1854 Liberty Seated Silver Dollar. OC-1. Rarity-3+. Repunched Date.

Rare Key Date 1854 Liberty Seated Dollar 1854 Liberty Seated Silver Dollar. OC-1. Rarity-3+. Repunched Date. AU-58 (PCGS). OGH. This sharply struck and minimally circulated 1854 dollar retains much of the frosty to modestly reflective mint finish. Wispy hairlines are noted for accuracy, as is a touch of glossiness to the texture, but both sides have retoned in iridescent gold that provides plenty of eye appeal. The 1854 is one in a long line of Philadelphia Mint silver dollar issues beginning with the 1850 and continuing through the end of the Liberty Seated series in 1873 that were made exclusively for use in the export trade. The mintage of 33,140 circulation strikes that year was achieved using silver bullion obtained from Mexico and deposited with the Mint for coinage into dollars. Ten thousand examples were shipped to San Francisco from Philadelphia on November 11, 1854, and sent to China by merchants in San Francisco in exchange for goods such as tea and silk. These and other U.S. silver dollars were taken at a discount at the treaty ports compared to Spanish colonial and Mexican 8 reales, and subsequently were melted. It is a lesser known fact that many Liberty Seated dollars also suffered attrition through domestic melting during the 1850s. The government's obligation to provide free coinage of silver dollars at the request of bullion depositors who brought their silver to the mints for that purpose remained in force even after passage of the Act of February 21, 1853. The new subsidiary silver coins, however, could only be paid out by the mints for gold, or so the Act required. As early as May 1853, however, Mint officials circumvented the law by purchasing silver bullion with subsidiary coins. This process accelerated when James Ross Snowden, who was appointed Mint director in June 1853, set an artificially high purchase price for silver. Since there was a profit to be made by taking advantage of this situation, many Liberty Seated dollars that were held by banks and bullion brokers in the East and Midwest were sold to the Mint during Snowden's tenure and melted to provide bullion for the large mintages of subsidiary silver coins achieved from 1853 through the mid to late 1850s. While these were almost exclusively earlier dated coins from the 1840s that had returned from Europe in payment for American goods, examples of some recently delivered issues like the 1854 were undoubtedly also included. With an extant population of just 130 to 170 coins in circulated grades (per Q. David Bowers, 2016), the 1854 is the rarest Philadelphia Mint Liberty Seated dollar after the legendary 1851 and 1852. Choice About Uncirculated examples are particularly elusive and usually appear at auction only once in a very long while. We anticipate strong competition for this piece among astute collectors specializing in Liberty Seated coinage or silver dollars. Provenance: From a Collection of American Silver Classics. PCGS# 6942. NGC ID: 24YT. Click here for certification details from PCGS.

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