The Simpson dimes were being broken up. [ Heritage Long Beach Sale #1144] This would be a great opportunity to upgrade dimes in an advanced Seated Dime collection. The big problem was there were so many coins that few buyers would be able to purchase them all and no one did surface who did. Even more amazing are some of the coins left in the collection like a MS66 1844 Dime. Legend (Numismatics) has made available to me so many wonderful dimes that news of this sale created euphoria.

It would come as no surprise that most of the coins were either crossed over to PCGS at the same or in many cases a lower grade. Seeing the secure plus holders and Simpson pedigree would make this obvious. There was a lot bidding research needed prior to bidding. There were cases where buying too many coins early would limit the ability to chase coins later. One the highlights of the sale being a simply gorgeous 1872-S, I was not the only one to think so as the coin went to the moon.

One of my regrets of the sale was not being able to purchase the 1845-O dime in mint state. This is a very rare opportunity indeed but as a rule if you set a maximum bid and exceed it by 10% you have to know to stop. Being the under bidder was really not satisfying and maybe a higher bid was warranted. Another highlight of the sale was a gem 1860-S. Prior to the sale, Laura (of Legend Numismatics) and I spoke as to where the coin would sell. It was another on my short list. I think we both underestimated the demand for this coin. It went far over preauction estimates but I don’t doubt it to be well worth the hammer price $40,250. A nice return on investment considering one sold for roughly $7,000 in 1994.

One of the interesting notes about these coins is how many were not picked up by Seated Dime registry collectors but rather a just collectors and dealers. I know one dealer picked up roughly 10% of the coins and most all have been sold. There were many bargains in this sale too. Mostly the coins following the Simpson dimes went too cheap. One example is an 1858-O is a MS64 PCGS holder population 1 with 8 finer sold for just under $3,000 while the Simpson PCGS MS65 population 7 with one finer soared to $9,200. With the grade covered it was not really possible to call either coin much better than the other.

Some of the real steals in the Simpson collection came in the coins in NGC holders. The obvious assumption is these are coins that on a given day did not cross over at PCGS. A good many of them did regrade at NGC. In the case of the ultra-rare 1853-O MS64 the coin was simply overgraded. The coin did have a wonderful and original look to it but just had too many marks to be graded higher than MS62 in my opinion. The coin could easily be traced back with little effort to its previous holder. In general the ultra high grade trophy coins were the ones hitting the moon. Clearly one of two mint state 1845-O Dimes should be worth more than a other coins that sold in the low $20,000’s. This was a sale where knowledge was king.

The extreme rarity of the 1863 Dime in Gem Mint state is grossly under-rated. Some of the seven graded PCGS MS65 coins were the same coin in an attempt for an upgrade. I have been able to locate a sole PCGS MS66 and this MS65 in all auction results.

The finest coin ever sold in any Heritage sale ever was this MS65, the only other PCGS coin to sell in UNC was a lone MS63. With only one MS65 being auctioned it becomes very doubtful that there are six other MS65 coins out there. Just two PCGS Uncirculated coins ever sold by Heritage, the NGC coins are seemingly more available but there is at least two coins that should be proofs graded MS by NGC. Seeing there are the same dies used this becomes something of a judgment call but if a coin is fully prooflike, full struck, highly reflective and a full wire rim I believe PCGS would call these proofs.

Many business strikes seem to lack some of the details of the fully struck proofs. Any way you look at it, Gem 1863 dimes are very few are far between. Another amazing rarity is the 1851-O that sold cheap in NGC MS64, PCGS does not even list a price in grades higher than MS64 which is $4500.

According to CoinFacts, the finest known is a NGC MS65 followed by a sole PCGS MS64 and the lone NGC MS64 coin auctioned off in the Simpson sale (NGC lists the population as two but it appears to be the same coin), followed by the NGC MS63. There is a lone PCGS MS62 and NGC. Why these coins remain so cheap compared to the San Francisco of the 1850’s is something; when others figure out could result in a significant increase in price. All it takes is one or two people trying to find a Mint State example to drive the prices up on these substantially. Neither the number 1 or 2 PCGS sets have a mint state example of this date. The NGC registry shows the number 1 set with a MS65 followed by a MS63 in the #2 set.

While many of the coins in the Simpson set were among the finest known, this set was also assembled in a fairly short period of time. The cream of the crop really did go the moon but ultimately the coins sold themselves. They generally sold for more money than would have been estimated prior to the sale. The NGC coins sold a tad on the weak side and a few of the rarer New Orleans coins sold too cheap, even factoring in a downgrade at PCGS. The prices for Seated Dimes posted on PCGS values show many have been dramatically increased.

The “top-pop” coins were extremely strong showing that even if a coin is very rare in MS62-64 a coin of comparable rarity will bring far more if its grade is MS65 or better.

While in the end I did not get many of the coins I had hoped to, still it would be hard to complain with the coins I did. It was a wonderful event from start to finish.

Related posts:

1. The Finest $10 Indian Head Eagle Gold Coin Registry Set: The Simpson Collection
2. 1802 Half Dime Rarity to Be Offered in Cincinnati by Heritage
3. Learning from the Simpson Collection

The following is a collector value assessment of coins within the portion of the Liberty Seated series spanning the years 1837 through 1852, all denominations. The foregoing analysis is based on several factors, including but not limited to the PCGS Population/NGC Census Reports, various pricing guides, and extensive personally compiled data and statistics related to general market presence. This compilation indicates, based on my observations and research, what in the realm of mainstream numismatics could be the 25 most underrated Seated coins within this period.

My research suggests that presently there are no overpriced Seated coins dated prior to 1853. I also surmise that most of the dimes and quarters minted from 1840 through 1851 are dramatically undervalued in the mainstream market. While working from such a large sample space of dates and varieties within the five Seated denominations covering the 16-year span of 1837-52, it was a tough call to narrow the field down to 25 specific coins that have especially captured my attention.

The reader should bear in mind that the coins enumerated in this work are not all “classic rarities” because current pricing may have already taken their rarity into consideration. They are simply coins that have received too little attention, or coins that can be obtained relatively cheaply. Some of these coins may already be recognized by LSCC members or other numismatic specialists as having been overlooked. Their market values are not, however, reflected in the most influential price guides, especially the Coin Dealer Newsletter “Greysheet” Quarterly (CDNQ) which since 1992 seems to have been the predominant buyer guide for Seated material.

Another observation is that most certified coins of 1837-52 are “market graded” for their assigned grade. Therefore, I have taken into consideration that many Seated coins of this period that are certified MS60 to MS62 may actually have cabinet friction, obtrusive field abrasions or hairline scratches, poorly struck stars and areas within devices, or wear which is confused with poor strike. I have even seen Seated coins slabbed MS63 to MS65 for which I would assign technical grades in the AU range! Choice pieces seem to represent less than 25% of third-party-graded Seated coins from 1837 through 1852, and even some that have few blemishes are not fully struck (that is, all 13 stars, full head/shield details, full eagle features, and anything else that is supposed to be struck up).

The notation “ATB” means across-the-board, that is, all grades from Good through mint state (and proofs where applicable), “MS” means MS60 or better business strike, and “GEM” means MS65 or better.

25. 1840-O No Drapery 25c, ATB. This is a cute coin. I’ve developed a soft spot for this one-year-one-mint style, for which a cameo-like effect is produced with the placement of devices against the backdrop of the fields. I have found this date somewhat tough to obtain problem-free. In MS64, it appears priced almost right, but considerable upward adjustments should be made for all circulated grades and the lower MS grades. I really enjoyed the article in the CDN Monthly Supplement for December 2007 by Larry Briggs on Seated quarters … as I’ve enjoyed his great publication work of 1991. I believe that most of the mint-state coins of this issue that came from the New Orleans hoard have environmental damage from having been buried in the ground, perhaps making them not certifiable by PCGS or NGC.

24. 1848 5c Medium Date, GEM. Although a relatively “high-pop” coin, my analyses suggest that this more common variety of the 1848 Philly half dime is not as easy to find in MS65 as has been believed. In fact, its O-mint counterpart appears on the market with much greater frequency.

23. 1845-O “No Drapery” 50c, ATB. This issue should be afforded the respect that it deserves. Long recognized as a major variety, although it is more available than once believed, present price guide values do not do it justice in the circulated grades. In true mint-state, it is quite the prize if it can be obtained at 150% of “sheet.”

22. 1844 10c, MS. Yes, the famous “Little Orphan Annie.” It’s on my list but low down because of its very high publicity. However, it still appears underpriced for its rarity and especially its difficulty to obtain choice.

21. 1841 25c, MS. It seems the entire run of Philly quarters from 1840 to 1852 offers tremendous potential for unworn pieces. Although the 1841 is somewhat more common than some of the other dates in this run, I feel it is a great buy if a properly graded example can be had at anything remotely approaching (150% to 200% of) today’s price levels.

20. 1846 $1, MS. This is a cool coin by any numismatist’s standards. It appears to be considerably undervalued in MS63 and above. Enough said.

19. 1841-O 50c, MS. This is a more difficult coin to procure than most people realize. Graded specimens now often come slightly worn or weakly struck on some stars or the eagle feathers/ legs, or have many abrasions. Solid and well struck mint-state specimens are an underappreciated value.

18. 1841 50c, MS. A similar argument applies to the 1841-P as to the 1841-O half, with the Philly issue being somewhat more of a challenge to locate. This is surely undervalued in all the MS grades!

17. 1846 25c, MS. A similar argument for this as for the 1841 quarter, even stronger in terms of the 1846 being underpriced, most especially at the MS63 and MS64 levels.

16. 1844 5c, GEM. You may be asking why this coin is even on my list. Despite its relatively reduced coinage of 430,000, the 1844 half dime has been perceived to be common and easily obtainable in just about any MS grade. My studies suggest, however, that they’re not so easy in MS65 and better, and data gathered suggest that the high pops posted for this date in choice and gem grades might be considerably inflated due to multiple submissions of the same coin. A personal statistical analysis suggests that the pops in GEM for this date are skewed with respect to other common dates. Somehow $900 in the CDNQ for an MS65 just doesn’t cut it – there is a great opportunity here!

15. 1841 10c, GEM. I have noted a handful of high-grade examples of this date and I’d say all but one are over-graded. Poor luster and abraded surfaces have been noted even on those slabbed MS65. True gem 1841-P dimes should trade at levels higher than for 1838, 1839, 1840, 1842, 1843 or 1845. If you can locate a properly (the operative word!) graded gem, I would consider “double sheet” a bargain! This should be at least a $6,000 coin.

14. 1852 25c, MS. This is a rather colorful issue in that 1852 marks off the last year of a long run of very limited quarter production, in this case just 177,060, and which largely went to the melting pot the next year in favor of reduced-weight silver coins, beginning in early 1853. The 1852-P quarter is somewhat more obtainable in choice grade than the 1850 and 1851 Philly issues. Nevertheless, it is extremely underpriced in MS63 and above. I have “coined” a name for this issue – the “California Gold Rush” quarter, and this is because the silver shortage peaking in 1853 was the result of the newfound abundance of gold driving up the price of silver.

13. 1850 $1, ATB. This is an issue that seems to have gone practically unnoticed. The track record of this coin in the mainstream market borders on pathetic. Long overshadowed by the very rare 1851 and 1852 issues, the 1850-P has been a real sleeper. Even in low circulated grades the 1850 $1 does not pop up as often as the deflated prices suggest. Consider this: only 7,500 were minted, and using the “conventionally wise” estimate of a 3% survival rate, I do the math and come up with a mere 225 coins – in all grades! Even though dollar coins were not reduced in weight in 1853, a considerably small percentage of them survived the turbulent economy of the 1850s and the Civil War years. As for mint-state pieces I surmise that pop data for PCGS and NGC represent far higher figures than the actual numbers graded. This is a profoundly overlooked value – in all grades!!

