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NumisMedia Monthly
NumisMedia Monthly


Our monthly article detailing specific areas

of numismatics for dealers, collectors, and

investors of United States Rare Coins




November 2014

An In Depth Look at the Seated Dollar Series

     With so many rarities in the Seated Dollar series, acquiring a complete set can be a difficult if not impossible task. There are over 80 coins listed in this series including the Proof issues. Of course, the 1870 S is nearly impossible to locate. We have only seen one 1866 No Motto Proof which is certified by NGC as PR65; there are also two listed by PCGS as Cameos in PR63 and PR65. Theoretically there can be only three complete sets. A more in-depth look tells us there are no 1851 or 52 original Proofs certified, so it really depends on what you call complete; you would have to include the 1851 and 1852 Restrike Proofs to complete a set. On the other hand, some experts believe that the 1853 is also a Restrike, while the Redbook does not make this distinction, inferring that it is an original.

     For our purposes we will concentrate on business strikes and leave the Proof issues for another time. In our opinion there are five true rarities in the Seated Dollar series. This, of course, is open for discussion depending on grades you want to include; rarities are always a matter of individual opinion. Below we listed our rarities along with the latest FMV for the highest grade certified.

1870 CC Seated Dollar MS64 NGC

1870 CC Seated Dollar MS64 NGC sold for $117,500 at Heritage Auctions Part II of the Eugene H. Gardner Collection Auction in New York, October 27, 2014


DateHighest Certified GradeCurrent FMV
1870 CCMS64$128,130
1870 SMS62$1,125,000
1871 CCMS64$312,500
1872 CCMS65$375,000
1873 CCMS65N/A

     The 1870 CC is one of the more reasonable coins in AU50 and lower. With an FMV of $6,720 in AU50, it really begins to climb in value with the AU58 grade. This coin had an original mintage of 11,758, the highest of the Carson City Seated Dollars. There are over 350 certified in XF40 through AU58, while the Mint State coins show just 32 coins from MS60 to MS64. There are just two coins certified in MS64, one by each service.

     The 1870 S is undoubtedly the highlight of the set. With just nine known coins surviving there is only one Mint State coin and that is the PCGS MS62. All others are circulated from VF25 to AU58. The current FMV for the MS62 of $1,125,000 would probably be underpriced if the coin was actually offered for sale.

     The 1871 CC had an original mintage of 1,376 coins; 146 of which are certified by PCGS and NGC as G6 through AU58. There are only seven Mint State coins certified with the highest being the MS64; one by each service. The AU58 has an FMV of $49,380. After that the price really begins to jump. The MS61 is $105,630 and the MS63 more than doubles at $218,750.

     The 1872 CC has the second highest mintage of the Carson City Seated Dollars at 3,150; this is probably why it has 25 Mint State coins certified and 256 circulated coins certified ranging from G4 through AU58. Even though the FMV of $375,000 in MS65 may seem high priced compared to the MS64 price of $137,500, it is undoubtedly a little conservative since neither of the two coins has traded, to our knowledge, in quite some time.

     As you can see we do not list a value for the 1873 CC in MS65; in fact, we do not have a value for the MS64 either. We have not monitored any Mint State coins trading in quite some time. There are only seven total certified by PCGS and NGC in all the grades from MS60 to MS65. There are just under a hundred certified in G6 through AU58. As the last Carson City Seated Dollar minted, with an original mintage of 2,300, the 1873 CC is one of the rarest in MS64 and MS65 of the series.

     There are many other wonderful coins in this series, some are rare by mintage and others are rare by highest grade. Heritage Auctions recently hosted Part II of the Eugene H. Gardner Collection Sale in New York City. The total realized for this auction was $13,750,000, which included 27 Seated Dollars. Below we have listed some of the more notable Seated Dollars with their prices realized and current populations.

1841 Seated Dollar PCGS PR64 CAC

1841 Seated Dollar PCGS PR64 CAC sold for $94,000 at Heritage Auctions Part II of the Eugene H. Gardner Collection Auction in New York, October 27, 2014


DateGradePrice
Realized
Pop
for
Grade
Pop
Graded
Higher
1841 Seated DollarNGC MS64 CAC$35,25093
1841 Seated DollarPCGS PR64 CAC$94,00010
1844 Seated DollarPCGS PR64 CAC$44,06331
1847 Seated DollarNGC PR65$35,25040
1863 Seated DollarPCGS MS65$58,75047
1866 Seated Dollar MottoPCGS MS65 CAC$79,31349
1869 Seated DollarPCGS MS65 CAC$76,37552
1870 CC Seated DollarNGC MS64$117,50020
1872 Seated DollarNGC MS65$38,18861
1872 CC Seated DollarNGC MS64$111,62522

     Understandably, Registry collectors typically have a difficult time acquiring these coins because they are all quite rare with small populations. Even more discouraging to collectors is the fact that current owners of these coins are not all that eager to part with their gems.








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