Three different dollars : The year 1873 is particularly interest in the annals of american ash grey dollars for many reasons : ( 1 ) The Liberty Seated dollar was abolished with other denominations. ( 2 ) The trade dollar began. ( 3 ) This was the first year that the coinage arrangement contained three different dollars made for circulation ( the standard or Liberty Seated ash grey dollar, the new silver trade dollar of heavier weight, and the gold dollar ; in the other years, 1878-1885, the Philadelphia Mint made deal dollars merely as Proofs ). ( 4 ) Beyond all these are the rarity of 1873-CC and the mystery of the vanish 1873-S.
By 1873, the melt-down value of the last Liberty Seated dollar exit minted was equitable a fraction over font value, not adequate premium to warrant fade. This situation had not occurred for over two decades previously. nowadays, at last, Liberty Seated dollars in Treasury vaults and in individual vaults of bullion dealers and banks ( where many such pieces were held ) were complimentary to circulate once again when coinage payments were resumed beginning in fall 1876. That quantities of dollars were indeed held after 1873 is evidenced by a provision in the Act of July 14, 1875 which stated that United States bonds issued in 1870 were account payable at the choice of the politics in standard silver dollars, 412.5 grains, or in gold coin.
The price of eloquent continued to drop, and in 1874 a Liberty Seated dollar was worth about 99¢ in melt-down value, dropping to 96¢ in 1875, 90¢ in 1876, and rising slightly to 92¢ in 1877. Liberty Seated dollars came out of the carpentry and were once again seen in circulation, particularly in the american West.
Treasury records are ambiguous on the official government attitude on silver dollars. precisely how the Treasury came to own quantities of certain Liberty Seated dollars in Mint State is not known, in view of the exercise at the time of paying out dollars to depositors of silver. Liberty Seated dollars were not minted for the government ‘s own account.
Silver dollar coinage stopped : With the second coming of the craft dollar in 1873, the Liberty Seated dollar, long the bane of respective Mint directors, suddenly lost any far reason for duration, and on March 29, 1873, production ended, following the Act of February 12, 1873 ( popularly called “ the Crime of ’73 ” by its numerous detractors ). Among other provisions, this legislation abolished the two cent piece, the silver three-cent part, the half dime, and the silver dollar, and provided for the neologism of the barter dollar. Changes in weight unit were made for the dime bag, quarter, and half dollar. ( See information concerning the act given below. )
The Philadelphia Evening Telegram on July 11, 1873 carried this notice on the front page : “ The new jurisprudence went into effect the first base of April, and since that prison term none of the dollars coined prior to that date have been paid out. ” After July 10, 1873, many undistributed pieces still held at the Mint went to the fade pot. Included in the destruction was the large quantity of 2,258 unsold Proof dollars of 1873 and unspecified earlier years.
Commenting on the Act of April 12, 1873, W.A. Shaw in The History of Currency, 1252 to 1896, Second Edition, 1896, noted this : “ The silver dollars previously coined ( few of which were in universe ) maintained their timbre as legal tender. … “ This is calm another indication that Liberty Seated dollars were rare in their own time.
Closed 3 date numeral : All 1873 Liberty Seated dollars have the closed 3 date logo ; knobs of 3 are large and close together. No exposed 3 pieces were made. Some 293,000 circulation strikes came from several obverse dies distinguished from each early by minor differences in position.
1873 circulated grades : many if not most 1873 Liberty Seated dollars went to the dissolve pot. Specimens of coins in circulate grades from very finely to AU are much rarer today than the mintage indicates.
Availability of Mint State grades : The 1873 is quite rare in Mint State, but not arsenic rare as one might think. however, they are not importantly more baffling than are circulated pieces ( which, as noted, are not easy to find ). Mint State coins seen by me have been precipitously strike and very crisp.
angstrom early as 1977, which is “ ancient history ” in the annals of research on Liberty Seated dollars, Ron Severa, writing in The Gobrecht journal ; noted that in Extremely Fine stipulate 1873 is not a common go steady and is “ very depreciate. ” On the other hand, in July 1982 Donald Vettel did not hesitate to say that the 1873 was “ rare ” but “ overpromoted. ”
Caveat buyer : In the early 1970s a number of shed counterfeits of the 1873 Liberty Seated dollar and the 1873 trade dollar appeared in numismatic circles. These are believed to have been made in Southeast Asia. Examples seen are very sharp and have a microscopically chondritic surface.
Circulation strikes :
1.Normal date : Breen-5494. Closed 3 in date. ( All trade dollars of 1873 have open 3 : node of 3 smaller, specially the upper one, and far aside. special credit is ascribable Harry X Boosel, who over a period of years has studied the class 1873 intensively and has brought to light much information concerning numismatic issues of the meter. See text. )
Knobs of 3 big, about adequate in size, close together. positional varieties exist among circulation strikes but have not been classified.
