1886-O $1 MS(PCGS#7168)

June 2021 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

2231

等级

MS62+

价格

13,822

详细说明

1886-O Morgan Silver Dollar. MS-62+ (PCGS). CAC. This coin is the first in a run of fully original Mint State examples of the key date 1886-O Morgan silver dollar that we are offering in this sale. All of these coins come from the same source, they are making their first appearance in the modern numismatic market, and they have recently been certified by PCGS for this sale. The premium quality BU example offered here is dusted with the lightest iridescent silver patina. Boldly to sharply struck with bountiful mint luster. 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 mostly history, and Mint State examples of this issue are generally widely dispersed. Our offering in this sale is a rare exception, and it may very well be the last time that Mint State 1886-O dollars are offered in quantity. PCGS# 7168. NGC ID: 254W. Click here for certification details from PCGS.