LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Signature Coin #422  / 

1056

1862 S$1 MS65 S NGC. Business strikes of this issue w

Currency:USD Category:Coins & Paper Money / US Coins Start Price:24,001.00 USD Estimated At:1.00 - 2.00 USD
1862 S$1 MS65 S NGC. Business strikes of this issue w
<B>1862 S$1 MS65 <img border='0' src='http://www.heritagecoins.com/images/star.gif' width=10 height=10> NGC.</B></I> Business strikes of this issue were minted to the extent of only 11,540 pieces, even though by this point in the Civil War silver dollars as well as minor coinage had essentially ceased to circulate. In December 1861 banks suspended the payment of gold coins or specie, and in 1862 Confederate victories heightened the uncertainty of the citizenry. Hoarding was widespread--save for on the West Coast, where gold and silver circulated freely--and it was not until 1879 that paper currency, silver coins, and gold coins circulated at par with each other interchangeably.<BR> The eminently useful Bowers-Borckardt <I>Silver Dollar Encyclopedia</B></I> points out that, despite the low number of business strikes, numerous high grade survivors exist of the 1862, more than of the higher-mintage 1861. According to a comment from Mint Director James Pollock quoted in Bowers-Borckardt, by 1862 the demand for silver dollars for Chinese export had diminished, so that examples remained Stateside and were put into circulation after 1870, to be again removed from circulation by alert bank tellers and collectors in the 1890s and 1900s.<BR> This Gem specimen shows the extensive die striations characteristic of the issue. Bowers-Borckardt again: "High-grade coins typically have extensive die striae, making it appear to the uninitiated that such coins have been cleaned or brushed. On the obverse, the die striations are diagonal and are oriented in a line, more or less, with the top of Miss Liberty's lower left leg. On the reverse, the die striations are nearly vertical." This coin shows those diagnostics clearly, without a loupe, as well as brilliant silver-white fields, a bold strike, and the enormous eye appeal consistent with NGC's coveted Star designation. This is the single finest graded of the issue at NGC, although another NGC-graded piece is MS65 <I>sans</B></I> Star (11/06).<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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