Seated Liberty Dollar

Seated Liberty dollar - Wikipedia, the free encyclopedia
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Seated Liberty dollar

From Wikipedia, the free encyclopedia
The Seated Liberty dollar was a dollar coin struck by

the United States Mint from 1840 to 1873 and designed
by its chief engraver, Christian Gobrecht. It was the last
silver coin of that denomination to be struck before
passage of the Coinage Act of 1873, which temporarily
ended production of the silver dollar for American
commerce. The coin's obverse is based on that of the
Gobrecht dollar, which had been minted experimentally
from 1836 to 1839. However, the soaring eagle used on
the reverse of the Gobrecht dollar was not used; instead,
the United States Mint (Mint) used a heraldic eagle, based
on a design by late Mint Chief Engraver John Reich first
utilized on coins in 1807.
Seated Liberty dollars were initially struck only at the
Philadelphia Mint; in 1846, production began at the New
Orleans facility. In the late 1840s, the price of silver
increased relative to gold because of an increase in supply
of the latter caused by the California Gold Rush; this led
to the hoarding, export, and melting of American silver
coins. The Coinage Act of 1853 decreased the weight of
all silver coins of five cents or higher, except for the
dollar, but also required a supplemental payment from
those wishing their bullion struck into dollar coins. As
little silver was being presented to the US Mint at the
time, production remained low. In the final years of the
series, there was more silver produced in the US, and
mintages increased.
In 1866, "In God We trust" was added to the dollar
following its introduction to United States coinage earlier
in the decade. Seated Liberty dollar production was halted
by the Coinage Act of 1873, which authorized the trade
dollar for use in foreign commerce. Representatives of
silver interests were unhappy when the metal's price
dropped again in the mid-1870s; they advocated the
resumption of the free coinage of silver into legal tender,
and after the passage of the BlandAllison Act in 1878,
production resumed with the Morgan dollar.
Seated Liberty dollar

United States
Value
1 US dollar
Mass
26.73 g
Diameter
38.1 mm
Edge
Reeded
Composition
90% silver
10% copper
Silver
0.77344 troy oz
Years of minting
18401873
Mint marks
O, S, CC. Located beneath

eagle on reverse. Philadelphia
Mint specimens lack a mint
mark.
Obverse
Design
Liberty seated
Designer
Christian Gobrecht
Design date
1840
Reverse
Contents
1 Background
2 Gobrecht dollar
3 Production
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3.1 Design
3.2 Release
3.3 Later years
4 Abolition and aftermath
5 Collecting
6 Notes
7 References
8 Bibliography
Background
Design
A left-facing bald eagle.

Without motto.
Christian Gobrecht
Designer
The Mint Act of 1792 made both gold and silver legal
1840
Design date
tender; specified weights of each was equal to a dollar.[1]
The United States Mint struck gold and silver only when
Design discontinued 1865
depositors supplied metal, which was returned in the form
of coin.[2] The fluctuation of market prices for
commodities meant that either precious metal would
likely be overvalued in terms of the other, leading to
hoarding and melting; in the decades after 1792, it was
usually silver coins which met that fate.[1] In 1806,
President Thomas Jefferson officially ordered all silver
dollar mintage halted, though production had not occurred
since 1804.[3] This was done in part to prevent the coins
from being exported to foreign nations for melting,
With motto
Design
causing a strain on the fledgling Mint for little gain.[3]
Over the next quarter century, the silver coin usually
Christian Gobrecht
Designer
struck for bullion depositors was the half dollar.[4] In
1866
Design date
1831, Mint Director Samuel Moore requested that
Design discontinued 1873
President Andrew Jackson lift the restriction against
dollar coin production; the president obliged in April of
that year.[5] Despite the approval to strike the coins, no silver dollars were minted until 1836.[5]
The Bureau of the Mint in the 1830s was undergoing a period of significant change, as new technologies
were adopted. In 1828, the Mint, whose authorization had been subject to periodic renewal by Congress
since its inception in 1792, was given permanent status.[6] A new building to house the Philadelphia Mint
was authorized by Congress, and opened in 1832.[7] Congress adjusted the precious-metal content of US
coins in 1834 and 1837, and was able to achieve a balance whereby US coins remained in circulation
alongside those of foreign nations (mostly Spanish colonial pieces). In 1836, the first steam machinery was
introduced at the Mint; previously coins had been struck by muscle power.[8] Congress had in 1835
authorized branch mints at Dahlonega in Georgia, Charlotte in North Carolina, and at New Orleans in
Louisiana. The Charlotte and Dahlonega mints only struck gold, catering to miners in the South who sought
to deposit that metal, but the New Orleans facility would also strike silver coins, including the Seated Liberty
dollar.[9][10]
Gobrecht dollar
In mid-1835, newly appointed Mint Director Robert M. Patterson engaged artists Titian Peale and Thomas
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Sully to create new designs for American coinage.[11] In an August

1, 1835, letter, Patterson proposed that Sully create an obverse
design consisting of Liberty seated on a boulder, holding a "liberty
pole" in her right hand topped by a pileus, the headgear given by
the Romans to an emancipated slave.[11] He also asked Sully to
create a reverse design consisting of an "eagle flying, and rising in
flight, amidst the constellation irregularly dispersed of twenty-four
stars".[a][11] Patterson requested that the bird appear natural; he
criticized the eagle designs then in use on the nation's coinage as
being unnatural primarily because of the shield placed on the
eagle's breast.[11] Mint Chief Engraver William Kneass prepared a
sketch based on Patterson's conception, but suffered a stroke,
leaving him partially paralyzed.[12] Later in 1835, Christian
The flying eagle reverse of the Gobrecht
Gobrecht was hired at the Mint as a draftsman, die sinker, and
dollar
assistant engraver to Kneass.[13] Although nominally a subordinate,
Gobrecht would perform much of the engraving work for the Mint
until Kneass' death in 1840, when Gobrecht was appointed chief engraver.[14]
Sully prepared sketches of the artwork, which Gobrecht used as a guide in engraving copper plates.[15] The
plates were approved by various government officials, and the production of trial strikes began.[15] The
design was not free from controversy; former Mint Director Samuel Moore had deprecated the use of the
pileus. Quoting former president Thomas Jefferson, Moore had written to Secretary of the Treasury Levi
Woodbury, "We are not emancipated slaves."[12]
Following a series of trial strikes and modifications through 1836, the first of what would come to be known
as the Gobrecht dollars were minted in December of that year.[16] The dollars of 1836 were minted with a
silver fineness of .892 (89.2%) silver,[16] a specification set forth in the 1792 act.[17] The mandated fineness
of US silver coins was changed from .892 to .900 (90%) by the Coinage Act of 1837, passed on January 18,
1837; subsequent Gobrecht dollars were struck in .900 silver.[11] Beginning in 1837, an adaptation of the
obverse of the Gobrecht dollar, depicting a seated Liberty, was used on the smaller silver coins (from half
dime to half dollar), with Gobrecht's modification of Reich's heraldic eagle on the reverse of the quarter and
half dollar. Except on the half dime, abolished in 1873, the designs would remain on those coins for over
50 years.[b][18][19]
Coinage continued in small amounts until 1839, when official production of the Gobrecht dollar ceased.[20]
The coins had been struck as a trial to gauge public acceptance.[21] The Mint acquired a portrait lathe in
1837, which allowed Gobrecht to work in large models for the later versions of the Gobrecht dollar, and for
the Seated Liberty dollar. The lathe, a pantograph-like device, mechanically reduced the design from the
model to a coin-size hub, from which working dies could be produced.[14] Prior to 1837, the engraver had to
cut the design onto the die face by hand.[22]
Production
Design
Prior to full-scale production of a dollar coin in 1840, Patterson reviewed the designs then in use, including
the Gobrecht dollar's.[21] The director opted to replace Gobrecht's soaring eagle reverse with a left-facing
bald eagle based on a design by former Mint engraver John Reich,[21] a design first used on silver and gold
coinage in 1807.[23] Although the reverse for the dollar was probably selected to match that of the quarter
and half dollar, it is not known why the flying eagle design was not used for the lower denominations in the
first place.[14] Numismatic historian Walter Breen speculates that a Treasury official might have preferred
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the Reich design.[24]

The obverse of the Gobrecht dollar was in high relief, but Mint officials felt that
this should be lowered for the new coin, which was to be struck in much larger
quantities. Patterson hired Robert Ball Hughes, a Philadelphia artist, to modify
the design. As part of Hughes' modifications, Liberty's head was enlarged, the
drapery was thickened, and the relief was lowered overall.[21] Thirteen stars were
also included on the obverse.[25] On the Gobrecht dollar, with its high relief, the
depiction of Liberty appears like a statue on a plinth; the flatter Seated Liberty
decreased relief appears more like an engraving.[18]
Chief Engraver
Christian Gobrecht
created the Seated
Liberty design.
Art historian Cornelius Vermeule tied the appearance of the obverse to

neoclassicism, noting the resemblance of Gobrecht's Liberty to the marble statues
of ancient Rome. The neoclassical school was popular in the first half of the 19th
century, and not only among official artists; Vermeule noted, "it becomes almost
painfully evident that similar sources were consulted both by the engravers of
United States coins in Philadelphia and by the cutters of tombstones from Maine to Illinois".[26] The reverse
retained the shield upon the eagle's breast. Art historian Vermeule described it as "the same old unnatural,
unartistic eagle with shield on his stomach, like a baseball umpire's protector ... to clutch branch and olives in
one foot, arrows of war in the other oversized set of claws".[18] According to numismatic historian David
Lange, the Reich-Gobrecht reverse design is known among some coin collectors as the "sandwich-board
eagle".[27] Breen, in his comprehensive volume on US coins, complains of "the 'improvements' inflicted by
[Hughes] on a hapless Ms. Liberty. Compared with the original Sully-Gobrecht conception of 183639, this
is a sorry mess indeed."[24]
Release
A small production run of 12,500 was minted in July 1840 to allow bullion depositors to become familiar
with the new coins before having their silver struck into dollars.[28] The process of bringing the new coin to
public hands was made easier by a congressional authorization in 1837 for a fund that allowed the Mint a
"float", permitting it to give depositors payment in coin without waiting for their metal to go through the
minting process.[27] Bullion producers began depositing the silver required to initiate heavier production later
in 1840; 41,000 pieces were minted in November, followed by a mintage of 7,505 in December.[28] Deposits
increased the following year, which saw a mintage of 173,000 pieces.[29] All coins were produced at the
Philadelphia Mint until 1846, when 59,000 were struck at the Mint at New Orleans.[30]
Following the discovery of gold in California, a large amount of gold coins began appearing in American
commercial channels.[31] The influx caused the price of gold relative to silver to decrease, making silver
coins worth more as bullion than as currency.[24] They were exported abroad, or else melted locally for their
bullion value.[31] As it was profitable to export silver, little was presented at the Mint, which resulted in low
mintage numbers for the silver dollar; 1,300 and 1,100 were struck in 1851 and 1852 respectively.[30] The
rarity of these dates was recognized by the late 1850s; Mint employees made surreptitious restrikes to sell to
collectors.[24]
Congress passed the Coinage Act of 1853 in February of that year.[32] The act lowered the silver weight of
the coins ranging from the half dime to half dollar by 6.9%, though the dollar remained unaffected.[32] The
1853 act eliminated the practice of depositing silver bullion to be struck into coin, except into the dollar for
which a coining charge of .5% was imposed. According to the Senate report filed with the bill which became
the Coinage Act, these changes were intended as a temporary expedient, with the free coinage of silver to be
restored when bullion prices became stable.[33] Sources vary in their explanation as to why Congress chose
to exempt the dollar from the silver coinage overhaul: numismatic historian R.W. Julian suggests that it was
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done due to its status as the "flagship" of American coins.[32] According to Don Taxay in his history of the
Mint and coinage, "the silver dollar, which it [the act] left unchanged to preserve a bi-metallic currency,
continued to be exported and was rarely used in commerce. Without realizing it, the country had entered
onto the gold standard."[34] Julian agreed, noting that the act instituted a de facto gold standard in the United
States, because it required silver coinage to be paid for in gold.[35] The silver dollar continued to circulate
little; quantities were sent west beginning in 1854 to serve as "small change" in California.[24] Silver prices
remained high into the 1860s, and little silver bullion was presented for striking into dollars. To serve
collectors, individual specimens were made available to the public by the Mint at a cost of $1.08.[24]
Later years
Numismatist and coin dealer Q. David Bowers believes that
most Seated Liberty dollars produced after 1853 were shipped to
China to pay for luxury goods, including tea and silk.[36] R. W.
Julian argued to the contrary, that continued production of the
dollar had little to do with trade with the Orient (where goods
were paid for in silver), suggesting instead that the coins were
sent to the West for use there.[36] However, although the Mint's
Engraving Department sent dies for the dollar to the San
Francisco facility repeatedly from 1858 on, the California mint
used them only once before 1870, striking 20,000 dollars in
1859, a year in which 255,700 were struck at Philadelphia and
360,000 at New Orleans. Production at New Orleans was
disrupted after 1860 by the Civil War; it did not strike silver
dollars again until 1879, after the end of the Seated Liberty
series.[24][37][38] After the outbreak of the war in 1861,
inflationary greenbacks were introduced, and precious-metal
coins vanished from circulation.[39][40] In April 1863, new Mint
Director James Pollock argued that the silver dollar be
eliminated, noting in a letter that the coin "no longer enters into
our monetary system. The few pieces made are for Asiatic and
other foreign trade and are not seen in circulation."[39]
A cartoon from the April 9, 1870 issue of

