1885 T$1 Trade PR62

CERTIFICATION#: -1124
PCGS#: 7065

Owner's Comments

PCGS grade. Ex. Farouk (1954) Sold by Bowers & Merena Mar '88 Price Realized $121000

Expert Comments

Ron Guth:   A complete roster of all five known examples (with assistance from P. Scott Rubin):

The Granberg Specimen William Idler John Hasletine H.O. Granberg Collection B. Max Mehl 7/1913:392, $1,140 Unknown intermediaries Col. E.H.R. Green B.G. Johnson Jack Roe B. Max Mehl 6/1945:628, $1,275
Jerome Kern Collection B. Max Mehl 5/1950:897, $1,450 Amon Carter, Jr. Collection Stack's 1/1984:441, $110,000 Kevin Lipton Superior 8/1984:192, $90,750 Fred Fredericks Hoffecker Collection Superior 2/1987:1446B, $96,250 Euguene Worrell Collection Superior 9/1993:1325, $242,000 Rudoplh Collection Stack's 5/2003:2175, $920,000

Louis Eliasberg Specimen Atwater Collection B. Max Mehl 6/1946:378, $1,450 Louis Eliasberg Collection Stack's/Bowers & Merena 4/1997:$907,500 Jay Parrino Purchased in a private transaction in late 1999 for $1,500,000 by Legend Numismatics Sold privately in January 2006 by Heritage Galleries for a reported $3.3 million

Adolphe Menjou Specimen B.G. Johnson R. Green Clint Hester B. Max Mehl's 6/1950:897, $1,350, billed as the Adolphe Menjou Collection, but really not Ben Stack W.G. Baldenhofer Collection Stack's 11/1955:1040, $4,000 Private Collection Julian Leidman/Mike Brownlee/Hugh Sconyers Jim Halperin at New England Rare Coin Galleries c. 1974, $115,000 John Kamin Private Collection

King Farouk Specimen King Farouk Collection Sotheby's 2/1954:1680, $1,665 Ambassador R. Henry and Mrs. Emery May Norweb Bowers & Merena 3/1988:1848, $121,000 Dan Drykerman (American Coin Portfolios) Private New York Collection Sold privately by Bowers & Merena in 1992 New York Private Collection Richmond Collection David Lawrence 11/2004, $1,006,250

Fred Olsen Specimen Fred Olsen Collection B. Max Mehl's 11/1944:1767, $1,150 George Ewalt Stack's 11/1965, $11,000 Leo Young RARCOA's session of Auction'80:1626, $110,000 Julian Leidman c. 1980, $125,000 Mike Follett Private Collection RARCOA's session of Auction '84:1810, $96,250 John Rowe III L.R. French Collection Stack's 1/1989, $104,500 Charles Barasch (International Coins & Currency) c. 1992 Private Northeast Collection P. Scott Rubin: The 1885 Trade Dollar is one of the rarest issues in all U.S. coinage. The total mintage is only five Proof examples. All five coins are known today, but the 1885 Trade Dollar was not known to exist until almost twenty-five years after its striking. To some, this gave the impression that these five coins were not made in the year of issue, but were made later for collectors as an additional year-ending design of the Trade Dollar series. Research by Carl Carlson in the papers of Charles Barber, the coins' designer, proved that both the 1884 and 1885 Trade Dollars were in fact produced in the years they were dated.

The first year that an example of the 1885 Trade Dollar appeared at auction was 1913, but it was not until 1954 that the last of these five coins appeared. During that time period, the coin never sold for more than $1,600. By the 1980’s, 1885 Trade Dollars were selling for six figures, and in its last public auction appearance in 2004, the same coin that was the last of the five to appear at auction (The King Farouk specimen) sold for over a million dollars. In 2006, Heritage Galleries sold the Atwater specimen in a private sale for a reported $3,300,000 and the 1885 Trade Dollar will surely bring more the next time one of these five coins becomes publicly available.

Diameter: 38.10 millimeters Designer: William Barber Edge: Reeded
Mintage: 5 Weight: 27.20 grams Metal Content: 90% Silver, 10% Copper
60
1,450,000
61
1,750,000
62
2,000,000
1
63
-
63+
2,200,000
65
3,750,000

Rarity and Survival Estimates

Grades Survival Estimate Numismatic Rarity Relative Rarity by Type Relative Rarity by Series
All Grades 3 R-9.8 1 / 13 1 / 13
60 or Better 3 R-9.8 1 / 13 1 / 13
65 or Better 0 R-10.1 1 / 13 1 / 13

Condition Census

Pos Grade Thumbnail Pedigree and History
1 PR65 PCGS Estimated grade   Atwater-Eliasberg-Legend
2 PR63 Estimated grade   Adams
3 PR62 PCGS grade   Farouk-Norweb
4 PR61 PCGS grade   Granberg-Green-Carter-Worrell-Lipton-Hall/Simmons
5 PR60 estimated grade   Olsen-Young-French