Near Gem Mint State 1850-O $1 to be Offered at Auction!

Dallas, Texas: Founded in 1835 by order of President Andrew Jackson, the New Orleans Mint quickly became one of the most important branch mints in America, as it produced both gold and silver coins, as opposed to the strictly gold output of several other Southern branch mints.

Operations began at the New Orleans Mint on March 8, 1838, with the first coins, 30 dimes, struck on May 7. Silver dollar coins were first produced in 1846.

"The New Orleans Mint struck four dates of the Liberty Seated dollar series, all before the addition of the motto IN GOD WE TRUST in 1866," said Greg Rohan, President of Dallas-based Heritage Auction Galleries. "Of those four, the 1859-O and 1860-O are common, by the measure of the series, in Mint State. However, the 1846-O - and especially the 1850-O - are seldom encountered in Uncirculated grades. In fact, only 40,000 pieces of the 1850-O were struck. In the March 1979 Gobrecht Journal (as quoted in the Bowers-Borckardt silver dollar reference), Bruce Lorich wrote of his review of 100 years of auction records, concluding that Mint State specimens of the 1850-O appeared less often at auction than any other Seated Liberty dollars except the 1855, 1870-S, 1871-CC, and the 'non-existent 1873-S.' The Bowers-Borckardt reference also says '... it may be years, if ever, until you can buy a nice Mint State coin. Examples are few and far between.'"

"Examination of the combined NGC and PCGS population data is also instructive," Rohan said. "NGC has certified 15 Mint State examples, with four MS64 pieces the finest. PCGS has graded 11 Mint State pieces, the finest a single MS64 specimen (6/06). In other words, this lovely MS64 piece ties with four others at NGC and PCGS together at the top of the Condition Census of certified coins."

"The near-Gem that we'll be offering in our upcoming Signature auction displays light copper-gold and steel-blue toning near the borders," Rohan continued. "The fields and devices are nearly brilliant, with a slight golden cast. The strike is good if not exacting, with slight softness seen only on the eagle's head and a few star centers. Abundant luster emanates from both sides, and there are light signs of die rust noted in the upper left reverse field. If Seated Liberty dollars are your passion, this piece will provide a radiant, crowning masterpiece to your collection. Don't wait: it is doubtful that this opportunity will soon repeat itself, if ever."

Heritage Auction Galleries will offer the 1850-O $1 MS64 NGC in their upcoming Signature Auction, to be held July 7-8, 2006 in Dallas, Texas.

Images, descriptions, and prices realized from all of Heritage's previous auctions are available in the Permanent Auction Archives at the Heritage website.

To reserve your copy of a catalog for any upcoming Heritage auction, please contact Nicole Jewell, c/o Heritage Auction Galleries, 3500 Maple Avenue, 17th Floor, Dallas, TX 75219, or call 1-800-872-6467, ext. 272.