Description and Analysis
Seated Liberty Dollars
1862 $1 MS
Description & Analysis
The 1862 silver dollar is just as rare as its low mintage suggests. There was little demand for silver coins during 1862, as the introduction of non-redeemable notes by both North and South during the Civil War drove such pieces from circulation. They remained at a premium to paper currency for the next 14 years, this disparity reaching its apex during 1864, when the paper dollar was worth just half the value of gold or silver coin.
Like most Philadelphia Mint silver coins of this period, the extant pieces tend to be at or near the Mint State level, with well worn examples being quite rare. Gem MS specimens are extremely rare, with choice pieces being rare, as well. When found these coins typically are well struck with semi-prooflike fields, as the dies had little opportunity to become worn and frosty. Just a single die marriage is known for 1862 silver dollars, and it's quite possible that the entire mintage resulted from a single press run, too.