12. 1843-O 10c, ATB. Amen! Gerry Fortin’s article in Issue 100 of GJ (12/07) hits the nail on the head on this one as far as MS and high-grade circulated examples of this date are concerned. However, in the CDNQ the figure of $3,200 is tabulated for MS60 and no prices are listed for higher grades. I note that the PCGS Price Guide has the 1843-O in MS60 pegged at $7,500, with a jump to $20,000 in MS63. MS60 today is a seldom-used grade on silver coins, but a coin occasionally gets market-graded MS60 for some feature such as luster, a stronger strike for the date than typically seen, or a perception to have that euphemistic “eye appeal.” The bottom line on the 1843-O dime is yes, this date is extremely undervalued even at MS60 and most of the circ grades. I’ve personally not seen anything close to a true MS 1843-O, slabbed or otherwise, and perhaps never will. It is also noteworthy that even low-grade circulated 1843-O dimes don’t appear with the frequency that is suggested by their price structure, even from VF down to Good.

11. 1846 10c, ATB. For some reason this very scarce issue has received nowhere near the publicity and popularity of the 1844 dime. Yet, it is rarer than the 1844, comes from an original mintage less than half of the 1844 (31,300), and its pops are mostly lower than those for the 1844. In higher grades (XF and above, including proofs) the price structure of the 1846 dime is making noticeable progress but still has a very long way to travel northward. It is extremely rare as a mint-state business strike. (I did see “in the metal” back in 1996 one uncertified dime of 1846 that appeared in my opinion to be a low MS, unworn anyway.) Even in the low circ grades, noticeable “collector” potential exists for this date! I can picture even a lowly Good 1846 surpassing the value of a Good 1844 within the next 10 years. And in the relatively near future, I may assign the rank of the 1846 dime higher up on my list!

10. 1840-O No Drapery 10c, MS. This is a very common coin in all circ grades but gets surprisingly tough as we cross that “great divide” into MS territory. Very few mint-state pieces have been certified by PCGS or NGC, and I’ve not seen one. I’ve not seen a MS 1840-O from any of the more recently established grading firms either. The MS64 figure is approaching where it should be but the tag is extremely low for MS63. How about this for a statistic – the PCGS Price guide has the 1840-O at $9,500 in MS63 and the CDNQ has it lagging at $1,900 – one-fifth of the PCGS value! In comparing the 1840-O to the 1843-O in MS, herein lies somewhat of a paradox: we can say the 1840-O coin is more underrated than the 1843-O simply because the 1840-O is, at least, possibly available at a price. Good luck trying to find one choice and an MS62 would be a great catch!

9. 1851 25c, MS. It’s kind of a close call which is rarer in choice grade between the 1850 and 1851 Philly quarters. My stats suggest (as does Bob Foster in his excellent article in this month’s GJ) that the 1850 is a short step ahead of the 1851 in rarity in MS. Nevertheless, the 1851-P has been “cutting Z’s” and it’s time that we woke Miss Liberty up. Larry Briggs in his excellent date-by-date analysis in the December 2007 CDN Monthly Supplement uses the word “unappreciated” and notes that MS 1851s are rare!

8. 1852 50c, MS. WOW! This is an absolutely amazing value in MS63 and above. Likely attributable to the fact that like the quarter, many 1852 halves that escaped the furnaces and the fate of being made into 1853 “Arrows & Rays” halves did not make it into circulation. A cool mintage of 77,130 represents far and away the smallest output for any Philly half dollar issue since 1815. This date can go nowhere but up …way up! Grab any properly graded examples even if the “damage” is double sheet.

7. 1842 Large Date 25c, MS. Initially recognized as a scarce and semi-key date due to its low mintage of 88,000, the 1842-P has ample potential especially in the higher grades, and it is very tough to locate in select mint state. If an example surfaces at 50% to 100% over sheet, most especially an MS63 or better, my advice is “Carpe diem!” (Seize the day!)

6. 1850 25c, MS. The 1850-P is the “sleeper” closely associated with the 1842 and 1851 Philly quarters. I have noted only four pieces certified by PCGS and NGC (I believe these are four distinct coins), which is my third-lowest tabulation in a focused study of all Philadelphia quarters of 1831 through 1865. (Take note of my statistical notations below regarding the 1848 quarter.) The same comments addressed for the 1842 Large Date quarter apply to the 1850, in a somewhat stronger sense.

5. 1837 No Stars 5c, Proof. So now we’re into my “top five” and some serious opportunities. What we have here (or may wish we had!) is one of the very first Seated half dimes! On July 25, 1837, some few dozen proof half dimes were distributed to Mint personnel in their celebration of the first successful run of this denomination on the new Seated design. I find this to be a rather inspiring piece of historical information to tie to this key coin. If you have the wherewithal and the courage of your convictions, do not think twice if one of these is offered near double sheet. I feel that all Seated proofs dated before 1854 are dramatically undervalued, especially this one and that discussed below.

4. 1837 No Stars 10c, Proof. OH YES! This is pegged as the first dime to ever appear with the word DIME on it! A similar argument applies here as for the 1837 No Stars half dime, with an added flair or two. The release date of this dime was June 30, 1837, nearly a month before the half dime, making it America’s first Seated coin! (That is, if you exclude the Gobrecht dollar of 1836, which I still consider a pattern rather than a regular issue, even though it circulated in commerce.) Think on this also: both this and the No Stars half dime are a limited issue not only in mintage but also in design – 1837 marked the only year of No Stars proof coinage! I give the Proof dime slightly higher billing over the half dime mainly because I feel it is more underpriced across the grades from PF60 through PF65. Should be about a $15,000 coin in PF63, $25,000 in PF64 and $50,000 in PF65.

3. 1840 With Drapery 25c, MS. I would label the 1840 Philly quarter as the Rodney Dangerfield of the Seated subset of 1837-52 coins … it just “don’t get no respect,” at least not in the CDNQ. The rarity of the 1840-P quarter in high grades is absolutely mind-boggling! Bob Foster in his GJ article of this month points out that only 21 examples of this special date have been certified by the two leading grading services – in over 20 years of business … and how many of those 21 tabulations might be duplicate submissions? Helloooooo, is anyone listening?! Here are some noteworthy stats:

* The PCGS Price Guide has finally begun to recognize this issue in MS64, more than doubling in a two-week period in December 2007 from $6500 to $15,000, and the latest posting in MS65 is a leap to $27,500!!

* Unlike other coins of 1840, the features on the Philly quarter are often weakly struck, especially the eagle’s feathers and leg.

* The 1840 quarter is rarer than the highly coveted 1796 Draped Bust Small Eagle quarter in all Mint State grades, and rarer than most of the Capped Bust quarter dates of 1815- 38.

* Even the kingly Eliasberg collection did not have a circulation mint-state strike of 1840 at the time of its auction sale.

* Of hundreds of mint-state “No Motto” (1838-65) quarters I’ve examined (including Internet scans), many of which are choice, I’ve noted but three 1840-Ps (all slabbed), and two of these are overgraded and weakly struck, and in my opinion they were AU.

Not many realize this, but the 1840-P With Drapery quarter is not only a transitional design issue but also distinguishable by a rather subtle reverse feature. The eagle’s beak on the 1840-P is sharper than either that of the No Drapery quarters of 1838-40 or 1841 and later dates, and the eagle’s mouth is opened ever so slightly wider than on other dates. In my opinion triple sheet is a steal on this one for a solid well-struck MS63 or better, and I now estimate that only about ten 1840 quarters are known to exist at these choice levels. Larry Briggs’ mention of seven mint-state pieces that appeared in 1983 has now aroused my curiosity, especially since that time predates most certification services. Any information regarding the whereabouts of these coins today, including their grades and pedigrees if known, I would find interesting!

2. 1848 25c, MS. In my mind I’ve batted back and forth the question of which is the rarest Philadelphia Mint Seated quarter in true mint state, the 1840 or the 1848. While all the other dates are relatively “left in the dust,” these two issues have been neck-and-neck with each other for this top spot. The order of rarity for the thirteen Philly issues of the 1840-52 group in mint state appears to be something like: 1848, 1840, 1850, 1851, 1842, 1852, 1841, 1846, 1849, 1847, 1844, 1845, 1843.

My adoration for all the 1840-52 Seated quarters is based partly on the fact that their survival rate is so low because of the mass meltings that took place in 1853 to provide silver to coin to the reduced weight, and partly because the quarters had relatively low outputs to begin with. The 1840 and 1848 have pulled away from even the rest of the pack of Philly dates 1841-52. I’ve noted four MS 1848 pieces, and curiously they’re all choice! Perhaps this is just a fluke or (rather unlikely) one of these may be a duplicate of the one of the other three. I’ve decided to give top billing to the 1848 because it is even more underpriced than the 1840, and also because the 1848 is a Philadelphia-only issue, a feature I like. As with the 1840, triple sheet (or maybe even quadruple!) for choice graded 1848s that are “all there.” Even the PCGS Price Guide posting for 1848 in MS64 is only $7,500, half of the 1840 price! Good luck finding one now; I had at least two opportunities in the 1990s (“tripled dates”) and blew them because I did not recognize the potential of this date!

1. 1846 5c, ATB. We always save the best for last. No doubt about it, the 1846 half dime is a cool little coin! However, apparently many in the coin market have a “bigger is better” mind-set and just don’t care for such small coins. Although the 1846 half dime has made considerable progress in recent years and has been recognized by numerous specialists as a key date, it still has a long way to go pricewise. A very long way. I give this coin top billing of the entire 1837-52 Seated subset because it has what I perceive as the greatest discrepancy between published prices and market value.

The PCGS price guide is on the right track as its postings across all grades are considerably higher than those in the CDNQ. Here are some dramatic stats for this rare but little-publicized issue:

* The 1846 as a date is the rarest regular mint issue of the entire “Stars” subseries of Seated half dimes; its mintage of 27,000 by far eclipses its runner-up, the 1838-O at 70,000, and all other Stars issues are in the hundreds of thousands or millions.

* THE 1846 IS RARER THAN MOST OF THE EARLY HALF DIMES, INCLUDING 1794, 1795, 1797, 1800 AND 1803, AND HAS LOWER PCGS/NGC POPS THAN THESE DATES IN MOST GRADES.

* Only three circulation strikes of 1846 have been certified by the leading grading services as mint state (and perhaps even these don’t represent three distinct coins!). This is the only collectible date in the entire Seated series that is practically unobtainable as a mintstate circulation strike. I have never seen one of the one, two or three PCGS/NGC certified MS coins, yet I have seen multiples of every other issue in the 1838-59 “Stars” subseries (including scans of two examples of 1853-O No Arrows). In fact, since 1991 the only references to a mint-state business strike of 1846 that I’ve noted were on the Globus Collection that sold in 1999 and the more recent sale of the Law Collection, but in neither case was there mention of whether these 1846 coins were certified as MS pieces. Maybe someone has better info on either of these coins.

* Even high-grade circulateds of 1846 are very tough to find … I note in GJ Issue 95 (3/06, p. 27) that the Frog Run Farm example of 1846 was an XF40 that sold for $2,990, while “Greysheet” is a mere $1,900. Now, I think even that was a bargain!

* A truly choice specimen of 1846 half dime is more likely to be represented by a Proof, of which only nine have been graded by PCGS/NGC, from an estimated Proof mintage of twenty.

* The 1846 half dime is rarer than either the “Orphan Annie” dime of 1844 or her “sister” of 1846, across nearly all grades.

* The 1846 half dime is a “Philadelphia-only” issue and has been classified into two distinct and easily understandable varieties: V-1 for business strikes and V-2 for Proofs.

