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    Description

    1862 Seated Dollar, Brilliant MS65
    Among the Five Finest Survivors
    Fully Struck, Semireflective

    1862 $1 MS65 PCGS Secure. CAC. Ex: Simpson. Mint Director James Pollock, in his Annual Report of 1862, referred to comments from the previous year's report regarding the status of the silver dollar:

    "As the dollar, which is the unit of our money, is represented in gold coin, it
    would seem desirable not to have another dollar in another metal; but if this is
    inadmissible, and the silver dollar should be retained, then it should be reduced
    to eight-tenths of an ounce to be in true relation to our other silver coins.

    "Two reasons seem to have influenced Congress in retaining the silver dollar at its present anomalous terms: First, that it preserves the old dollar, known from the beginning of our coinage, and often exactly stipulated for in deeds of rent-charge, mortgages, and other moneyed securities. To this it may be successfully replied that such payments are now always made in gold, because it is the legal and usual tender for all sums exceeding five dollars, and because silver dollars are no longer to be had, or are very rare.

    "In the second place, it was supposed to be needed for our China and East India trade; but our consular advices are to the effect that our silver dollars are very reluctantly taken at the ports, and not at all in the interior of China. They are believed by the Chinese to be of less value than they really are.

    "The reasons for its retention having ceased, either we should cease to coin the silver dollar, or it should be made to conform in weight and value to our lesser silver coins."


    By 1862, the status of the silver dollar remained largely unchanged. If anything, what little demand had existed was reduced even further because of the widespread hoarding of gold and silver during the Civil War. Consequently, Seated dollar output dropped to 11,540 coins, representing a 10-year low.

    Survival estimates range from 350 pieces (Seateddollarvarieties.com) to 1,100 coins (CoinFacts). The certification totals at PCGS and NGC combined amount to merely 240 grading events, suggesting the lower estimate is the more realistic of the two. At this unsurpassed grade level, however, survival estimates lose their meaning; Gems are extremely rare. There are five MS65 submissions at PCGS and two at NGC with none finer. Three of the five coins have been awarded a CAC approval sticker (11/15).

    Examining the date is the sole method for distinguishing this circulation strike from a proof. The date slants downward on business strikes and slightly upward on proofs. Otherwise, each side exhibits bold cameo contrast and razor-sharp detail reminiscent a special striking. The surfaces are entirely brilliant with a thick layer of frost over fully struck devices. Semireflective fields display unobtrusive evidence of minor contact. A spot of russet toning occurs above Liberty's head.
    Selections from The Bob R. Simpson Collection.(Registry values: N7079)

    Coin Index Numbers: (NGC ID# 24Z5, PCGS# 6952)

    Weight: 26.73 grams

    Metal: 90% Silver, 10% Copper


    Learn more at the Newman Numismatic Portal at Washington University in St. Louis.

    View all of [Selections from the Bob R. Simpson Collection ]

    Auction Info

    Auction Dates
    January, 2016
    6th-11th Wednesday-Monday
    Bids + Registered Phone Bidders: 16
    Lot Tracking Activity: N/A
    Page Views: 1,513

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