In
our June 2017 Baltimore Auction we will feature a gorgeous 1866 Liberty Seated
silver dollar that ranks among the finest known. In 1866, the Civil War had
ended the previous year and the domestic political fabric was still very much
in disarray. Tennessee would be the only Southern state to be readmitted to
Congress by the end of the year, and it would be 1870 before the last of the remaining
10 states followed suit. Out West, silver continued to pour out of mines,
notably those surrounding the Comstock Lode of Nevada. The majority of this
silver found its way to the Philadelphia Mint, only to be exported to China as
bullion or stored in bags in Treasury vaults. Despite this outpouring of ore,
demand for silver dollars to be used in circulation was minimal. Though
domestic silver production reached $10 million in 1866, just 48,900 silver
dollars were struck and very few ever saw commerce. Whether melted abroad
shortly after striking, or melted in American crucibles after 1873, it is
thought that the vast majority of this issue was eventually reduced to bullion,
leaving very few examples for collectors today.
Additionally,
the 1866 Liberty Seated silver dollars represent the first issue with the motto
“In God We Trust.” The motto was first suggested to Treasury officials by a
Pennsylvania minister in 1861, who wrote to them proposing that a symbol of
unity and faith be placed on our coinage. Pattern dollars struck in a variety
of metals are known with the motto from 1863 through 1865, though it wasn’t
until 1866 that the regular issue exhibited those four words. The example to be
offered in our June sale is certified MS-64 (PCGS) and approved by CAC. PCGS
has evaluated just 10 finer examples than the present piece.
Shades
of amber and golden iridescence are seen on the obverse while the reverse is
pearlescent and nearly brilliant. The remarkable prooflike reflectivity contrasts
markedly with the frosty and untroubled design elements. Scattered, trivial
reeding marks are visible with a glass. For both silver dollar enthusiasts and
type collectors, this lot should not be missed!
This
1866 Motto silver dollar is a highlight of our June 2017 Official Auction of
the Whitman Coin & Collectibles Expo in Baltimore, an event that will also
include the Blue Moon Collection, Part II. To consign your collection to this
exciting showcase event, please contact our offices today at 1-800-458-4646 to
speak with a Consignment Director and see what Stack’s Bowers Galleries can do
for you.
