The Seated Liberty dollar is one of the most iconic and historical coins in American numismatics. Struck from 1840 to 1873, it was initially produced during a period of great economic, social, and political change in the United States. These coins have since become highly sought after by collectors due to their unique design, limited mintages, and fascinating history. In this article, we will explore the significance of the Seated Liberty dollar series, some of the key coins from the Ray Ballinger Collection, and what makes them so valuable to numismatists and collectors today.
Introduction to the Seated Liberty Dollar
The Seated Liberty dollar was first introduced in 1840, marking a new design in U.S. coinage. The design features a seated image of Lady Liberty, with her left hand resting on a shield and her right hand holding a pole with a Liberty cap. The obverse of the coin is often referred to as the “Seated Liberty” design, while the reverse shows a small eagle perched on a branch. This design was intended to replace the older Gobrecht dollar, which had been struck in 1836 and 1839 but failed to gain widespread circulation.
Although the Seated Liberty dollar was initially introduced as a coin for general circulation, it was primarily used by bullion depositors and intended for export. As a result, it didn’t circulate widely in the United States, and most of the coins minted during the Seated Liberty series were melted down. However, the design became popular with collectors and remains a significant piece of American history today.
The Ray Ballinger Collection: A Closer Look
One of the most remarkable collections of Seated Liberty dollars comes from the Ray Ballinger Collection, which was offered at auction by Stack’s Bowers Galleries on June 17. The collection is considered complete, with only the extremely rare 1870-S issue missing. The collection includes coins from almost every year of the Seated Liberty series, showcasing the range of mintages, design variations, and conditions that exist within the series.
The coins in the Ballinger Collection offer an intriguing glimpse into the history of the Seated Liberty dollar, as well as a window into the market for these coins today. The collection features high-grade examples, including coins graded as “About Uncirculated” (AU) and those with exceptional luster and detail.
Key Coins from the Ray Ballinger Collection
1840 Seated Liberty Dollar
The 1840 Seated Liberty dollar is one of the most significant coins in the series. This coin marks the first year that the Seated Liberty design was widely produced for circulation. Prior to 1840, the design had only appeared on smaller denominations such as the quarter dollar. The 1840 Seated Liberty dollar was struck with a thin veil of smoky silver and golden-olive patina, adding to its aesthetic appeal. It features well-struck, frosty surfaces, and remains a popular choice among collectors today.
In terms of value, the 1840 Seated Liberty dollar graded as “About Uncirculated 50” by Professional Grading Service (PCGS) sold for $2,160 in the Ballinger auction. This price reflects the coin’s historical significance as the first year of the Seated Liberty design, as well as its condition and visual appeal.
1851 Seated Liberty Dollar
The 1851 Seated Liberty dollar is another notable coin from the Ballinger Collection. With a mintage of just 1,300 coins, this issue is extremely rare. The low mintage was the result of a lack of demand for silver dollars that year, and many of the coins that were struck were likely melted down. As a result, it is estimated that only about 30 examples of the 1851 Seated Liberty dollar still survive today.
The example in the Ballinger Collection, graded AU-58 by PCGS, has a fascinating history, having sold multiple times over the years. It first sold for $70,500 in 2013, followed by sales for $31,725 in 2016 and $36,000 in 2021. The coin in the Ballinger Collection was praised for its sharp strike and intense luster, with iridescent hues of silver, olive-gray, blue, and reddish-rose. The coin’s rarity and striking visual appearance helped it lead the consignment with a price of $45,600 in the most recent sale.
Why Seated Liberty Dollars Are Highly Collectible
Seated Liberty dollars are highly prized by collectors for several reasons:
Rarity
Many of the coins in the Seated Liberty series were minted in low quantities, especially during certain years when demand for silver dollars was low. Coins like the 1851 Seated Liberty dollar, with a mintage of only 1,300, are particularly rare and have become some of the most valuable in the series. Even coins that were minted in higher quantities, such as the 1840 and 1861 issues, are still considered valuable due to their historical significance.
Historical Significance
The Seated Liberty dollar was minted during a pivotal time in U.S. history, including the Civil War and the economic changes that took place during that period. These coins are a tangible reminder of America’s evolving coinage system and serve as a reflection of the country’s early years.
Aesthetic Appeal
The Seated Liberty dollar features one of the most elegant and enduring designs in American coinage. Lady Liberty’s seated figure and the eagle on the reverse have become iconic symbols of American freedom and strength. Coins with well-preserved details, unique patinas, and beautiful luster are highly desirable to collectors and numismatists.
Minting and Collecting Trends
The availability of high-quality, well-preserved examples of Seated Liberty dollars has become increasingly limited. Many of these coins were melted down or lost to time, making those that survive more valuable to collectors. Coins in top grades, such as AU-58 or higher, are especially prized.
The 1870-S Seated Liberty Dollar: The Holy Grail of the Series
One of the most elusive and valuable coins in the Seated Liberty series is the 1870-S issue. This coin is considered to be one of the rarest of all U.S. coins, with only a handful of examples believed to exist. The 1870-S was minted in extremely limited numbers and was struck in San Francisco, but most of the coins were melted down or lost. As a result, it has become a “holy grail” for collectors, and any surviving examples command astronomical prices at auction.
While this coin was not included in the Ray Ballinger Collection, it remains one of the most coveted of all Seated Liberty dollars. Due to its rarity, the 1870-S Seated Liberty dollar has consistently been one of the highest-priced coins in the series, with values reaching six figures for coins in top condition.
Conclusion
The Seated Liberty dollar is a captivating piece of American history, and the coins from the Ray Ballinger Collection provide a window into this fascinating era of U.S. coinage. Whether it is the 1840 first-year issue, the ultra-rare 1851 Seated Liberty dollar, or the elusive 1870-S, these coins have captured the imagination of collectors for generations. Their rarity, historical significance, and stunning design make them some of the most valuable and desirable coins in the world of numismatics.
FAQs
1. What is a Seated Liberty dollar?
The Seated Liberty dollar is a silver U.S. coin produced from 1840 to 1873, recognized for its design of Lady Liberty seated on a rock.
2. Why were Seated Liberty dollars not widely circulated in the U.S.?
Many Seated Liberty dollars were struck for bullion depositors or intended for export, which meant they didn’t see widespread circulation domestically.
3. What makes the 1851 Seated Liberty dollar so valuable?
Only 1,300 were minted due to low demand, and many were later melted down. This scarcity makes the 1851 issue particularly valuable to collectors.
4. What does “About Uncirculated” (AU) mean in coin grading?
“About Uncirculated” indicates minimal wear on the coin, with nearly all original details intact and just slight handling marks.
5. Why is the 1870-S Seated Liberty dollar so rare?
The 1870-S was minted in very limited numbers, with few surviving today. It is one of the rarest and most valuable coins in the series.