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Sale 21
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Lot 535
1851 Liberty Seated Dollar. Restrike. PCGS graded Proof 62. An exciting coin from our sale of the Dr. Jon Katdatzke Collection, February 2000, Lot 1408, there graded Proof-62 by ANACS and called an "1851-O Proof Restrike" by them. Now it is in a PCGS holder as an 1851 "Restrike Over O Mint." Which is correct?
In 2000, we provided a lengthy description of the coin, mostly information gleaned from an article by Walter Breen, where he speculated wildly about how, when, why, and by whom it was produced. We're not going to reproduce that information here; instead, we're going to take a close look at the coin itself and discuss several important points.
First and foremost, we should point out that this is the only example known. No matter how you categorize it, there is no other coin like it in all of American numismatics. It is the ONLY 1851 Silver Dollar with an O mintmark. It is clearly a U.S. Mint-made product, fully up to the high standards of production of a Proof coin. It is also one of the most interesting and enigmatic of all U.S. coins.
Your writer (RJG) has spent a considerable amount of time examining this coin under a microscope, with the naked eye, comparing it to plates and high resolution images of every date in the Seated Liberty Silver Dollar series. With that in mind, let's examine some of the characteristics of this fascinating coin.
1. The weight. Breen lists the weight of this coin at 400.3 grains, off from the standard weight of 412.5 grains by slightly less than .03%. Breen attributed the low weight to one of two possibilites: 1) a shaving off of the high wire rim caused by squeezing of the planchet into the thin space between the dies and the collar or 2) the use of a foreign dollar-size coin "polished down and with edges shaved off." Unfortunately, we are at a disadvantage because we are unable to confirm the weight of the coin or to examine all of the rims. However, where they are visible, the rims show a partial wire rim but no evidence of filing. There is no trace of any undertype, even under microscopic examination (no compressed legends or other details).
2. Could it have been made at New Orleans? No, the obverse die is clearly the one used to make the so-called 1851 Restrikes. No Proof Seated Liberty Dollars (of any date) have ever been reported from the New Orleans Mint.
3. Was it struck at Philadelphia over a New Olreans minted Silver Dollar? This is a distinct possibility that would account for the flattening of the mintmark. Possibilities include the 1850-O and 1859-O because of the placement of the mintmark relative to the junction of the olive branch and the bottom of the arrow's fletch. However, again, there is no trace of the undertype one would expect to see. The positioning of the elements on the Restrike dies and the underlying coin would have to have been identical in all respects, the coin and the dies would have to have been perfectly aligned in the press, and there is the small matter of hiding the underlying date. If the mintmark was so difficult to stamp out, then one would expect the same problem in the date area or on other parts of the coin.
4. When was it struck? The 1851 Restrike Dollars are believed to have been struck around 1859-1860, using a reverse of that period. There is no reason to doubt that this coin was made at the same time.
5. Was a reverse with a New Orleans mintmark used? It is entirely possible for such a scenario to have occurred. Philadelphia was responsible for creating the dies for each of the branch mints, which were then shipped to the respective mints for use in the subject year. Thus, it is entirely possible that someone grabbed the wrong reverse and combined it with the 1851 Restrike (centered date) obverse. However, Proof coins were made in a department separate from the regular coining department and the use of a New Orleans mint reverse would have required access to the Engraving department, as well, where the dies were made. Then, the die would have required proper polishing and preparation in order to strike the single known 1851-O Proof Dollar.
6. Was the mintmark chiselled off? That's a judgment call that may or may not strain the bounds of reason. Yes, there are some faint scrapes and scratches on and around the mintmark, but they are of the microscopic sort. The mintmark is perfectly level with the surrounding surface on all points. If indeed, the mintmark was chiselled off, it required the steady hands of a surgeon and a degree of skill we've yet to see.
Clearly, this coin requires side-by-side study with other 1851 Restrike Dollars, as Breen offered the possibility "other reverses might exist" in his 1977 "Encyclopedia of United States and Colonial Proof Coins 1722-1989." One area that intrigues us is the shape of the tip of the fletch that projects from the bottom edge of the olive branch, just above the mintmark. Also, the shape and size of the buds on the olive branch offers a possible area of research and comparison.
Authors Jeff Garrett and Ron Guth included this unique 1851-O Silver Dollar in their recently published book "The Top 100 United States Coins," assigning it a rank of 60 out of 100. We especially like their comment: "With the proper publicity and recognition, the value of the 1851-O Silver Dollar could approach the half million dollar mark." We concur!
Estimated Value $250,000 - 350,000.
Ex: From our sale of the Dr. Jon Kardatzke Collection, February 6-8, 2000, Lot 1408.
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