1866 $1 Motto MS(PCGS#6959)

December 2020 U.S. Coins Auction

Auktionator

Stack's Bowers

Losnummer

2263

Erhaltungsgrad

MS67

Preis

150.000

Losbeschreibung

Striking Superb Gem Mint State 1866 Silver Dollar Condition Census 1866 Liberty Seated Silver Dollar. Motto. OC-1. Rarity-2. Repunched Date, Doubled Die Reverse. MS-67 (PCGS). Offered is a truly memorable example of a historic, popular, yet challenging Liberty Seated dollar issue. Vivid peripheral toning in reddish-gold and charcoal-blue decorates the rim on the otherwise brilliant obverse. The reverse, while equally attractive and original, offers a markedly difference appearance in the form of blended steel-blue, golden-orange and pale mauve toning. The strike is soft along the upper obverse border, yet considerably sharper elsewhere with most design elements fully rendered. Highly lustrous and virtually pristine, it is little wonder that this breathtaking Superb Gem is tied for finest certified among Mint State 1866 silver dollars. During the Reconstruction period, silver dollars continued their use as a trade coin rather than in domestic commerce. The statutory weight of the silver coinage remained at its original 1840 standard and was higher than the equivalent minor coinage. Some Liberty Seated dollars did see use at home though this was largely in the Western states, in particular the Carson City Mint issues. One of the lasting effects of the Civil War was the 1864 adoption of the motto "In God We Trust" on the nation's coinage. In 1861 when the nation's morale was at a low point, Reverend M.R. Watkinson of Ridleyville, Pennsylvania petitioned Secretary of the Treasury Salmon P. Chase urging the placement of a motto acknowledging "Almighty God in some form in our coins." Chase received this petition positively and instructed the director of the Mint to create designs and prepare patterns with various versions of the motto that he could take to Congress. On April 22, 1864, Congress passed a law that specified the addition of IN GOD WE TRUST on the newly created two-cent coin. On March 3, 1865, the Congress passed further legislation to authorize the placement of the motto on all silver and gold coins of sufficient size. The motto first appeared on the silver dollar in 1866, and remained for every subsequent issue. Only two Proof 1866 dollars were produced without the motto sometime in the 1870s or even 1880s. The Philadelphia Mint was the only facility to produce silver dollars in 1866, striking a total of 48,900 pieces accomplished in five deliveries: 6,700 on January 30; 15,900 on May 8; 6,600 on June 21; 13,900 on July 30; and 5,800 on August 24. A San Francisco mintage was contemplated with the Mint going so far as to provide the branch mint two obverse and six reverse dies, but these were never used. As with earlier issues, the bulk of these coins comprised bullion deposits ordered for use in international commerce, many of which were ultimately melted down, especially those that ended up in China. The few survivors likely represent coins that remained in government hands until a decline in bullion prices during the early to mid 1870s allowed their release. At that point they were eagerly acquired by numismatists. Today, perhaps a couple hundred remain in all grades. Of these, maybe between 50 and 100 are Mint State, mostly between MS-62 and MS-64. As with other contemporary dollar issues, the 1866 is prohibitively rare above Gem MS-65 and seldom appears at auction in the finest Mint State grades. PCGS has bestowed the coveted MS-67 grade on 1866 silver dollars on only two occasions, once for the present example, and once for the specimen from the Legend Collection. An awe-inspiring coin fit for inclusion in the finest of numismatic cabinets. PCGS Population: 2; 0 finer. PCGS# 6959. NGC ID: 24Z9. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA. Click here to see Coins in Motion. [“Coins]