as common, available at 3 for $1.25. He implies that those were the only three types he knew had been produced. Cerny states that 87 pieces were stuck of No. 824, a figure that is slightly different from the 85 mintage listed below. Since Cerny does not mention No. 823 at all, it is possible that his mintage figure includes specimens of both Nos. 823 and 824.” — Credited Source: Hibler and Kappen