Seated Liberty Dollar
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The last of the silver coins to adopt the Seated Liberty motif, the
Seated Liberty Dollar came about in 1840, four years after the motif was originally introduced on the Christian Gobrecht Dollar, then adopted by the dime and half dime coins in 1837. The quarter and half dollar took on the motif in 1838 and 1839, respectively, and finally, the silver dollar the next year.
The coin ran until 1873, and went through a number of modifications along the way. Such as in 1866 when IN GOD WE TRUST was added to the reverse, just above the eagle, though there are a few very rare rarities with the motto missing. These coins had been minted for Robert Coulton Davis, a Philadelphia druggist and coin collector known to be good friends with many of the staff at the mint. Interesting story behind these three coins, by the way. They were stolen from the du Pont family home in Coconut Grove, Florida, in a 1967 armed robbery, and were recovered over time in separate incidents. A Maine librarian had received a box of coins from a friend as collateral for loaned money. He found the no motto silver dollar in there and returned it in 2004.
The Seated Liberty Silver Dollars were never minted in great numbers, and became somewhat rare even in their day due to heavy melting and exportation to Asia for use in trading.
Production ended in 1873, when, in February of that year, Congress passed a law ending the minting of silver coins. They even mandated that silver dollars could no longer be regarded legal tender, and much of 19th century politics would be colored by this incident, called the great Crime of ’73 by its critics. Worse yet, silver producers found that the US Government was no longer buying silver, so where were they to unload their stock?
The scarcest of these scarce Seated Liberty Dollar coins include, of course, the 1866 No Motto dollar, which you’re simply not going to get your hands on, so put that one out of your mind. The 1851 and 1852 mints, both originals and restrikes, are also quite rare and highly valued, bringing at least twenty five thousand dollars to the seller every time one is put up for auction. 1870-S is another incredible rarity, with only ten known examples in existence. The starting price for these coins is usually in the neighbourhood of half a million dollars. There are also the fabled 1873-S. Mint records show that seven hundred such coins were struck, but San Francisco Mint Superintedent Oscar LaGrange ordered the melting of the entire production, though who knows? Maybe one or two will turn up in a shoebox when you least expect it.
The Seated Liberty Dollar coins have proven to hold a timeless appeal for collectors, not only for their scarcity, of course, but for the interesting history they carry with them. One of the great things about coin collecting is that you’re not just investing in coins, but in American history. You may begin investing in coins because it’s a good way to secure your finances, but you can’t help but be lured in by the legend and folklore surrounding these treasures.
