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

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

I’ve always been intrigued by the 1849 Dramatically Doubled Date Half Dollar ever since I first saw it in The Complete Guide to Liberty Seated Half Dollars, by Randy Wiley and Bill Bugert, published in 1993.

Wiley and Bugert designate this coin as WB-102 and list its overall rarity as R6 (13 to 30 known). The original date was punched too far left, and much of it was effaced on the dies when the second date was punched in the proper position.

Therefore, on the coin we can see remnants of the bottoms of each of the 4 digits of the original date, to the left of the second date. There is also a remnant of a “9″ in the rock above the “49″, and also the loop of a “9″ in the denticles below the date. I always thought this was an unusuallooking variety and I purchased a VG coin from Jim O’Donnell at the 2000 ANA in Philadelphia.

I attended the 2005 EAC Convention in Annapolis, MD and I was studying an N-1 1847 Large Cent. This large cent has a doubled date with the original date to the left and the bottoms of all 4 digits clear. Sounds familiar! I immediately recognized that this was the same error as the 1849 Dramatically Doubled Date Half Dollar, so I immediately purchased the coin from its owner, Doug Bird.

According to Bob Grellman in The Die Varieties of United States Large Cents 1840 – 1857, the 1847 N-1 is an R2 variety. Subsequent research through the Grellman book resulted in identifying the 1846 N-4 (R1) and the 1848 N-4 (R4) as other examples of this error.

I didn’t think further about this connection until a few years later when I studied an 1848 Doubled Date Quarter that came in with a collection I purchased. This quarter has a doubled date with the original date to the left and the bottoms of all 4 digits clear. And it was obvious that this was the exact same error as occurred on as the 1849 Dramatically Doubled Date Half Dollar and the N-1 1847 Large Cent.

According to Larry Briggs in The Comprehensive Encyclopedia of United States Liberty Seated Quarters, published in 1991, the 1848 Doubled Date is scarcer than the other variety for the year.

In summary, coins with a doubled date with the original date to the left and the bottoms of all 4 digits clear were minted for three different denominations in four consecutive years, with a total of 5 such coins.

Related posts:

1. Philadelphia No Motto Half Eagles From the 1840’s: A Date by Date Analysis
2. ‘07-P Jefferson Dollar Doubled Die Reverse
3. Coin Profile: 1849 Oregon Exchange Company Five Dollar Gold Territorial Coin

During the mid to late 1830’s our coinage underwent a number of changes. The first of these began with modifications to the cent in 1835 and again in 1837. In 1836 silver dollar coinage was resumed. It portrayed a Liberty Seated figure with no stars on the obverse. The reverse depicted a soaring eagle in a sea of 26 stars. It was engraved by Christian Gobrecht.

In 1837 the Capped Bust dime and half-dime was replaced by the Liberty Seated no stars type and on the reverse the eagle was supplanted by a wreath. The diameter of the dime was reduced from 18.5 mm to 17.9 mm while the half dime remained the same. In 1838 the Liberty Seated (with 13 stars added) was placed on the quarter and in 1839 it was the half dollar’s turn.

The Gobrecht dollar also underwent further modifications in 1839. Finally, there were no less than five important modifications made to the Coronet type large cent in 1839. These have become popularRed Book varieties among cent enthusiasts.

The reader will observe that among the two sides of the basic 1839 year set shown and directly above there are two different types for the half dollar denomination; the outgoing Capped Bust-Reeded Edge and the new Liberty Seated types thereby continuing the annual parade of transitional date designtype pairings begun in 1837.

The Cents: In 1839 Chief Engraver Christian Gobrecht made several modifications to the cent design. First we have the 1839/6, a scarce variety (actually 9 over inverted 9; probably made in 1836). It shows a plain hair cord which was discontinued in 1837. The second is the “Head of ’38”, similar to what appeared later in 1837 as the beaded hair cord subtype. This was followed by two less successful 1839 renditions nicknamed the Silly Head and the Booby Head. Unlike the previous, both display a protruding curl on the forehead. The Booby Head however shows no hair at all at the lower right of Miss Liberty’s coiffure.

