Q. David Bowers
Apparently, little oversight or control was placed on the manufacture of "special pieces," and various employees of the Mint, up to and including those in charge of the institution, were involved. Mint Director Dr. Henry Richard Linderman, for example, was able to obtain (i.e., make) many unique rarities for his personal collection.
The determination of originals versus restrikes starts with the examination of Liberty Seated silver dollars known to have been a part of Proof sets originally struck and delivered in the 1840s, the sets acquired by the Mint Cabinet (now the National Coin Collection in the Smithsonian Institution). Beyond that source, the pedigreeing of extant Proof silver dollars to the time of their actual acquisition at the Mint is a difficult process. The situation is not made easier by the fact that .the Mint "laundered" its restrikes by selling them quietly through favored dealers (such as William Idler of Philadelphia) and often fabricated stories about their authenticity and date of origin.
From a financial viewpoint, the restrike situation may be moot, for although dedicated specialists enjoy reading about and studying restrikes, the general collecting fraternity seems not to care. In general, a Proof 1856 Flying Eagle cent (nearly all Proofs of this date are restrikes) will bring more on the market than a Mint State (all of which are originals) at auction or fixed price sale; few people care that nearly all 1879-dated $4 gold stellas were actually produced in 1880, etc. If further evidence of this lack of interest is needed, one just has to point to the fact that no original 1804 dollars exist (that is, dollars struck in and dated 1804), and all were made at later dates; And, yet, the 1804 dollar is probably the single most publicized, most widely desired coin in all of American numismatics.
A synopsis of my own opinion, based upon examination of coins in various collections and museums, is as follows:
1. All Proofs seen of Liberty Seated dollars dated 1840 through 1849 are originals. I know of no basis
for calling any of them restrikes.
2. 1850 dollars need more study.
3. All Proof 1851-dated dollars are from obverse dies with centered date, of the type traditionally known as "restrikes." No "original" high-date 1851 dollar Proofs have been seen by me; all I have seen called "Proof' are, in my opinion, business strikes.
4. 1852 Proof dollars exist as originals and as restrikes.
5. 1853 Proof dollars may all be restrikes.
6. All Proof dollars 1854-1873, including those dated 1858, are originals: I have no evidence or restrikes of any of these dates.
Concerning the preceding, the detailed examination of die characteristics of Proof Liberty Seated dollars may cause some of these opinions to be revised in the future.
Availability of Proofs
In general, Proofs are readily available for all dates from 1858 through 1873, with the majority of coins grading today in the Proof-60 to, Proof-63 range. Proofs of the earlier years, 1840-1857, are for the most part rarities, some of them extreme rarities. For example, by December 1991 neither PCGS nor NGC had graded an 1841 Liberty Seated dollar at any Proof level during the previous five year period. By way of comparison, both services combined had graded 41 Proof 1858 Liberty Seated dollars' and 235 1895 Proof Morgan dollars. Both of these latter coins, the 1858 and the 1895, are considered to be rarities. In comparison, this makes the 1841 a super-rarity! Curiously, if a Proof-63 1841 silver dollar were to come on the market, it would probably not sell for any more money than a Proof-53 1895! At least, this would have been the situation before this commentary reached print.
In the 1950s I set about putting together a collection of Proof Liberty Seated dollars by dates, 1840 to 1857, and within about five years obtained about half of the dates in what was considered acceptable Proof quality. Cleaned, damaged, etc., pieces were rejected, as were the frequent non-Proofs offered as Proofs. I found that 80% or more of the pieces offered-and this included submissions from the better-known dealers of the time-were not Proofs.
This was in an era in which relatively few people were interested in early Proofs and in which coins from old-time collections were more available than they are now. Even so, the completion of such a set was like Christ minster in Hardy's Jude the Obscure, or like completing a round of golf in just 18 strokes, or like Blake Edwards' "10" girl, or like Jerusalem in The Holy City; fascinating, indeed remarkable, to contemplate as a someday objective but not necessarily possible to attain. I imagine that to get half of the Proof issues 1840 to 1857 today would take 10 to 15 years of assiduous searching unless, of course, an old-time specialized collection containing these came on the market. (In September 1992, Harvey G. Stack gave me an advance opportunity to study in detail the extensive selection of early Liberty Seated Proof dollars in the Floyd T. Starr Collection, auctioned by the firm in October.)
Quality of Proofs
Probably the best way to acquire Proofs of Liberty Seated dollars of any or all dates from 1840 through 1873 is to use PCGS, NGC, and ANACS certified coins as a starting point. Examine such pieces carefully. While there will probably be no question as to whether they are Proofs (as opposed to prooflike business strikes), beware of very heavily toned (deep gray, purple, or black) coins certified as Proofs as such coins might be deceptive business strikes, or recolored to conceal harsh cleaning, or both. I have never encountered such among certified coins in the Liberty Seated dollar series, but I have seen a few highly questionable certified Morgan dollar Proofs.
In general, Proof Liberty Seated dollars graded in the Proof-60, Proof-61, or Proof-62 range are apt to have enough hairlines, nicks, etc., that they may not be aesthetically pleasing. There are exceptions, such as among coins which are attractively, lightly toned. For my money I would rather have a lightly toned and very attractive Proof-62 or Proof-63 coin than a dipped and not particularly attractive Proof-64 coin. Within certified holders (slabs) are coins of widely varying aesthetic quality, as eye appeal does not always playa significant part in technical grading by numbers. I suggest that you leave the unattractive coins behind (let them be sold to unknowledgeable investors, who don't know anything about aesthetic quality) and buy coins only if they appear pleasing to you. Quality and beauty never go out of style!
Proof-64 and Proof-65 coins (and the occasional piece graded even higher) represent the top of the line pieces, but among these, too, you must take care to select coins that are very attractive. So far as I know, there has never been any such thing as a set of Proof-64 or better Liberty Seated dollars containing one of each date from 1840 to 1873. Don't set your sights on an impossible goal. Instead, even if you have an unlimited checkbook balance, determine to buy attractive coins only as they become available, and don't compromise your standards. You might never have a complete set, especially of the dates 1840-1857, but what you do have will make people sit up and take notice when the time comes to sell your collection. I, for one, would love to catalogue it! And, any other leading auctioneer likewise would give the proverbial eyetooth to do so.
If you are buying a Proof Liberty Seated dollar for inclusion in a type set-and this probably represents the main market for Proof coins of this design-then you need one Proof of the no-motto style 1840-1865 and one of the with-motto style 1866-1873. For the former you will have no trouble (but some patience is needed, however) acquiring one dated between 1859 and 1865, for these come on the market frequently. For the latter type, that issued from 1866 to 1873, top grade Proofs are even more available.