1861 $1 MS65+ PCGS....

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Sold on May 12, 2015 for:

$50,525.00 Bid Source: Live: Phone bidder

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1861 Seated Dollar, MS65+
Seldom Seen in Mint State
One Coin Graded Finer

1861 $1 MS65+ PCGS. This is a remarkable example of this scarce Seated dollar issue, in terms of both preservation and strike. Areas of strike weakness are prevalent on this issue, which makes the overall sharpness of the present piece particularly impressive. The stars, shield, and gown folds are boldly rendered on the obverse, and the reverse is notably sharp on the eagle's talons and left (facing) wing. Only the top of Liberty's head shows any degree of softness. Frosty mint luster illuminates a blush of light golden toning on each side, and the surfaces are attractively free of noticeable abrasions. A truly appealing Seated dollar overall and an exceptional example of the issue.

Population Data (4/15): PCGS reports four examples in MS65 (one in MS65+) with a single MS66 finer. NGC lists three pieces in MS65 and none finer.

Heritage Commentary: Exports of silver dollars declined significantly after 1860, and only a small portion of the 77,500 business strike dollars coined in 1861 were dispersed into foreign trade. Despite this, the issue did not circulate to a meaningful extent in America, either, largely due to an imbalance in the gold-to-silver value ratio which caused the melt value of the silver dollar to climb above its face value, thus making it profitable for private citizens to hoard and melt the coins for their bullion. Many were never actually released to the public but were eventually melted at the Mint for recoinage into lesser denominations. Numismatic historian R.W. Julian relates one occasion in 1861, when about 40,000 silver dollars were destroyed for this very purpose. This practice in general contributed to the modern-day scarcity of not only the 1861, but of many other Seated dollar issues from this decade, as well.

The present example is the finest of this issue we have ever handled, even if only by the margin of the Plus designation, and this is only the fifth Gem representative that we have offered in more than two decades. The specialist should not let this one pass by.

Provenance: Purchased from Legend Numismatics (4/2011).(Registry values: N7079)

Coin Index Numbers: (NGC ID# 24Z4, PCGS# 6951, Greysheet# 7210)

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS