Q. David Bowers
Numismatic Information
Circulated grades: Mint records indicate that 1,300 dollars bearing this date were minted. As noted, these were not placed into circulation at the time. Probably, they left the Mint in the year or two succeeding, in exchange for bullion deposits (this is speculation). The desirability of the low-mintage 1851 and 1852 dates was recognized early in the numismatic game, by which time most were no longer available at the source. By 1858, the "Midnight Minters" and others at the Mint knew full well that the 1851 (and 1852) dollars were rarities. It is logical to assume that by that time the original business strike mintages had been dispersed.
I believe that sharp-eyed bank tellers, Treasury employees, hotel clerks, and others, perhaps equipped with a coin buying guide issued by Cook, Morey, von Bergen, or some other nineteenth century precursor of B. Max Mehl, snapped up all the examples they could find. Such coin premium books were distributed in large quantities beginning with Cook's efforts in the mid-1870s and, for all I know, even earlier by others. Even so, very few were ever found.
The 1851 is a great rarity in circulated grades. Walter H. Breen suggests that most that do survive in worn grades are at higher levels such as grade EF or AU. (Letter to the author, February 12, 1992.)
Mint State grades: Most 1851 dollars known to exist are in Mint State. I suspect that the Mint saved a few at the time of issue, perhaps for trading purposes to acquire pieces for the Mint Cabinet. In my opinion, PCGS and NGC data do not adequately reflect the number of Mint State coins in existence; very few have been certified.
Original Proofs: Is there such a thing as an original Proof dollar dated 1851? At the very least, authentic Proof 1851 original silver dollars are extremely rare. It is my current belief that no real Proofs exist, and that those customarily sold as Proofs in the past are either: (1) Restrikes, with centered date, misattributed as original Proofs (if the coin is photographed, this is evident), or (2) Original business strikes with nearly (but not completely) full prooflike surface. This is usually the situation encountered.
Inasmuch as all business strike 1851 dollars came from the same obverse die (date high in field, near the rock base of Miss Liberty, and slanting down to the right), and as some show areas of prooflike surface, I believe it to be the case that all "Proof' 1851 dollars are prooflike business strikes. If this is indeed the case, then as has been traditionally thought with 1853 (see 1853 listing below) no original 1851 Proofs were made. Certainty can only follow detailed examination of the few alleged Proofs.
All originals I have seen have had a slight (but unmistakable) trace of die clashing in the field below Miss Liberty's left arm, a shadow of part of the outline of the eagle on the reverse. (A virtually identical clash mark occurs on certain business strike specimens of 1844.) It could be that the Mint polished the die to remove other traces of clashing, thus giving the die a prooflike surface, hence "Proof."
Old auction catalogues and dealers' price lists are of little value in answering the question. As more coins are studied carefully and certified by PCGS, NGC, and ANACS and are viewed by today's generation of knowledgeable observers, the status of "Proof' 1851 original dollars will become clearer. These services are not likely to misattribute a business strike; however, as of December 1991, NGC certified an original as Proof-60: I would like to see it. PCGS has certified none. Today, numismatic science is better disciplined and employs better methods than ever before. The Liberty Seated Collectors Club, for example, has gone a long way in furthering the study of the Liberty Seated series.
Coins listed in past price lists and auction catalogues as "Proof' are in the present work listed under the "prooflike" (PL) heading.
Proof sets: The record on 1851 copper-silver Proof sets is not clear; some apparently contained Mint State coins (cf. Breen, p. 92, description of Matthew A. Stickney's set). Harlan P. Smith may have owned a set, but its exact composition is not known, nor is there any specific information concerning the dollar. I have never seen or heard of a Proof set in existence today. Further, as Walter H. Breen has written (ibid., p. 93), there is not even a rumor of any Proof gold coins existing above the gold dollar denomination.
Varieties
Business strikes:
1. High Date, frosty surfaces: Breen-5445. Obverse with date high in field, close to the rock base of Miss Liberty, and slanting down to the right. Shield point is approximately over left upright of 1. The base of the second 1 in the date is closer to the denticles than the first. Frosty (not prooflike) surfaces. Business strikes without prooflike surfaces typically have many parallel die striations in the fields. Reverse of Business Strike No.1 of 1850 (also used to coin Proof No. 1 of 1850). Die cracks as described under 1850 Business Strike No.1, but not as prominent (James C. Gray suggests that possibly the 1850 die was slightly lapped prior to striking the 1851 (Letter to the author, October 5, 1992.).
ANS specimen: Reverse crack at the rim below N of ONE, to base of 0 in same word. Crack from the rim at 8 o'clock to the upper left serif of U in UNITED.
2. High Date, prooflike surfaces: Breen-5445. Obverse as preceding, but now highly polished to remove clash marks. As noted, the existence of true Proofs is doubtful, and those attributed as such in the past are now believed to be prooflike business strikes. Reverse: As described earlier.