1864 $1 MS65 PCGS. The 1864 is widely recognized as a rarity in mint condition, but the reaso...

Click the image to load the highest resolution version.

Sold on May 10, 2007 for:

$66,125.00 Bid Source: Live: Floor bidder

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

Lustrous MS65 1864 Seated Dollar, A Rare Civil War Issue

1864 $1 MS65 PCGS. The 1864 is widely recognized as a rarity in mint condition, but the reasons why are not always obvious. Until the discovery of the Comstock Lode in the late 1850s, silver was mined in this country in tiny quantities. As a result, mintages for silver coins were relatively low for most denominations. After the Comstock Lode began to flood the commodities markets with silver in the United States, mintages slowly began to rise in certain denominations and years, but not uniformly. The one complicating factor that prevented it from rising in all denominations was the Civil War. It may seem peculiar to Americans today, but in the early 1860s the outcome of the War Between the States was anything but a foregone conclusion. There was a distinct possibility in the early years that the South might actually win its independence. If it did, what would become of the North? How would Northern textile mills survive without Southern cotton? This question, of course, was answered midway through the war by the purchase of cotton at favorable prices from Egypt. Nevertheless, there was great uncertainty on both sides of the conflict, and people's natural reaction was to hoard silver and gold when it was found (which was seldom).
In his Silver Dollar Encyclopedia Q. David Bowers cites another reason for the absolute scarcity of this date: "Silver dollars of the 1864 year did not circulate domestically, and their rarity today is explained by the fact that most were exported." In addition to an absolute rarity, the 1864 dollar is also a condition rarity. Only 41 pieces have been certified in all grades of Mint State by the two major services. Of those graded MS60 or better, only 13 other Gems have been certified with one coin finer (3/07). This particular piece is especially well preserved. The surfaces are brilliant throughout and display thick, frosted mint luster. The striking definition is strong on all the design elements on both sides, and there are no obvious or detracting abrasions on this lovely Gem.
From The Palakika Collection.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 24Z7, PCGS# 6954, Greysheet# 7213)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.85oz
Mintage: 30,700

View all of [The Palakika Collection ]

View Certification Details from PCGS