Q. David Bowers
Prime's Book
In 1861, W.C. Prime's Coins, Medals, and Seals was pub-lished by Harper & Brothers and intended for children. The author, like most other numismatists of his era, was a person of many interests. The title page of his 1861 work noted that he was also author of Boat Life in Egypt and Nubia, Tent Life in the Holy Land, "etc., etc., etc.," all of the etceteras indicating that the volumes mentioned were but a fraction of his output.
Coins, Medals, and Seals appeared at a time when there were very few books available to guide the coin collector. Prime gave values for silver dollars, grades not indicated, as follows: 1794 $7.50; and 1795 to 1803, $1.25 each.
For Liberty Seated dollars the following were priced at $1.25 each: 1840, 1841, 1842, 1843, 1844, 1845, and 1846, while 1847 was priced at $1.50, 1848 at $1.75, 1849 and 1850 $1.25 each, 1851 and 1852 at $15 each, 1853 at $1.25, the scarce 1854 at $3, the 1855 through 1857 at $1.25 each, 1858 $5, and 1859 at $1.25.
This listing indicates several things:
First, it reflects that at this early time (the manuscript was undoubtedly written in 1859 and 1860) it was well recognized that silver dollars of 1851 and 1852 had significant value, reason enough, so it seemed, for Mint employees to make restrikes. The difference between the market value of $15 for such a dollar and the face value of $1 was $14, or more than two weeks' pay for the average laborer at the time! Further, the 1858, barely a couple of years old when the book came out, was priced at $5, also making it an attractive candidate for restriking.
In his narrative, Prime had this to say concerning the dollar denomination:
The dollar of 1794-the first silver dollar of the series-is now very rare, and commands a large premium. It is worth, in ordinary condition, from $4 to $5, and in Fine condition much more. The dollars from 1794 to 1804 [sic] are not worth any premium above the weight of the silver, unless in Extra Fine condition. One variety of 1798-that with the eagle on the reverse like the eagle of 1797-is rare, and worth about $2.
The dollar of 1804 is very rare-so rare that not more than two or three specimens are known. It has even been doubted whether these are not manufactured coins; but this suspicion is groundless. The dies are in existence at the Mint, (This is stated matter-of-factly; perhaps a Mint official openly told this to the author. By then the 1804 dies were locked in the director's vault; the date 1827 must have been a coverup.) and it is stated that these two specimens were struck from them about 1827.
The dollars of 1836, 1838, and 1839 are but pattern pieces, with a flying eagle on the reverse, never issued in circulation. They are rare in the order of their dates, the last being most rare. They command prices varying from $6 to $18, according to date and condition.
The dollar of 1848 is becoming scarce. In 1851 and 1852 no dollars were issued for circulation, and the specimens struck at the Mint are of the highest degree of rarity. They command $15 to $18 each at auction sales.
The dollar of 1854 is becoming very rare. (The dollar of 1854, somewhat overlooked by a later generation of collectors, was recognized as a rarity by many texts in the second half of the 19th century.) That of 1858 was never issued for circulation, and the Mint Proofs command a price from $4 to $5.
With the foregoing exceptions, the dollars may be easily procured. It should be borne in mind, however, that they are worth a premium of 6% to 7% over the coins of smaller denomination since 1853, and they are therefore seldom found in circulation, and usually go to the silversmiths. Hence they are fast disappearing, and in a few years all the dates will be very rare. The same is true of all the silver coinage prior to July 1853.
A Visit to the Mint in 1861
The following is from Harper's New Monthly Magazine, December 1861, and gives the reader a tour of the Philadelphia Mint in June 1861. The author, name not given, was a highly observant person who also had an eye for the interesting, was not without humor, and enjoyed giving an occasional piece of philosophy. Although silver dollars were minted during 1861, only one delivery took place in June; on the 25th 5,500 were transferred from the coiner. This narrative is the most interesting, most valuable I have encountered concerning the operations of the Philadelphia Mint during this era:
Making Money
Philadelphia Wary of New York City
A stranger in the Quaker City is naturally desirous of visiting the objects of particular interest, one of the greatest of which is the United States Mint. Philadelphians are rather proud of possessing the general Mint, and are a little anxious lest their rival, New York, should succeed in obtaining a branch, which would perform the great bulk of the work, as the United States SubTreasury in that city in reality is the nation's banking house. That there is some cause for this feeling, is manifest by the fact that, in 1859, there was received at the New York Assay Office bullion to the value of $8,859,103.93 more than was deposited at the Mint at Philadelphia. In 1860 the deposits were small, but New York had the advantage in nearly two and a quarter millions; and it is safe to predict, from the receipts so far, that 1861 will lavish on New York 50 millions more than it gives Philadelphia. Whether this is a sufficient cause for duplicating the expensive coining machinery, etc., it is not for us to discuss. (The campaign to move the Mint facilities to New York City was not a new one, and, for example, on January 7, 1852 the U.S. Senate considered a letter from the mayor of New York City, A.C. Kingsland, who transmitted a copy of a resolution passed unanimously by both branches of the New York City government, requesting same. A defense, from the Legislature of Pennsylvania, was addressed by the Senate on March 4, 1852. Most proposals (e.g., testimony for H.R. No. 477, May 15, 1862) stated that tremendous amounts of gold arrived in New York from California, and it would be more economical to mint this gold in New York City than in Philadelphia, indeed, as indicated in the Harper's article. Desperate, New York later (1870) proposed that the New Orleans Mint facilities be moved to New York City (41st Congress, 2nd session, Ex. Doc. No. 55).