1897-S $1 MS67 认证号02243594, PCGS号7250

Although I consider the 1895-S the biggest coin in the set - the absolute conditional rarity of this super gem 1897-S may make her the absolute rarest Morgan of the bunch - as even 34 years later and counting, with the advent of + (plus) grading by PCGS - there are still only 11 coins graded higher at the time of this writing - September 2020. She was one of the few coins that came to me through Heritage's "Make an Offer" program - for which I am extremely grateful. As you can see by the pictures she displays quite a bit of patchwork toning on the obverse and is completely mottled with toning on the reverse - with coloration void of the beautiful hues you see on attractively toned coins. If ever there was a candidate to go through the conservation and re-grading route - this would be the coin. I have examined her meticulously under a loop for hours and cannot find even the slightest of tics, with deep rich luster just below the thinnest cloud of toning. If the purpose of this set was NOT to honor and celebrate these treasures in First Generation PCGS holders - I would have sent her in for a professional review long ago! Our PCGS population report published December 1st, 1989 - with a meager 5 - 1897-S coins sharing the same grade, with a single coin graded higher at MS68 - I believe there is absolutely NO-WAY this MS68 coin is still housed in a rattler holder - though she is fun to dream about.

Q. David Bowers

The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993)

Numismatic Information

Commentary: The 1897-S was issued in bag, quantities from the San Francisco Mint in the mid-1920s, 1950s, and early 1960s and was not worth a significant premium at the time, nor was it ever considered to be a scarce date. Many from the distributions of the 1950s and 1960s went to the gaming tables in Reno and Las Vegas. Some found their way to investors and hoarders, including LaVere Redfield, who reportedly had as many as 20 bags. Quantities persisted on the coin market for much of the 1970s, but by now large groups are seldom seen.

Circulated grades: The 1897-S dollar is common in worn grades.

Mint State grades: The 1897-S is readily available in all Mint State grades, although most are at lower levels. An estimated 40,000 to 70,000 exist from MS-60 through 62 grades, followed by 17,000 to 27,000 in MS-63, 14,000 to 20,000 MS-65, and a fairly generous 3,500 to 6,000 MS-65.

Most pieces are sharply struck and have nice lustre. All in all, a Mint State 1897-S coin is a delightful coin.

Prootlike coins: Prooflike coins remain by the thousands. DMPL coins are four or five times scarcer than prooflike coins. The usually seen coin is very attractive, but flatly struck and, if in a lower Mint State grade, with bagmarks. The Redfield holdings contained over a thousand prooflikes. Most prooflike and DMPL specimens are in the MS-60 to MS-63 range. This is the most common prooflike San Francisco Mint Morgan dollar dated after 1882

Varieties

Circulation strikes:

1. Normal date: Breen-5652. Various positional varieties. Probably not all the 38 pairs of dies were used.

Dies prepared: Obverse: 38; Reverse: 38

Circulation strike mintage: 5,825,000; Delivery figures by month: January: 800,000; February: 800,000; March: 800,000; April: 800,000; May: 800,000; June: 475,000; July: none; August: none; Septem-ber: none; October: 300,000; November: 600,000; December: 450,000.

Estimated quantity melted: Many as part of various melts.

Availability of prooflike coins: Fairly plentiful; the most available San Francisco Mint issue after 1882. DMPL coins are about five times rarer than prooflikes. Most are in lower Mint State grades.

Characteristics of striking: The 1897-S is usually seen sharply struck with excellent lustre.

Known hoards of Mint State coins: Many bags came out from the San Francisco Mint in the 1950s and early 1960s; many were in the Redfield estate (1976).


Commentary

The 1897-S is readily available in Mint State. The typical coin is well struck and very attractive.

Additional Information

Mint Report

The Annual Report of the Director of the Mint, 1897, told of transfers of dollars for the fiscal year ending June 30, 1897:
San Francisco. In mint July 1, 1896, 37,459,918; coinage, fiscal year, 8,425,000; total, 45,884,918; in mint July 1, 1897, 45,458,000; distributed from mint, 426,918.