1855 $1 MS64 PCGS. CAC....

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Description

1855 Silver Dollar, MS64
Among the Finest Certified
Splendid Peach-Gold Toning

1855 $1 MS64 PCGS. CAC. The present lot was described in its 1980 Paramount catalog appearance as "the finest Uncirculated 1855 Seated Liberty dollar that we have ever seen. ... The 1855 is significantly rarer in full Mint State than the 1853 or 1854, and is more often encountered in proof than in Uncirculated condition." In its 1985 Stack's appearance, the coin was graded "Gem Uncirculated."

Beautiful orange-gold toning dominates this high-grade dollar, although the borders display lavender, fire-red, and sky-gray. The coruscating surfaces are well struck, with minimal incompleteness confined to Liberty's hair and the eagle's left (facing) claw. Unobtrusive contact on Liberty's left (facing) arm, and the field beneath star 8, are all that limit the third party grade.

Variety: Only one die pair was used to coin the low mintage of 26,000 pieces.

Population Data (5/14): PCGS lists one MS64, one MS64+, and none finer. NGC lists one MS64 and none finer. CAC shows three MS64.

Heritage Commentary: The California Gold Rush of 1849 vastly increased the U.S. supply of gold. The traditional 16:1 ratio of gold to silver diminished. Gold coins continued to circulate, but silver coins were melted by speculators, since their bullion value exceeded face. Finally, in 1853, the half dollar, quarter, dime, and half dime were reduced in weight to enable their circulation. However, as the standard silver denomination, the weight of silver dollar was unchanged. Thus, silver depositors at the Mint had little reason to select silver dollars as payment, since a greater face value was obtained via half dollars. This helps explain why the mintage of 1855 gold dollars was almost 30 times greater than the mintage of 1855 silver dollars. The best reason for a depositor to request silver dollars was the coin's acceptance in foreign markets, especially the Orient, where the silver dollar was valued strictly by its bullion value. While such trade expanded greatly in the years after the Civil War, the U.S. engaged in comparatively little foreign trade in 1855. Any silver dollar exported was likely to be melted and recoined in local denominations.

Provenance: Auction '80 (Paramount, 8/1980), lot 806; 50th Anniversary Sale (Stack's, 10/1985), lot 225; purchased from Bill Nagle (4/2008).(Registry values: N7079)

Coin Index Numbers: (NGC ID# 24YU, PCGS# 6943, GSID# 7205)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.85oz
Mintage: 26,000

View Certification Details from PCGS