* In the very informative write-up by Leonard Augsburger in GJ Issue 96 (7/06) of the Glenn B. Hoidale Collection of Seated half dimes, he mentions that 1846 was one date Hoidale was not successful in obtaining.

* Last but not least … in GJ Issue 92 (3/05), in John McCloskey’s article “The 20 Greatest Seated Coins”, where he tabulates the votes received for this survey, sixteen of the top twenty voted coins are dated later than 1852 (mostly in the 1870s). Only the very rare and highly publicized 1851 and 1852 dollars surpassed the 1846 half dime, which made 18th place on the list, in votes for coins within the 1837-52 range, and the 1846 half dime was the only coin in the 1840s that made the top 20.

Above are some of the reasons the 1846 half dime is in my opinion the most underpriced Seated coin of the 1837-52 era if we average out across all grades. The 1846 Proof is presently priced no higher than other Proof issues such as 1845 or 1847, which seems like a situation too good to be true! In mint state and proof, the price structure of the 1846 half dime is behind by as much as tens of thousands of dollars. I can think of no other Seated coin that today has the upside potential of the 1846 half dime. The bottom line is, the market makers need to recognize this coin the way the Seated specialists do!

The above dissertation has been based on a focused study of early Seated coinage conducted over a period of 16 years. I hereby welcome any comments, suggestions, stories of exciting 1837-52 finds or purchases such as those on my “Top 25” list, or any other feedback related to these or other Seated coins of the 1837-52 era. I would also like to hear whether anyone feels I’ve overlooked (no pun intended) an 1837-52 issue that they feel should have made my top 25 overlooked issues.

Related posts:

1. The Twenty-Five Most Overlooked Early Seated Coins
2. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Fewer than Twenty are Known! (Part 1 – News & History)
3. Part Three of Phil Kaufman’s Early Seated Proof Sets to be Auctioned at Heritage’s Chicago Central States Event

Link to PART ONE: Dollars and Half Dollars

The seated quarter dollars had their production starting a year earlier in 1838. The series was just like the other seated series, except for the half dime and dollar, struck until 1891, when it was finally replaced a year later by a new design, made by Charles Barber. The design is not much different than the half dollar; the most notable difference is the denomination and size, as can be expected.

In my opinion, this series is the most difficult of the seated series to complete by date only. The long run of dates (continuously from 1838 to the end of the series in 1891) is not the main criteria for this; it’s the fact that many Philadelphia dates, especially the 1880’s dates, are very scarce in any grade. In Mint state, most coins including branch Mint issues, are available although earlier dates can be very scarce or (virtually unknown) in full Mint state; this especially the case for the branch Mint issues.

These branch Mint coins were struck at the same Mints as the Half Dollars, the San Francisco, New Orleans and Carson City Mints. As is the case with the other seated coinage series, branch Mint coins normally command a premium over a Philadelphia Mint issues, although again this is not the case.

As I said before, the series started in 1838, replacing the capped bust design in production since 1815. The first two dates were only struck at the Philadelphia Mint. These issues are common in grades up to EF-40, but command a nice premium and get scarcer in higher grades.

In gem grades, a coin is very rare and a trophy coin to most collectors. the design of these first two years is of the no drapery, type 1 design. this was changed in 1840 when drapery was added to the elbow of liberty.

Philadelphia Mint coins only exist as type 2 (with drapery). The New Orleans Mint first struck quarter dollars in 1840. Because the correct, with drapery dies were not received at the beginning of the year, production started using the old type 1 obverse design. During the year, the obverse die was replaced with the new obverse, thus creating two separate varieties for the 1840-O issue. The type 1 had a Mintage of 382,200 coins and the type 2 output for the year was 43,000 coins. Both command a premium over a common type coin of more than 100% and thus are not really interesting to date only collectors.

From 1841 to 1844, both Philadelphia and New Orleans Mint struck seated quarters for general circulation. To most collectors, the choice will be a nicely struck Philadelphia issue. Although these coins are less expensive than their New Orleans brothers, the mintages are lower. This can be expected, as many were saved by both collectors and hoarders. For the more adventurous collector, the New Orleans issues are interesting to seek for a premium, well struck example. Especially the first date of this group, 1841-O is suitable for this purpose. It has the highest Mintage differences between both Mints (New Orleans struck 452,000 coins in comparison to the 120,000 struck in Philadelphia) and the prices reflect this in all grades.

The 1845 and 1846 dates were only struck at the Philadelphia Mint and both are relatively common and affordable in all grades. New Orleans resumed quarter dollar production in 1847 with a total output of 368,000 pieces; especially in high grade, it is much scarcer than its Philadelphia counterpart. 1848 resulted in a Philadelphia only year and from 1848 to 1860, the New Orleans Mint continuously struck quarter dollars. Of these dates, the 1854-O (with Arrows at the date to denote to weight change from 6.68 grams to 6.22 grams the previous year, when this was noted by both rays around the eagle and arrows at the date as was the case with the Seated Half Dollars) would be the best option in all grades with some premium but not that much.

As is the case with the Seated Half Dollars, in 1855 the San Francisco Mint struck Silver Quarters for the first time in its short existence. From that date until the late 1860s, the date only collector can choose from the two Mints. Most dates have low mintages, although most coins are much more available than expected. With the civil war going on, silver coins were being hoarded by just about anyone and all silver coins quickly disappeared from circulation. In 1870, the Carson City Mint was opened and the first 8,340 quarters were struck at the Carson City Mint during the year. The low mintage created a classic rarity to collectors with Mint State pieces (virtually) unknown.

In 1866, another design change occurred on all reverses of the higher denominations (quarter to dollar) denominations. To project the faith the reunited country had in God, the motto “In God We Trust” was placed on a scroll above the eagle. This motto continues to be on all United States coins since then, at least more or less as there are some exceptions. Patterns were created for these denominations during the previous years in several metals, all very rare but very collectable.

The series of patterns starts in 1861 with J- 284, $10 gold piece not too interesting for this article (but very historic in its own way), using the motto “God Our Trust” which was at first proposed. The first seated coinage with a motto related to God comes in 1862, when pattern Half Dollars in both silver and copper were made during the year. Both used the motto “God Our Trust”, with the first type (J-293 in silver and J-294 in copper) displaying it on scroll, and the second type (J-295 in silver and J-296 in copper) displaying the same motto without the scroll. This type was also struck in the then semiprecious metal aluminum, probably for the few collectors of the day.

The same can be said for the first patterns of 1863. But the now familiar with the public motto, “In God We Trust,” was used for the first time on J- 342 in silver and J-389 in copper pattern half dollars. This type was also struck in the then semi-precious metal aluminum, probably for the few collectors of the day. The “In God We Trust” motto was also used on a silver dollar pattern, also struck in three metals (J-345 to J-346).

Quarter dollar patterns with the motto were first struck in 1864 (J-386 to J-389, with the latter being struck in another metal, this time Nickel) as were again Half Dollar and Silver Dollar patterns. The same scenario continued in 1865, with especially the silver pieces being popular. The reason is that these pieces are the true transitional pieces (pieces with a new type first used for official coinage a year later), when the motto was finally introduced on the seated and other coinage in 1866.

Studying these different patterns is a very interesting field of study which I will not cover in depth in this article. For technical information, see the Judd and Pollock texts, both listed in the resources. The Judd book was recently revised with new updated prices, while the Pollock book is currently out of print and hard to find. However, both are well worth their money and in the case of the Pollock text, a must-have for the collector interested in these coins. For a more historic background on these truly fascinating pieces of US numismatics, I would recommend the Taxay book, also listed in the resources listing.

The first relatively affordable Carson City quarter dollar comes with the 1875-CC, at the time, the weight had again been changed from 6.22 to 6.25 grams. Again, this was noted to the public by arrows at the date in 1873 and 1874 as was the case with the half dollar. The coins slowly started to be seen in general commerce, although it did take until April 20, 1876 when silver traded again at par with paper money. This had not been the case since 1862, when it took more paper money than a given amount to buy the exact same amount in silver coins. Although more common than preceding Carson City issues, this coin still commands a strong premium in all grades.

The premium gets smaller with the next date, 1876-CC, and together with two Carson City issues that followed, ended this period the most affordable and the best choice for the collector who wants to include a seated quarter dollar in his collection minted at the Carson City Mint. As is the case with the half dollars, quarter dollar production stopped by the end of 1878 and was never resumed at the Carson City Mint.

The same scenario that could be seen with half dollars is the case with quarter dollars. The exception here is that the San Francisco Mint struck quarter dollars in 1888. This date, with an incredible high mintage for the era of 1,216,000 pieces, is commonly available in all grades and much cheaper than Philadelphia coins of the era, which although are easy to be find, will set you back a good amount of money for the 1880’s coins.

The 1890 date has the largest mintage since 1878, with a total output of 80,590 pieces, including 590 proofs. The last year of the series, 1891, saw the return of a well known branch Mints, the New Orleans Mint (re-opened in 1879, although it did not strike any quarter dollars until 1891). Production there was limited to just 6,800 pieces commanding a good premium over a Philadelphia issue (3,920,000 pieces struck for circulation) and San Francisco issue (2,216,000 pieces struck during the year) which are both very affordable and easy to find in any grade up to Gem Mint State.

Although the series is long, with many scarce and hard to find issues, this is a series which is certainly possible to complete. Take your time building such a large 19th century set (with a complete date/mint mark set being even harder) and pick out coins you really like. As a notice, and this can be said for any series, seated or not, when you don’t immediately fell in love with a certain coin, think by yourself if you could appreciate this coin the way it is. If not, pass on it and keep searching.

Collecting Seated Dimes by date only

The Seated Dimes series is the lowest denomination of the Seated type that was minted during the whole lifetime of the design. The Seated Dime or 10 cent piece was first minted in 1837. It was minted continuously in all the years until 1891, when this design too was replaced with the more modern Barber design as were the quarter and half dollar series.

As said, the production of the new dimes started in 1837. The type 1 design, only struck the same year at the Philadelphia Mint and for a short period in 1838 at the recently opened New Orleans Mint, featured a design which was the closest to the original design by Thomas Sully. The design featured no obverse stars, with the Seated Liberty Design simple but beautiful like it was meant to be. This same design was also used in the first year for half dimes.

In the first year, the Philadelphia Mint struck a total of 682,500. Many were saved and finding a nice example should not be too hard. In 1838, when production of the larger denominations was started, thirteen obverse stars were added to the design. Except for a small design change in 1840 (with drapery added to Liberty’s elbow) and arrows at the date from 1853-1855, the design essentially stayed the same until 1860.

The New Orleans issues of these coins are not as rare as is the case with the larger denominations. Production was large during the years, giving the date only collector several different branch mint issues too choose from without paying a large premium. It must be noted however, that many New Orleans issues are weakly struck (a general problem with New Orleans coins) and in many cases, the Philadelphia coins come much nicer.

For the date only collector, the preference would be a nice fully struck Philadelphia coin when nothing is available. In the 1838-1860 period, there are some keydates, even for the date only collector. The first coin commanding a premium over common dates of the era is the 1840, when no Dimes were minted at the New Orleans Mint. Although it brings a premium and will cost more than other Dimes of the 1840’s, the first “stopper” (more or less) is 1844.

Again, there were no dimes minted in New Orleans that year and production at the Philadelphia Mint was only 72,500, the lowest mintage of any dime since 1811. The coins are scarce in all grades, although they can be found with some searching and a lower AU piece (50 or 53) will set you back about $2,500.

Seated dime production shortly resumed at the New Orleans Mint in 1845 but was stopped and not resumed until the end of the decade in 1849. In these three years, production at the Philadelphia Mint started in 1846 with a total output of only 31,300 pieces (the lowest since the classic rarity of 1804) creating a scarce coin which is very rare in any Mint State grade and unknown in Gem. Both 1847 and 1848 dates are scarce but should not be too hard to find.

Other dates until the Arrows-at-date design are all available, with the New Orleans production staying under 510,000 pieces in these years. The with-arrows design was minted in Philadelphia in 1853-1855 and, in New Orleans, in 1854 and 1855. All issues are generally available, with the 1853-O being the scarcest of the set. Others are easily available and for the date-only collector including an issue of both Mints would be a great display of the type.

The San Francisco Mint started producing dimes in 1856, with a total output of 70,000 pieces. Most if not all immediately went into circulation and the issue is opt to be hard to find in all grades, harder in AU and even more so in MS. This certainly is not a date-only collector would likely include in this collection, but if you have some extra cash to spend, why not? It is your set you are working on, and the fun of collecting is that you choose what to include in it.

San Francisco, California lies in an area which was already inhabited by Indians at least 15,000 years before any Europeans arrived in the new world. When the first Europeans visited California with its foggy days and strange (at least to European colonists) geography, it was believed that California actually was an island some distance from the main land. On early maps of California, it is indeed shown as an island, with several small islands in the water between California and main land. These islands were based on myths and nothing else, but were subsequently included in these maps.

From 1500 to the mid 19th century European activity on the western coast was very limited. In fact, the only Europeans who visited were explorers who documented parts of the country and claimed it to the flag they were sailing under. One of these voyages included that of Francisco de Ulloa. In 1510, a novel based on this voyage where the character explores an island is published for the first time.

The island is called “California” and this is the earliest known use of that name.

The Spanish had a long history of influence in the new world, including California. However, not many people decided to move to California in the late 18th century, as most of the activities on the continent were near the eastern coast. The current state of California, together with Mexico and other parts in South-America were part of the Spanish Colonies, with its major activities in South-America, were silver mines proved to be a welcome income to the Spanish government.

The area of San Francisco was claimed by the Spanish in 1769. A mere six years later in 1775, a Spanish mission set out for California to keep it in Spanish hands. This mission, called Mission San Francisco de Asís, was established with a small settlement and a military fort. In the early 19th century, San Francisco’s population grew, although only in very small increments as there still was no interest in the area except for some Russian colonists. Eventually, these Russians had colonized almost all of an area near the western coast of North America, reaching from Alaska all the way down to Southern California.

In 1821, Mexico became independent from Spain. With Mexico now being a relative small country in the early 19th century, the country was much greater and included California, Texas, and other parts of the current Southern States. During the American-Mexican war of 1846-1848, American settlers (believed to be no more than 500 Americans who lived close to the coast in 1846) fought for their independency from Mexico.

California was ceded to the United States on February 2, 1848 following the Treaty of Guadalupe Hidalgo, 17 months after these American settlers declared California independent from Mexico and starting the war. This was done by raising a primitive flag, displaying a Grizzly Bear next to a Large Star in a dark red color on a white background and the words “California Republic,” directly under these symbols over the city of Sanoma. However, California was, after it was ceded to the United States by Mexico not considered to be a full and equal state until the so-called compromise of 1850.

I am of the opinion that this early history of the American Continent, more or less fully related to United States history, must not be forgotten, as they give a very interesting view of the United States and how its geography changed over the years through wars, peace treaties, and other circumstances which had many impacts on everyday life of the Americans.

These Americans can truly be considered as the builders of the western states during the 19th century. After the San Francisco Mint started to strike dimes in 1856, the other dates of the 1850s up to 1860 are generally available and it should not be too hard to find a nice and well struck example for your date-only set. Much was to change in 1860, when the design of the dime was completely revised.

The legend was moved to the obverse and the reverse was replaced with a large wreath. The first decade of the design, the 1860s will most likely include more San Francisco dates than Philadelphia coins. The output of the Philadelphia coins was very low during the civil war and a few years afterwards. Because the impact of the civil war was much smaller in the west of the country, production of dimes stayed relatively stable at the San Francisco Mint.

The Carson City Mint started to strike dimes a year after opening, in 1871. As is the case with the other denominations, the first few years are not really to be considered for date-only collectors because of the rarity and price of these issues compared with other Mints. The first affordable issue comes in 1875. In these few years between, arrows were again placed at the date in 1873 and 1874 as was the case with the large denominations. This was also done by the Mint Act of February 12, 1873, which also discontinued both Silver Dollars and Half Dimes. The Carson City coins are virtually unobtainable in anything higher than very fine, although San Francisco issues will cost about as much as the Philadelphia with-arrows issues. As has been said before, for the date only collector a good option would be to have one Philadelphia issue and the other date from the San Francisco Mint.

As with all other Seated Series, production at the Carson City Mint stopped in 1878 and was never resumed. The trio of Philadelphia coins struck in the years that followed (1879-1881) are very scarce, and, with no dimes minted at the San Francisco Mint between 1877 and 1884, there is not much to choose from. Although mintages were low during these years (1879: 14,000 for circulation +1,100 proofs – 1880: 36,000 for circulation + 1,355 proofs – 1881: 24,000 for circulation + 975 proofs) not much were put into circulation with enough coins being out there and used in commerce and many were saved for later generations to enjoy.

San Francisco production of dimes was resumed in 1884. The 1885-S is the scarcest of the later San Francisco dates with a mintage of 43,690. The 1885 from Philadelphia is much more common so the date itself is not much of a problem. Until the end of the series, this stays the same. The last option I opt to include is the 1891-O, which is the first New Orleans Dime to be struck in 31 years. This coin is slightly scarcer than its Philadelphia counterpart but does not bring much more and is a good way of saying goodbye to a long lived series and one of the workhorses of 19th century expanding America.

Collecting Seated Half Dimes by date only

The lowest denomination of the Seated type is the silver 5-cent piece, or half dime. Like the dimes, this denomination was first minted in 1837 with the original design by Christian Gobrecht displaying no obverse stars and a very nice small letter reverse. The denomination shows many similarities to its larger brother, both in design as in mintages.

Unlike the dimes, this denomination was not struck through 1891. When it comes to the end of these small but fascinating series, there are more similarities with the largest seated design type, the silver dollar previously discussed. As was the case with the Silver Dollar, this denomination was discontinued as per the Mint Act of February 12, 1873 and never to be seen again in United States commerce. The 5 cent piece was replaced with a larger, nickel coin, in modern times known as the shield nickel.

The nickel, as they are now called (this was not always the case. In fact, prior to the introduction of the 5 cent nickel piece, the Flying Eagle and Indian Head Cents were called “Nicks” or “Nickels” because they largely consisted of Nickel until 1863 when that too was replaced with a bronze composition), has proven to be a worthwhile coin in everyday commerce and is still popular up to this day.

Like I’ve previously mentioned, the series started in 1837 featuring the no-stars type (type 1). This type is very popular with type set collectors and thus commands a premium, although the coin itself is not rare. The lonesome Philadelphia date of this type comes in two date sizes, designated as large and small date. It is believed that of the total mintage, 1,405,000 struck for circulation and a handful proofs for collectors, approximately 65-80% is of the large date type (the exact number is unknown), although there is not much of a price difference in today’s market. Personally, I’ve experienced that this date is quite hard to find with premium surfaces, and although it might be a common date this might require some searching to find a satisfactory example of this date.

In 1838, the New Orleans Mint began to strike half dimes, all of the no-stars type. The issue is a classic rarity and almost impossible to find in AU and MS grades. For that reason, the date only collector will most likely settle for a Philadelphia Mint coin, which now features 13 Obverse stars (type 2). This is a common issue which is easy to find in all grades.

The New Orleans Mint changed to the withstars type in 1839 and struck this type in that year and a few months in 1840. The 1839-O has a similar Mintage of about 1,000,000 pieces but circulated more extensively and is much scarcer in high grades. Production at both Philadelphia and New Orleans Mints was divided into two separate types in 1840. The old type coin had mintages of 1,034,000 and 695,000 respectively at the Philadelphia and New Orleans Mints. The new type introduced that year had much smaller mintages 310,085 in Philadelphia and 240,000 half dimes in New Orleans.

This new type (type 3) featured a modified design, which was changed by Robert Ball Hughes, an Anglo-American Sculptor. This was done with all seated denominations, and featured a lower relief than previously, refining of several key-features of the design (most notable the rock and shield) and adding drapery to Liberty’s right elbow.

The three early New Orleans issues of this modified design, 1840-O, 1841-O, 1842-O and 1844-O all had much smaller mintages than the coins struck during these years. Although not many collectors attempt a complete date/mintmark set of the seated half dime series, prices for New Orleans issues are relatively low to their mintage and overall availability. For the date-only collector, this will leave open more coins to choose from. It must be noted, however, that the New Orleans issues of this period often come weakly struck at several areas, this being more the rule than the exception. When it comes to overall eye-appeal, the date-only collector will most likely settle for Philadelphia coins which come most of the time sharply struck, although this is not always the case and some cherry picking for full detail coins has to been done there.

The 1840’s were the years when westward expansion became larger than ever before but still relatively small in comparison with the next decade, after gold was discovered at Sutter’s Mill, California on January 24, 1848. When holding a coin from this decade, especially in circulated condition, the collector can just wonder if that coin was part of a group of emigrants (as California was still Mexican Territory in the early 1840’s) who traveled to California that decade, leaving almost everything they had behind in the eastern states were they originated from.

The half dimes of this important decade in United States history are almost all relatively available in grades up to MS-64 and even higher. There is, however, the exception here again; 1846 saw no half dimes produced in New Orleans, and production at the Philadelphia Mint was just limited to 27,000 pieces, the lowest since 1802, the “collectible” key date of the denomination (with only the 1870-S, being unique surpassing it).

Most of the known survivors, believed to be less than 250 pieces, are in low grades up to fine. Very fine examples are very scarce, extremely fine is rare, and everything higher is very rare (AU examples) to extremely rare (uncirculated pieces, which are believed to be less than 10 true uncirculated examples, not counting several proofs known, being 5 to 7) in comparison to the mintage.

When collecting the seated series by date only, the 1846 half dime is one of the true key-dates. No half dimes were struck in New Orleans that year, leaving the date-only collector not much choice. Delicate searching has to be done before finding an example with a good strike and no problems. However, when it is done the coin is a worthwhile addition to any collection and one to be proud of.

The New Orleans Mint started to strike half dimes again in 1848 and continued to do so until the last full year of coinage, 1860. Most of these dates are scarcer than their Philadelphia counterparts, although the premium for most issues is low, leaving an interesting opportunity for the date-only collector, again. Examples could be any of the type 4 dates, which featured also arrowheads next to the date on this denomination, starting in 1853 and continued in both 1854 and 1855, after which the old type was resumed again. The reason to do so was the silver prices and hoarding thereof previously discussed in this article.

The type 4a seated half dime as I personally call it (although the design was the same as was Minted from 1840 trough a few months of 1853, the weight was changed and thus creating a new type in my view) was Minted for the rest of this decade. All issues are relatively easy available (the San Francisco Mint did not started half dime production until 1863), both from the Philadelphia as the New Orleans Mint (although the latter are relatively scarcer each year) but striking quality still varies a lot.

The last half dime of the New Orleans Mint was the 1860-O. With a mintage of 1,060,000 pieces, which actually is more than the Philadelphia issue (which consisted of 799,000 coins Minted), the coin is common in all grades. This coin is both notable being the last year of half dime production in New Orleans, but also featured a complete revised design done by Thomas Longacre. The obverse stars were removed from the coin and the Legend “United States Of America” was moved to the obverse.

The reverse design was completely different, now featuring a large wreath which featured oak, maple, wheat and corn elements and a smaller half dime, the same which was done to it’s larger sister the dime.

As was the case with the other silver denominations following the Civil War, the half dime too was hoarded soon after the War began. From the 1863-1867, production at the Philadelphia Mint was very low, especially so in the last three years of the period because of the large amount of silver now flooding everyday commerce after peace had returned again in 1865. To prevent that Proofs for collectors became instant rarities, the Mint decided to strike a limited production of circulation strikes.

All these circulation issues are rare as their mintages will suggest, although there won’t be much difference in pricing between a fine and lower Mint State coin, because these issues were scarcely used and most stayed in AU or Mint State condition.

Luckily enough for the date only collector, there was the San Francisco Mint. The western Mint started to strike half dimes in 1863 and did so through the end of the series. The mintages were larger there than those of the Philadelphia Mint (this being true of all coinage of the period), although still relatively small in the context of the half dime series. These issues circulated more or less in rural areas across the western states, and it should not be too difficult to find a date in the condition of your choice.

However, one must not forget the option to include one of the low mintage Philadelphia dates of the 1860’s in your collection (and this can be said for any of the Seated series’). The coins and their mintages are directly linked to the events of the Civil War and there direct aftermath. It again is an issue to think about when collecting by date only, one of many as you have found out so far.

Mintages at both Mints increased again in the late 1860s and early 1870s when freshly minted small change was again needed in everyday commerce by the people, who were hoping they could now rebuild their country again and memorialize the many people who died in that long and bloody war.

There is, however, one exception again, being the 1870-S (and not for the first time). No half dimes were reportedly struck in San Francisco that year, but more than 100 years after its mintage, one turned up at an ANA convention in a most unusual place: a dealer’s jukebox. It just shows what can be found when you look hard enough, but of course you must be lucky.

The 1872-S shows two different types in the mintmark placement; within the bow of the wreath or beneath it. This is an interesting difference, but to the date only collector this will not be of much significance, especially when including a Philadelphia coin in your date-only collection.

The seated half dime series ended just like the dollar after the Mint Act of February 12, 1873. This ended a romantic denomination, first minted in 1792 as the first federal silver coin of the new United States and featuring several interesting design changes along the way, along with rare, unique and historic issues as is the case with all of the seated series.

Conclusion

My main purpose of this article was to show collectors one of the many possibilities when collecting any of the seated series. It turned out to be a bit more difficult than I expected when I started writing it, as many historic events had their influence on all American coinage of the discussed periods in the 19th century, the era these coins circulated throughout the United States.

To illustrate these certain periods in American History, every denomination includes some historic information on subjects not directly numismatic. I have done this to give the reader better insight what people and which events had influence of the coinage of the United States.

However, I hope that it has not become a boring story with nothing but facts in it but that it will actually prove to be a nice starting point to anyone who is interested in one of the seated series, but which is halted by the size and cost of these sets. Most of these date only sets are more or less easy possible to complete in some period of time and can be expanded to include more Mint issues and be build up to a complete date/mintmark and variety set or even more.

All of this leads to the conclusion that if the right choices are made when collecting seated coinage by date only, it can be fun and very rewarding, with a complete set of any series being a major accomplishment. As usual, search for the best grade you can afford, but remember that the grade on the holder is only an indication of the actually coin. Strike, color and luster needs to be seen by yourself to judge if that coin is worthwhile to add to your collection.

Printed Sources: The sources noted with a (*) are non-numismatic and were used for historical research. These sources are recommended for further reading on the different historical subjects covered.

Blythe, Al: The Complete Guide to Liberty Seated Half Dimes, DLRC Press – 1st Edition 1992

*Boorstin, Daniel J.: The Americans-The National Experience, History book club New York – Francis Parkman Prize Edition 2002 (Originally published 1965)

Bowers, Q. David: The Expert’s Guide to Collecting and Investing in Rare Coins, Whitman Publishing – 1st Edition 2005

Goe, Rusty: The Mint on Carson Street, Southgate Coins and Collectibles – 1st Edition 2003

Judd, J. Hewitt (edited by Q. David Bowers): United States Pattern Coins-experimental and trail pieces, Whitman Publishing – 8th edition 2003 (1st published 1959)

*McPherson, James M.: The Illustrated Battle Cry of Freedom-The Civil War Era Oxford University Press – 1st Illustrated Edition 2003 (Originally published non-illustrated 1988)

*McPherson, James M.: The American Presidents, DK Publishing – Revised U.S. Edition 2004 (Originally published 2000)

Numismatic Guarantee Corporation (NGC): Population Report, Online Edition

Professional Coin Grading Service (PCGS): The PCGS Rare Coin Market Report, May 2007 Issue

Professional Coin Grading Service (PCGS): The PCGS Population Report, May 2007 Issue

*Rosen, Fred: Gold! The story of the 1848 Gold Rush and how it shaped a nation, Thunder’s Mouth Press – 1st Edition 2005

Pollock, Andrew W. III: United States Patterns and Related Issues, Bowers and Merena Galleries, Inc- 1st edition 1994

*Stewart, George R.: The California Trail, University of Nebraska Press – Bison Book Reprint 1983 (originally published 1962)

Taxay, Don: The U.S. Mint and Coinage, Arco Publishing Company – Reprint 1983 (originally published 1966)

*Ward, Geoffrey C. Ward: The West- An Illustrated History, Little, Brown and Company – 1st edition 1996

White, Weimar W.: The Liberty Seated Dollar 1840-1873, Sanford J. Dust – 1st edition 1985

Yeoman, RS: A Guide Book of United States Coins, Whitman Publishing – 60th Edition 2007 (1st published 1947)

Online Sources:

Coinfacts

Heritage Online Auction Archives:

Wikipedia article – History of California to 1899

Wikipedia article – History of San Francisco,California
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To contact the AUTHOR of this article Dennis Hengeveld – Click Here

Related posts:

1. Collecting Date Sets of Liberty Seated Coinage – Part 1: Dollars and Half Dollars
2. Some Thoughts on Proof Bust Silver Coinage: Part One – Half Dimes and Dimes
3. Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors

Collecting seated coins can be fun, rewarding, and above all very challenging. Not many people can afford both the time and cost to search, find, and have the opportunity to buy the hard to find coins which are included in every seated series due to the many dates and mintmarks included in the series. Examples could be the 1878-S half dollar and various Carson City coins. These coins, “stoppers” as they are called, are expensive and very hard to find, often causing collectors to fail in their final goal of completing a series they have specialized in for a long time.

Although I love seated coins, as a 19 year old I just can’t afford to complete any of the seated series in the grades I like, mainly AU50 to MS64 or higher in as original condition as I can find them. Of course, I might be able to buy those coins later in my life but I am not really the person who has the patience to buy coins for a set I know won’t be complete within an acceptable period time (“acceptable” for me is 8-10 years).

As you might guess, I had to find a solution. So, after buying my first certified seated coin (and my first seated coin anyway), which happened to be a wonderful and very original PCGS MS64 1871 Half Dime, I decided to try a very complete type set, with every single type in there (including coins with different weights but the same design). After buying my second Half Dime (1843 PCGS MS63 which after studying proved to be V-6a, the well-known repunched date) before buying any other seated coin, I got hooked to that series.

Yet, I already knew that the series was not possible to complete in both the time period in those grades I had in mind. So I searched for other solutions, with one of them described in this article: collecting the date-set; each date just one time without paying attention to mint marks. This technique is affordable and possible to complete, even for me with a limited budget.

In this article, all seated series, with the exception of the 20-cent series and the Trade Dollar (a series I personally do not consider a real seated type coin), are discussed. The 20-cent series is relatively easy but not fun to complete with only two business strike dates. Thus, for now, it is not included in this article. I will shortly describe the coins in the set and the difficulty of completing a date-set. For the first series of the seated type, this article will start with the highest denomination in the series, the Silver Dollar.

Collecting Seated Silver Dollars by Date-Only

The largest Silver denomination ever struck in the United States for circulation is the well known Silver Dollar. In the seated series, besides being the largest coin in both diameter (38.1 mm) and weight (412.5 grains and a silver fineness of .900), it is also the shortest series of the seated type. Excluding the Gobrecht Dollars which were first struck in 1836, these were first struck in 1840. Although technically the Gobrecht Dollars are not patterns (but there is a raging debate among dollar experts on this), I’ve decided not to include them here due to the extreme rarity and the few issues. Three years after the completed and “final” design was first used on half dimes and dimes, the first Liberty Seated Silver Dollars were struck at the Philadelphia Mint. Together with the 2 cent, 3 cent and half dime (see below) pieces, it was discontinued by the Coinage Act of February 12, 1873 . In 33 years, coins of this type were minted at the Philadelphia, San Francisco, New Orleans, and Carson City Mints, creating several rare dates but, also for the date-only collector, possibilities to choose from fitting their budget.

The first five years of its life, the Liberty Seated Dollar was solely struck at the Philadelphia Mint, giving any collector a limited choice. The first branch Mint issue is the 1846-O with a mintage of 59,000 pieces, which in very low grades does not command too much premium over a “common” Philadelphia Mint coin. In higher grades, this certainly is an issue the collector should choose to include in his collection as the first Silver Dollar struck at any branch Mint.

The next few years again were not minted at the New Orleans Mint (the only branch Mint for silver coins in use at the time as both Charlotte and Dahlonega limited their production to gold coins), so there is a limited choice again. In 1850, the New Orleans Mint again struck silver dollars in good quantities, with the result that lower grade pieces now actually will cost less than their Philadelphia counterparts. In higher grades though, most collectors will choose to include a Philadelphia Mint in their collection to save money for other coins. Two of those most important other coins are the stoppers for the one-per-date (as NGC calls the sets at their registry) sets. Very limited mintages at the Philadelphia Mint and no branch Mint coins in 1851 (1,300 original pieces) and 1852 (1,100 original pieces) cause these dates to be the most difficult to find. Nice EF-AU pieces certified by any of the top grading company’s will cost anything from $12,500 up to $30,000. Restrikes exist in proof only, but will cost the same as any original issue in both circulation strike and proof format.

The scenario of no branch Mint silver dollars again occurs until 1859, when a new branch Mint opened in 1854 starts to strike silver dollars: the San Francisco Mint. These issues could be easily ranked with the San Francisco issue the scarcest, being rare in full Mint state. The Philadelphia issue comes in second, and surprisingly, the New Orleans issue is the most common of the trio until MS64. In full gem, the Philadelphia issue is more common because more coins from that Mint were saved by collectors who bought them at the Mint or at banks in the area. The 1858 was only struck in proof format with a total mintage of approximately 300 pieces. Of course, every collector should choose what to include in their collections, but in the author’s opinion, a normal circulation strike set does not need to include the rare and expensive 1858.

The New Orleans Mint struck silver dollars for the last time in 1860, a year before the Mint was closed by the Confederacy. The issue is not scarce at all (with a mintage of 515,000 pieces); in fact, it is in most grades cheaper than its Philadelphia counterpart. Many collectors choose to include this issue in their sets, not only because of the price but also from a historic perspective.

All other dates in the 1860s are only available from the Philadelphia Mint, with most issues relatively common except the 1861 and 1862, which are somewhat scarce in comparison of other dates in the era, especially in high grades.

The fun for collectors starts again in 1870, when another branch Mint was opened in the small city of Carson City, Nevada. A historic and popular Mint to collectors, the mintages of silver dollars were small, this being specifically true for seated silver dollars. Because of its popularity, the coins bring a strong premium over a Philadelphia silver dollar, with the historic minded collector leaving a choice open to spend more for a historic piece. Carson City was founded in 1858 by Abraham Curry. Back then, the state of Nevada did not exist. It was a region within the Utah territory which was established by US Congress in 1850 and Nevada did not join the Union until 6 years later, in 1864. Abraham Curry came from Cleveland, Ohio and went west to start his own general merchandise store. His first attempt to negotiate with a landowner failed; soon he found that land prices in California were very high so he then decided to build his own city more to the east.

In early 1859, history was about to be made in what would later become the state of Nevada. Peter O’Riley and Patrick McLaughlin, two prospectors who almost wanted to give up the work, discovered a huge silver deposit on Mount Davidson at Washoe, 14 miles from Carson City. The land was claimed by Henry Comstock, who passed by the same day the ore was discovered. To avoid any trouble and lose everything, O’Riley and McLaughlin agreed to give Comstock a share of the claim. He sold his mining interests early for $20,000, a decision which soon seemed to be a big mistake.

After the first silver was discovered in the upcoming Nevada territory, Curry tried his luck and staked a claim on one of the highest ledges of the Comstock Lode. He merged his claim together with Alva Gould and the new mine was unveiled to the world as the Gould and Curry mine.

The Comstock Lode proved to be the biggest ore of silver ever discovered in the United States. Unfortunately, in the country founded only 80 years earlier, the people generally knew almost nothing about silver mining. In the gold mines near San Francisco, however, many Mexicans were working, many of whom had experience in silver mining in there own country. They were hired by the Americans, but it seemed that the old Mexican methods were too slow and new ways were soon founded. Only 6 months after the Gould and Curry mine was founded, Abraham Curry sold his interests in the mine for $2,000. He used the money to be reunited with his family, who were still living in Cleveland. The city of Carson was growing and Abraham Curry had influence and interest in almost everything in the city. He made the city larger, expanding it with a hotel and engine house for the local fire department and several other things for the local community.

Then, the idea of having a Mint and assay office in the area cropped up in the people minds in the early 1860s. The amount of silver and gold coming out of the mines was overwhelming and most was immediately transported to San Francisco, where it was used to mint coins of several denominations. When the bullion could be used in the state itself, it would remain in Nevada and have a very big influence in the upcoming state’s economics, necessary to become a state of importance like Abraham Curry wanted.

On March 2, 1861, Nevada, which name was shortened from the Spanish Sierra Nevada, was granted territorial status and became separated from the territory of Utah. On October 31, 1864, only eight days before the presidential selection, it became the 36th state of the United States of America. This was primarily done to help ensure the reelection of Abraham Lincoln and to keep the Republicans in dominance in Congress. From then on, Abraham Curry had another dream, as he wanted Carson City to became the capitol of Nevada. On the evening of September 24, 1866, ceremonies took place of lying the corner stone of what would become the building were the Carson City Mint would be situated. The Daily Appeal, a local newspaper reported: “There was a large attendance… the ceremonies were performed without interruption and they were quite impressive”.

After several years of building construction and with many problems, the obverse dies for the silver dollars arrived, dated 1869 and they were to await the reverse dies. These arrived a few weeks into the New Year; the 1869 dated obverse dies were useless and were destroyed without striking a single coin. The Mint did stand a major test when a giant earthquake hit the Carson Valley area on December 28. Many buildings were damaged but the Mint building was luckily enough not being among them and thus withstood its first major test.

The new Mint was located on Carson Street close to the centre of the city. On January 8, 1870, a year after the work should have been completed with the original planning, Superintendent of the Mint and founder of the city, Abraham Curry finally opened the US branch Mint in Carson City, Nevada. Four days later, the correctly dated dies arrived from Philadelphia and, on February 10, 1870, the first coins, 2,303 silver dollars, were produced.

The San Francisco Mint also started to strike silver dollars that year again, although the production was very, very limited. In total, only nine 1870-S silver dollars are currently known to exist, including one Mint State example currently in the Legend Collection of seated silver dollars (the only known full mint state collection of seated silver dollars ever completed).

In 1871, both Philadelphia and Carson City Mints struck seated silver dollars. Because of the rarity of the Carson City issue, most collectors will not include the issue with the famous CC mintmark. If you do want to include a Carson City Dollar in your set but do not want the “common” (common is very relative here), the 1871-CC is the second to best coin to choose. However, be prepared to pay a strong price in comparison with other dates in your set, especially so for premium pieces with original surfaces.

The same story applies for 1872, with the exception that the San Francisco Mint again started to strike silver dollars. Especially in higher grades, this coin is very scarce to rare and much more expensive in comparison with its Philadelphia counterpart . In fact, the 1872-CC is, in my opinion, the scarcest silver dollar struck at the Carson City Mint, despite its slightly higher mintage in comparison with the 1873- CC. The 1872-CC is very rare in the higher AU and even more so in true Mint State, fetching a lot of interest when it comes up for auction once in a few years or less frequently.

Although the reports say the 300,000 silver dollars were minted in San Francisco in 1873, none have ever turned up since the time of their minting. This leads to three possible theories: the first is that coins were accounted for in the annual report of the Mint as silver dollars but actually were half dollars or any other denomination. The second, more likely theory is that all coins were melted shortly after being minted and that none were ever released to the general public nor where any sent to the Mint Cabinet. A third possibility is that a single 1873-S seated silver dollar was sent to Philadelphia for assay. If this coin was not tested and not melted, it could, however unlikely, turn up. With the Carson City issue having the lowest mintage of any Carson City silver dollars (although the 1872-CC is scarcer), collectors again will most likely choose the Philadelphia example for their collection.

Collecting Seated Half Dollars by Date-only

Starting as a series one year earlier and ending 18 years later, seated half dollars are a much more expanded series than the silver dollars. These coins were struck continuously at the Philadelphia Mint in every year of its issue and at certain dates at the Mints of San Francisco, New Orleans, and Carson City.

Seated half dollars have been popular with collectors for a long period of time. Unfortunately, it’s like many other (if not all) seated series; nearly impossible to complete without very deep pockets and lots of time. The true key dates of the series, coins like 1853-O No Arrows, 1870-CC, and 1878-S hardly ever come up at auction and when they do they bring very strong prices, especially when in higher grades and problem free.

Again, the solution can be simple, very simple. Again with exception of the 1851 and 1852, all Philadelphia grades are very easy to complete with the two Philadelphia key dates being less expensive in the context of the series as is the case with the silver dollars. Of course, just buying the Philadelphia issues and skipping all the other ones is possible. But again, in this series, there are certainly branch Mint issues that do not command much of a premium over their Philadelphia counter-parts.

But first, let’s take another problem in account when collecting by date only. In the seated series, this will happen to all of them and it can be a big dilemma for the collector. During the 53 years the design was minted, several changes were made to denote changes to the silver value and the addition or change of several legends on the coin. This happened in several years and for half dollars – 1842 (Modified Reverse), 1853 (arrows & rays), 1854- 1855 (Arrows only), 1866 (Motto above eagle) and 1873-1874 (again Arrows). There wouldn’t be much of a problem when there was just one type minted in each year, but as you will probably know this has never really been the case. Most old style varieties were struck for a short period of time before the design changes became effective later in the year, often creating rare and hard to find coins. To the date-only collector the choice: to collect these or not to collect the rarer types.

I think this is certainly what makes coin collecting such a great hobby. You, the collector, can decide what or what not to include, regardless of what others or registry sets say. It is your choice and you are fully in charge. Although I’m sure others will disagree with me, just one (most likely the most common) type will do when collecting by date-only. When it comes to collecting Philadelphia Mint issues only, the task is not difficult. The 1880’s are interesting because not a single branch Mint half dollar was struck in that decade of industrial changes. With silver coinage circulating again after being out of it since 1862, all coins hoarded in that year came out of the closets again and there simply was no need for small silver coinage. In his Expert’s guide to collecting and investing in rare coins, Q. David Bowers clearly says why these coins were minted for circulation when they were not needed: “From 1879 onward, Liberty Seated half dollar Mintages were small. The reason any circulation strikes were made was that the Mint didn’t want to create rarities for numismatic speculation and investment profits”.

The highest mintage of the decade was achieved in 1888, with 12,833 coins struck in the year including 832 proof coins for collectors. These proof coins, of any denomination can be included in a series, and for some dates, that solution can be cheaper than collecting a rare circulation date which is virtually unknown or at least very rare in higher grades. Although an easy solution, I don’t collect this way as I don’t like an unmatched set with proof coins (although they are very interesting to collect in their own way). The circulation strikes of these dates were widely hoarded, and today there is not much difference in price between a fine and lower mint state piece. Get the best grade you can afford is the best thing here.

As I said, there are several possibilities for the date-only collector to collect several branch Mint issues for a not too high price. This way, the collector can also complete a short “sub-set” at the same time. For the New Orleans dates, the dates that first come to mind are those in the late 1850s and 1860s. As is different than with the silver dollars, the New Orleans Mint struck half dollars in 1861, creating a classic coin which certainly is a favorite for collectors. The total mintage, 2,532,633, includes only 330,000 pieces struck under the U.S. government, which has been the case all those years before. 1,240,000 pieces were struck under that State of Louisiana after it seceded from the Union and the other 962,633 were struck after Louisiana joined the Confederate States of America.

The same scenario is the case with Double Eagle gold coins. Researchers now believe that the time and government of striking of those $20 coins can be distinguished by die breaks on examples of that issue. Only in recent times, there has been a method found to do the same with the half dollar issue by seated half dollar expert RandyWiley, leaving it no longer just to your imagination under which government the seated half dollar you own was struck.

With the cause going back throughout the first part of the 19th century, this is one of many examples how America’s Greatest War (although bloody is a better word here) was fought between the Union and the Confederacy from 1861-1865. All these events had their influence on what coins were struck during a certain period and what mintages they had. Without many of these historic events which caused the Civil War, the history of United States coinage could have been completely different. The antebellum generation of America was at first primarily located in the east, where the first thirteen states founded the United States of America on July 4, 1776. Starting in the early 1800s, people left the safety of the eastern states and trekked westward to explore and to expand their horizon in the unsure and unsafe territories of the Indians and the Spanish.

These territories would someday become states when the US Army could win the wars, but the ”when” was not known to the ordinary people or the politicians. When it was finally done, a high price was paid to accomplish the final goal, but that was the way God wanted it and thus it happened Life for the antebellum generation was definitely not easy. Hard work was needed to make some sort of a living which would satisfy the needs of a family. But hard work did not always pay well, and even under those circumstances, most people enjoyed what they did as again, it was the way God had wanted it and nobody had the power to change the will of God.

“Liberty is what our fathers fought for, and now we must preserve it” was a commonly heard sentence on the streets where the workingmen stayed in the mid-19th century cities of America. But was it as easy as it is thought today to preserve that same Liberty? Certainly not; the expanding territory of the United States raised many political questions among the politicians of the day. One of the most important (but certainly not the only) and well known by today’s standards was slavery.

Slavery was generally accepted in the 19th century. But as the end of the first part of that same century approached rapidly, the slavery question became a more and more important part of the politics at the time, which was mainly ruled byWhigs and Democrats. The Whigs of those days are the Ancestors of the Republicans in modern times, although differences can certainly be found. With more states entering the United States of America, the variety of cultural and political ideas became larger and larger. Naturally, many political problems needed to be solved before the safety of Liberty could be fully guaranteed in every state of the Union. This only came after the Civil War of 1861-1865, when as commonly heard today, the Union fought for Liberty and the Confederates for Slavery. As always, there are many different versions of the story which I can’t cover here without making this a long narrative which is about anything but seated coinage. I brought this up because these unsure times and fights for Liberty influenced many people’s lives in 19th century America, both before and after the Civil War. One of those was the use of coins and paper money in commerce; so here we are again back on the subject.

When including a San Francisco issue in your date-only set, the main choice will be any of the 1860s dates not commanding much premium over a common Philadelphia coin of the era. A second choice could be the 1855-S. Although this coin is quite scarce in the AU grades and even more so in Mint State, it is more or less affordable in lower circulated grades, although still being about 20 times more expensive as a Philadelphia or New Orleans issue. The reason that I do choose this coin to be highlighted in this article is both its relatively low mintage (211,000 pieces) and it being first half dollar and silver issue struck at this Mint. The San Francisco Mint had opened a year earlier, in the middle of the California gold rush. During its first year of operation the production was just limited to gold coins (as could be expected in a gold rush area) but silver production started a year later. When holding such a coin, one can only imagine what that exact same coin must have seen in his early life.

Last but not least is the Carson City Mint.

This Mint in Nevada struck coins from 1870 to 1885 and again from 1889 to 1893 as I have noted in the silver dollar section of this article. The half dollar production was limited from 1870 to 1878 producing a total of 10 different issues (when both 1873-CC with and without arrows are taking into account). Although most of those are quite scarce, the trio of 1875-CC, 1876-CC and 1877-CC half dollars are affordable and a great addition to any collection. Production of half dollars was stopped and never resumed at the Carson City Mint from 1878 onwards. Most of the Minting facilities were needed for silver dollar production of the Morgan design and all the silver flooding from the Comstock Lode.

To be Continued next month…

(Editor: I thought this article was very interesting, informative, and very advanced for a young collector living in the Netherlands. I, therefore, asked Dennis to write a short numismatic autobiography so that others could appreciate his background.)

I’ve been interested in numismatics for quite a long time, as per my age. I got interested in them when I was 8 or so, and started up building a small “collection,” with accumulation being a better word of coins from around the word I got from family members coming back from vacation. This went on until I was 13 or so, when I finally got into coins more seriously. I decided to start buying what I considered nice coins from my home country, the Netherlands, and did this for a few years. However, I was soon bored with the present state of Dutch numismatics and decided to try something else. I had narrowed the choices down at one point to Roman Imperial coins and US coins. Being a sort of history geek and, with a long-lived interest in anything from the United States, I choose the latter.

I soon got on the internet forum (Collectors Universe from PCGS) and, from that point on, I was on my way. I decided to sell of most of my collection, although there was nothing special in it. I kept a few special items, like my first 19th century coin which got me into coin collection when it was given to me by my grandmother.

At one point, after posting on that forum for quite a long time and learning very much about all sorts of US coins without ever being in the country itself (something which is still the case unfortunately), there was some sort of competition by another member. The task was to write an article about coins, and as it goes with a competition there were some nice prizes. I started writing, with my article focusing on US patterns, an area of numismatics so out of reach for my budget wise but very interesting to study. As it turned out, I won a 2nd prize with my article (which had quite a bad outcome; the original poster of the contest suddenly disappeared without ever given any of the prizes he promised to the competing youngsters).

Whatever the outcome of that competition was, I decided that I finally found my area of interest. I started writing more articles about patterns and other related topics on US numismatics. I’ve wanted to collect many different coins along the way (really everything, from clad Washington quarters to 20th century gold coins to Early Copper and everything in between) as they were all so historical to me. After a while, I finally settled down for seated coins and I’m happy I finally made that decision.

Currently, I hope to spend at least 6 or 7 weeks in California this Spring/Summer and finally come to the country I love so much, at least from a distance. I’m hoping to get a coin-related job in the US for next year, finally move across the ocean to settle in the United States, and pursue the dream I have since I started getting interested in the United States such a long time ago.

To contact the AUTHOR of this article Dennis Hengeveld – Click Here

Related posts:

1. Collecting Date Sets of Liberty Seated Coinage Part 2: Quarters through Half Dimes
2. Counterfeit Seated Half Dollars Alert!!
3. Philadelphia No Motto Half Eagles From the 1840’s: A Date by Date Analysis

The following is a collector value assessment of coins within the portion of the Liberty Seated series spanning the years 1837 through 1852, all denominations. The foregoing analysis is based on several factors, including but not limited to the PCGS Population/NGC Census Reports, various pricing guides, and extensive personally compiled data and statistics related to general market presence. This compilation indicates, based on my observations and research, what in the realm of mainstream numismatics could be the 25 most underrated Seated coins within this period.

My research suggests that presently there are no overpriced Seated coins dated prior to 1853. I also surmise that most of the dimes and quarters minted from 1840 through 1851 are dramatically undervalued in the mainstream market. While working from such a large sample space of dates and varieties within the five Seated denominations covering the 16-year span of 1837-52, it was a tough call to narrow the field down to 25 specific coins that have especially captured my attention.

The reader should bear in mind that the coins enumerated in this work are not all “classic rarities” because current pricing may have already taken their rarity into consideration. They are simply coins that have received too little attention, or coins that can be obtained relatively cheaply. Some of these coins may already be recognized by LSCC members or other numismatic specialists as having been overlooked. Their market values are not, however, reflected in the most influential price guides, especially the Coin Dealer Newsletter “Greysheet” Quarterly (CDNQ) which since 1992 seems to have been the predominant buyer guide for Seated material.

Another observation is that most certified coins of 1837-52 are “market graded” for their assigned grade. Therefore, I have taken into consideration that many Seated coins of this period that are certified MS60 to MS62 may actually have cabinet friction, obtrusive field abrasions or hairline scratches, poorly struck stars and areas within devices, or wear which is confused with poor strike. I have even seen Seated coins slabbed MS63 to MS65 for which I would assign technical grades in the AU range! Choice pieces seem to represent less than 25% of third-party-graded Seated coins from 1837 through 1852, and even some that have few blemishes are not fully struck (that is, all 13 stars, full head/shield details, full eagle features, and anything else that is supposed to be struck up).

The notation “ATB” means across-the-board, that is, all grades from Good through mint state (and proofs where applicable), “MS” means MS60 or better business strike, and “GEM” means MS65 or better.

25. 1840-O No Drapery 25c, ATB. This is a cute coin. I’ve developed a soft spot for this one-year-one-mint style, for which a cameo-like effect is produced with the placement of devices against the backdrop of the fields. I have found this date somewhat tough to obtain problem-free. In MS64, it appears priced almost right, but considerable upward adjustments should be made for all circulated grades and the lower MS grades. I really enjoyed the article in the CDN Monthly Supplement for December 2007 by Larry Briggs on Seated quarters … as I’ve enjoyed his great publication work of 1991. I believe that most of the mint-state coins of this issue that came from the New Orleans hoard have environmental damage from having been buried in the ground, perhaps making them not certifiable by PCGS or NGC.

24. 1848 5c Medium Date, GEM. Although a relatively “high-pop” coin, my analyses suggest that this more common variety of the 1848 Philly half dime is not as easy to find in MS65 as has been believed. In fact, its O-mint counterpart appears on the market with much greater frequency.

23. 1845-O “No Drapery” 50c, ATB. This issue should be afforded the respect that it deserves. Long recognized as a major variety, although it is more available than once believed, present price guide values do not do it justice in the circulated grades. In true mint-state, it is quite the prize if it can be obtained at 150% of “sheet.”

22. 1844 10c, MS. Yes, the famous “Little Orphan Annie.” It’s on my list but low down because of its very high publicity. However, it still appears underpriced for its rarity and especially its difficulty to obtain choice.

21. 1841 25c, MS. It seems the entire run of Philly quarters from 1840 to 1852 offers tremendous potential for unworn pieces. Although the 1841 is somewhat more common than some of the other dates in this run, I feel it is a great buy if a properly graded example can be had at anything remotely approaching (150% to 200% of) today’s price levels.

20. 1846 $1, MS. This is a cool coin by any numismatist’s standards. It appears to be considerably undervalued in MS63 and above. Enough said.

19. 1841-O 50c, MS. This is a more difficult coin to procure than most people realize. Graded specimens now often come slightly worn or weakly struck on some stars or the eagle feathers/ legs, or have many abrasions. Solid and well struck mint-state specimens are an underappreciated value.

18. 1841 50c, MS. A similar argument applies to the 1841-P as to the 1841-O half, with the Philly issue being somewhat more of a challenge to locate. This is surely undervalued in all the MS grades!

17. 1846 25c, MS. A similar argument for this as for the 1841 quarter, even stronger in terms of the 1846 being underpriced, most especially at the MS63 and MS64 levels.

16. 1844 5c, GEM. You may be asking why this coin is even on my list. Despite its relatively reduced coinage of 430,000, the 1844 half dime has been perceived to be common and easily obtainable in just about any MS grade. My studies suggest, however, that they’re not so easy in MS65 and better, and data gathered suggest that the high pops posted for this date in choice and gem grades might be considerably inflated due to multiple submissions of the same coin. A personal statistical analysis suggests that the pops in GEM for this date are skewed with respect to other common dates. Somehow $900 in the CDNQ for an MS65 just doesn’t cut it – there is a great opportunity here!

15. 1841 10c, GEM. I have noted a handful of high-grade examples of this date and I’d say all but one are over-graded. Poor luster and abraded surfaces have been noted even on those slabbed MS65. True gem 1841-P dimes should trade at levels higher than for 1838, 1839, 1840, 1842, 1843 or 1845. If you can locate a properly (the operative word!) graded gem, I would consider “double sheet” a bargain! This should be at least a $6,000 coin.

14. 1852 25c, MS. This is a rather colorful issue in that 1852 marks off the last year of a long run of very limited quarter production, in this case just 177,060, and which largely went to the melting pot the next year in favor of reduced-weight silver coins, beginning in early 1853. The 1852-P quarter is somewhat more obtainable in choice grade than the 1850 and 1851 Philly issues. Nevertheless, it is extremely underpriced in MS63 and above. I have “coined” a name for this issue – the “California Gold Rush” quarter, and this is because the silver shortage peaking in 1853 was the result of the newfound abundance of gold driving up the price of silver.

13. 1850 $1, ATB. This is an issue that seems to have gone practically unnoticed. The track record of this coin in the mainstream market borders on pathetic. Long overshadowed by the very rare 1851 and 1852 issues, the 1850-P has been a real sleeper. Even in low circulated grades the 1850 $1 does not pop up as often as the deflated prices suggest. Consider this: only 7,500 were minted, and using the “conventionally wise” estimate of a 3% survival rate, I do the math and come up with a mere 225 coins – in all grades! Even though dollar coins were not reduced in weight in 1853, a considerably small percentage of them survived the turbulent economy of the 1850s and the Civil War years. As for mint-state pieces I surmise that pop data for PCGS and NGC represent far higher figures than the actual numbers graded. This is a profoundly overlooked value – in all grades!!

12. 1843-O 10c, ATB. Amen! Gerry Fortin’s article in Issue 100 of GJ (12/07) hits the nail on the head on this one as far as MS and high-grade circulated examples of this date are concerned. However, in the CDNQ the figure of $3,200 is tabulated for MS60 and no prices are listed for higher grades. I note that the PCGS Price Guide has the 1843-O in MS60 pegged at $7,500, with a jump to $20,000 in MS63. MS60 today is a seldom-used grade on silver coins, but a coin occasionally gets market-graded MS60 for some feature such as luster, a stronger strike for the date than typically seen, or a perception to have that euphemistic “eye appeal.” The bottom line on the 1843-O dime is yes, this date is extremely undervalued even at MS60 and most of the circ grades. I’ve personally not seen anything close to a true MS 1843-O, slabbed or otherwise, and perhaps never will. It is also noteworthy that even low-grade circulated 1843-O dimes don’t appear with the frequency that is suggested by their price structure, even from VF down to Good.

11. 1846 10c, ATB. For some reason this very scarce issue has received nowhere near the publicity and popularity of the 1844 dime. Yet, it is rarer than the 1844, comes from an original mintage less than half of the 1844 (31,300), and its pops are mostly lower than those for the 1844. In higher grades (XF and above, including proofs) the price structure of the 1846 dime is making noticeable progress but still has a very long way to travel northward. It is extremely rare as a mint-state business strike. (I did see “in the metal” back in 1996 one uncertified dime of 1846 that appeared in my opinion to be a low MS, unworn anyway.) Even in the low circ grades, noticeable “collector” potential exists for this date! I can picture even a lowly Good 1846 surpassing the value of a Good 1844 within the next 10 years. And in the relatively near future, I may assign the rank of the 1846 dime higher up on my list!

