1864 $1 MS65 PCGS. CAC....

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1864 Seated Dollar, MS65
Significant Series Condition Rarity
Only One Coin Numerically Finer

1864 $1 MS65 PCGS. CAC. This eye-catching 1864 Seated dollar is especially well-preserved for the issue. The surfaces are light gold 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. Housed in an old green label holder with the added CAC green approval sticker.

Population Data (4/15): PCGS reports nine examples in MS65 (two MS65+) and a sole MS66 finer. NGC enumerates five MS65 as finest.

Heritage Commentary: The 1864 is widely recognized as a rarity in Mint State, 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." These factors, combined, account for the popularity of this absolute and condition rarity today.

Provenance: Central States Signature (Heritage, 5/2007), lot 2161; purchased from Legend Numismatics (1/2008).(Registry values: N7079)

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

Weight: 26.73 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS