Way back in the early years of the United States Mint, coins were being struck sometimes with and without sanction. This means that there are rare, one-off coins (or patterns), that were struck but never used for circulation. This also means that the door was wide open for pieces struck like this to be highly sought after with its rarity the core reason behind it. That is the case with this next coin in our blog series covering Whitman Publishing’s 100 Greatest United States Coins. Author Jeff Garrett takes us through this complicated backstory of how this unique coin came to be.
#83 - 1866 “No Motto” Liberty Seated Half Dollar
The 1866 “No Motto” Liberty Seated half dollar coin was originally a part of a three-coin set (quarter dollar, half dollar, silver dollar) that was stolen from the DuPont family collection in 1967. While they were separated for more than 30 years, they eventually came back together and were returned to the DuPoint family before being given on loan to the American Numismatic Association (ANA) for display.
All the way back in 1865, a congressional act was passed for the use of the scroll featuring the words “IN GOD WE TRUST,” otherwise known as the “Motto.” However, they were not added to the backs of half dollars until 1866. While some believe that the 1866 “No Motto” half dollar was considered a transitional pattern, others believe that the coin was made at the request of an “insider” at the Mint. Some believe that a special set featuring all three coins was made just for Robert Coulton Davis, an informant for the Mint during the recovery of 1804 dollars during an operation in 1858. This is where the term “fantasy coin” can be used to describe the unique rarity of the half dollar (much like its quarter dollar counterpart).
The creation of “fantasy coins” after the restrikes of already known rarities occurred a lot at the Philadelphia Mint back in the 1850s and 1860s. Once Proof coins were available for sale in 1858, collectors made countless requests to strike coins from previous years. Many of the requests were for rare coins that were hard to find. It is believed that those who worked for the Mint took opportunities to restrike these coins, with or without the adequate permissions. This would create a number of never-before-seen pieces that collectors would pay top dollar for, including those coins that would bridge the “No Motto” and “With Motto” transition. A lot of collectors took notice of the sudden appearance of these coins and the Mint would go on to make certain that the restriking practices were ended.
The historic value of the 1866 “No Motto” Liberty Seated half dollar in 1960 for a Choice Proof condition was quoted at $60,000. By this fourth edition publication (2015) it had grown to $750,000.
