This elusive issue owes its existence to the low mintage, key date status of the circulation strike 1852 silver dollar. The Philadelphia Mint struck only 1,100 silver dollars for commercial use in 1852, a fact that was not lost on contemporary numismatists. By the end of that decade the 1852 (along with the 1851) had established a reputation as a rare and desirable date in the silver dollar series. In 1859 (and perhaps earlier), the Mint began producing Proof restrikes of the 1852 silver dollar. These coins are an official issue, but rather were offered privately by Mint personnel. Several striking periods are supposed, the first ending in 1860 when Mint Director James Ross Snowden seized the dies and sealed them in a carton, per a (probably) fictitious scenario. In 1867 a new mint director, Henry R. Linderman, opened the carton (again, probably an imagined scenario), inaugurating a new period of restriking that probably continued intermittently until the end of Linderman's second term in 1878.

The earliest known auction appearance of a restrike Proof 1852 silver dollar was in Edward Cogan's Simon Gratz Collection sale of May 1, 1859. Since then, the popularity of this issue has grown as new generations of collectors have sought high grade examples of this key date Liberty Seated dollar. With only 30 to 35 specimens known (per PCGS CoinFacts), Proof restrikes are significant numismatic rarities in their own right.

The example to the left was sold by Stack's Bowers Galleries in the 72nd Anniversary Auction, where it realized $37,375.