1867






General Comments


1867 represents the second issue of the With Motto type, as well as the second Post-Civil War issue. As a date 1867 is scarce, but not rare. They are more available than their Civil War predecessors, although high grades, choice mint state and above, are still very rare. Proofs seem to be readily available in all grades through PR65. They are rare but available up to PR68.

1867 examples in middle to upper grades are relatively easy to locate, but patient searching may still be required to find truly problem-free examples. The total graded population drops about 25% below the 1866 total. It falls more in line with the numbers seen in 1861 through 1863. As with most Seated dollars high grades are more available than lower grades. The population reports show that a little less than 30% of the business strikes currently in holders are MS60 or better. Nearly 40% are in various grades of AU. Problem-free examples in grades lower than XF are very scarce. They will generally bring somewhat higher prices than most price guides would indicate. Only 13 coins have been holdered as problem-free in grades below VF.

Current population reports show six examples in MS65, three from each grading service, with none higher. 20 pieces have received a grade of MS64. 15 coins have been evaluated as MS63. A total of 75 coins have been graded at all levels of mint state. As with most dates a few of these, and possibly a significant number of those graded MS64, are likely re-submissions. Population statistics are as of February, 2019.




Mintage 47,525
Proof mintage 625
Mintage ranking 25th
Finest known MS65
PR68
Known obverse dies 2
Known reverse dies 2
Known die marriages 2
Most common die marriage OC-1/ R2
Rarest business strike die marriage OC-1/ R2
Rarest proof die marriage OC-P1/ R3-
The finest proof is a single coin in PR68, graded by NGC. The finest coin graded by PCGS is a single PR66+. NGC has awarded 5 coins a PR67 grade, all designated as cameo. They’ve graded 10 coins PR66, 9 of them designated either cameo or ultra cameo. Two PCGS coins have been graded PR66, both designated deep cameo. A total of 47 coins have been graded PR65, with half of them designated cameo or ultra cameo. This date has a high incidence of cameo contrast for the proof issues. Below PR65 the grading records explode, with over 170 coins graded PR64. A total of 540 coins have been graded as proofs at all levels. Many of these coins noted surely represent re-submissions. We estimate the total number of proofs existing at 450 pieces. Population statistics are as of February, 2019.

1867 examples are usually well struck, with star centrals sharply defined and all other details above average. Reverses are almost always sharp. High-grade business strikes are usually prooflike or semi-prooflike. Frosty examples are available, but patient searching is required to find them. A significant mintage and a single business strike die pair would lead to the conclusion that frosty examples should be readily available, but this doesn’t seem to be the case. Apparently, the dies were polished frequently during the year. The strong strikes and prooflike business strikes have provided a problem in the attribution of proofs vs. business strikes. We’ve seen numerous business strikes encapsulated in proof holders.

1867 Die Marriages


2 die marriages have been positively identified. A single die pair was used to strike all business strikes. Neither die was used for proofs (though see the warning in the previous paragraph). The business strikes are easily identified. The date is notably repunched, with the original punch a much smaller logotype, probably from a punch intended for quarters. The final punch is much larger, surely from the punch intended for dollars. We’ve identified this boldly repunched date as one of our Top-30 Varieties.

A different die pair was used to strike the proofs. The proof reverse, Reverse 1866 PA, is transitional. It was used to strike proofs for 5 years, beginning in 1866 and ending in 1870.

The following table summarizes the known die marriages for 1867.

Click the links below to view the details of each marriage.

Die Marriage
Rarity
Obverse Die
Reverse Die
Estimated Survivors
OC-1 R2 1 A 950
OC-P1 R3 P1 1866 PA 450

Breen identifies two business strike die marriages (reference 20) and three proofs (reference 7). We’ve only been able to verify a single die pair for each format.

1867 Business Strike Emission Sequence


With only a single business strike die marriage the emission sequence is simple.

Emission Order
Die Marriage
Comments
1 OC-1

1867 Proof Emission Sequence


As with the business strikes we’ve identified only a single proof die marriage:

Emission Order
Die Marriage
Comments
1 OC-P1

1867 Quick Finder Chart


Attribution of 1867 die marriages is relatively easy. All dies show notable markers, making them easy to attribute.

Die Marriage

Obv Die

Rev Die

Right
Base of 1

Keys

OC-1 1 A B Obverse:  Repunched date, large/small
Reverse:  Two parallel die lines slant sharply down to the right in the lower part of shield recess #2.
OC-P1 P1 1866 PA JL of RE Obverse:  Low date with NO repunching.
Reverse:  A heavy horizontal die line in the motto from the top right corner of the N through the bottom of GOD.


Photo credits:

Obverse and reverse full photos:   1867 NGC PR67 Cameo, from the Heritage archives.


Copyright © 2015-2019, by Dick Osburn and Brian Cushing, All rights reserved.