1863






General Comments

In 1863 silver dollar mintage recovered somewhat from its bottom in 1862, but was still low, just over 27,000 coins. This date is similar to 1862. Its very popular with collectors due to both low mintage and its status as a Civil War date. 1863 coins are rare in any grade. Price guides reflect the rarity of the date, pricing it accordingly. Still the date often trades well above most price guides. As this is written a pleasing original XF45 example, graded by PCGS, sold for over $5400 at the Heritage Houston Money Show auction (December, 2015).

Nice examples can be located, but patient searching is required. High grades, both proof and business strikes, are most available. Population reports show that nearly 45% of the business strikes currently in holders are MS60 or better, with another 25% in various grades of AU. Problem-free examples in grades lower than XF are rare, though a little more available than 1862. They will generally bring much higher prices than most price guides would indicate.

The finest known business strike is a single MS67+ examples graded by NGC. Two additional coins have been given a MS67 grade, one by NGC and one by PCGS. Five have been graded MS66, four by PCGS and one by NGC. Another five coins have received a MS65 grade. Only in MS64 does the date become somewhat available, with 40 coins graded at that level. A total of 108 coins have been graded at all levels of mint state. As with all dates several these surely represent re-submissions. As noted previously this date is far more available in high grades than low. Collectors seeking a F-VF set will have a real challenge. PCGS and NGC together have graded only 19 coins below VF, with another 31 graded at the various VF levels. Population statistics are as of March, 2017.





Mintage 27,660
Proof mintage 460
Mintage ranking 19th
Finest known MS67+
PR69
Known obverse dies 2
Known reverse dies 3
Known die marriages 3
Most common die marriage OC-1/ R3-
Rarest business strike die marriage OC-1/ R3-
Rarest proof die marriage OC-P1/ R4+
The finest known proof is a single PR69, the Kaufman coin, graded by NGC. NGC has graded two additional coins at the PR68 level, both given a cameo designation, and four more at the PR67 level. The highest proof graded by PCGS is a single PR67 cameo example. Theyve given 13 additional coins a PR66 rating. NGC has graded 6 coins at the PR66 level, with one of those receiving a plus and a star. A total of 369 coins have been graded at all levels of proof by the two major services. This figure underscores the number of re-submissions that are represented in the grading service population reports. We estimate that only 210 proofs exist for this date. Population statistics are as of March, 2017.

1863 examples are usually well struck. Star centrals are usually sharply defined, and all other details above average. Reverses are almost always sharp. High-grade business strikes are often prooflike or semi-prooflike, but frosty examples are equally available.

1863 Die Marriages


3 die marriages have been positively identified. A single die pair was used to strike all business strikes. Neither die was used for proofs. A single obverse die was paired with two different reverses to produce two proof die marriages. Both proof reverses are transitional. Reverse PA is re-used in 1864 for two additional die marriages, Reverse PB for one. The following table summarizes the known die marriages for 1863.

Click the links below to view the details of the die marriages.

Die Marriage
Rarity
Obverse Die
Reverse Die
Estimated Survivors
OC-1 R3- 1 A 450
OC-P1 R4+ P1 PA 90
OC-P2 R4 P1 PB 120


We note that Dave Bowers (reference 4) described two proof die marriages, but with two different obverse dies. We have observed that with motto patterns (J-345, J-346, and J-347) were struck with a different obverse die. This indicates that a second die was available. However, weve been unable to confirm its use to strike regular issue proofs.

1863 Business Strike Emission Sequence


With only a single business strike die marriage the emission sequence isn't terribly interesting.

Emission Order
Die Marriage
Comments
1 OC-1

1863 Proof Emission Sequence


We believe that the extent of die polish on Obverse P1 indicates that the sequence listed below is correct. However, the differences are minute, and open to interpretation. Suffice it to say that we made our best educated guess.

Emission Order
Die Marriage
Comments
1 OC-P1
2 OC-P2 Die polish slightly reduced the unfinished area under the chin

1863 Quick Finder Chart


Attribution of 1863 die marriages is relatively easy. Neither the obverse nor reverse dies display major markers, but the obverse date positions are notably different on the two known obverse dies. The only challenge is differentiating the two known proof reverse dies. Fortunately proofs are usually relatively high grades, making the minor diagnostics visible. The following table lists the keys for identifying each variety:

Die Marriage

Obv Die

Rev Die

Right
Base of 1

Keys

OC-1 1 A C Obverse: 1 is VSH.
Reverse: A light die line joins the lower two leaves.
OC-P1 P1 PA LE Obverse: 1 is L.
Reverse: No extensions of the vertical shield lines. The lowest horizontal shield line crosses the shield border, barely poking into the wing feathers.
OC-P2 P1 PB LE Obverse: 1 is L.
Reverse: Vertical shield line 1-3 extends to horizontal line 5. The lowest horizontal shield line crosses the shield border, but doesnt poke into the wing feathers, and the extension is lighter than that of Reverse PA.


Photo credits:

Obverse and reverse full photos:   1863 NGC PR69, finest known, ex. Kaufman, from the Heritage archives.


Copyright 2015, by Dick Osburn and Brian Cushing, All rights reserved.