Lot 988
1865. PCGS graded MS-64. A frosty white coin. Only 46,500 struck. The Civil War approached its final days when this numismatic rarity was sent forth from the Mint at Philadelphia. The money of the country, by which we mean gold and silver coins, was still being hoarded. Shinplasters (scrip) and various unbacked "we’ll pay you sometime" currency ruled the roost, mainly in the form of U.S. Notes (greenbacks) and the recently introduced National Bank Notes (backed by fast depreciating government bonds). In 1865, for instance, for a bank, an exporter or a merchant to obtain $100 in gold coin from a bullion seller, he'd likely have to tender between $150 and $200 in Greenbacks to conduct the transaction. This situation did not right itself completely until January 1879, fourteen years after this Seated Dollar was struck. It was only then that the currency (those "we’ll pay you sometime" notes) returned to par against specie – that is, when $100 in currency would actually buy $100 in gold coin!
Of necessity (at least East of the Mississippi River where the war was being conducted) silver coin production at Philadelphia declined drastically during the war years, and whatever silver coin was produced was promptly either hoarded or exported. Bowers' Silver Dollar Encyclopedia maintains that most of the 1865 Seated dollar issue was exported to Central and South America.
That said, this handsome, nicely original 1865 Seated Dollar displays only a few slight marks in the field, with silvery luster, adequate but not very well struck devices. What little contact can be seen is of the most minimal nature, while the piece has generous eye appeal overall give how few of these survived in Mint condition. Pop 10; 1 finer in 65. (PCGS # 6955) .
Estimated Value $14,000 - 15,000.
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