The illustrated piece is the example of J84/P93 which is mentioned in Breen's Encyclopedia #5418 as being struck over an 1859 dollar. It was struck in die alignment III.
It is described, by Breen, as being ex Louis Werner, circa 1958, A.M. Kagin and was circa 2005 sent to Heritage under consignment. According to numismatist Len Augsburger, the piece is mentioned in the May 1957 issue of the Numismatist 1957, pp. 531-532. “Recent NY auction”, realized $580, then to Kagin at $2000 via Louis Werner. This appears in Stack’s 12/1956:1188 ($580), and is plated there, where Werner apparently cherried it.
As shown in the picture below, the 59 from the host coins original date is clearly visible to the right of the second 8 of the overtype.
It is one of several overstrikes produced circa 1859-60 which an example of an J67/P70 overstruck over an 1859 gold dollar and the famous 1851 restrike dollar overstruck on what is believed to be an 1859-O dollar to name just a few.
It is regrettable that the coin is toned as it hides additional undertype. Mark Van Winkle of Heritage mentions "I noticed traces of the undertype was on ONE DOLLAR on the lower reverse, especially on the D".
The coin realized $80,500 in the Heritage 2010 ANA sale. Hopefully the coin will receive more thorough study now that it has been reintroduced to the collecting fraternity.
Photo courtesy of Heritage.