Gobrecht made still another modification on the large cent in 1839, known today as the Petite Head. This became the standard smaller head type large cent appearing on the large cents from 1840 on.

When the resumption of dollar coinage was authorized in 1835, the new Mint Director Robert Maskell Patterson wanted a seated figure resembling the Britannia design that appeared on British coinage. He asked renowned portrait artist Thomas Sully to draw up a sketch.

The first dollars dated 1836 and the dimes and half dimes of 1837 showed Chief engraver Gobrecht’s rendering of Sully’s conception but without the thirteen stars that had surrounded the earlier Bust type coinage.

In 1838, Mint Director Patterson decided to restore the thirteen stars to the obverse of the coins; possibly to avoid confusion between British and US coinage. As a result the 13 stars appeared on the obverse of the half dimes, dimes and the new quarters struck later in 1838.

In the second half of 1839 the design type of the half dollar was changed from Capped Bust- Reeded edge to the Liberty Seated type along with a small number of 1839 proof silver dollars that were put into circulation; some presumably given to members of Congress.

The Dollar: Arguably, the most exquisite coin of 1839 is the Gobrecht dollar design type. Originally, this coin, like the 1836 dated no stars on the obverse versions, was thought to be a pattern since only 300 proofs were made, but due to the research of Robert Julian and others, it was determined that both the 1836 and ’39 issues were bone fide coins of the realm having been placed into circulation despite their respective low mintages.

Since the stars had been restored to the obverse on all the other silver denominations including an 1838 pattern Gobrecht dollar, it was no surprise to see this feature continued on the dollar in 1839. The 26 stars originally surrounding the soaring eagle on the 1836 Gobrecht dollar were removed leaving the eagle soaring in an empty field surrounded by the legend, UNITED STATES OF AMERICA and ONE DOLLAR below.

In later years a number of restrikes were made like the one pictured above and these are likely to be more available if you consider a coin priced at more than $20,000 within your budget. While the vast majority of us will never be able to afford such a coin, the 1839 dollar is a beautiful work of art and it is a pity that the design was wholly emasculated in 1840.

The Half dollar: There was some dissatisfaction by the critics when the new design type appeared on the half dollar in 1839. It was thought that Miss Liberty was insufficiently clad, especially on the side of her gown just above her knee at her waist directly below her elbow. This was most noticeable on the half dollar as it was the largest circulating coin available to the public.

Gobrecht was asked to add drapery over the waist and under the elbow on the right. He also reduced the size of the rock on the lower left side of the coin rendering it further away from the lowest star at the left as well.

The minor Silver coins and the Quarter: The Liberty seated half-dimes, dimes and quarters of 1839 were unchanged from 1838 except for the date. All are represented by the no drapery subtype that would be ‘rectified’ by mid 1840. None of these denominations are unduly expensive up through AU-58.

Two of the most important figures connected with the creation of our 1839 Liberty Seated coins are shown here. Below is a self portrait by the renowned painter, Thomas Sully who sketched out the Liberty Seated figure and below is Christian Gobrecht who engraved it onto the dies for our coins.

Each artist forged successful careers in their respective fields and were among the few persons responsible for creating the short-lived Gobrecht dollar series of 1836 and 1839. It is a pity that this low mintage 1839 dollar coin, easily the most desirable of all denominations struck that year, is the one coin of the entire year set most collectors are least likely to own.

[Editor’s note: This article is reprinted with permission of the author from the October 2009 issue of the Augusta, GA Coin Club Monthly Newsletter.]

Related posts:

1. Unusual Items : Enigmatic 1839-O Specimen Dime
2. 1839-O Proof Half Dollar – Hidden Jewel of the Numismatic World
3. 1834-1844: A Decade of Great Change for U.S. Gold Coinage