Harper's Weekly which anticipates the
resumption of government payments in
precious-metal coins.
In November 1861, Reverend M. R. Watkinson suggested in a letter that some sort of religious motto should
be placed on American coinage to reflect the increasing religiosity of United States citizens following the
outbreak of the Civil War. In an October 21, 1863, report to Treasury Secretary Salmon P. Chase, Pollock
expressed his own desire to emblazon American coins with a religious motto. The Mint began producing
patterns bearing various mottoes, including "God Our Trust" and "In God We Trust"; the latter was
ultimately selected, and its first use was on the two-cent piece in 1864.The following year, a law was passed
allowing the Treasury to place the motto upon any coin at its discretion. The motto was placed on the silver
dollar, as well as various other silver, gold and base metal coins, in 1866.[41]
The coin shortage continued after the end of the Civil War, due largely to the large war debt incurred by the
federal government. As a result, silver coinage began to trade at a significant premium to the now ubiquitous
greenbacks. Accordingly, the government was reluctant to issue silver coins. Nevertheless, the Mint
continued striking silver, to be stored in vaults until such time as they could enter the marketplace.[42] The
Seated Liberty dollar was the first coin to be struck at the Carson City Mint; the first to be issued were 2,303
pieces paid to a Mr. A. Wright on February 11, 1870.[43] The dollar was struck at Carson City from 1870 to
1873, with the largest mintage, 11,758, in 1870. The largest quantity struck at any mint was in 1872 at
Philadelphia: 1,105,500, though the mintage in 1871 had also exceeded a million.[30]
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Abolition and aftermath

