Gold Dollar - The 1857-S Gold Dollar had a moderate
mintage of 10,000 pieces. It is moderately scarce in circulated
condition and rare in Mint State. NGC has certified 15 uncirculated
examples and PCGS has 7. The highest are 2 in MS64, one
by each grading service.
The Panic of 1857 took place. It took place
because of the declining international economy and the rapid
expansion of the domestic economy. It was the first world-wide
economic crisis. The Ohio Life Insurance and Trust Company
failed, and financial panic spread. In England, the government
circumvented the law that required it to have gold and silver
reserves to support the money in circulation, which set
off a panic in Britain.
In the West the price of grain declined
significantly causing farmers a loss in revenue and necessitating
the sale of land to raise cash. Land sales decreased and
eventually halted until the Panic ended. A recovery did
not take place until the Civil War.