Questions about Proof Seated Liberty coinage
stevepk
Posts: 238 ✭✭✭
I have a few questions about proof seated liberty coinage.
1. How were proof sets sold in the 19th century during the era of seated liberty coinage? What denominations were included in a proof set purchase?
2. How were proof sets packaged when shipped from the mint to buyers?
3. Who purchased proof sets during the seated liberty era? Were there many coin collectors during this time period, or were they primarily sold as gifts to those whom did not collect coins?
4. What happend to unsold proof sets? Can I assume the proof mintage figures reflect the total number of proof coins struck and preserved? Did unsold proof sets enter circulation? Did the mint always ensure supply was no greater than demand to ensure no proof coins were left unsold?
5. Has there ever been an estimate on roughly how many times, on average, a proof coin has been wiped improperly?
6. Is there an estimate to survival rates on proof seated liberty coinage?
7. What was the price of a United States proof set during the seated liberty era?
1. How were proof sets sold in the 19th century during the era of seated liberty coinage? What denominations were included in a proof set purchase?
2. How were proof sets packaged when shipped from the mint to buyers?
3. Who purchased proof sets during the seated liberty era? Were there many coin collectors during this time period, or were they primarily sold as gifts to those whom did not collect coins?
4. What happend to unsold proof sets? Can I assume the proof mintage figures reflect the total number of proof coins struck and preserved? Did unsold proof sets enter circulation? Did the mint always ensure supply was no greater than demand to ensure no proof coins were left unsold?
5. Has there ever been an estimate on roughly how many times, on average, a proof coin has been wiped improperly?
6. Is there an estimate to survival rates on proof seated liberty coinage?
7. What was the price of a United States proof set during the seated liberty era?
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Comments
merse
Some denominations were also sold as singles, for example, the late date gold dollars.
<< <i>I have a few questions about proof seated liberty coinage.
1. How were proof sets sold in the 19th century during the era of seated liberty coinage? What denominations were included in a proof set purchase?
DEPENDS ON WHAT PART OF THE 19th CENTURY. PRIOR TO 1858 PROOFS WERE MOSTLY MADE AS PRESENTS TO RICH AND FAMOUS AND SPECIAL PEOPLE.
1858 - ON. I THINK ALL COINS HAVE PROOFS AND ANYONE COULD BUY THEM. I DONT THINK THE MINT DID MAIL ORDER OR WORKED WITH DEALERS - YOU HAD
TO GOTO THE MINT TO BUY THEM.
2. How were proof sets packaged when shipped from the mint to buyers?
GENERALLY NO PACKAGE. THEY MAY JUST HAND YOU THE COIN IN TISSUE PAPER.
3. Who purchased proof sets during the seated liberty era? Were there many coin collectors during this time period, or were they primarily sold as gifts to those whom did not collect coins?
COLLECTORS AND THE FEW DEALERS THAT EXISTED AND ANYONE ELSE THAT WANT TO.
4. What happend to unsold proof sets? Can I assume the proof mintage figures reflect the total number of proof coins struck and preserved? Did unsold proof sets enter circulation? Did the mint always ensure supply was no greater than demand to ensure no proof coins were left unsold?
I THINK MOST GOLD AND SILVER WOULD BE MELTED, BUT I HAVE HEARD PLEANTY OF EXAMPLES OF WHERE THEY MAY HAVE BEEN PLACED INTO CIRCULATION. FOR SOME COINS
THE MINT AND PROOFS REALLY WERE NOT TOO MUCH DIFFERENT AND VERY HARD TO DISTINGISH (LIKE THE SHIELD NICK, THREE CENT)
5. Has there ever been an estimate on roughly how many times, on average, a proof coin has been wiped improperly?
NO, HOW HOW COULD THIS BE DONE AND WHY?
6. Is there an estimate to survival rates on proof seated liberty coinage?
I WOULD IMAGING (AND THE ANSWER TO MANY, IMO)
7. What was the price of a United States proof set during the seated liberty era? >>
CAN'T RECALL. VERY CLOSE TO FACE VALUE . I THINK A SEATED DOLLAR WAS LIKE 1.05 OR SOMETHING. I DID READ WHERE PROOF TRADE
DOLLARS ACTUALLY RESOLD FOR LESS THAN FACE- THEY WERE REALLY HATED BUY COLLECTORS AT ONE TIME!
1843 proof set in original case. 10 pieces, half cent to eagle. Realized $412,500.
1844 proof set in original case. 10 pieces, half cent to eagle. Realized $440,000.
1845 proof set in original case. 10 pieces, half cent to eagle. Realized $756,000.
1846 proof set in original case. 10 pieces, half cent to eagle. Realized $522,000.
Impressive, huh? Those are 1997/1998 prices too.
He also an 1868 proof set in the original case that was also 10 pieces but no gold, and it brought $26k. Plus many more early proof sets but the ones above were the ones in original cases.
And Akers did an uber-fantastic job on the write ups. Those Pittman catalogs are more of a reference book now then a catalogue.
Edit - And yes, the cases are pictured.
A poster on another message board had a few questions about proof 19th century coins, but had received only a few responses. Since these are common questions, here are some short answers for all.
I have a few questions about proof seated liberty coinage.
1. How were proof sets sold in the 19th century during the era of seated liberty coinage? What denominations were included in a proof set purchase?
Proof coins were sold is sets as minor, silver, and gold, and also as individual pieces. All denominations authorized for that year were included. If a new design was introduced mid-year, it replaced the old design in sets, but was usually sold separately to buyers of earlier sets.
2. How were proof sets packaged when shipped from the mint to buyers?
Packaged in paper envelopes, and sent via registered mail in envelope or box depending on size of order. No standard packaging.
3. Who purchased proof sets during the seated liberty era? Were there many coin collectors during this time period, or were they primarily sold as gifts to those whom did not collect coins?
Sold to collectors. Mint kept a set of journals of purchasers and payments. The number of minor coins sold might indicate the number of active coin collectors at that time.
4. What happened to unsold proof sets? Can I assume the proof mintage figures reflect the total number of proof coins struck and preserved? Did unsold proof sets enter circulation? Did the mint always ensure supply was no greater than demand to ensure no proof coins were left unsold?
Proofs were made in batches based on estimates of demand. Up to 50% to 60% of proofs struck were defective and not sold as proofs. Rejects were added to normal circulation pieces. Any coins left over were held until the end of January to cover late orders and lost/damaged orders, then put into circulation. Proofs were counted in annual production totals.
5. Has there ever been an estimate on roughly how many times, on average, a proof coin has been wiped improperly?
Not that I’m aware of. A single wipe with a cloth could ruin the delicate fields of a proof.
6. Is there an estimate to survival rates on proof seated liberty coinage?
Others will know…
7. What was the price of a United States proof set during the seated liberty era?
In 1858: Gold set: $43.00; Silver/minor set $3.00. Purchaser paid registered mail postage.
Single coins:
Gold Coins: Double-Eagle $20.30
Eagle 10.30
Half-Eagle 5.30
Three Dollars 3.25
Quarter-Eagle 2.75
One-Dollar 1.10
Silver Coins: Dollar $ 1.60
Half-dollar .75
Quarter-dollar .35
Dime .15
Half-dime .08
Three Cents .05
Bronze Cent-piece: .02
Check out the Southern Gold Society
My own estimate is 50-60%.