1873 Liberty Seated Dollar : History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

While the Philadelphia Mint struck Liberty Seated Dollars in increasingly larger quantities from 1869 onward, demand for the large silver coin was generally less than that of the smaller and more practical Liberty Seated Half Dollar. Congressional sentiment that the United States Mint was due for reform had been growing steadily since before 1870 and much of the intent of the Mint Act of 1873 had been debated in 1870 and 1871. This was driven in part by changes in Europe. Since the Paris Monetary Conference of 1867, the leading European powers were moving to adopt an international gold standard and decimalization. These ideas found some support in the United States, which had established its bimetallic standard in the Coinage Act of 1792, only to struggle with maintaining the legal ratio over the years.

The new law increased the weight of the dime, quarter, and half dollar, while eliminating the Two-Cent Piece, the Silver Three-Cent Piece, the half dime, and the silver dollar. In place of the dollar, Congress authorized the production of a Trade Dollar for export.

As a byproduct of this legislation, America shifted closer to the gold standard, and the impact was felt acutely by working Americans in short order. In September, a financial panic spurred on by speculation in the railroad industry, the demonetization of silver, and other factors spread across the industrialized West.

Two years later, with the passage of the Specie Payment Resumption Act, Congress sought to end the era of fiat money necessitated by the American Civil War. Unfortunately, this law further devalued silver. For these reasons, silver proponents now viewed the elimination of the silver dollar as the “Crime of 1873”.

The Last Liberty Seated Dollars

Before the Coinage Act of 1873 took effect, the Mint produced nearly 300,000 1873 Liberty Seated Dollars. Production began on January 7, 1873, and concluded on May 29. According to numismatist R.W. Julian’s research at the National Archives, the Philadelphia Mint struck only 30,500 of the 293,600 1873 Liberty Seated Dollars minted (business strikes plus 600 Proofs) before the law’s passage. Much of the remainder was struck in March.

The Carson City and San Francisco mints also struck Liberty Seated Dollars in 1873. The Carson City Mint struck just 2,300 pieces from which no more than 200 or so survive. The San Francisco Mint reported a mintage of 700 pieces but all are believed to have been destroyed.

For the average collector, the 1873 Liberty Seated Dollar struck at Philadelphia is the only collectible last year issue of the type and sells for between $1,000 and $2,500 in About Uncirculated and between $8,000 and $10,000 in Choice Uncirculated.

* * *

Market Data and Noteworthy Specimens

Top Population: PCGS MS66+ (1, 10/2024), NGC MS64 (2, 10/2024), and CAC MS66 (3:0 stickered:graded, 10/2024).

• PCGS MS66+ #81226672: Del Loy Hansen. Imaged on PCGS CoinFacts. Creamy centers, highly lustrous. Hints of rose/brown toning along the rims.
• PCGS MS66: “The Northern Bay Collection, Part III,” Stack’s, May 2006, Lot 4491 – $51,750. Imaged on PCGS CoinFacts. Awash in gold and orange toning with cobalt blue and sea green toning along the periphery.
• PCGS MS65+ CAC #06666499: As PCGS MS65 CAC #6578696. “The James Mossman Collection,” Heritage Auctions, January 8, 2009, Lot 3958 – $63,250; As PCGS MS65+ CAC #06666499. Heritage auctions, August 11, 2010, Lot 3296 – $63,250. Creamy interiors with dappled gold/green toning along the periphery. Tiny ticks on torso. Two tiny ticks to the right of knee. Ticks below eagle’s neck.
• PCGS MS65+ #21572808: As “MS66”. “The Riverly Collection,” Heritage Auctions, August 6, 1998, Lot 8189 – $21,850. Not imaged but described as having “display bright mint frost beneath the multiple layerings of toning that cover each side. Rich sea-green, citrine, and rose patina swirl over each side with the color (and the luster) being the primary focal points.” As PCGS MS65 #5379651. “The Morris Silverman Collection,” Heritage Auctions, April 2002, Lot 4067 – $26,450. As PCGS MS65 #21572808. Heritage Auctions, January 5, 2006, Lot 3238 – $40,250; “The Madison Collection,” Heritage Auctions, January 10, 2008, Lot 2946 – $63,250; “The Eugene H. Gardner Collection, Part III,” Heritage Auctions, May 12, 2015, Lot 98572 – $58,750. As PCGS MS65+ #21572808. PCGS user SeatedCrazy. Upgraded 1/2 point. Awash in green and gold toning.
• PCGS MS65 #34706063: Heritage Auctions, April 26, 2018, Lot 4276 – $38,400. Rose toning along the periphery.
• PCGS MS65 #84266293: As PCGS MS65 #29752587. Heritage Auctions, July 10, 2014, Lot 3816 – $52,875; “The Mesquite Collection,” Heritage Auctions, April 27, 2017, Lot 4121 – $42,300. As PCGS MS65 #84266293. Heritage Auctions, August 2, 2017, Lot 4032 – $42,300. Brilliant with scattered rose toning along periphery.
• NGC MS65 #3815758-001: Heritage Auctions, October 29, 2015, Lot 3386 – $30,550. Brilliant. Semi-Prooflike with frosted devices.
• NGC MS65 #1633167-004: Heritage Auctions, September 17, 2015, Lot 4039 – $37,600. Brilliant. Deep tick to the right of star 11. Deep tick in the space between the eagle’s right wing and branch.

Design

Obverse:

The obverse features Liberty seated on a rock in classical flowing robes, her head turned to the right (viewer’s left). Liberty’s left arm is bent, her raised hand holding a Liberty pole with a cap. The right arm is extended downward at her side, with the hand balancing a shield with the word LIBERTY displayed in a curving banner. Thirteen six-pointed stars surround the seated figure inside a denticulated rim with seven on the left side, one between Liberty’s head and the cap, and the remaining five along the right. The date 1873 is centered at the bottom between the base of the rock and the rim.

Reverse:

On the reverse, an eagle is prominently displayed inside a denticulated rim. The eagle’s wings are partly spread but folded downward at the joint as if the majestic bird has just landed or is preparing to fly away. An olive branch is in the dexter claw (viewer’s left); the sinister claw clutches three arrows. The legend UNITED STATES OF AMERICA encircles the top two-thirds of the coin inside the rim, with the ONE DOL. denomination centered at the bottom.

Edge:

The edge of the 1873 Liberty Seated Dollar is reeded.

Coin Specifications

* * *

References

Julian, R.W. “The Silver Dollar, 1853-1873”, Numismatic Scrapbook Magazine. August 1964. 2124-2128. Data compiled and analyzed from the National Archives.
 

* * *