Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Seated Dollars
1864 $1 MS65+ PCGS. CAC. OC-1, R.2. Two prevailing factors influenced the demand for and circulation of silver dollars in 1864. The Civil War arguably had the most direct effect on the widespread hoarding of gold and silver coins up and down the East Coast. There, Gresham's law held true, with federal coinage replaced by a plethora of circulating mediums including fractional currency, private tokens, and postage stamps. On the other hand, the amount of domestically mined silver ore grew rapidly during the war years, increasing the ratio of silver to gold and reducing the gold value of silver. This resulted in an overall upward trend in the number of silver dollars coined at Philadelphia between 1862 and 1865.
Four deliveries of silver dollars occurred in 1864, amounting to 30,700 coins. The deliveries were dated January 13 (5,700), April 30 (2,000), May 17 (8,500), and July 29 (14,500). While these deliveries imply demand, the coins failed to circulate domestically. Instead, they were exported overseas. The Annual Mint Director's Report asked in that year: "In a time of peace, shall we have a share of the gold and silver of our own mines, for our currency and use, or must it be carried off to the plethoric vaults of European banks capitalists? This latter is precisely the direction all the silver has taken thus far ... ."
Perhaps 300 to 600 1864 Seated dollars survive, though PCGS and NGC report 281 submissions in all grades. Only 57 submissions are in Mint State. At PCGS, nine are in MS65 and one is in MS66. The eight MS65 examples include three certified as MS65+. When the Plus-designation is considered, this example is tied for the second finest at that service. The top coins at NGC include eight in MS65, none with additional designations (1/17).
This sharply detailed and brilliant Gem exhibits vibrant luster and delicate splashes of champagne toning over each side. The highly appealing surfaces display reflective fields and frosted devices. A few scattered field marks may aid the identification of this piece in past and future auction appearances. The connoisseur will recognize the importance of this offering and bid accordingly.
Ex: Central States Signature (Heritage, 4/2015), lot 5143; Houston Signature (Heritage, 12/2015), lot 3233.
From The Mesquite Collection.
HID02901242017
1864 $1 MS65+ PCGS. CAC. OC-1, R.2. Two prevailing factors influenced the demand for and circulation of silver dollars in 1864. The Civil War arguably had the most direct effect on the widespread hoarding of gold and silver coins up and down the East Coast. There, Gresham's law held true, with federal coinage replaced by a plethora of circulating mediums including fractional currency, private tokens, and postage stamps. On the other hand, the amount of domestically mined silver ore grew rapidly during the war years, increasing the ratio of silver to gold and reducing the gold value of silver. This resulted in an overall upward trend in the number of silver dollars coined at Philadelphia between 1862 and 1865.
Four deliveries of silver dollars occurred in 1864, amounting to 30,700 coins. The deliveries were dated January 13 (5,700), April 30 (2,000), May 17 (8,500), and July 29 (14,500). While these deliveries imply demand, the coins failed to circulate domestically. Instead, they were exported overseas. The Annual Mint Director's Report asked in that year: "In a time of peace, shall we have a share of the gold and silver of our own mines, for our currency and use, or must it be carried off to the plethoric vaults of European banks capitalists? This latter is precisely the direction all the silver has taken thus far ... ."
Perhaps 300 to 600 1864 Seated dollars survive, though PCGS and NGC report 281 submissions in all grades. Only 57 submissions are in Mint State. At PCGS, nine are in MS65 and one is in MS66. The eight MS65 examples include three certified as MS65+. When the Plus-designation is considered, this example is tied for the second finest at that service. The top coins at NGC include eight in MS65, none with additional designations (1/17).
This sharply detailed and brilliant Gem exhibits vibrant luster and delicate splashes of champagne toning over each side. The highly appealing surfaces display reflective fields and frosted devices. A few scattered field marks may aid the identification of this piece in past and future auction appearances. The connoisseur will recognize the importance of this offering and bid accordingly.
Ex: Central States Signature (Heritage, 4/2015), lot 5143; Houston Signature (Heritage, 12/2015), lot 3233.
From The Mesquite Collection.
HID02901242017