Dies prepared : obverse : Unknown ; Reverse : obscure
Circulation strickle mintage : 293,000 ; Delivery figures by day : January 7 : 9,000 ; January 16 : 21,500 ; February 17 : 21,000 ; February 18 : 4,000 ; February 25 : 21,000 ; March 3 : 20,000 ; March 4 : 7,000 ; March 6 : 12,000 ; March 8 : 11,000 ; March 10 : 11,000 ; March 11 : 10,000 ; March 14 : 18,000 ; March 15 : 13,000 ; March 17 : 11,000 ; March 1 : 14,000 ; March 19 : 10,000 ; March 20 : 15,000 ; March 24 : 17,000 ; March 26 : 20,000 ; March 27 : 16,000 ; March 29 : 11,500.
Estimated quantity melted : many were melted at the Mint after July 10, 1873.
Characteristics of hit : Varies ; some with lightly struck details on Miss Liberty ‘s oral sex and light strike on stars, specially 8 through 10. Some Mint State coins have satiny surfaces. Others are partially prooflike.
Known hoards of Mint State coins : none
Many specimens were melted of this, the last Liberty Seated argent dollar issue.
The Act of February 12, 1873
As finally passed, the Act of February 12, 1873 stated the surveil, among other provisions :
” SEC. 15. That the silver coins of the United States shall be a trade-dollar, a half-dollar, or fifty-cent musical composition ; a quarter dollar or twenty-five cent piece ; a dime, or ten-cent piece ; and the weight of the half-dollar shall be twelve grams ( grammes ) and one-half of a gram ( gram ) ; the quarter-dollar and the dime bag shall be respectively, one-half and one-fifth of the weight of said half-dollar ; and said coins shall be a legal tender at their nominal value for any come not exceeding five dollars in anyone requital. …
” SEC. 28. That flatware coins other than the trade-dollar shall be paid out at the respective mints, and at the assay function in New York City, in exchange for gold coins at par, in sums not less than one hundred dollars, and it shall be lawful, besides, to transmit parcels of the lapp, from time to prison term, Â• to the assistant treasurers, depositories, and other officers of the United States, under general regulations proposed by the director of the Mint, and approved by the secretary of the Treasury ; but nothing herein contracted shall prevent the payment of silver coins, at their nominative value, for silver parted from aureate, as provided in this act, or for change less than one dollar in settlement for gold deposits : Provided, That for two years after the passage of this act, silver coins shall be paid at the Mint in Philadelphia and the assay-office in New York City, for silver bullion purchased for neologism, under such regulations as may be prescribed by the director of the Mint, and approved by the repository of the Treasury ….
” SEC. 66. That the different mints and assay offices authorized by this act shall be known as ‘the Mint of the United States at Philadelphia, ‘ ‘the Mint of the United States at San Francisco, ‘ ‘the Mint of the United States at Carson, ‘ ‘the Mint of the United States at Denver, ( Although the federal politics made provision for a batch at Denver vitamin a early on as 1862, when the facilities of Clark, Gruber & Co., bankers and assayers of that city, were acquired, the Denver Mint did not strike coins until 1906, by which time it was set up in a newly build. Before that time, it functioned merely as an assay office, making bars of gold, silver, or unparted mixtures. ) the United States assay-office at New York, ‘ ‘the United States assay-office at Boise City, Idaho, ‘ ‘the United States assay-office at Charlotte, North Carolina ; ‘ and all unspent appropriations so far authorized by law for the use of the Mint of the United States at Philadelphia, the branch Mint of the United States in California, the outgrowth mint of the United States at Denver, the United States assay-office in New York, the United States assay-office at Charlotte, North Carolina, and the United States assay-office at Boise City, Idaho, are hereby authorized to be transferred for the account and use of the institutions established and located respectively at the places designated by this act. … “
1873 Coins in Numismatics
The year 1873 is noteworthy for having the rarest Carson City silver dollar ( the 1873-CC ) and the most enigmatic of all Liberty Seated dollars, the 1873-S, and its companion issues, the 1873-5 half dollar without arrows ( of which no specimen is known to exist ), the 1873-CC dime bag without arrows ( the Eliasberg Collection coin is the only one known ), and the 1873- CC quarter without arrows ( just four are known ) ; one of the rarest circulation affect gold dollars ( 1873 Closed 3 ) ; and the Proof-only 1873 $ 3 objet d’art with its respective restrikes.
The 1873 Proof sets contained more coins than any other in history : indian penny, two-cent nibble ( last year of the appellation ), nickel three-cent piece, silver three-cent piece ( survive year of return ), Shield nickel, half dime bag ( last year of consequence ), dime without arrows at date, dime bag with arrows at date, stern without arrows at date, draw with arrows at date, half dollar without arrows at date, half dollar with arrows at date, eloquent dollar, trade dollar, gold dollar, quarter eagle, $ 3 amber slice, half eagle, eagle, and double eagle. early sets sold by the Mint lacked the barter dollar and silver coins with arrows ; late sets lacked the two-cent piece, trime, half dime bag, silver dollar, and smaller silver without arrows. To contain all of the Proof variations, sets had to be assembled outside of the Mint.
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