Beginning in 1859, large quantities of silver were found in Nevada Territory and elsewhere in the American
West.[44] In 1869, Director of the Mint Henry Linderman began advocating the end of the acceptance of
silver bullion deposits to be struck into dollars. Although silver dollars were not coined in large numbers,
Linderman saw that mining in the West would increase after the completion of the transcontinental
railroad,[c] which it did, as US silver production increased from 10 million troy ounces in 1867 to more than
22 million five years later. Linderman foresaw that these activities would increase the supply of silver,
causing its price to drop below the $1.2929 per ounce at which the precious metal in the standard silver
dollar is worth $1.00. He anticipated that silver suppliers would turn to the Mint to dispose of their product
by striking it into dollars. The monetization of that cheap silver, Linderman feared, would inflate the
currency and drive gold from commerce because of Gresham's law. Although silver advocates later called
the resulting law the "Crime of '73" and claimed that it had been passed in a deceitful manner, the bill was
discussed during five different sessions of Congress, read in full by both the House of Representatives and
the Senate and printed in full on multiple occasions. Once it passed both houses of Congress, it was signed
into law by President Ulysses S. Grant on February 12, 1873.[45][46]
The Coinage Act of 1873 ended production of the standard silver dollar and
authorized creation of the Trade dollar, thus concluding the Seated Liberty
dollar series.[47] The Trade dollar was slightly heavier than the standard
dollar and was intended for use in payments in silver to merchants in China.
Although not meant for use in the United States, a last-minute rider gave it
legal tender status there up to $5. When silver prices plummeted in the
mid-1870s, millions appeared in circulation, at first in the West and then
throughout the United States, causing problems in commerce when banks
insisted on the $5 legal tender limit. Other abuses followed, such as
purchase by companies for bullion value (by then about $0.80) for use in
pay packets. Workers had little option but to accept them as dollars. In
response to complaints, Congress ended any status as legal tender in 1876,
halted production of the Trade dollar (except for collectors) in 1878, and
agreed to redeem any which had not been chopmarked in 1887.[48]
Democratic presidential
The 1873 act eliminated the provisions allowing depositors of silver bullion
candidate William Jennings
to have their metal struck into standard silver dollars; they could now only
[49][50]
Bryan campaign poster, 1900.
receive Trade dollars, which were not legal tender beyond $5.
As the
The silver dollar illustrated
price of silver then was about $1.30 per ounce, there was no outcry from
below the portrait resembles a
silver producers.[51] Beginning in 1874, however, the price dropped; silver
Seated Liberty dollar.
would not again sell for $1.2929 or more on the open market in the United
[52]
States until 1963.
Advocates of silver both sought a market for the
commodity and believed that "free silver" or bimetallism would boost the economy and make it easy for
farmers to repay debts. Many in Congress agreed, and the first battle over the issue resulted in a partial
victory for silver forces, as the 1878 BlandAllison Act required the Mint to purchase large quantities of
silver on the open market and strike the bullion into dollar coins. The Mint did so, using a new design by
Assistant Engraver George T. Morgan,[d] which came to be known as the Morgan dollar.[53][54] The issue of
what monetary standard would be used occupied the nation for the rest of the 19th century, becoming most
acute in the 1896 presidential election. In that election, the unsuccessful Democratic candidate, William
Jennings Bryan, campaigned on "free silver", having electrified the Democratic National Convention with
his Cross of Gold speech, decrying the gold standard. The issue was settled for the time by the Gold
Standard Act of 1900, making that standard the law of the land.[53][55]
Collecting
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Considerable private melting in the early years of the series makes many dates rare; more melting took place
when large quantities that had accumulated at the New York Sub-Treasury were sent to Philadelphia in 1861
and 1862 for restriking into smaller denominations.[56] R. S. Yeoman's 2014 edition of A Guide Book of
United States Coins[e] lists no Seated Liberty dollar in collectable condition (very good or better) at less than
$280.[57]
The key dates of the series include the 1866 variety which lacks the motto "In God We Trust", of which only
