1886-O $1, DMPL MS(PCGS#97169)

November 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

6333

等级

MS67DMPL

价格

5,114,560

详细说明

Finest Certified 1886-O Silver Dollar Wayne Miller: "The Most Spectacular Morgan Dollar Now Known" 1886-O Morgan Silver Dollar. MS-67 DMPL (PCGS). CAC. Here is a standout highlight of the incredible Morgan dollar offerings in the Larry H. Miller Collection. It is undisputed as the finest known 1886-O, an issue that is very challenging to locate in Gem and higher grades. The surfaces of this virtually pristine example are brilliant and mark free and present amazing deep cameo finish. The fields are deeply mirrored, highly reflective, and form a splendid backdrop to richly frosted design elements. The strike is full over even the most intricate features and, when combined with the aforementioned deep cameo finish, it suggests that this piece was coined from a very early state of the dies before many, if any other examples had been struck. This coin's incredible quality must surely have been recognized at the time of striking, for it has clearly been carefully handed down from owner to owner in its original, virtually pristine condition. Long recognized as one of the most beautiful and desirable Morgan dollars of any issue, our offering of this exquisite 1886-O represents what could very well be a once in a lifetime bidding opportunity for the advanced specialist in this perennially popular series. Not atypical for Morgan dollars and one of the situations that make the series so appealing, this issue is far scarcer in Mint State than the 1883-O, 1884-O and 1885-O despite having a higher mintage (10,710,000 coins for the 1886-O as opposed to, for example, 9,185,000 pieces for the 1885-O). Given that the 1886-O is plentiful in worn condition, millions of examples likely found their way into circulation beginning in the late 19th century. Millions more, probably more than half of the mintage, were almost certainly kept in storage and then melted under the terms of the 1918 Pittman Act. Remaining pieces in government vaults were limited in number with Q. David Bowers (1993) speculating that "apparently no more than a few bags dribbled onto the market in the 1940s and 1950s -- enough to keep the issue in the $6 to $10 range for most of the period 1945-1960." Despite its obvious scarcity in Mint State, at that time the 1886-O was largely overlooked by dealers and collectors, a situation that Bowers blames on the overall poor striking, luster and surface quality for which this issue is known. During the Treasury Department releases of 1962 to 1964 a few additional bags probably came to light, again enough to meet the demands of a market that was generally less than enthusiastic about this issue. The coins released during the 1960s may have been part of mixed-date bags, for Harry J. Forman (as related by Bowers, 1993) "recalled that he never had an intact bag of 1886-O dollars, but he did find several hundred 'minimum Uncirculated' coins in a bag containing various dates." Wayne Miller (1982) writes of four original Uncirculated rolls that he purchased in 1971. Surprisingly for the issue, Miller describes those coins as "full strike BU," but he quickly follows that up with the fact that, while "BU pieces are available at nearly every coin show...gems are truly scarce." The days of partial bags and Uncirculated rolls of 1886-O dollars are now history, and Mint State examples of this issue are widely dispersed. While major numismatic auctions occasionally offer multiple certified coins, these are almost exclusively in MS-60 to MS-64 (along with a number of the seemingly ubiquitous, and highly salable About Uncirculated examples). Bowers' aforementioned comments about the overall poor quality of Mint State 1886-O dollars was commented upon earlier by Miller when he described the typical Mint State 1886-O as "heavily bagmarked, with indifferent luster." Such comments are equally applicable in today's market, and they explain the extreme rarity of this issue in grades above MS-64. Given the scarcity and conditionally challenging nature of the 1886-O in Mint State, it should come as no surprise that fully Prooflike and Deep Mirror Prooflike examples are exceedingly rare. So rare, in fact, that many numismatists will go their entire collecting lives without even seeing an example, let alone having the opportunity to acquire one. Once part of the fabled Wayne Miller Collection, and the plate coin in the author's 1982 Morgan and Peace Dollar Textbook, The Larry H. Miller example of this famous rarity was described therein as "the most spectacular Morgan dollar now known." Also an "old friend" of our firm, we (Bowers and Merena) were fortunate to have offered this coin in our November 1990 Chris Schenkel Collection sale. Dave Bowers (1993) relates how, "The finest known DMPL [1886-O]...amazed onlookers as it sold for $231,000 in the Chris Schenkel sale." The cataloger at that time described it as "THE ULTIMATE MORGAN DOLLAR!" and further noted: "The opportunity presented by the auction appearance of this phenomenal specimen cannot be overemphasized. No other 1886-O Morgan dollar has been graded higher than this one...When the chance to acquire this example has passed, when will another present itself? Clearly, many, many years may pass before a collector might obtain a second chance at acquiring this outstandingly beautiful, memorably breathtaking dollar..." Those words are as true today as they were in 1990, and they confirm the incredible bidding opportunity that this 1886-O represents for Morgan dollar enthusiasts who seek the finest in quality and eye appeal for their collections. Provenance: From the Larry H. Miller Collection. Earlier ex John Love; Wayne Miller, 1977, via Dean Tavenner; Superior's sale of the Wayne Miller Morgan and Peace Dollar Collection, January 1986, lot 1279; our (Bowers and Merena's) Chris Schenkel Collection sale, November 1990, lot 400, at which time it was certified MS-67 DPL by NGC; Jack Lee I Collection. The plate coin for the issue in the 1982 Morgan and Peace Dollar Textbookby Wayne Miller PCGS Population: 1; 0 finer in any category. The second highest graded example of this issue known to PCGS is an MS-65+. PCGS# 97169. Click here for certification details from PCGS.