1870 $1 PR(PCGS#7018)

Spring 2025 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3080

Grade

PR65+

Price

9,600

Lot Description

This gorgeous specimen is toned in a rich array of steel-olive and sandy-gray with intermingled highlights of iridescent reddish-apricot, silver-blue and antique gold. The surfaces are a delight, free of even a single detracting sign of handling. Even the wire rim is untroubled, testifying to the intensity of the striking pressure and careful preservation since that time. A visually stunning Gem Proof.<p>In 1870, the price of silver was high enough that a typical Liberty Seated silver dollar was worth just above its face value, the circulation strike coins continuing to be used in the export trade, most eventually being melted in Asia, mainly in China or the British mint at Bombay. 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. This issue is still among the scarcer Liberty Seated with Motto dates, and it is likely that a portion of the mintage remained unsold and was melted. The delicate surfaces of the present Gem are exceptionally smooth, and it is one of the finest Proof 1870 silver dollars available to today's collectors.