The 1862 Liberty Seated Dollar is not just a coin; it’s a piece of history. Struck during a challenging time for the United States, this coin tells a story of war, change, and rare craftsmanship. In this article, we will explore how the Liberty Seated Dollar was created, its significance, and why collectors value it so highly today.
| Feature | Details |
|---|---|
| Year of Issue | 1862 |
| Total Mintage | 11,540 coins |
| Production Dates | – January 27, 1862: 500 Proofs |
| – February 4, 1862: 700 Business Strikes | |
| – June 14, 1862: 500 Business Strikes | |
| – July 30, 1862: 5,000 Business Strikes | |
| – August 5, 1862: 5,340 Business Strikes | |
| Composition | Silver |
| Design | Liberty seated, holding a Liberty pole and shield |
| Obverse Details | – Liberty’s head turned to the right |
| – Surrounded by 13 stars | |
| – Date “1862” at the bottom | |
| Notable Collectors | – Del Loy Hansen |
| – Bob R. Simpson | |
| Top Grades | – PCGS MS65 (3 available) |
| – NGC MS65 (3 available) | |
| – CAC MS65 (2 stickered) | |
| Market Value | – MS65 CAC example sold for $52,875 |
| – MS64+ examples range from $12,650 to $27,025 |
The Background of the 1862 Liberty Seated Dollar
During the early 1860s, the United States was in the midst of the Civil War. The nation was facing a lot of uncertainty, with the Union and Confederate armies battling for control. At the same time, the U.S. Mint was trying to produce coins despite these struggles. Silver dollars had been introduced in 1838, but they were not very popular. They quickly fell out of circulation.
The Impact of the California Gold Rush
In 1848, gold was discovered in California, which changed everything. The Mint introduced a new, smaller Gold Dollar that was easier to carry around. Meanwhile, the value of silver dollars increased, making it harder to find them in everyday transactions. By 1862, the U.S. Treasury had to create paper money called Demand Notes or Greenbacks because the metal coins were too valuable to use as currency. However, these paper notes lost value quickly and were not trusted by the public.
Striking the 1862 Liberty Seated Dollar
Initial Production
The 1862 Liberty Seated Dollar was produced during these challenging times. On January 27, 1862, just three days before the U.S. launched its first ironclad warship, the USS Monitor, the Philadelphia Mint struck 500 Proofs of the Liberty Seated Dollar. Proof coins are specially made coins that look shiny and perfect. They are often collected for their beauty.
The following week, the Mint produced 700 business strike coins, which are made for circulation.
Later Production in 1862
On June 14, 1862, as Robert E. Lee took command of the Army of Northern Virginia, the Mint struck another 500 business-strike coins. This brought the total number of Liberty Seated Dollars minted that year to 1,200 coins. The next strikes occurred on July 30 and August 5, producing 5,000 and 5,340 coins, respectively. These summer strikes accounted for 90% of the total coins minted that year.
Scarcity and Value
The business-strike Liberty Seated Dollars are rare compared to the Proof coins. For every business strike, there are about 1.3 Proof coins. When looking at higher grades, like MS63 (Mint State) and Proof 63, the Proofs outnumber the business strikes by a factor of 3.11:1. This rarity is what makes the 1862 Liberty Seated Dollar so special to collectors.
Quality of the Coins
Many coins struck in Mint State show signs of die striations. This is because the Mint rushed the production process, leading to imperfections. However, some coins stand out for their beauty and quality.
Market Data and Notable Coins
Comparing Notable Specimens
Some notable specimens of the 1862 Liberty Seated Dollar include:
- PCGS MS65 CAC #21572854: Owned by Del Loy Hansen, this coin has beautiful rainbow toning with purple centers and cerulean blue edges. It is one of the top-rated coins in its class.
- PCGS MS65 CAC #29582793: Known as part of “The Bob R. Simpson Collection,” this pale cream-colored coin sold for $52,875 at auction. It has a slight orange spot but is still highly valued.
- PCGS MS64+ CAC #18481213: This coin sold for $21,850 in 2010 and features crescent-shaped toning in green and red.
Collecting the Liberty Seated Dollar
Collectors pay attention to the eye appeal and quality of these coins. The market for rare coins can fluctuate, but the Liberty Seated Dollar remains a sought-after piece for those passionate about numismatics.
Design of the Liberty Seated Dollar
Obverse Design
The obverse (front) of the coin features Liberty seated on a rock, dressed in flowing robes. Liberty looks to the right, holding a Liberty pole with a cap in her left hand. Her right hand balances a shield that has the word “LIBERTY” displayed on it. The design is surrounded by thirteen six-pointed stars, with the date 1862 shown at the bottom of the coin.
Conclusion
The 1862 Liberty Seated Dollar is more than just a piece of currency; it is a reflection of a turbulent time in American history. With its limited mintage and unique design, it continues to captivate collectors today. Understanding its background helps us appreciate not just the coin itself but also the story of the United States during a critical period. As we explore the world of coin collecting, the Liberty Seated Dollar stands out as a testament to the craftsmanship and history that coins can represent.
FAQs
What is the 1862 Liberty Seated Dollar?
The 1862 Liberty Seated Dollar is a silver coin minted by the United States Mint during the American Civil War. It features the image of Liberty seated and was produced in limited quantities.
Why was the production of the 1862 Liberty Seated Dollar so limited?
The production was limited due to the ongoing Civil War, which created economic instability and uncertainty about the future. The Mint operated under challenging conditions, affecting the number of coins struck.
How many coins were minted in 1862?
A total of 11,540 Liberty Seated Dollars were minted in 1862, with the majority produced during the summer months of that year.
What are some notable characteristics of the design?
The obverse of the coin features Liberty seated on a rock, holding a Liberty pole in one hand and a shield in the other. Surrounding her are 13 stars, representing the original colonies, and the date “1862” is located at the bottom of the design.
Who are some famous collectors of the 1862 Liberty Seated Dollar?
Notable collectors include Del Loy Hansen and Bob R. Simpson, who have both owned high-grade examples of this coin.