1851 $1 Restrike, CAM PR(PCGS#86993)

Spring 2023 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

3141

等级

PR61CAM

价格

177,971

详细说明

Legendary 1851 Silver Dollar Rarity Dazzling Restrike Cameo Proof Specimen 1851 Liberty Seated Silver Dollar. Restrike. OC-P3. Rarity-6-. Centered Date. Proof-61 Cameo (NGC). With superior quality and eye appeal for the assigned grade, this is an outstanding Proof representative of one of the most instantly recognizable key dates in the challenging Liberty Seated silver dollar series. Pretty surfaces exhibit subtle golden highlights under close observation, although the casual observer will be greeted by a largely brilliant coin. The cameo finish is bold and pronounced with sharp, contrast between mirrored fields and frosty design elements. The strike is full, evidence of superior workmanship in producing a coin that was intended for direct placement into an early U.S. numismatic cabinet. There are no sizable marks or other blemishes and, while wispy hairlines explain the NGC grade, the appearance is pleasingly smooth overall. Enhanced by the cameo finish and delicate toning, the visual appeal is exceptional for a large size silver coin at the Proof-61 Cameo level. The trend toward smaller circulation strike production of silver dollars that was begun in 1850 continued in 1851, with an even lower mintage of 1,300 pieces. The vast quantities of gold entering the world market from California caused the price of silver relative to gold to rise to the point where the intrinsic value of a United States silver dollar outstripped its face value. In such a situation there was little, if any incentive for bullion dealers to have their silver coined into dollars, explaining the small circulation strike mintages from the Philadelphia Mint in 1850, 1851 and 1852. Those coins that were produced were almost certainly not released into domestic circulation at the time, or else they would have been exported and/or melted. It is likely that some 1851 dollars found their way into circulation later in the 19th century, by which time the rarity of this date was already well established. The 1851, in fact, was one of the select few Liberty Seated and related silver dollars that were recognized as rarities as soon as numismatics as a hobby achieved its first surge in popularity in the United States during the late 1850s. (The others are the 1852 and the earlier Gobrecht issues of 1836 to 1839.) The Mint was quick to capitalize on this situation by producing restrikes of such issues that it could either sell to contemporary collectors or trade to them in exchange for coins and medals needed to expand the Mint Cabinet collection. Were it not for these restrikes, modern numismatists would not have the opportunity to own a Proof silver dollar of this date. Although the attribution OC-P1 is reserved for such an issue in their 2018 reference Liberty Seated Dollars: A Register of Die Varieties, authors Dick Osburn and Brian Cushing join other researchers in asserting that Original Proof 1851 silver dollars do not exist. Whether any were made in the first place is unknown, but what is certain is that none have been confirmed in the modern numismatic market. This leaves only the restrikes, of which Osburn and Cushing have identified three die pairings. The striking periods for these are conjectural and based on reverse dies shared with regular issue Proofs in the Liberty Seated dollar series. As follows: 1 - OC-P2:Believed to be the first Restrike Proof 1851 silver dollars produced, this variety employs Reverse 1856 PA with a prominent die rust lump on the lower upright of the letter L in DOL. The reverse was used to strike regular issue Proofs of 1856, 1857 and 1858. Osburn and Cushing assert that Restrike Proof 1851 dollars of this variety were produced in late 1858 and/or early 1859. 2 - OC-P3:The reverse of this attribution is the same die that the Mint used to strike all regular issue Proof 1859 dollars, and it is readily identifiable by a series of small die rust lumps within the eagle's right wing below the letters UN in UNITED. Restrike 1851 dollars of the OC-P3 variety were likely struck in 1859, possibly continuing into 1860. 3 - OC-P4:Undoubtedly the final variety of this restrike issue produced, OC-P4 employs the reverse die that the Mint used to strike most regular issue Proof 1865 dollars. We believe that Restrike 1851 dollars of this attribution were almost certainly struck during Henry R. Lindermann's first term as Mint director, April 1867 to May 1869 - a time period during which many restrikes, novodels and fantasy strikes of famous U.S. numismatic rarities are known to have been made. (Our conclusion here differs from that of Osburn and Cushing, who assign this variety to late 1865/early 1866 based on a presumed retirement of the reverse die with the introduction of the Motto design type the latter year.) This attribution includes the unique "1851-O" silver dollar, a Restrike Proof 1851 overstruck on a New Orleans Mint Liberty Seated dollar. All three of these restrike die pairings have the date centered in the field below the base of Liberty's rock, whereas the originals (known only in circulation strike format) have the date high in the field. The OC-P2 and OC-P3 attributions share the same obverse, with the area under Liberty's chin polished to approximately 75% depth. The later OC-P4 attribution employs a different and previously unused obverse die on which the area under Liberty's chin is almost completely unfinished. Struck exclusively for the numismatic trade and during two general striking periods - circa 1859 and 1867 to 1869 - no mintage figure associated with the Restrike 1851 dollar was ever recorded by Mint personnel. Most numismatic scholars accept an estimate of 50 to 100 Proofs struck, of which 40 to 60 coins are believed extant. This estimate is per PCGS CoinFacts; Osburn and Cushing provide a more exact total of 45 or so known, while Q. David Bowers is even more conservative with an estimated mintageof just 35 to 50 pieces put forth in his 2016 Guide Book of Liberty Seated Silver Coinsauthored for Whitman. Most survivors are of the OC-P3 attribution, as here. Regardless of exactly how many coins were struck, or even how many different specimens are extant, this is an undeniably rare issue. Associated with a key date circulation strike silver dollar issue, and enjoying a rich if also somewhat enigmatic history of its own, the Restrike Proof 1851 is one of the most eagerly sought Liberty Seated coins of any denomination. This is our first offering for the issue since 2016, when the unique "1851-O" appeared in our August ANA Auction. Destined for an advanced silver dollar cabinet or specialized Liberty Seated collection, we anticipate strong bidder competition for this rare and beautiful Cameo Proof specimen. NGC Census: 4 in all grades in the Cameo category. PCGS# 86993. NGC ID: CPUT. Click here for certification details from NGC. Additional image by NGC Photo Vision. Learn more at NGCcoin.com Click hereto see Coins in Motion.[“Coins]