The discovery of gold at Sutter’s Mill in 1848 sent
shockwaves through the American economy that reverberated for decades. While
the gold to silver ratio of both the domestic and international markets had
greatly affected the operations of the U.S. Mint since its establishment in
1792, the Gold Rush once again upset this delicate balance. With the influx of
gold into circulation, the price of silver rose to a point that, by 1851, the
silver coins produced by the Mint were worth more as bullion than face value,
encouraging hoarding, exporting and melting for profit. This surge in pricing
also consumed the Mint’s seigniorage for the production of these coins, forcing
them to reduce output significantly across all silver denominations. It wasn’t
until the reduction in planchet weight accompanied by the Arrows design type in
1853 that this hemorrhaging was alleviated and the Mint began striking coins
liberally once again.
The 1851 issue of Liberty Seated half dollars struck in New
Orleans exemplifies the extent to which these circumstances hobbled the
productivity of the Mint. The two preceding years saw bountiful mintages of 2.3
million (1849) and 2.4 million (1850). Seemingly in anticipation of another
active striking period, 20 pairs of dies were shipped to the New Orleans Mint
to be used for the 1851 issue, however just four of these pairs, in five
distinct combinations, were employed. By the time the presses had retired for
the year, just 402,000 1851-O Liberty Seated half dollars had been struck. The
1851-O becomes a considerable condition rarity in Uncirculated preservation. A
loose concentration of examples can be found in Choice Mint State, though true
Gems, like the present piece, are exceedingly rare. With perhaps a dozen unique
pieces at or above MS-65, this offering is truly significant for Liberty Seated
and New Orleans Mint enthusiasts.
Iridescent indigo accents the underlying champagne
brilliance across this gorgeous New Orleans Gem. The devices are impeccably
rendered, as is typical for the issue, with intricate central elements displaying
uniform, satiny luster. A microscopic thatching of die polish lines is apparent
in most areas, imparting a decidedly prooflike aesthetic to the reverse fields.
Representing the later state of this die pairing, hairline cracks radiate
inward from borders at 10 o’clock and 2 o’clock, with a third crack noted that
spans star 13 through Liberty’s instep. A single crack snakes down from the
border at 12 o’clock on the reverse, barely meeting the eagle’s head just about
the eye. Evidence of die clashing can be seen within the right side of the
shield. Both the high points and the vulnerable regions are smooth and unmarred
by blemishes of any merit. This stunning example of this low mintage issue
offers superlative quality.
This elusive Gem will be offered in lot 11160 of our June 2017 Official Auction of the Whitman Coin &
Collectibles Baltimore Expo, featuring the Blue Moon and Robert Warner Wolfe
Collections and other important properties. The sale is available for viewing
and bidding in its entirety at www.StacksBowers.com. Contact us today at
1-800-458-4646 or email info@StacksBowers.com to secure your copy of the
catalog or consign to our upcoming August 2017 ANA Auction in Denver, Colorado.
