Owner Comments:
SO-CALLED DOLLAR APPEARANCE/CONDITION:
Type IV Variety “J.O. - Obverse” Specimen: Uncirculated+
*Beautiful peripheral toning, particularly on the reverse. — Counterstamped “J.O.” on the obverse (more details regarding this in background section below). ~25-degree die rotation is exhibited on this example, as well.*
SO-CALLED DOLLAR BACKGROUND:
An illusive, unlisted variety of extraordinary rarity. Based on auction records, just 2 specimens of this type have come to auction (J.O. on obverse) and 1 with J.O. on the reverse. As of August 2022, this was the sole example ever sold and highest in grade to-date. Subsequently, I will now refer to this variety as the HK-825 Pedley-Ryan “J.O. - Obverse #1” Specimen. The second “J.O.” specimen that surfaced in August of ‘22 is authenticated by NGC and graded MS-61. Both were counterstamped “J.O.” on the obverse of a Pedley-Ryan HK-825. The third and final example (based on the sole merchant that obtained the specimens) came to auction in October of 2022 and was graded/authenticated NGC MS-61; however, this variety has “J.O.” counterstamped on the reverse below the legends of an HK-825 as opposed to the previous two counterstamped on the obverse. Although similar to the previous two, this will be referred to as the HK-825 Pedley-Ryan “J.O. - Reverse” Specimen. — What’s so fascinating is specimens like this are known to be rejected by NGC. So, why were the “J.O.” specimens straight graded/authenticated? Is there possible history we’re unaware of? Does NGC have knowledge of this variety? Regardless of the fact, it is certain this example is utterly illusive. Of the three that are known, this is the finest (J.O. Obverse: NGC MS-61 & MS-62 — J.O. Reverse: NGC MS-61). Based on direct discussions with the seller, he obtained all 3 in an estate lot. It is believed these are the only 3 to exist. Additionally, the auction winner of the other 2 examples published an article related to these pieces, their history, and potential originals. That article can be read here: https://privatemintnews.com/articles/so-called-dollars_ngc-certifies-pedley-ryan-jo-counterstamps/
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In a thread regarding this piece specifically, Dan Carr noted, “The ‘J.O.’ font is significantly different than the other marking. It could be a vintage marking with some meaning, or just an owner's initials added later.” Additionally, I sought guidance from both the renowned John Dean, as well as Jeff Shevlin. Neither had seen this variety nor had any historical context on it. However, both noted how fascinating it was. — There was also speculation within the discussion that in this particular case of Pedley-Ryan, it was a girl that did the stamping. It was wondered if "J.O" could possibly be her initials. Unfortunately, the So-Called Dollar Guide doesn't indicate the girl's name but it would be great to identify. This could potentially explain the background.
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John Dean mentioned several medals in his collection were formerly presented to US Senators. What stands out is him mentioning an HK-337 (Southwest Expedition: Pike’s Peak Gold Plated Variety) in his collection that was presented to Thomas Walsh, a US Senator from Wyoming. With that thought in mind, I researched all the US Senators from the 73rd US Congress (1933-1935) for the initials “J.O.” The time period this piece was struck. Two stood out in particular:
* Louisiana Senator: John H. Overton
* Wyoming Senator: Joseph C. O'Mahoney
Interesting one was indeed from Wyoming, just as John Dean mentioned (although different time periods).
Of course this is purely speculation. However, knowing medals such as this were indeed presented to Senators, it’s not out of the question to think this was possible. With that said, this medal may have indeed been both presented to and in the collection of either John H. Overton of Louisiana or Joseph C. O'Mahoney of Wyoming.
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Apparently, the only other counterstamped Pedley Ryan variety graded by NGC that has auction records from many years ago are the (three known) examples with "1929". Regarding these pieces, Dan Carr provided a “Hollinbeck Kagin Coin Co.” numismatic catalog from 1967 that gives some historical reference to the three 1929 unlisted specimens. Details in the catalog are as follows:
1929 UNLISTED PEDLEY-RYAN DOLLAR:
Acquired from us in early 1964 after we purchased two specimens from Al Overton of Pueblo, Colorado. One specimen is in the Kagin Reference Collection of Colorado Gold & Silver and this other specimen we traded then for the equivalent of about 1,000.00. Obverse has PEDLEY-RYAN & CO. DENVER, reverse 1929 ONE OUNCE SILVER 90%, uncirculated. Accompanying the piece is a photostat letter with KENYON V. PAINTER, Phoenix, Arizona (Mr. Painter is listed on page 213 of the Guidebook as one of the special panel of authorities who's opinion enters into the consesus on Private & Territorial Gold Coins) at top. The letter is addressed to Al Overton, "Dear Mr. Overton: Concerning the history of the Three Pedley-Ryan Pieces dated 1929, I will tell you all I know about them. My father, Mr. William Burkart, was the founder and president of Ajax Iron Works which was started about 1914. They had their plant at 1709 Blake St., Denver, Colorado, along with another plant on Osage St. Mr. Burkart outside of running a foundry did a great deal of precision tool and die work. He also was one of the large manufacturers of mining equipment. When the decision was made to sell the firm several years after my parents death, it was necessary to clean out the safe which had been in the Blake St. office for a great many years. These three pieces were found in this safe at this time. I feel these pieces were made up by my father as a favor to the Pedley-Ryan group prior to their issue in the thirties. My feeling is that these were the experimental pieces and that there were probably more than just these three pieces made. Sincerely yours, Norma B. Painter." Since one specimen is impounded in the Overton Colorado Collection and another in the Kagin Colorado Collection, this third is the only one available.
1929 PEDLEY-RYAN. Uncirculated: AN OUTSTANDING RARITY! $1.500.00
- $1,500 in 1967 seems like a significant premium. This makes me wonder about the “J.O.” Variety. What could this mean from a historical perspective with just one example presently known to exist?
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As it turns out, it was determined that currently, the three known “1929” issues are as follows:
1. Overton Colorado Collection — Later acquired into the Carr Colorado Collection
2. Kagin Colorado Collection
3. John Dean Colorado Collection
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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 (Pedigreed “J.O.”)
CATALOG NUMBER: HK-825
RARITY: 500 (Total Struck) — ~2 Known with Counterstamp
(NGC Pop = 116; 57 Finer - Total Pop = 294): [09/2022]
“J.O.” Rarity Level ~9 = ~2-4 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: J.O / Pedley-Ryan & Co. / Denver
REVERSE: 1933 / Silver / 430 Grains
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