The 1862 Liberty Seated Dollar stands as a rare and valuable piece in American coin history. Minted during a time of national turmoil, its production took place under the pressure of the Civil War. This coin not only holds historical significance but also captures the interest of collectors due to its rarity and unique design.
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Historical Context and Minting Process
In 1862, the United States Mint operated under challenging conditions, with the nation deep in the throes of the Civil War. The U.S. Mint had reintroduced the silver dollar in 1838, but it wasn’t highly demanded. With the discovery of gold in California in 1848, the Mint shifted its focus to producing more portable gold dollars.
As the value of silver increased, it became impractical for the metal to circulate as currency. The government’s introduction of paper currency (Demand Notes) in 1862, commonly known as Greenbacks, did little to stabilize the market, as these notes quickly devalued compared to gold.
The production of the 1862 Liberty Seated Dollar was minimal, making it a rare find today. A total of 11,540 coins were minted, with varying amounts struck throughout the year. The first batch of 500 coins was minted on January 27, 1862, just days before the launch of the USS Monitor, the first ironclad warship in American history.
Other small batches were struck in February and June of that year, with the largest outputs in late July and early August.
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Design Features
The design of the 1862 Liberty Seated Dollar reflects classic American symbolism. On the obverse, Lady Liberty is seated gracefully on a rock, wearing flowing robes. In her left hand, she holds a Liberty pole with a cap on top, a symbol of freedom and independence.
Her right hand rests on a shield, displaying the word “liberty” on a curved banner. Surrounding her are thirteen six-pointed stars, representing the original colonies, with the date “1862” centred at the bottom.
On the reverse, an eagle is depicted in a striking pose, with wings slightly spread as if ready for flight. The eagle clutches an olive branch in one claw, symbolizing peace, and arrows in the other, representing strength and readiness for defense.
The words “UNITED STATES OF AMERICA” curve around the top of the coin, while the denomination “ONE DOL.” is placed at the bottom. The edge of the coin is reeded, adding texture to its design.
Market Value and Noteworthy Examples
Due to its limited mintage and historical importance, the 1862 Liberty Seated Dollar is highly sought after by collectors. Proof coins, of which 500 were minted, are particularly scarce, and in some grades, they even outnumber business strikes. For example, in MS63 and Proof 63 grades, proofs outnumber business strikes by a factor of 3.11:1.
Several noteworthy examples of the 1862 Liberty Seated Dollar have surfaced in auctions, fetching significant prices. One such example, graded PCGS MS65 CAC, sold for $52,875 in a 2016 auction. This coin, part of the Bob R. Simpson Collection, is praised for its pale cream color and notable toning.
Other notable examples include coins from the Hansen and Simpson collections, known for their eye-catching rainbow toning and overall excellent condition. These coins are valuable not just for their historical significance but also for their exceptional beauty and rarity.
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Why It’s a Must-Have for Collectors
The 1862 Liberty Seated Dollar is more than just a coin; it’s a piece of American history. Its limited production, coupled with its association with the Civil War era, makes it a prized possession for collectors. Whether you’re an experienced numismatist or new to coin collecting, the 1862 Liberty Seated Dollar is a fascinating addition to any collection, offering both aesthetic appeal and historical depth.
For those looking to invest in a rare piece of history, this coin is a solid choice, especially in higher grades and well-preserved conditions.