HK-485, Shevlin 23-3. 1939 Treasure Island Dollar, also known as the Piece of Eight Dollar for its replication of the design of the Spanish/Mexican Pillar Dollar. A souvenir of the 1939 Golden Gate International Exposition on Treasure Island within San Francisco Bay. Extremely scarce; when the original edition of the H-K text was printed maybe one dozen were estimated to exist, making it one of the Keys to the 20th Century SCD's.  In discussions over the years with other exonumia dealers, the consensus was that this number might be closer to two dozen. Jeff Shevlin's current research suggests something more than that, but not much (he assigns a current rarity of R-6 in his new book, i. e. 21 to 75). The total NGC Population is about 27 (Feb. 2019), with 9 in Unc. The scarcity of this type would likely encourage submission of any that would certify, so it is unlikely that any exist that are "Gem" (the highest graded is a 62) - very few others are likely to turn up in future. The present item is certified as an AU-55, and in my opinion this is undergraded. I expected an AU-58, however this piece is effectively New. The Reverse shows NO wear to the silvering, just some random nicks on the surface from storage. The Obverse does show some light rubbing on the silvering on the Pillars of Hercules and some spotting - I believe that this is due to the medal lying face down somewhere during non-numismatic storage, which accounts for the surface toning as well. The "lack of grade" may be due as much to the lack of brightness, as the silvering is fully originally toned; luster is still visible underneath the toning. As for the price, these are offered infrequently, and when available typically have problems that prevent certification, certainly not the problem here. A prestige piece for a serious SCD cabinet, and one of the most famous HK's in the catalog.

NGC 2621134-009