Q. David Bowers
Evaluating Rarity Rarity of Liberty Seated Dollars
Estimating the rarity of various Liberty Seated dollars has formed the subject of several articles published over the years in The Gobrecht Journal, official organ of the Liberty Seated Collectors Club.
Ron Severa, using fixed price and auction catalogues published in the preceding two years, published in The Gobrecht Journal; March 1977, a study of the rarest issues in EF grade. In an article, "Availability of Liberty Seated Dollars by Grade," in The Gobrecht Journal; March 1984, John Kroon surveyed fixed price lists and mail bid sales in Coin World for a period of one year from July 14, 1982 through July 6, 1983, excluding classified advertising listings. Arthur S. Weisel contributed "Mint State Seated Dollars: Population Report Numbers Versus Conventional Wisdom," in March 1990. From time to time, other authors have delved into the subject of rarity. The Carson City issues of 1870 through 1873 have been especially popular objects of attention. A 1985 book by Weimar W. White, The Liberty Seated Silver Dollar 1840-1873, give's estimates of rarity in various grades and is the most comprehensive study published.
All researchers build on the efforts of others, and ill. the present study I have used the articles and book just cited, as well as the information in Walter H. Breen's two Encyclopedias-one on Proof coins and the other on all U.S. coins-and auction records and other published data.
In general, it is my experience that while auctions have attracted a good number of the rarities such as Proofs of the 1840s and 1850s and the seldom-seen 1870-S, most transactions involving circulated Liberty Seated dollars have taken place outside of the auction gallery, My rarity estimates for coins in VF-20 to AU-58 are based upon examination of dealers' stocks, listings in advertisements, experience with hoards, etc. Had auction catalogues been: used alone, the rarity ratings would have been considerably higher.
The Concept of Rarity
How rare is a given Liberty Seated silver dollar? Mintage figures of certain Liberty Seated dollars are precise. Thus, we know that 293,000 business strike and 600 Proof 1873 dollars were struck. However, as is the case with the dollars from certain other years, this is only part of the correct picture. Many business strikes were melted after the Act of February 12, 1873 discontinued the silver dollar denomination. Many Proofs went to the melting pot as well.
The Annual Report of the Director of the Mint provides production figures for each year, and this is a good starting point for figuring out which Mint State dollars might be rare and which might not be. However, these figures are only a part of the story.
It will be seen that mintages were fairly generous from 1840 through 1849, with some exceptions such; as 1844, 1845, and 1848. These mintages are reprinted in the Guide Book and other texts and have furnished the basis for many numismatic theories. However, as noted, mintages alone do not furnish much information. The aforementioned Annual Report of the Director of the Mint gives data beyond mintages and informs the reader, for example, that at the time of their issue, Liberty Seated dollars without exception were worth more than their face value. In some years, particularly 1851 arid later, they were worth considerably more (relatively speaking). Isn't this strange?
One of the most useful books in any library on American numismatics is Neil Carothers' Fractional Money, published in 1930. More than any other single volume published up to that time, it gives the why arid wherefore of coinage, how distribution occurred, what the prevailing price of silver was, and more. The United States Trade Dollar, by John M. Willem, 2nd (revised) edition, 1965, although about trade dollars; contains much valuable information on Liberty Seated silver dollars as well.
Don Taxay in his U.S. Mint and coinage book takes the reader behind the scenes arid tells much, especially about Proofs and patterns, but also about minting practices, engravers, and other mint lore. Especially important are the contributions of R.W. Julian and Walter H. Breen, without which the history of American coinage as we know it today would be delineated in a vastly different manner. How fortunate we all are that these two scholars turned their attention to numismatics, rather than to some other research endeavor. I am fortunate that these two people are prime contributors and consultants to the present volume.
Nineteenth and early twentieth century books and catalogues are helpful, to an extent, and, for example, dramatize that Liberty Seated dollars of the 1850s were highly desired in, their own time. Charles Steigerwalt, in The Coin Journal; September 1880, commented as follows. At the time, mintmarks were not collected:
The years from 1840 to 1849, with the exception of 1844 and 1848 are plenty. The coinage in 1844, 1848 and 1856 was not large and they are getting scarce. The years 1851 and 1852 are very scarce, only 1,300 in the first arid 1,100 in the latter year being struck. They are generally found in Proof condition. The year 1853 is scarce, as are also the following. years 1854 to 1857, The year 1854 being the scarcest and most difficult to obtain.
In 1858 the first regular Proof sets were issued, .and the dollars were only struck with these sets. Probably not more than 60 are in existence. They sell at the present time for about fifty dollars each. From 1859 to 1873 the coinage was comparatively plenty, and Proofs of these dates can be obtained at reasonable prices.
Beyond the sources mentioned, there are additional records in the National Archives, books on silver and silver coinage (a burning political and economic question during the nineteenth century) contemporary temporary newspaper and financial journal accounts, export data, and specialized books on history.
Among modern sources, various numismatic periodicals, especially The Gobrecht Journal, contain much of value, as do auction catalogues and price lists. Weimar W. White, in The Liberty Seated Silver Dollar 1840-1873, published in 1985, noted the following:
Less than 30,000 coins (author's estimate) presently exist in all conditions .... The author believes that the ratio of existing Morgan and Peace dollars to Liberty Seated may by now be more on the order of 5,000 to l.
However, the estimate of 30,000 total was predicated in part on the assumption that only 10,000 Liberty Seated dollars were released by the Treasury as part of the great distribution of 1962-1964, a figure which I feel is on the low side. Harry Forman alone handled more than this amount. The White study is very important as the only book-length treatment of the Liberty Seated dollar and its rarity.