10. 1840-O No Drapery 10c, MS. This is a very common coin in all circ grades but gets surprisingly tough as we cross that “great divide” into MS territory. Very few mint-state pieces have been certified by PCGS or NGC, and I’ve not seen one. I’ve not seen a MS 1840-O from any of the more recently established grading firms either. The MS64 figure is approaching where it should be but the tag is extremely low for MS63. How about this for a statistic – the PCGS Price guide has the 1840-O at $9,500 in MS63 and the CDNQ has it lagging at $1,900 – one-fifth of the PCGS value! In comparing the 1840-O to the 1843-O in MS, herein lies somewhat of a paradox: we can say the 1840-O coin is more underrated than the 1843-O simply because the 1840-O is, at least, possibly available at a price. Good luck trying to find one choice and an MS62 would be a great catch!

9. 1851 25c, MS. It’s kind of a close call which is rarer in choice grade between the 1850 and 1851 Philly quarters. My stats suggest (as does Bob Foster in his excellent article in this month’s GJ) that the 1850 is a short step ahead of the 1851 in rarity in MS. Nevertheless, the 1851-P has been “cutting Z’s” and it’s time that we woke Miss Liberty up. Larry Briggs in his excellent date-by-date analysis in the December 2007 CDN Monthly Supplement uses the word “unappreciated” and notes that MS 1851s are rare!

8. 1852 50c, MS. WOW! This is an absolutely amazing value in MS63 and above. Likely attributable to the fact that like the quarter, many 1852 halves that escaped the furnaces and the fate of being made into 1853 “Arrows & Rays” halves did not make it into circulation. A cool mintage of 77,130 represents far and away the smallest output for any Philly half dollar issue since 1815. This date can go nowhere but up …way up! Grab any properly graded examples even if the “damage” is double sheet.

7. 1842 Large Date 25c, MS. Initially recognized as a scarce and semi-key date due to its low mintage of 88,000, the 1842-P has ample potential especially in the higher grades, and it is very tough to locate in select mint state. If an example surfaces at 50% to 100% over sheet, most especially an MS63 or better, my advice is “Carpe diem!” (Seize the day!)

6. 1850 25c, MS. The 1850-P is the “sleeper” closely associated with the 1842 and 1851 Philly quarters. I have noted only four pieces certified by PCGS and NGC (I believe these are four distinct coins), which is my third-lowest tabulation in a focused study of all Philadelphia quarters of 1831 through 1865. (Take note of my statistical notations below regarding the 1848 quarter.) The same comments addressed for the 1842 Large Date quarter apply to the 1850, in a somewhat stronger sense.

5. 1837 No Stars 5c, Proof. So now we’re into my “top five” and some serious opportunities. What we have here (or may wish we had!) is one of the very first Seated half dimes! On July 25, 1837, some few dozen proof half dimes were distributed to Mint personnel in their celebration of the first successful run of this denomination on the new Seated design. I find this to be a rather inspiring piece of historical information to tie to this key coin. If you have the wherewithal and the courage of your convictions, do not think twice if one of these is offered near double sheet. I feel that all Seated proofs dated before 1854 are dramatically undervalued, especially this one and that discussed below.

4. 1837 No Stars 10c, Proof. OH YES! This is pegged as the first dime to ever appear with the word DIME on it! A similar argument applies here as for the 1837 No Stars half dime, with an added flair or two. The release date of this dime was June 30, 1837, nearly a month before the half dime, making it America’s first Seated coin! (That is, if you exclude the Gobrecht dollar of 1836, which I still consider a pattern rather than a regular issue, even though it circulated in commerce.) Think on this also: both this and the No Stars half dime are a limited issue not only in mintage but also in design – 1837 marked the only year of No Stars proof coinage! I give the Proof dime slightly higher billing over the half dime mainly because I feel it is more underpriced across the grades from PF60 through PF65. Should be about a $15,000 coin in PF63, $25,000 in PF64 and $50,000 in PF65.

3. 1840 With Drapery 25c, MS. I would label the 1840 Philly quarter as the Rodney Dangerfield of the Seated subset of 1837-52 coins … it just “don’t get no respect,” at least not in the CDNQ. The rarity of the 1840-P quarter in high grades is absolutely mind-boggling! Bob Foster in his GJ article of this month points out that only 21 examples of this special date have been certified by the two leading grading services – in over 20 years of business … and how many of those 21 tabulations might be duplicate submissions? Helloooooo, is anyone listening?! Here are some noteworthy stats:

* The PCGS Price Guide has finally begun to recognize this issue in MS64, more than doubling in a two-week period in December 2007 from $6500 to $15,000, and the latest posting in MS65 is a leap to $27,500!!

* Unlike other coins of 1840, the features on the Philly quarter are often weakly struck, especially the eagle’s feathers and leg.

* The 1840 quarter is rarer than the highly coveted 1796 Draped Bust Small Eagle quarter in all Mint State grades, and rarer than most of the Capped Bust quarter dates of 1815- 38.

* Even the kingly Eliasberg collection did not have a circulation mint-state strike of 1840 at the time of its auction sale.

* Of hundreds of mint-state “No Motto” (1838-65) quarters I’ve examined (including Internet scans), many of which are choice, I’ve noted but three 1840-Ps (all slabbed), and two of these are overgraded and weakly struck, and in my opinion they were AU.

Not many realize this, but the 1840-P With Drapery quarter is not only a transitional design issue but also distinguishable by a rather subtle reverse feature. The eagle’s beak on the 1840-P is sharper than either that of the No Drapery quarters of 1838-40 or 1841 and later dates, and the eagle’s mouth is opened ever so slightly wider than on other dates. In my opinion triple sheet is a steal on this one for a solid well-struck MS63 or better, and I now estimate that only about ten 1840 quarters are known to exist at these choice levels. Larry Briggs’ mention of seven mint-state pieces that appeared in 1983 has now aroused my curiosity, especially since that time predates most certification services. Any information regarding the whereabouts of these coins today, including their grades and pedigrees if known, I would find interesting!

2. 1848 25c, MS. In my mind I’ve batted back and forth the question of which is the rarest Philadelphia Mint Seated quarter in true mint state, the 1840 or the 1848. While all the other dates are relatively “left in the dust,” these two issues have been neck-and-neck with each other for this top spot. The order of rarity for the thirteen Philly issues of the 1840-52 group in mint state appears to be something like: 1848, 1840, 1850, 1851, 1842, 1852, 1841, 1846, 1849, 1847, 1844, 1845, 1843.

My adoration for all the 1840-52 Seated quarters is based partly on the fact that their survival rate is so low because of the mass meltings that took place in 1853 to provide silver to coin to the reduced weight, and partly because the quarters had relatively low outputs to begin with. The 1840 and 1848 have pulled away from even the rest of the pack of Philly dates 1841-52. I’ve noted four MS 1848 pieces, and curiously they’re all choice! Perhaps this is just a fluke or (rather unlikely) one of these may be a duplicate of the one of the other three. I’ve decided to give top billing to the 1848 because it is even more underpriced than the 1840, and also because the 1848 is a Philadelphia-only issue, a feature I like. As with the 1840, triple sheet (or maybe even quadruple!) for choice graded 1848s that are “all there.” Even the PCGS Price Guide posting for 1848 in MS64 is only $7,500, half of the 1840 price! Good luck finding one now; I had at least two opportunities in the 1990s (“tripled dates”) and blew them because I did not recognize the potential of this date!

1. 1846 5c, ATB. We always save the best for last. No doubt about it, the 1846 half dime is a cool little coin! However, apparently many in the coin market have a “bigger is better” mind-set and just don’t care for such small coins. Although the 1846 half dime has made considerable progress in recent years and has been recognized by numerous specialists as a key date, it still has a long way to go pricewise. A very long way. I give this coin top billing of the entire 1837-52 Seated subset because it has what I perceive as the greatest discrepancy between published prices and market value.

The PCGS price guide is on the right track as its postings across all grades are considerably higher than those in the CDNQ. Here are some dramatic stats for this rare but little-publicized issue:

* The 1846 as a date is the rarest regular mint issue of the entire “Stars” subseries of Seated half dimes; its mintage of 27,000 by far eclipses its runner-up, the 1838-O at 70,000, and all other Stars issues are in the hundreds of thousands or millions.

* THE 1846 IS RARER THAN MOST OF THE EARLY HALF DIMES, INCLUDING 1794, 1795, 1797, 1800 AND 1803, AND HAS LOWER PCGS/NGC POPS THAN THESE DATES IN MOST GRADES.

* Only three circulation strikes of 1846 have been certified by the leading grading services as mint state (and perhaps even these don’t represent three distinct coins!). This is the only collectible date in the entire Seated series that is practically unobtainable as a mintstate circulation strike. I have never seen one of the one, two or three PCGS/NGC certified MS coins, yet I have seen multiples of every other issue in the 1838-59 “Stars” subseries (including scans of two examples of 1853-O No Arrows). In fact, since 1991 the only references to a mint-state business strike of 1846 that I’ve noted were on the Globus Collection that sold in 1999 and the more recent sale of the Law Collection, but in neither case was there mention of whether these 1846 coins were certified as MS pieces. Maybe someone has better info on either of these coins.

* Even high-grade circulateds of 1846 are very tough to find … I note in GJ Issue 95 (3/06, p. 27) that the Frog Run Farm example of 1846 was an XF40 that sold for $2,990, while “Greysheet” is a mere $1,900. Now, I think even that was a bargain!

* A truly choice specimen of 1846 half dime is more likely to be represented by a Proof, of which only nine have been graded by PCGS/NGC, from an estimated Proof mintage of twenty.

* The 1846 half dime is rarer than either the “Orphan Annie” dime of 1844 or her “sister” of 1846, across nearly all grades.

* The 1846 half dime is a “Philadelphia-only” issue and has been classified into two distinct and easily understandable varieties: V-1 for business strikes and V-2 for Proofs.

* In the very informative write-up by Leonard Augsburger in GJ Issue 96 (7/06) of the Glenn B. Hoidale Collection of Seated half dimes, he mentions that 1846 was one date Hoidale was not successful in obtaining.

* Last but not least … in GJ Issue 92 (3/05), in John McCloskey’s article “The 20 Greatest Seated Coins”, where he tabulates the votes received for this survey, sixteen of the top twenty voted coins are dated later than 1852 (mostly in the 1870s). Only the very rare and highly publicized 1851 and 1852 dollars surpassed the 1846 half dime, which made 18th place on the list, in votes for coins within the 1837-52 range, and the 1846 half dime was the only coin in the 1840s that made the top 20.

Above are some of the reasons the 1846 half dime is in my opinion the most underpriced Seated coin of the 1837-52 era if we average out across all grades. The 1846 Proof is presently priced no higher than other Proof issues such as 1845 or 1847, which seems like a situation too good to be true! In mint state and proof, the price structure of the 1846 half dime is behind by as much as tens of thousands of dollars. I can think of no other Seated coin that today has the upside potential of the 1846 half dime. The bottom line is, the market makers need to recognize this coin the way the Seated specialists do!

The above dissertation has been based on a focused study of early Seated coinage conducted over a period of 16 years. I hereby welcome any comments, suggestions, stories of exciting 1837-52 finds or purchases such as those on my “Top 25” list, or any other feedback related to these or other Seated coins of the 1837-52 era. I would also like to hear whether anyone feels I’ve overlooked (no pun intended) an 1837-52 issue that they feel should have made my top 25 overlooked issues.

Related posts:

1. Coin Collector Tips: The Twenty Five Most Overlooked Early Seated Coins
2. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Fewer than Twenty are Known! (Part 1 – News & History)
3. Part Three of Phil Kaufman’s Early Seated Proof Sets to be Auctioned at Heritage’s Chicago Central States Event