1838 S$1 J-84 RESTRIKE PR65

GOBRECHT DOLLAR. NAME OMITTED. RARITY-5. SUPERB GEM SURFACES WITH RADIANT BLUE ROSE PATINA. VERY POPULAR PATTERN. TIED FOR HIGHEST GRADED. Of the three dates that appear on Gobrecht Dollars, 1838 is both the rarest and the most difficult to properly classify. In his 1988 Encyclopedia of United States coins, the late Walter Breen states that the Chief Coiner delivered 25 proof Silver Dollars on July 5, 1838. The author apparently believed that these coins were dated 1838 because he reserved the attribution Breen-5417 for these originals. He also stated, however, that none of these coins had been seen for "many years." If these originals actually existed, Breen opined that they would have been struck in Die Alignment I (coin turn with the eagle flying onward and upward). Andrew W. Pollock, III adopts Breen's conclusions in the 1994 book " United States Patterns and Related Issues, " and he was similarly unaware of any auction or other appearances of original 1838 Gobrecht Dollars. The ninth edition of the book " United States Pattern Coins " by Dr. J. Hewitt Judd, however, carries a few interesting notes as far as the 1838 Gobrecht Dollar is concerned. On page 42 of that reference, the editors states that original examples of the 1838 Judd-84 Gobrecht Dollar are those coins struck in Die Alignment IV (medal turn with the eagle flying level) from perfect, uncracked dies. Endnote 11 for the 1831-1849 section makes further mention of a Die Alignment III (coin turn with the eagle flying level) example in the Smithsonian Institution struck from perfect dies, as well as another Die Alignment III specimen in the 1851 Roper Sale that is "certainly an original." We have not seen the Smithsonian Institution example, but can conclude that if the Roper specimen was actually an original, that piece has since been lost. Our primary and secondary research leads us to conclude that if original 1838 Gobrecht Dollars were struck that year, those coins were almost certainly produced in Die Alignment III and/or Die Alignment IV from perfect dies. These pieces, again if they ever existed, were either destroyed in the Mint or have otherwise been lost to future generations of numismatists. Continuing with this train of thought, and unless presented with significant evidence to the contrary, we must conclude that all extant 1838 Gobrecht Dollars are restrikes. These coins are attributable as such by the presence of two or three reverse die cracks (as struck) that are diagnostic for restrike 1838 and 1839 Gobrecht Dollars. These cracks, which one will need a loupe to obverse, join the top of the letters MERI in AMERICA and TE in STATES, as well as the base of the letters LAR in DOLLAR. Restrike Gobrecht Dollars, are known to have been made during one of three time periods: 1857-1860 (during Mint Director Colonel James Ross Snowden's tenure); 1867-1869 (during Henry R. Linderman's first term as mint director); and 1873-1878 (during Linderman's second term). Specimens dated 1838, therefore, were almost certainly produced during one of more of these striking periods. The absence of original 1838 Gobrecht Dollars in numismatic circles, however, does not diminish the importance and popularity of this issue in today's market. As previously stated, this is the rarest date in the Gobrecht Dollar series - a fact that speaks volumes when one considers that all Silver Dollars of this type are rare coins. The restrikes were produced in unknown, albeit extremely limited numbers, and examples do not remain in the market for long due to strong collector and investor demand. There is probably no greater indication that the 1838 Gobrecht Dollar occupies a prominent position in the pantheon of numismatic rarities than the issue's inclusion in the 2005 book " 100 Greatest U.S. Coins " by Jeff Garrett and Ron Guth. Along with its 1836- and 1839-dated brethren, the 1838 has secured the #67 ranking in that important work.