Gem 1851-O Half Dollar
Among the Very Finest known
1851-O Liberty Seated Half Dollar. WB-4. Rarity-3. MS-65+ (PCGS). CAC.
The discovery of gold at Sutter's Mill in 1848 sent shockwaves through the American economy that reverberated for decades. While the gold to silver ratio of both the domestic and international markets had been a precarious variable in the operations of the U.S. Mint since its establishment in 1792, the Gold Rush had once again upset this delicate balance. With the influx of gold into circulation, the price of silver rose to a point that, by 1851, the silver coins produced by the Mint were worth more as bullion than face value, encouraging aggressive hoarding, exporting and melting for profit. This surge in pricing also consumed the Mint's seigniorage for the production of these coins, forcing them to reduce output significantly across all silver denominations. It wasn't until the reduction in planchet weight accompanied by the Arrows design type in 1853 that this incessant hemorrhaging was alleviated and the Mint began striking coins liberally once again. A profound victim of this tumultuous era, the 1851 issue of Liberty Seated half dollars struck in New Orleans exemplifies the extent to which these circumstances truly hobbled the productivity of the Mint. The two preceding years saw bountiful, lavish production to the quantities of 2.3 and 2.4 million coins, chronologically. Seemingly in anticipation of another active striking period, twenty pairs of dies were shipped to the New Orleans Mint to be used for the 1851 issue, however, the volatile gold to silver ratio would ensure that just four of these pairs, in five distinct combinations, would be employed. By the time the presses had retired for the year, just 402,000 1851-O Liberty Seated half dollars had been struck. While largely unimpressive in overall scarcity, the 1851-O becomes a considerable condition rarity in uncirculated preservation. A loose concentration of examples can be found in Choice Mint State, though true Gems, like the present piece, are exceedingly rare. With perhaps a dozen unique pieces at or above MS-65, this offering is a truly significant opportunity for Liberty Seated and New Orleans Mint enthusiasts. A twilight iridescence of olive and indigo shades gently paints the underlying champagne golden-gray patina across this gorgeous New Orleans Mint Gem. The devices are impeccably rendered, as is typical for the issue, with intricate central elements draped in a uniform, frosty luster. Representing the later state of this die pairing, hairline cracks radiate inward from the 10 o'clock and 2 o'clock positions around the obverse border, with a third crack to be noted that spans between star 13 and Liberty's instep. A single crack snakes down from the 12 o'clock border on the reverse, barely meeting the eagle's head just about the eye, and evidence of die clashing can be seen within the right side of the shield. The overall complexion remains virtually flawless in-hand, as both the high points and the vulnerable regions are left smooth and unmarred by blemishes of any merit. A stunning example of this low mintage issue offering superlative quality in every respect.
PCGS# 6267. NGC ID: 24HK.
PCGS Population: 1; 2 finer (MS-66+ finest). CAC Stickered Population: 1; 1. The former total includes coins certified MS-65 and MS-65+.
From the Srotag Collection. Earlier from Heritage's Long Beach Signature Auction of June 2016, lot 4534.