1866 No Motto Seated Liberty Dollar Value and Price Guide

In 1866, the United States Mint added the motto "IN GOD WE TRUST" to most silver and gold coins. The Seated Liberty dollar was no exception. Starting that year, the motto appeared on a banner above the eagle on the reverse. But a small number of 1866 dollars were struck without the motto, using the old reverse die from 1865. These "No Motto" coins were not supposed to exist.

Only two proof specimens of the 1866 No Motto Seated Liberty dollar are confirmed. No business-strike (circulation) examples are known. The coin is one of the great rarities in American numismatics, with the known specimens valued at well over $100,000. Even the regular 1866 With Motto dollars are scarce, with a mintage of just 48,900 pieces.

Quick Value Summary

• Item: 1866 Seated Liberty Dollar (No Motto variety)

• Year: 1866

• Category: Coins

• No Motto Variety:

  • Proof: $100,000 - $250,000+ (only 2 known)

• With Motto (standard 1866):

  • Good (G-4): $400 - $600
  • Fine (F-12): $600 - $1,000
  • VF (VF-20): $1,000 - $1,800
  • XF (EF-40): $1,800 - $3,000
  • AU (AU-50): $3,000 - $6,000
  • MS-60: $5,000 - $8,000
  • MS-63: $10,000 - $20,000
  • Proof (With Motto): $5,000 - $15,000

• Mintage: 48,900 business strikes (With Motto); 2 known proofs (No Motto)

• Rarity: Extremely Rare (No Motto); Rare (With Motto)

The Story

The addition of "IN GOD WE TRUST" to American coinage was a direct response to the Civil War. As the conflict dragged on, a growing movement pushed for religious recognition on the nation's money. Treasury Secretary Salmon P. Chase received numerous letters requesting the change, and in 1864, Congress authorized the motto's placement on coins.

The transition happened gradually across denominations. Two-cent pieces got the motto first in 1864. By 1866, it was being added to silver dollars, half dollars, quarters, and gold coins. At the Philadelphia Mint, die makers prepared new reverse dies with the motto on a banner above the eagle.

But at some point during the transition, at least two Seated Liberty dollar proofs were struck using the old reverse die, the one without the motto. Whether this was intentional (perhaps to create specimens for comparison or for collectors) or accidental (an old die grabbed by mistake) is unknown. What is known is that these coins are among the rarest American coins in existence.

The regular 1866 With Motto dollar had a business-strike mintage of 48,900 pieces and a proof mintage of 725. By the standards of 1860s coinage, the business-strike mintage was moderate. Many of these coins entered circulation and were worn down. Surviving examples in any condition are scarce, and mint-state examples are genuinely rare.

How to Identify It

Obverse (front):

• Seated Liberty figure holding a liberty pole with a Phrygian cap

• Thirteen stars around the border

• Date "1866" below Liberty

• The obverse design is the same for both No Motto and With Motto varieties

Reverse (back) - No Motto:

• Eagle with shield, arrows, and olive branch

• "UNITED STATES OF AMERICA" around the top

• "ONE DOL." at the bottom

• No banner or motto above the eagle

Reverse (back) - With Motto:

• Same eagle design

• A banner above the eagle reads "IN GOD WE TRUST"

• This is the standard 1866 issue

Quick identification: Look above the eagle on the reverse. If there is a banner with "IN GOD WE TRUST," it is the standard With Motto variety. If the space above the eagle is empty, you may have the extraordinarily rare No Motto variety.

Weight and specifications:

• Weight: 26.73 grams

• Diameter: 38.1mm

• Composition: 90% silver, 10% copper

• Edge: Reeded

Value by Condition (With Motto)

Since the No Motto variety is a major rarity that almost never appears on the market, the following values apply to the standard 1866 With Motto Seated Liberty dollar:

Good G-4 ($400 - $600): Heavy wear. Liberty's outline visible but details are flat. Eagle on reverse is worn smooth in central areas. Date is readable.

Fine F-12 ($600 - $1,000): Moderate wear. Some detail visible on Liberty's gown. Eagle shows wing feather outlines. All lettering clear.

VF-20 ($1,000 - $1,800): Light to moderate wear on high points. Liberty shows significant gown detail. Eagle's feathers partially defined. Motto banner legible.

EF-40 ($1,800 - $3,000): Light wear on highest points only. Liberty's head and knee show slight flatness. Eagle shows most feather detail. Attractive coin for most collectors.

AU-50 ($3,000 - $6,000): Trace wear on Liberty's knee, breast, and hair. Full mint luster in protected areas. Eagle shows only the slightest wear on wing tips.

MS-60 ($5,000 - $8,000): No wear. Full mint luster but may have bag marks, contact marks, or other imperfections from handling at the mint. Still a scarce coin in any mint-state grade.

MS-63 ($10,000 - $20,000): Choice uncirculated. Moderate contact marks but good eye appeal. Bright luster. These are genuinely rare. PCGS and NGC combined have certified relatively few examples above MS-60.

Proof ($5,000 - $15,000 for With Motto): Mirror-like surfaces with frosted devices. 725 proofs were struck. Surviving examples are scarce but appear at auction periodically.

Authentication

The 1866 No Motto variety is so rare that any claimed example should be viewed with extreme skepticism.

If you think you have a No Motto:

• Do not clean it

• Do not touch it with bare hands

• Contact PCGS or NGC directly for authentication

• The coin must be authenticated and graded by a major service before any sale

For standard 1866 With Motto dollars:

• Counterfeits exist, particularly cast copies from the Chinese fake coin market

• Weight test: genuine examples weigh 26.73 grams. Many fakes are slightly off.

• Edge reeding should be sharp and even

• Surface texture under magnification should show flow lines consistent with die striking, not casting bubbles

Grading costs:

• PCGS Regular: $40-$65 per coin (declared value under $2,500)

• PCGS Express: $100+ per coin (higher declared values)

• NGC Standard: $40-$65 per coin

Where to Sell

Best venues:

• Heritage Auctions: The largest rare coin auction house. Best for any coin worth $1,000+. Their U.S. coin auctions draw the most competitive bidding.

• Stack's Bowers: Another top-tier coin auction house. Excellent for rare type coins.

• eBay: Suitable for With Motto examples in lower grades (under $2,000). Higher-value coins should go through established auction houses.

• Local coin dealers: Good for quick sales. Expect 60-80% of retail depending on the dealer and the coin's grade.

Cost considerations:

• PCGS/NGC grading: $40-$100+ depending on service level and declared value

• Heritage Auctions buyer's premium: 20%. Seller's commission: typically 5-10%

• Insured shipping for a $5,000+ coin: $50-$100

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