Owner Comments:
1872 1$ Commercial Dollar
Judd-1219, Pollock-1360
Rarity: Low R.7; PR62
Struck in silver with a reeded edge
Obverse: The obverse is the regular design for the Seated Liberty dollar.
Reverse: The reverse has a laurel wreath with UNITED STATES OF AMERICA around. The wreath stems are tied by a bow, and intertwined with a ribbon inscribed GOD OUR TRUST. Inside, COMMERCIAL and DOLLAR are separated by a cornucopia with 420 GRS 900 FINE on two lines below.
Comment:
About 15 examples of this pattern variety are known, and at least three of those are held in museums. Steel-gray toning embraces both sides, though areas of lighter straw-gold persist, especially on the reverse. Well struck and unblemished with eye appeal that exceeds the numerical grade.
Reciting on of the many Numismatic Reflections by Q. David Bowers
The Commercial dollars are very special patterns. They are the work of John Jay Knox, himself a numismatist, who crafted the wording for the Coinage Act of 1873. This was endorsed by Congress and passed easily. Some years later, when the price of silver dropped on world markets, and western mining interests suffered because the government wasn't buying enough metal in quantity to support the market, the bill was called the "Crime of 1873." But, careful reading of it will show that it was well thought out. Some years later in 1878 the western mining interests triumphed, influenced Congress to enact the Bland-Allison Act, and the government began buying millions of ounces of unwanted silver metal each year and coin them into what we now know as Morgan dollars. There was no commercial need for dollars at the time, as they circulated only in a few places and not in quantity. Accordingly, hundreds of millions of them piled up in Treasury vaults.
Provenance/ Appearances:
From Heritage Jan 2021 FUN Signature Auction / Lot #4908; Prior
- Ex: Heritage Aug 2007 Milwaukee ANA /Lot #2745;
- Stacks Nov 2007 Amherst & Waccabuc Collections Sale /Lot #1160;
- Bowers & Merena Nov 2001 (The Tree Many Feathers Collection) Lot #176 ($4000),
- Heritage Jan 2000 Fun Lot #762 (Passed)
- Heritage Mar 1999 (Sacramento ANA) Lot #5730 (Pass)
- Heritage Aug 1998 (ANA Portland) / Lot #5141 ( Passed);