Lot 1456
1877-CC Liberty Seated Half Dollar. PCGS graded MS-64. Old green holder. Nice untoned coin. A sparkling fresh half dollar with bright, frosty surfaces and a commanding strike. Devices as "sharp as a two-edged sword" including the stars, both shields, and all of the main elements of the design. Some toning occurs only at the rim below the date.
During and immediately after the 1861-65 Civil War, the nation was plagued by fractional notes in denominations from 3 cents to 50 cents. It was decided to end these; by the close of 1876 more than $15,000,000 in fractional notes had been redeemed, and in October, 1877, the total reached $23,000,000. In their place was issued large quantities of silver dimes, quarters and half dollars. Further sales were brought to a complete stop by an unexpected and dramatic development. In the winter of 1877 there suddenly reappeared in circulation literally hundreds of millions of the silver 3 cent pieces, 5 cent pieces, dimes, quarters, and half dollars that had as suddenly departed in 1862. They streamed in from Canada, from Central America, from South America, and from the West Indies. A small quantity, probably, was brought out from domestic hoards. With the value of silver going down and the value of greenbacks rising toward parity with gold a point had been reached where these long absent coins were worth more at home than they were in foreign countries. The most interesting feature of this unexpected home-coming was the information it afforded as to the fate of the coins in 1862. It showed that they had not been melted or exported to Europe as bullion, although there was a definite profit in melting the coins at that time. They had gone to Latin America, served as local currency for fifteen years, and then returned. Secretary of the Treasury Sherman in 1880 estimated the value of the coins returned in the preceding two years at $22,000,000, and a large amount came back after that time. Pop 38; 17 in 65; 2 in 66; 1 in 67. (PCGS # 6356) .
Estimated Value $1,400 - 1,500.
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| Realized $2,300 |
