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FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Proof Seated Dollars
1851 $1 Restrike PR65 Cameo PCGS. CAC. Centered Date. Unlike the situation for the 1852 Seated dollars, where the situation of Original versus Restrike (and proof versus business strike) is murky at best, there is little confusion concerning the 1851 Seated dollars. Most numismatists believe the High Date 1851 Seated dollars were all struck in "business strike" format -- this during a time when silver was going up, gold going down, and the melt values of silver coins were exceeding their face value; more on this later -- and the Centered Date Seated dollars were later Restrikes, all made in proof format.
The effects of the California gold strikes of the late 1840s-early 1850s were many and far-reaching, but one was that the vast glut of newly mined gold made the price of silver skyrocket in relation to gold or paper currency. By the early 1850s, the situation was so acute that any silver coins that entered circulation would be the immediate victims of Gresham's Law -- "bad money drives out good" -- and subjected to hoarding or melting as soon as it was recognized. The melt value of a silver dollar during that period was at least $1.03.
The situation is no different from today, where any pre-1964 90% silver coinage that is recognized as such is instantly removed from circulation due to its high melt value (currently about $7.50 for a 1964 Kennedy half).
No silver dollars dated either 1851 or 1852 entered circulation during those years, and the coins were soon (within a few years) recognized as great rarities. As in so many numismatic areas where facts are lacking, conjecture fills the void. One theory holds that "Midnight Minters" produced the Restrike 1851 dollars for personal gain; another posits that the Mint struck the coins during the late 1850s-early 1860s, possibly both, as trade bait to enhance the Mint Cabinet.
This 1851 Restrike dollar is the sole finest PCGS-certified Cameo example (and tied with one Deep Cameo for finest) of this important proof-only issue, one made to the extent of an estimated 50 to 100 pieces per the Bowers-Borckardt Silver Dollar Encyclopedia. Survival estimates are on the order of 40 to 60 coins. PCGS shows these as finest known in each contrast level: non-Cameo: 1 PR65; Cameo: 1 PR65 (the present piece); Deep Cameo: 1 PR63 (3/14).
Even without considering the great absolute rarity of this piece, this is a coin of remarkable quality and eye appeal that any collector would be proud to own, even if it were the most "common" proof imaginable. Upon examining this piece, one of our first thoughts is, "Why is this not a Deep Cameo?" The fields are deeply reflective and the devices thickly frosted; the answer lies perhaps in the toning, which PCGS might have considered a tad too thick a Deep Cameo designation. Beautiful pinkish hues dominate both sides, with a splash of light blue near the lower obverse and upper reverse rims. A loupe reveals no mentionable marks but reinforces the enormous eye appeal. Population: 1 in 65 Cameo, 0 finer (10/16).
1851 $1 Restrike PR65 Cameo PCGS. CAC. Centered Date. Unlike the situation for the 1852 Seated dollars, where the situation of Original versus Restrike (and proof versus business strike) is murky at best, there is little confusion concerning the 1851 Seated dollars. Most numismatists believe the High Date 1851 Seated dollars were all struck in "business strike" format -- this during a time when silver was going up, gold going down, and the melt values of silver coins were exceeding their face value; more on this later -- and the Centered Date Seated dollars were later Restrikes, all made in proof format.
The effects of the California gold strikes of the late 1840s-early 1850s were many and far-reaching, but one was that the vast glut of newly mined gold made the price of silver skyrocket in relation to gold or paper currency. By the early 1850s, the situation was so acute that any silver coins that entered circulation would be the immediate victims of Gresham's Law -- "bad money drives out good" -- and subjected to hoarding or melting as soon as it was recognized. The melt value of a silver dollar during that period was at least $1.03.
The situation is no different from today, where any pre-1964 90% silver coinage that is recognized as such is instantly removed from circulation due to its high melt value (currently about $7.50 for a 1964 Kennedy half).
No silver dollars dated either 1851 or 1852 entered circulation during those years, and the coins were soon (within a few years) recognized as great rarities. As in so many numismatic areas where facts are lacking, conjecture fills the void. One theory holds that "Midnight Minters" produced the Restrike 1851 dollars for personal gain; another posits that the Mint struck the coins during the late 1850s-early 1860s, possibly both, as trade bait to enhance the Mint Cabinet.
This 1851 Restrike dollar is the sole finest PCGS-certified Cameo example (and tied with one Deep Cameo for finest) of this important proof-only issue, one made to the extent of an estimated 50 to 100 pieces per the Bowers-Borckardt Silver Dollar Encyclopedia. Survival estimates are on the order of 40 to 60 coins. PCGS shows these as finest known in each contrast level: non-Cameo: 1 PR65; Cameo: 1 PR65 (the present piece); Deep Cameo: 1 PR63 (3/14).
Even without considering the great absolute rarity of this piece, this is a coin of remarkable quality and eye appeal that any collector would be proud to own, even if it were the most "common" proof imaginable. Upon examining this piece, one of our first thoughts is, "Why is this not a Deep Cameo?" The fields are deeply reflective and the devices thickly frosted; the answer lies perhaps in the toning, which PCGS might have considered a tad too thick a Deep Cameo designation. Beautiful pinkish hues dominate both sides, with a splash of light blue near the lower obverse and upper reverse rims. A loupe reveals no mentionable marks but reinforces the enormous eye appeal. Population: 1 in 65 Cameo, 0 finer (10/16).