Lot 2954
1879 Liberty Seated Half Dollar. NGC graded Proof 67 Cameo Star. A flashy gem. 1,100 proofs minted. This example has shimmering stark white surfaces, rolling mirrors in the fields, snappy frosted devices, and no toning. One would be hard put to find a more truly beautiful or highly presentable gem specimen of a popular issue with not even a smidgen of softness on the high points. Pop 1; 1 in PF-68 as finest graded.
There was an enormous expansion of silver coinage in the early to mid-1870s. Then, toward the latter part of 1877 vast numbers of previously exported silver -- coins that had been struck as long ago as the early 1860s -- began returning to the United States from abroad, principally from Central America and Canada. Tens of millions of coins (worth perhaps as much as $30 million in the estimate of Robert W. Julian) returned like a flash flood from the past completely mystifying bank officials and the Treasury department. This unexpected vast "inpouring" continued well into 1880, much to the amazement of observers.
According to Julian, silver miners and their political allies were not only staggered by the unexpected inflow, but were hopping mad, because the mints were no longer buying silver for minor coinage. There was no demand for such coinage and the channels of trade were clogged with it. Because there was no inflation in prices paid for goods and services with the added coinage, the long suffering farmers who believed inflating prices were their friend, were not helped.
In response to this inpouring, the Treasury ordered the suspension of minor silver coinage in early 1878 and did not resume it for some years because of the accumulation in the Treasury. It is Julian's contention that contrary to popular belief, the coinage of Morgan dollars had nothing to do with the interdiction of subsidiary silver mintage in the years 1879-90.
Estimated Value $8,000 - 10,000.
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