1870 $1, CAM PR(PCGS#87018)

August 2019 ANA U.S. Coins Auction Rosemont, IL

Auctioneer

Stack's Bowers

Lot Number

5243

Grade

PR65CAM

Price

18,000

Lot Description

Beautiful Gem Cameo Proof 1870 Silver Dollar 1870 Liberty Seated Silver Dollar. Proof-65 Cameo (PCGS). The vibrant bright white center devices exhibit a strong yet delicate satiny texture that strikingly contrast against the richly reflective fields, fully warranting the Cameo designation. Lightly toned throughout with just the hint of light golden hues, the surfaces are expertly conserved providing ample eye appeal that exudes from this gorgeous coin. In 1870, the price of silver had risen enough that a typical Seated Liberty silver dollar was worth just above its face value, forcing the circulation strike coins into the export trade as well as into the hands of local bullion dealers for melting. This situation would not last for long, the steady influx of bullion from the mighty Comstock Lode would soon begin to saturate the market with the metal, leading to the eventual demonetization of silver in 1873 through what soon became known as the "Crime of '73." Even so, the Philadelphia Mint recorded that 1,000 Proof silver dollars were struck in 1870, the highest quantity since 1861, though it is likely that a fair number went unsold and were returned to be melted down for later use. Cameo Proof examples are not especially common; perhaps around 10% of surviving specimens can lay claim to the coveted Cameo designation. An elegant example for the most discerning of Proof coin specialists and the Seated Liberty design. Provenance: From the Dr. Andrew Mitchell Collection. PCGS Population: 14; 2 finer in this category (Proof-67 Cameo finest). PCGS# 87018. NGC ID: 252S. Click here for certification details from PCGS.