By CoinWeek…
- Harlan J. Berk, Ltd. has acquired and will offer the F.C.C. Boyd specimen 1870-S Liberty Seated Dollar.
- The F.C.C. Boyd specimen was the very first 1870-S dollar ever to be offered at auction, making it the most historically significant of the known examples, despite having been tooled to remove an earlier owner’s initials.
- The 1870-S dollar is at the center of a century-old numismatic mystery, as official Mint records deny its production. Yet, a small number of examples, including this one, have surfaced over time.
Harlan J. Berk, Ltd., a firm known for its expertise in rare coins and antiquities, has announced the acquisition and upcoming sale of one of the most mysterious and historically significant coins in American history: the 1870-S Liberty Seated Dollar. This specific coin is the famous F.C.C. Boyd specimen, which was the very first example of this extreme rarity ever to be sold at auction.
1870-S Coins Shrouded in Mystery
The coinage of the San Francisco Mint in 1870 is one of the great puzzles in numismatics. Official Mint records state that no half dimes, quarters, silver dollars, or $3 gold pieces were ever struck there that year. However, contemporary accounts tell a different story, claiming that a complete set of U.S. denominations was struck for the cornerstone of the new Mint building.
Despite the lack of official documentation, a handful of coins from these supposedly nonexistent mintages have surfaced over the span of several decades. The 1870-S Liberty Seated Half Dime is believed to be unique, while only about a dozen examples of the 1870-S Liberty Seated Dollar are known to exist today. This mystery has captivated collectors for over a century, fueling debate and speculation about why and for whom these coins were produced.
The F.C.C. Boyd Specimen: A Coin of Historical Significance
The 1870-S dollar being offered by Harlan J. Berk is a “cornerstone piece” of this numismatic puzzle. It first appeared at a 1926 William Hesslein auction and, at the time, had the initials “FHI” engraved on the obverse. Researchers have made an effort over the years to figure out who FHI was, but nothing conclusive has turned up. These initials were later removed through tooling, which altered the coin’s surfaces, thus necessitating a “details” grade.
While other examples of the 1870-S dollar may be in better condition, this coin holds a special place as the first one ever to be publicly offered for sale. Its history is well-documented, passing through the hands of prominent collectors and auction houses over the decades. After Numismatic Gallery sold the Boyd collection in 1945, the coin was placed in the collections of Earl N. Skinner, Charles Cass, and other unnamed collections. The coin traded infrequently, and the collector who Harlan J. Berk, Ltd. had bought it from purchased it three years ago at a Legend Rare Coin Auctions sale, where the coin brought $141,000. In that listing, the Boyd 1870-S Liberty Seated Dollar was certified by PCGS as “Genuine.” The coin has since been reholdered at “Repaired, VF Details.” Harlan J. Berk, Ltd. is asking $275,000 for the coin. For comparison’s sake, a PCGS XF40 1870-S Dollar is currently being offered on Collector’s Corner from another dealer for $1.325 million.
The coin displays an even, gunmetal-gray tone with hints of pale gold and blue. The reverse shows strong detail in the eagle’s feathers, while the obverse has some loss of detail from the removal of the engraved initials. Although this alteration is an essential part of the coin’s history, its extreme rarity means this “flaw” shouldn’t deter a discerning collector.
The New San Francisco Mint
The coinage of 1870 struck in San Francisco ranks among the great enigmas of American numismatics. By 1869, the San Francisco Mint had outgrown its 1850s-era facility. In 1870, the cornerstone for a new Mint building at Fifth and Mission Street was laid, and contemporary accounts state that a complete run of current U.S. denominations was prepared for inclusion. Official records, however, claim that no half dimes, quarters, silver dollars, or $3 gold pieces were struck at San Francisco that year, even as the Mint Director reported that one of each was made for the cornerstone. Of those denominations, three that “ought” to have remained sealed away have surfaced: the 1870-S Liberty Seated Half Dime, apparently unique, was authenticated by Jim Simeck and Dennis Forgue of RARCOA (then located in Harlan J. Berk’s current offices); the 1870-S $3, another apparent one-off that shows evidence of mounting and bears a mintmark unlike any other San Francisco product, prompting debate as to whether it is the very cornerstone coin or a duplicate; and the 1870-S silver dollar, of which roughly a dozen are now known despite the report of a single piece for the cornerstone.
Why were these pieces produced? For whom? When? This mystery has captivated collectors for over a century—at least since H. O. Granberg displayed his example at the 1914 American Numismatic Society exhibition, more than forty years after the coins were struck.
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