1861 $1 (Regular Strike)

The 1861 Liberty Seated Dollar

The production of the 1861 Liberty Seated Dollar (#6951) took place during one of the most tumultuous years in American history. As the Philadelphia Mint prepared for its annual date refresh, the nation was fracturing; by the time the first silver dollars were struck, five Southern states had already seceded.

A Mint System Divided

The secession of Louisiana on January 26, 1861, presented a constitutional crisis for the United States Mint. The New Orleans facility—along with its bullion and official dies—fell into the hands of a hostile government. Fearing the Confederacy would use federal dies to fund rebellion, Mint Director James Ross Snowden urged the Treasury to revoke the legal tender status of any 1861-O coins. His recommendation was never enacted; by December, Americans in Northern cities like New York would have gladly accepted silver dollars bearing the likeness of Jefferson Davis himself, if it meant they could pay their rent or feed their families.

In Georgia, Superintendent George Kellogg filed his final report in late February after striking 1,597 1861-D Half Eagles (#8290). By April, the Charlotte Mint in North Carolina was also seized. In time, even the Confederates—who had turned their backs on the Union over the issue of slavery—clung to what few examples of Federal silver and gold remained. By the war's end, worn Liberty Seated Dimes, Quarters and Half Dollars, Spanish silver, and the remnants of Southern-minted gold were the only "true" currency. Their Confederate "Greybacks" had withered into worthlessness as the prospect of a Southern victory vanished.

Despite losing three of its five coining facilities, the Philadelphia Mint remained productive, though the shadow of war loomed large. Philadelphia struck 72,000 of its 77,500 total silver dollars before mid-April. In a poignant moment of timing, exactly 1,000 Proofs (#7004) were struck on April 15—just three days after the bombardment of Fort Sumter.

Survival and Scarcity

Despite a respectable mintage for the era, the 1861 Liberty Seated Dollar is scarce today. Most 1861 dollars never reached circulation; they were held in Treasury vaults for years before being melted down to reclaim silver for smaller denominations. When they were purchased, it was not at face value, as the silver content was worth more than the coin's denomination. Those using the coin for trade in Asia had an advantage in this regard, as the coins traded there by weight. The prestige of the "almighty dollar" did not matter to Cantonese merchants—only the silver did.

It is estimated that fewer than 500 pieces survive today, with PCGS having authenticated fewer than 300. Mint State examples are available in modest quantities in the PCGS MS63 and PCGS MS64 ranges; beyond this, the 1861 Liberty Seated Dollar becomes a conditional rarity. The presence of attractive examples with nice toning or nearly full original brilliance is a luxury that collectors don't have when considering many issues from the 1840s and 1850s.

Technical Qualities

The 1861 issue is noted for a revised reverse design, featuring subtle adjustments to the eagle’s talons and arrows. While records indicate that seven obverse and eight reverse dies were prepared, it is unlikely all were utilized. Consequently, strike quality varies wildly—some specimens show remarkable detail, while others suffer from localized weakness.

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