1863 $1 MS65 PCGS....

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Sold on Jan 7, 2010 for:

$57,500.00 Bid Source: Live: Floor bidder

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Description

Low Mintage 1863 Seated Liberty Dollar, MS65
Attractively Toned Example
Prooflike Fields

1863 $1 MS65 PCGS. Only 27,200 business-strike Seated Liberty dollars were minted in 1863, along with 460 proof examples. Civil War hoarding caused the government to suspend specie payments, and most of the small mintage was struck on private account for depositors of silver bullion. Banks, bullion dealers, and merchants also purchased coins at a premium, for use in foreign trade. Walter Breen stated most silver dollars of the era were "exported to Latin American and East Indian ports."
The combination of low mintage and high exportation rate resulted in a minuscule supply of 1863 dollars available for numismatic purposes. The date is scarce in all grades today, and Mint State examples are rare. Q. David Bowers estimates perhaps 275-400 coins survive in circulated grades, with approximately 50-90 specimens extant in Mint State. At the Gem level, Bowers believes only 8-12 pieces are known. We believe those estimates significantly higher than the actual survival rate. Currently, NGC has certified two examples in MS65, with only two finer; while PCGS has graded two specimens at the Gem level, with four finer (11/09).
As a date, 1863 Seated dollars were popular with collectors almost immediately. However, most examples offered in early auction catalogs were proofs, as that format was more available to collectors of the 19th century than regular-issue coins of the era. The trend continues today, because the proof mintage had a relatively high survival rate, and proofs are definitely more available than their Mint State counterparts. Many business strike 1863 dollars feature prooflike fields, including the coin offered here.
The present coin features brightly reflective fields, under delightful iridescent toning, reminiscent of a toned proof. Both sides have rich multi-layered purple, gray, and lilac centers, surrounded by blue at the margins. The striking details are full, and some light, diagonal die striations are evident in the fields. A small field mark by star 12 prevents an even higher grade.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 24Z6, PCGS# 6953, Greysheet# 7212)

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS