1878-S 50C MS(PCGS#6360)

October 2018 Baltimore U.S. Coins Auction

拍卖行

Stack's Bowers

批号

2080

等级

F15

价格

292,519

详细说明

Fabled Key Date 1878-S Half Dollar Rarity 1878-S Liberty Seated Half Dollar. WB-1, the only known dies. Rarity-5. Fine-15 (PCGS). Attractively original surfaces exhibit subtle lilac-blue and golden-apricot undertones to dominant lavender-charcoal patina. Both sides are exceptionally smooth for having seen this extensive circulation, a small indentation on the obverse shield appears to be a minor planchet flaw. All devices are boldly outlined, and the rims are distinct from the adjacent field areas. The 1878-S is one of the most sought after issues in the entire Liberty Seated half dollar series, and has long been known as a key date rarity in all grades. The original modest mintage of 12,000 pieces is a result to three virtually simultaneous factors. First off, the large issuance of "greenbacks" (paper currency) to help fund the Civil War had finally worked their way through the monetary system to the point that the discount to gold and silver was finally resolved (a dollar of paper money bought less than a dollar of gold or silver coins), silver first went to par around this time, and gold the following year in 1879. Thus paper currency was valued at "par" with both silver and gold, and in theory coins would circulate alongside paper money at the same value per dollar. Thus, the long held private hoards of silver and gold coins came flooding back into circulation after nearly 20 years in hiding. The inundation of coins from these hoards was shocking, and demand for new coins plummeted at the mints. Another factor was the Comstock Lode, from which mines created a massive quantity of silver bullion available for something, which depressed the silver bullion price just as the price of gold had been depressed by the California Gold Rush in the early 1850s. Fortuitously the owners of these mines were able to convince certain influential members of Congress to pass the Bland-Allison Act into law on February 28, 1878 over presidential veto. This Act required the mints to buy huge quantities of domestic silver bullion for coinage only into silver dollars. The purchase price of this domestic silver was at a higher price than the market price for bullion. As enough older worn or obsolete silver coins existed in the eastern sub treasury vaults, most of the domestic silver purchased under the Act was struck into the required silver dollars in the San Francisco and Carson City branch mints, although some of the Comstock Lode silver undoubtedly made its way east to the Philadelphia and New Orleans mints as well. These monetary, economic and legislative events had a tremendous effect on mintages from this point going forward for years to come in our nation's mints. The 1878-S half dollar was directly affected, with its low original mintage and rather dismal survival rate. Today collectors must sort through these epic changes to understand why some dates and mintages are so tiny. What is well known today is that the 1878-S half dollar is one of the rarest regular issue coins produced for circulation in any U.S. Mint denomination. Noted expert in the Liberty Seated half dollar series Bill Bugert has extensively studied the survivors of this issue and believes that only about 60 exist in all grades. Thus the 1878-S well deserves its classic rarity status and any astute collector would do well to secure an example, especially one that is problem free and attractive for the grade, as here. PCGS# 6360. NGC ID: 24KR. Click here for certification details from PCGS.