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Lot
3489

1857 $1 MS64 NGC. CAC....

2011 November 8-10 US Coins Signature Auction - Beverly Hills #1161

 
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Auction Ended On: Nov 8, 2011
Item Activity: 5 Internet/mail/phone bidders
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Location: Heritage Auctions - Beverly Hills
9478 West Olympic Blvd., 1st Floor
Beverly Hills, CA 90212

Description:

1857 Seated Dollar
Challenging Choice Uncirculated
1857 $1 MS64 NGC. CAC. The 1857 dollar's mintage of 94,000 pieces is low, but it does not fully explain the rarity of this issue today. The rising price of silver in the late 1840s and early 1850s led the intrinsic value of U.S. silver coins to be higher than the face value. By 1857, the melt value of a silver dollar was nearly five cents higher than its denomination, and vast quantities were exported overseas where the coins were traded as bullion. The Mint Act of 1853 reduced the weight of the subsidiary silver coins (half dime, dime, quarter, and half dollar), but it did not affect the dollar and barely improved the domestic circulation of the other denominations. Few 1857 dollars remained stateside, and only a tiny fraction of these were saved.
Mint State examples are quite elusive; NGC and PCGS combined report 26 pieces in MS64 (four of which are Prooflike) with only four finer (10/11). This attractively toned Choice Uncirculated specimen boasts deep rose-gold and violet toning across both sides. The peripheral obverse details are a touch soft, but the central design elements are bold. Flashy luster is seen throughout the remarkably clean surfaces.(Registry values: N4719) (NGC ID# 24YW, PCGS# 6945)

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