Virtually Perfect 1863 Seated Dollar, PR69

1863 $1 PR69 NGC. Perhaps one of the most incredible Seated Liberty dollars that has ever appeared on the market, this piece is only one grade point away from absolute perfection. It is the only No Motto Seated dollar that NGC has certified as PR69. PCGS has never certified one of these pieces in such a lofty grade. The only comparable examples are two PR69 1866 With Motto dollars that NGC has certified. Without a doubt, this is the single finest proof No Motto dollar that exists today.
Only 460 proofs were coined in 1863, and less than half of those pieces survive today. Perhaps only 150 to 200 examples are still known in all grades. It is believed that most or all of the 460 proofs actually found buyers at the time they were struck, despite the difficulties that were encountered. Dave Bowers explained the ordering difficulties in Silver Dollars and Trade Dollars of the United States, A Complete Encyclopedia:
"After July 1862, ordering Proof coins from the Mint became a very difficult business, for silver coins rose significantly above face value (due to widespread hoarding by the public), and the Mint established two price schedules: one price (higher) for payment in greenbacks or bank drafts, and a lower price for payment in coin, like for like."
Additional valuable information about 19th century monetary conditions, especially during the Civil War, is given in Neil Carothers' book Fractional Money, one of the best and most useful books every published on the topic of subsidiary U.S. coinage.
Two different die varieties are known for the 1863 proof dollars. Bowers described the first variety as having the date "slightly low on the coin and slightly right of center. Shield point is left of the tip of 1; left base of 1 over space between border denticles. Reverse: Two arrows joined by a defect; unpolished area joins upper and center leaves, including a curved line." Details of the second variety are sketchy: "Low date, as above, but from a different die. Reverse: Different from preceding."
Every design element on each side is intricately and completely detailed. The virtually perfect fields are deeply mirrored with exceptional eye appeal. Both sides have a small circle of bright silver luster at the center, surrounded by amazing amber, blue, and violet toning that appears to rise from the center of the coin to the surface. The underlying devices are fully lustrous, creating excellent cameo contrast as they sit upon the fields.(Registry values: N1) (#7006)

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