two are known; one sold at auction in 2005 for $1,207,500.[58] Another rarity is the 1870 struck at San
Francisco (1870-S), of which the mintage is not known as their striking was not recorded in that mint's
records. Those records indicate that in May 1870, the San Francisco Mint returned two dollar reverse dies to
Philadelphia as mistakenly sent without mint mark, and received two proper replacements. There is no
record of any 1870-dated obverse dies for the dollar being sent to San Francisco; nevertheless, the coins
exist. Breen, writing in 1988, lists twelve examples known, which he speculates may have been presentation
pieces, meant to be inserted in a cornerstone.[59] One sold at auction for $1,092,500 in 2003.[58] A similar
mystery attends the 1873-S, which despite the stated mintage of 700, is not known to exist. Two of the
pieces were routinely sent to Philadelphia for examination at the 1874 meeting of the United States Assay
Commission, but apparently were not preserved. Breen suggests that the remaining mintage may have been
melted along with obsolete silver coins.[60]
Notes
a. The number of states at the time
b. A wreathed "Half Dime" or "One Dime" was used on the reverse of those smaller denominations.
c. Completed in 1869
d. From 1917 until his death in 1925, chief engraver. See Coin World Almanac 1977, pp. 216217.
e. Commonly called the Red Book.
References
1. Coin World Almanac 1977, p. 247.
19. Yeoman, pp. 139142, 147151, 163167,
2. Lange, p. 37.
195200.
3. Julian, p. 431.
20. Julian, p. 505.
4. Taxay, pp. 125126.
21. Julian, p. 535.
5. Julian, p. 495.
22. Taxay, p. 150.
6. Lange, p. 41.
23. Yeoman, pp. 185, 234.
7. Taxay, pp. 145, 149.
24. Breen, p. 436.
8. Lange, pp. 4143.
25. Yeoman, p. 217.
9. Coin World Almanac 1977, pp. 200202.
26. Vermeule, pp. 4748.
10. Yeoman, p. 222.
27. Lange, p. 47.
11. Julian, p. 496.
28. Julian, p. 537.
12. Taxay, p. 171.
29. Yeoman, p. 214.
30. Yeoman, p. 218.
14. Lange, p. 46.
31. Julian, p. 538.
15. Julian, p. 498.
32. Julian, p. 539.
16. Julian, p. 504.
33. Taxay, pp. 219224.
17. Peters, pp. 246251.
34. Taxay, p. 221.
18. Vermeule, p. 47.
35. Julian, p. 540.
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8 od 9
36. Julian, p. 542.
49. Breen, pp. 441443.
37. Yeoman, pp. 218222.
50. Taxay, p. 259.
39. Julian, p. 544.
52. Coin World Almanac 1977, pp. 167, 179180.
40. Coin World Almanac 1977, pp. 321325.
53. Lange, pp. 119122.
41. Julian, p. 546.
54. Taxay, pp. 267271.
42. Julian, p. 547.
55. Breen, p. 443.
43. Lange, p. 111.
56. Breen, pp. 436443.
57. Yeoman, pp. 222223.
45. Van Allen & Mallis, pp. 2123.
58. Yeoman, p. 223.
46. Taxay, pp. 259261.
59. Breen, p. 442.
47. Van Allen & Mallis, p. 23.
60. Breen, pp. 440441.
48. Breen, p. 466.
Bibliography
Breen, Walter (1988). Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins. New York:
Doubleday. ISBN 978-0-385-14207-6.
Coin World Almanac (3rd ed.). Sidney, Ohio: Amos Press. 1977. OCLC 4017981
(https://www.worldcat.org/oclc/4017981).
Julian, R.W. (1993). Bowers, Q. David, ed. Silver Dollars & Trade Dollars of the United States.
Wolfeboro, New Hampshire: Bowers and Merena Galleries. ISBN 0-943161-48-7.
Lange, David W. (2006). History of the United States Mint and its Coinage. Atlanta, Ga.: Whitman
Publishing. ISBN 978-0-7948-1972-9.
Peters, Richard, ed. (1845). The Public Statutes at Large of the United States of America
(http://memory.loc.gov/cgi-bin/ampage). Boston, Mass.: Charles C. Little and James Brown.
Taxay, Don (1983). The U.S. Mint and Coinage (reprint of 1966 ed.). New York: Sanford J. Durst
Numismatic Publications. ISBN 978-0-915262-68-7.
Van Allen, Leroy C.; Mallis, A. George (1991). Comprehensive Catalog and Encyclopedia of Morgan
& Peace Dollars. Virginia Beach, Va.: DLRC Press. ISBN 978-1-880731-11-6.
Vermeule, Cornelius (1971). Numismatic Art in America. Cambridge, Mass.: The Belknap Press of
Harvard University Press. ISBN 978-0-674-62840-3.
Yeoman, R.S. (2013). A Guide Book to United States Coins (The Official Red Book) (67th ed.).
Atlanta, Ga.: Whitman Publishing. ISBN 978-0-7948-4180-5.
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Dollar coin of the United States

(18401873)
Preceded by
Gobrecht dollar
Concurrent with:
Liberty Head Gold dollar Type I
(18491854)
Small Head Indian Gold dollar Type
II (18541856)
Large Head Indian Gold dollar Type
III (18561873)
Succeeded by
Morgan dollar
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Categories: Coins of the United States Liberty symbols United States dollar coins
United States silver coins
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Seated Liberty dollar - Wikipedia, the free encyclopedia

The Seated Liberty dollar was a dollar coin struck by