1870 $1 PR67 Cameo NGC....

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Stunning 1870 Seated Dollar, PR67 Cameo

1870 $1 PR67 Cameo NGC. Ex: Simpson. The huge influxes of California gold after 1848 meant that the price of silver as measured in gold or currency would rise, requiring adjustment of the content of the minor silver coins (and introduction of the gold double eagle denomination to help manage the surplus). This adjustment would be seen on the silver quarters and half dollars as the familiar Arrows and Rays design, and on the dime and half dime as the Arrows at Date. Incredibly, however, the silver dollars of the United States were exempted from any reduced silver content, and after 1853 they were virtually unseen in American commerce. Rather, they were used primarily for the export trade.
By the year 1870, in which this Seated dollar was produced, the melt content of such coins had risen to $1.027, approaching a level at which melting, after expenses, would become profitable. That price was, however, about the peak. Vast quantities of Comstock Lode silver would soon invert the gold-silver relationship, as would Germany's abandonment of the silver standard in 1872. And in any case, the Seated dollar denomination would be effectively abolished in the upcoming "Crime of '73."
The 1870 proof Seated dollars were produced to the extent of an even 1,000 pieces, relatively large within the series context. Nonetheless, the present PR67 Cameo piece is at the top end of the certified survivors, currently the only 1870 at the PR67 level at either service (7/10).
Just a touch of golden toning dusts the rims of this Superb Gem specimen, which offers impressive central contrast that borders on black-and-white. This coin is impressively detailed and nearly free of post-striking faults, although future provenance researchers can look for the small curling lint marks off the hanging end of Liberty's cap and the right side of the eagle's neck. This stunning beauty could hold its own in any proof Seated dollar collection.
From The Bob Simpson Collection.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 252S, PCGS# 87018, GSID# 7338)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.77346oz
Mintage: 1,000

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