Virtually unknown to the numismatic community and no Mint records of their existence. That is what we know about the next coin we are covering in Whitman Publishing’s 100 Greatest United States Coins compilation. With guidance from author Jeff Garrett, we will take a closer look at how this nonexistent silver dollar leaped into existence somehow and became one of the most coveted United States coins ever struck.
#29 – 1870-S Liberty Seated Silver Dollar
To reiterate, there are no Mint records of the 1870-S Liberty Seated Dollar. However, there are around a dozen examples known to exist. Every year, the Philadelphia Mint would prepare the dies to ship to branch mints, but there are no records of any surviving die shipments to San Francisco in the years 1869 and 1870. Despite this, coiner J.B. Harmstead would end up returning two dies without mintmarks in May of 1870 as he would anticipate the correct replacements from Philadelphia. The 1870-S silver dollars would all be struck from the same pair of dies but the mintmark is different than any other San Francisco minted dollars during that time. Why? It is said that Harmstead could have received the 1870-dated obverse dies, but they did not have mint marked reverses. This is where it can be assumed he added his own, attributing to the fact that they looked so different than any others coming from San Francisco.
It was not until an American Numismatic Society exhibit in 1914 displayed an 1870-S Seated dollar that the collecting community knew of its existence. While it was thought of as unique back then, it has since earned its place as one of the most sought after and strongly desired coins in U.S. history. Its origins are said to be linked to the building of the San Francisco Mint and the laying of the cornerstone on May 25, 1870. A number of coin denominations were struck with the intent of placing them in the cornerstone of the new Mint. Some are assumed to still be located there, others are assumed to be struck as mementos due to their condition and preservation. This indicates that if that cornerstone of the old San Francisco Mint were to ever be found, it would be a massive discovery for the hobby.
In 1960, the 1870-S Liberty Seated Silver Dollar was estimated to be worth $15,000 for an Extremely Fine condition. By this fourth edition (2015), that value has risen to $850,000.
