Collecting Liberty Seated Coins Dick Osburn 713 -875 -5860 rarecoins@dickosburn. com 1
How’d I Get Here? Began collecting in 1955 • Dad had typical coins in his top drawer § Indians, early Lincolns, a couple Morgan/peace dollars, a few foreign coins, one gold piece (he didn’t give me that one) • Collected Indians, Lincolns, Jeffs, Mercs, etc. • Only a very few quarters, halves, dollars § Couldn’t afford them 2
How’d I Get Here? Dealing by 1958 (age 13) • Selling circulation finds at local shows • Limited buying for resale • Bought my first 1909 -S-VDB that year § $35 for a F that was really a VG • Dad was convinced I was crazy • Grandfather encouraged me • Mom stayed on the fence 3
How’d I Get Here? Slowly retreated from collecting and dealing during college years • Higher priorities • BUT – Subscription to Coin World has been uninterrupted since 1960 4
How’d I Get Here? Re-entered collecting in the late 1970’s • Initially all series • Quickly focused on half dollars § Engineering analysis determined it was the easiest series to collect (at least it was the easiest one that I liked) • Narrowed the focus to seated halves in the early 1980’s 5
How’d I Get Here? Really serious by the late 1980’s • Studied varieties and die marriages, but without much literature to help • Bought all the books I could find • Started my own reference spreadsheet for the series 6
How’d I Get Here? Wiley-Bugert reference published in 1992 • Nearly 300 varieties of the 108 dates and mintmarks • I was hooked! 7
How’d I Get Here? By 1995 my want list was large and I was “coin-broke” • Had 3 double row boxes of dups • It was time to start dealing again • Put a small ad in the Gobrecht Journal and started selling my dups 8
How’d I Get Here? “Dick Osburn Rare Coins” began in 1995 • The timing was perfect - The business grew much faster than I could have ever predicted • A few small shows, then Baltimore in 1997 • Other national shows beginning in 1998 • Retired from NASA in 2003 9
Why Liberty Seated? Challenging series! • Lengthy – 1837 -1891 with lots of mintmarks • Lots of interesting varieties • Genuinely rare – It takes luck in addition to money to complete a set Beautiful designs/ beautiful coins Silver nuggets of early U. S. history 10
Collecting Options In order of difficulty: 1. By type only 2. By date 3. By date/mintmark 4. By variety 5. By die marriage 11
Liberty Seated Series Half Dimes Twenty Cent Pieces Quarters Halves Dollars (Trade Dollars) 12
Ease of Collecting 1. 2. 3. 4. 5. 6. 7. Half Dimes Twenty Cent Pieces Dimes Halves Dollars Trade Dollars Quarters 13
Half Dimes Short series – 80 Red Book listings 4 major types Literature – Acceptable but not good Wonder coins – 1 • 1870 -S – Unique Stoppers – None 14
Half Dimes Expensive coins – 7 • 1846, 1853 -O, 1863 -67 P mints Difficult to find dates – Very few 15
Half Dimes Interesting varieties • • • 1840 -O transitional reverse 1848/8/7, 1848/7/6 1849/6, 1849/8 (controversial) 1853, 1853 -O no arrows 1859 and 1860 transitional (considered patterns, not regular issues) • 1861/0 (controversial) 16
Twenty Cent Pieces Only 7 coins total Only one type Literature – Virtually none Wonder coins – 1 • 1876 -CC – About a dozen known Stoppers – None (2 are close) 17
Twenty Cent Pieces Expensive coins – 3 • 1875 -CC, 1877 (proof only), 1878 (proof only) Difficult to find dates • All except the 1875 -S Interesting varieties • 1875 -S – S/S and MPDs • 1876 doubled die reverse 18
Dimes Long series – 125 Red Book listings 5 major types 19
Dimes Literature – Outstanding! • Gerry Fortin’s web book § Down to the die marriage level § Excellent pictures § Updated frequently § Free! § www. seateddimevarieties. com Wonder coins – 1 • 1873 -CC no arrows – Unique 20
Dimes Stoppers – 1 (2 more close) • 1874 -CC Expensive coins – 7 • 1846, 1863 -67 P mints, 1871 -73 CC mints, 1885 -S Difficult to find dates – Many • S mints, a few others 21
Dimes Interesting varieties • 1839 pie-shaped die crack – 4 known • 1841 -O – transitional reverse hubs § Large and small mintmarks § Currently R 6, R 7 • 1873 doubled die obverse • 1859 transitional (considered a pattern, not a regular issue) 22
Dollars Short – 45 Red Book listings 2 major types Literature – Virtually none Wonder coins – 1 or 2 • 1870 -S – 9 -12 known • 1873 -S – Unknown in any grade 23
