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Lot
3956

1860 $1 MS65 NGC....

2009 January Orlando, FL FUN Auction #1121

 
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‡Note: The owner placed a late bid on this unreserved lot and repurchased it, subject to the full Buyer's Premium.
Auction Ended On: Jan 8, 2009
Item Activity: 5 Internet/mail/phone bidders Number of Bidders
391 page views
Location:

Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Description:
Sharply Struck 1860 Gem Dollar
1860 $1 MS65 NGC. Seated Liberty dollars of 1860 were apparently intended mainly for use in the export trade to China, where many were melted. In his Silver Dollars and Trade Dollars of the United States, David Bowers writes:

"They never were available from the Mint at face value, and all were paid out at $1.08 each to bullion dealers, banks, and others who fed them into the Orient trade. A small percentage of the mintage (217,600 business strikes) circulated domestically after the resumption of specie payments in autumn 1876."

Bowers also indicates that there was little interest in business strike Seated dollars during this time period. Collectors desiring date sequences of dollars were satisfied with Philadelphia Mint proofs.
The above factors account for the scarcity of 1860 dollars in all grades. NGC and PCGS have certified approximately 250 examples from Very Good through Mint State, many of which are undoubtedly resubmissions.
The current Gem offering displays attractive satiny luster. A precision strike imparts crisp definition to the design elements, including the star centers, Liberty's foot, and the eagle's plumage. Only the hair atop Liberty's head reveals minor softness. Smooth silver-white surfaces are nicely cared for, showing just a few minute grade-consistent marks. We mention a small indentation on Liberty's forehead solely as a pedigree marker. Census: 6 in 65, 1 finer (11/08).(Registry values: N7079) (NGC ID# 24Z2, PCGS# 6949)

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