Coins tell stories, and the 1883 Hawaii silver dollar is no exception. This coin is not just a piece of money; it has a fascinating history, unique design, and incredible value. Recently, a coin graded Mint State 68 sold for a stunning $276,750 at an auction. This article explores the background of the 1883 Hawaii silver dollar, its significance in Hawaiian history, and what makes it so valuable in today’s coin market.
| Section | Description |
|---|---|
| Introduction | Overview of the 1883 Hawaii silver dollar and its significance. |
| The Sale of the 1883 Hawaii Silver Dollar | Details about the auction sale and its record price. |
| What Makes This Coin Special? | Insights into the coin’s uniqueness and appeal to collectors. |
| The History of Hawaiian Coinage | Overview of the coinage produced by the Kingdom of Hawaii. |
| Mintage and Rarity | Discussion on the limited number of surviving coins and their value. |
| The Vision of King Kalakaua I | King Kalakaua’s motivations for producing national coins. |
| The Fate of the Coin Dies | Explanation of what happened to the dies used for coin production. |
| The Design of the 1883 Coins | Description of the artistic elements on the coins. |
| The Unique 1883 Pattern “Hapawalu” | Details about the rare hapawalu coin and its significance. |
| Why Was the Hapawalu Never Produced? | Insight into the decision not to produce the hapawalu coin. |
| Conclusion | Summary of the 1883 Hawaii silver dollar’s importance and history. |
| FAQ | Common questions and answers related to the 1883 Hawaii silver dollar. |
The Sale of the 1883 Hawaii Silver Dollar
On July 21, an 1883 Hawaii silver dollar graded Mint State 68 by the Professional Coin Grading Service (PCGS) was sold for $276,750 during an auction by GreatCollections. This coin was part of the Gerald Forsythe Collection of Hawaiian issues, which featured a total of twelve coins.
What Makes This Coin Special?
Ian Russell, the president of GreatCollections, described the coin as “amazing.” When the coin was submitted for a Certified Acceptance Corporation (CAC) sticker, John Albanese, a respected figure in the coin grading community, was so impressed that he called Russell to express his amazement. Seven different bidders competed for the coin, starting with a minimum bid of $190,000. Ultimately, it was won by a serious collector of U.S. coins, setting an all-time record for Hawaiian coinage.
The History of Hawaiian Coinage
The Kingdom of Hawaii produced five official coin denominations, and the 1883 series includes dimes, quarter dollars, half dollars, and silver dollars. The coinage began with a large-sized cent issued in 1847 by King Kamehameha III. The 1883 coins, including the silver dollar, feature the portrait of King Kalakaua I and were designed by Charles Barber at the San Francisco Mint. Interestingly, these coins do not have a Mint mark.
Mintage and Rarity
The 1883 Hawaii dollar is known as the finest of about 500,000 pieces struck. However, many of these coins were melted down, leaving an estimated net mintage of just 46,348 pieces. This significant reduction in available coins has made the surviving examples very valuable to collectors.
The Vision of King Kalakaua I
Garry Moore wrote in The Numismatist about how King Kalakaua believed that producing national coins would help boost morale in Hawaii. In 1880, he authorized the purchase of gold and silver bullion to create coins for circulation through the Kingdom of Hawaii’s Currency Act.
The Fate of the Coin Dies
To prevent the possibility of flooding the market with too many coins, the dies used to strike the coins in San Francisco were canceled on May 23, 1888. This event occurred in the presence of Mint Director James P. Kimball, and the dies were eventually sent to Hawaii, where they are now stored in the state’s archives.
The Design of the 1883 Coins
Each 1883 denomination depicts King Kalakaua looking to the right, with an inscription identifying him as the King of Hawaii. The reverses of the dime, quarter, and half dollars display part of the king’s coat of arms along with the royal motto, which translates to “The Life of the Land is Perpetuated in Righteousness.” The silver dollar stands out because it shows the full coat of arms.
The Unique 1883 Pattern “Hapawalu”
Another interesting coin from 1883 is the Hawaii pattern “hapawalu,” which is an eighth dollar or 12.5-cent piece. Only 20 of these were minted as patterns, and one graded Proof 66 by PCGS with a green CAC sticker sold for $116,437.50. This denomination was unique because it did not correspond to any existing U.S. coin.
Why Was the Hapawalu Never Produced?
Heritage Auctions explained that the hapawalu was replaced by the dime for commercial convenience. As the U.S. was looking at Hawaii for strategic purposes, the 12.5-cent denomination was unnecessary, leading to its cancellation.
Conclusion
The 1883 Hawaii silver dollar is a remarkable piece of history, showcasing the artistry and significance of Hawaiian coinage. Its high value in today’s market reflects not only its rarity but also the rich story behind its creation. Coins like this one serve as a reminder of Hawaii’s unique history and the vision of its leaders. With only a few surviving pieces, each sale sets new records and captures the interest of collectors worldwide. Understanding the story of the 1883 Hawaii silver dollar allows us to appreciate its place in both numismatics and Hawaiian history.
FAQs
What is the 1883 Hawaii silver dollar?
The 1883 Hawaii silver dollar is a coin issued by the Kingdom of Hawaii, featuring King Kalakaua I on the front. It is known for its rarity and historical significance.
Why did the 1883 Hawaii silver dollar sell for such a high price?
The coin sold for $276,750 because it is graded Mint State 68, making it one of the finest examples of its kind. Its rarity, historical context, and the fact that it is part of a well-known collection also contributed to its high auction price.
How many 1883 Hawaii silver dollars were minted?
Approximately 500,000 pieces were struck, but many were melted down. It is estimated that only about 46,348 of these coins survive today, making them quite rare.
Who designed the 1883 Hawaii silver dollar?
The coin was designed by Charles Barber, an engraver at the U.S. Mint. It features a bust of King Kalakaua I on the obverse side and the full coat of arms of Hawaii on the reverse.
What is the significance of King Kalakaua I in Hawaiian history?
King Kalakaua I, who reigned from 1874 to 1891, was the last reigning monarch of Hawaii. He promoted the use of national coins to boost morale among Hawaiians and to establish a sense of national identity.