Dollars Stoppers – 4 • 1851, 1852, 1858 (proof only), 1873 -CC Expensive coins – The rest of the series! • Entry level is $200 -300 Difficult to find dates • All but about 10 common dates • Problem-free low grades are almost unavailable, even for the common dates 24
Dollars Interesting varieties • • 1851 and 1852 restrikes (proof only) 1850 restrike (proof only, 2 or 3 known) 1844 MPD and doubled die obverse 1866 no motto (considered a pattern, not a regular issue. 2 known) • 1867 large/small date • Several MPDs 25
Trade Dollars Short series – 33 Red Book listings Only 1 major type Literature – Virtually none Wonder coins – 2 • 1884 – 10 known • 1885 – 5 known Stoppers – None 26
Trade Dollars Expensive coins – 6 • 1878 -83 P mints (proof only) • 1878 -CC • The rest of the series? (entry level is $150 -250) Difficult to find dates • All the CCs, 1875 • Problem-free low grades are almost unavailable, even for the common dates 27
Trade Dollars Interesting varieties • • 1876 -CC doubled die reverse 1875 -S/CC 1876 type 2/2 1876 -S doubled die obverse 28
Quarters Long series – 118 Red Book listings 5 major types Literature – Acceptable but not good • Larry Briggs seated quarter encyclopedia 29
Quarters Wonder coins – 2 (3? ) • 1842 small date (proof only, 5 -7 known) • 1873 -CC no arrows (5 known) • 1870 -S – Unknown – An exampled is rumored to be in the cornerstone of the old San Francisco mint 30
Quarters Stoppers – 3 1870 -CC, 1871 -CC, 1873 -CC Expensive coins – • 1842 -O small date, 1849 -O, 1852 -O, 1853 no arrows (repunched date), 1854 -O huge O, 1856 -S/S, 1859 -S, 1860 -S, 1864 S, 1866, 1867, 1869, 1871 -S, 1872 -CC, 1873 no arrows closed 3, 1878 S, 1879 -89 P mints 31
Quarters Difficult to find dates • Too many to list • Many of those listed as expensive aren’t expensive in the price guides • 1856 -S/S is probably the most underrated coin in any seated series 32
Quarters Interesting varieties • 1840 and 1843 large O’s • 1848 repunched dates (doubled and tripled) – No normal date examples are known • 1853/4 • 1854 -O huge O • 1856 -S/S 33
Quarters Interesting varieties (concluded) • 1856 -S/S • 1857 – reverse die clashed with a flying eagle cent die • 1866 no motto (considered a pattern, not a regular issue. 1 known) • 1877 -S/S 34
Halves Long series – 128 Red Book listings 5 major types Literature – Good to Outstanding • Wiley-Bugert Encyclopedia • Bill Bugert’s new series § Down to the die marriage level § Excellent pictures § S mint book is available, CC’s in June § O and P mints coming in the next 2 -3 years 35
Halves Wonder coins – 3 (4? ) • 1842 small date, small letters – 3 known • 1853 -O no arrows or rays – 3 known • 1866 no motto (considered a pattern, not a regular issue. 2 known) • 1873 -S no arrows – 5000 mintage, but currently unknown 36
Halves Stoppers – 3 • 1878 -S – 60 -75 known in all grades – $20 k and up • 1847/6 • 1873 no arrows closed 3 Expensive coins – About 2 dozen • 1850 -52 P mints, 1852 -O, 1855 -S, 187074 CC mints, 1878 -CC, 1879 -90 P mints 37
Halves Difficult to find dates – Less than a dozen • 1841, 1848, 1851 -O, 1856 -S, 1857 -S, 1862 -65 P mints 38
Halves Interesting varieties • • 1842 small and large dates 1844 -O doubled date 1846 medium and large dates 1846 over horizontal 6 1861 -O Confederate die crack 1866 -S no motto (transitional type) 1873 open and closed 3’s 39
Closing Thoughts Get smart – Buy the books before the coins • Join the Liberty Seated Collector’s Club • Buy all the old collective volumes (5 currently available) Limit your scope – Specialize in one series Go for more than your budget can afford (it will take a long time anyway) 40
References 1. Blythe, Al, The Complete Guide to Liberty Seated Half Dimes. Virginia Beach, Virginia: DLRC Press, 1992. 2. Fortin, Gerry, seateddimevarieties. com. 3. Briggs, Larry, The Comprehensive Encyclopedia of United States Liberty Seated Quarters. Published by Larry Briggs, 1991. 4. Wiley, Randy; and Bugert, Bill, The Complete Guide to Liberty Seated Half Dollars. Virginia Beach, Virginia: DLRC Press, 1993. 5. The Gobrecht Journal. Three times yearly publication of the Liberty Seated Collector’s Club. 6. The Gobrecht Journal, Collective Volumes 1 -5. Published by the Liberty Seated Collector’s Club. 7. Flynn, Kevin, Two Dates are Better Than One, A Collector’s Guide to Misplaced Dates. Rancocas, New Jersey: KCK Press, 1997. 8. Lloyd, Lloyd M. , The Varieties of 1854 New Orleans Liberty Seated Half Dollars, Published by Mike Lloyd, 1998. 9. Beistle, M. L. , A Register of Half Dollar Die Varieties and Sub-Varieties. Shippenburg, Pensylvania: The Beistle Company, 1929. 10. Breen, Walter Breen’s Complete Encyclopedia of U. S. and Colonial Coins. New York: F. C. I. Press, Inc. and Doubleday, 1988. 11. Breen, Walter Breen’s Complete Encyclopedia of U. S. and Colonial Proof Coins. New York: F. C. I. Press, Inc. and Doubleday, 1977. 41
