The Pittman specimen. The date is centered in the space between the base of Liberty and the border, and slants minutely down to the right. The shield point is over the extreme left serif of the 1, and the left base of the same digit is over the center of a dentil. The reverse is the common reverse used in proof dies of 1840-52 with two small defects on the right diagonal of the final A. The 1842 Seated dollar is a rare issue in proof, with perhaps 10 pieces existing. David Akers estimated 10 to 12 pieces in the Pittman catalog, while Dave Bowers estimated seven to 14 in his Silver Dollar Encyclopedia. Among the surviving examples are one in the Smithsonian Institution and one in the American Numismatic Society. Other important pieces include the Norweb and Carter specimens. Both sides of this fully mirrored proof have deeply reflective fields with satiny, reflective devices, all beneath translucent champagne toning. Some hairlines and contact marks are visible, especially in the fields. A line near star 2 matches the Pittman plate and identifies the provenance of this piece. The top edge of the left (facing) wing is weak, but all other design details are quite sharp. Ex: Lester Merkin (9/1967), lot 271; Lester Merkin (10/1969), lot 376; John Jay Pittman (David Akers, 5/1998), lot 1673; Morris Silverman (Heritage, 4/2002), lot 4072; Bowers and Merena (5/2004), lot 253; Rod Sweet Collection (Bowers and Merena, 7/2005), lot 1003; Estate of Jack Lee Collection (Heritage, 1/2009, lot 3961.
Aside from the proof-only 1858, the 1852 has the lowest mintage of any Philadelphia Mint Seated dollar. The mintage was just 1,100 pieces, less than any of the four rare Carson City issues. Only the non-existent 1873-S has a lower recorded business strike mintage. The 1870-S mintage was undoubtedly less than that of the 1852, but that mintage went unrecorded. The California gold rush was the reason for the uncommonly low 1852 mintage. Significant production from gold camps near San Francisco reduced the value of gold, relative to silver. But the government ratio of silver to gold was fixed. The result was that gold coins circulated, since their bullion content was undervalued relative to face. Silver coins were hoarded, and melted by speculators, since their face value was less than their intrinsic value. Production of silver coins by the Mint depended upon private deposits of bullion. But it was undesirable to deposit bullion at the Mint, and receive coins of lesser face value than what depositors could instead obtain with the raw bullion from an assayer. As a result, mintages of silver dollars fell dramatically between 1849 and 1852. Mint production of the era was instead focused on the gold dollar. Between 1851 and 1853, approximately 10 million gold dollars were struck. In 1852, there were few numismatists in the United States. The handful of collectors of the day pursued early products of the Mint, instead of contemporary issues. It is unsurprising that most surviving 1852 Seated dollars are in XF to AU grades. They circulated briefly, then were set aside because their value exceeded face. The present example is brilliant and lacks highpoint wear. The strike is bold aside from Liberty's hair and stars 8 and 9. Marks are limited to minor contact on the right obverse field and a concealed abrasion at the base of Liberty's shield. A hint of granularity is noted above the eagle's beak. The eye appeal is pleasing for the MS62 level. An important opportunity for the advanced Seated specialist.
While this issue's mintage of 63,500 pieces appears substantial for its time, the failure to adjust the weight of silver dollars meant that exportation and melting of that denomination remained profitable. The piece offered here is an attractive survivor. Light golden-brown toning covers parts of the otherwise pearl-gray surfaces. One of the best struck example seen with only minor weakness on the eagle's left leg displays.
The 1871-CC has the lowest mintage of any silver dollar issue from the Carson City Mint, and is second in rarity only to the 1873-CC. This piece is well struck, with tan coloration over each side and iridescent red and gold accents prominent on sides. Only slight highpoint wear is observed on Liberty's head and hair, and on the eagle's neck feathers and wing tips. Definitely appears undergraded by at least five points by PCGS!
Well struck with unabraded surfaces under attractive light gold and brown toning over each side. Just 3,150 pieces were originally struck, a small quantity of which were reportedly melted. Scarce in all grades.