Owner Comments:
SO-CALLED DOLLAR APPEARANCE/CONDITION:
Type I Variety: Choice Uncirculated
*A beautifully toned choice uncirculated example of this R7 issue. Areas of deep burgundy, violet and gold are exhibited on the outer peripheral edges of the piece. The primary fields are toned dove grey with streaks of rustic and ruddy-grey. —
“PEDLEY PYAN & CO DENVER” overstruck on the reverse, doubling can be seen on nearly every letter. Although one cannot see from the photos, a significant ~45-degree die-rotation is exhibited on the piece. — Just 3 examples grade higher; all of which are MS-64. Therefore, this issue is tied for second finest graded at MS-63.*
SO-CALLED DOLLAR BACKGROUND:
“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. — Only 60 of the Type I variety was issued, all on Jan. 5, 1933.”
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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-822
RARITY: 60 (Total Struck)
(NGC Pop = 12; 3 Finer - Total Pop = 23): [05/2022]
Rarity Level 7 = ~11-20 Known - Designated "Extremely 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: Pedley-Ryan & Co. • Denver
REVERSE: Pedley-Ryan & Co. • Denver [same as obverse].
HISTORICAL BACKGROUND:
“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