1859-S $1 MS (PCGS# 6948)

The August 2011 Chicago ANA World's Fair of Money Auction

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Lot Description
Per Bowers, 1993 since the "supply of domestically mined silver in the United States was very small during these years, most Dollars were minted from melted-down foreign coins taken from circulation and from bullion imported from Mexico...[and] as trade demands increased, production of silver dollars at all mint combined went over the 600,000 mark in 1859 and over the 700,000 mark in 1860. San Francisco was the most important embarkation [sic] point for trade with China...and to minimize risks and costs of shipping silver Dollars from Philadelphia or New Orleans, in 1859 for the first time the San Francisco Mint coined this denomination." The great majority of this 20,000-piece issue was shipped overseas, and thus the total population available to collectors is indeed paltry. The date is today accepted as one of the most elusive in circulated grades, and essentially unobtainable in Mint State.&nbsp;<br /> &nbsp;&nbsp;&nbsp;&nbsp;The present example offers a decidedly&nbsp;reflective presentation with satiny luster over the devices. True, both sides of this pale golden-gray piece show bagmarks and scattered ticks, but these are nothing more than a minor disturbance. Overall boldly impressed, save for a very small amount of striking incompleteness on the reverse eagle's highpoints. For pedigree purposes, a curving mark extends in the field from the eagle's beak up to the E of STATES.
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