Seated Halves 42
Series Characteristics Designer First official issue Last issue Mints Christian Gobrecht 1839 no drapery 1891 Philadelphia 1839 - 1891 San Francisco 1855 - 1878 New Orleans 1840 - 1861 Carson City 1870 - 1878 Total dates/mintmarks 108 Red Book listings 128 Total varieties 306 in Wiley/Bugert reference ~500 estimated Total die marriages ~2500 estimated 43
Design Types YEAR Type 1. 1839 -1866 1839 -1842 1840 (O) 1842 -1866 2. 1853 3. 1854 -1855 4. 1866 -1891 5. 1873 -1874 With drapery, no motto No drapery With drapery, small date/ letters Medium letter bust reverse With drapery, large date/ letters, Arrows & rays, no motto Arrows only, no motto With Motto With arrows, with motto Minor hub changes – 1858, 1876 44
Seated Half Rarity By Date and Mintmark (all varieties included) R 7+ 3 known 1853 -O No Arrows 1842 small date small letters R 5 ~65 known 1878 -S R 3 Less than 500 1851, 1852 -O, 1870 -CC, 1878 -CC 1871 -CC, 1874 -CC R 2 Less than 1250 1842 -O SD, 1846 -O TD, 1850, 1852 1855 -S, 1856 -S, 1857 -S, 1866 -S NM 1872 -CC, 1873 -CC NA, 1873 -CC WA 1885, 1886, 1887 45
Seated Half Rarity By Variety Value (XF) Unknown 1880, type 1 reverse Unique 1866, no motto (Actually a pattern, the Du. Pont coin) 1 known 1877, WB-101, type 1 reverse 3 known 1842, small date and letters 5 -7 known 1851, WB-104, 8 in denticles ~15 known 1877/77 type 1 reverse (Proof) 1875 -S, WB-104, micro S 2, 000 5, 000 ~30 known 1849/1849, WB-102, dramatically doubled date 1876 -S, WB-103, tail hub variety 2 5, 000 1, 500 ~50 known 1847/6, WB-102 ~75 known 1873, WB-101, no arrows, open 3 9, 000 ~250 known 1844/1844 -O, WB-103, dramatically doubled date 2, 500 $35, 000+? 5, 000? 12, 500 46
Seated Half Rarity The “Not So Rare” 1855/4 You can find one or two at any large show 1845 -O No Drapery Actually a die state, caused by polishing the die (the 1839 ND is the exception) Many other no drapery dates are available 1846/horizontal 6 1844 -O doubled date Spectacular, very visible varieties, therefore high priced, but not excessively rare 1879 through 1890 Rare by mintage, but always available Buy proofs for not much more than G-VG 1885, 1886, and 1887 are rarer than the others 1855 -S Louisiana hoard dispersed about 10 years ago 47
Seated Half Rarity Sleepers 1842 -O Large date Common date, but very hard to find 1848 Moderate price, hard to find 1851 Higher priced, but virtually unavailable 1851 -O Higher mintage, and common date price Sought by date collectors due to scarcity of 1851 1852 -O Price references around $100 in G/VG Virtually unavailable in all grades 1856 -S, 1857 -S As scarce as 1855 -S, but at a fraction of the price 1862 - 1865 Civil war issues disappeared 1864 -S Very underrated. Virtually unobtainable in AU - MS 48
Interesting Coins 1840 “Medium Letters” reverse • • Bust half reverse (obverse mintmark) used to strike an 1840 -O seated half Result - the “Medium Letters” no mintmark variety, which is actually a New Orleans issue Early New Orleans die usage • 1845 -O WB-108 1846, 6 over horizontal 6 The 1861 -O “Confederate” halves • Obverse die linked to real 1861 Confederate half dollar issued by the CSA 1866 with misplaced digits (WB-103) 49
Cherry Picking (for fun and profit) The Rules of Engagement • Cherry Picking is an honorable pursuit (NOT theft) – You worked hard for the knowledge - YOU EARNED IT!! – Most (but not all) dealers agree • Be courteous to a dealer’s other customers – Don’t hog the table • When you find something – Complete your search before asking for prices – Ask the price, then pay it or move on – If the dealer asks what you’ve found, tell him 50
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