1886-O $1 MS (PCGS# 7168)

PN Silver Dollar Session

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    4977
  • Grade:
    MS65
  • Price:
    $115,000.00
Lot Description
1886-O $1 MS65 PCGS. As written for this coin's catalog description for the April 1997 edition of the auction of the Louis E. Eliasberg, Sr. Collection: "The 1886-O dollar is a very curious issue, inasmuch as the mintage is especially generous, worn coins are plentiful, but the high-grade Mint State coins are rarities. When seen in Mint State, the 1886-O is apt to be in lower ranges such as MS-60 to MS-62. Coins at the MS-64 level are indeed rare." This is a point that deserves further attention. A handful of other Morgan dollar issues, among them the 1884-S and 1895-O, exhibit the same duality of relatively available circulated coins and nearly inaccessible Mint State pieces. What do these issues have in common? Certainly not mintage; the coins in this group range from the 1895-O, with less than half a million pieces, to the 1886-O, which has a mintage of over 10.7 million coins. What they do have in common, however, is a substantial presence in the XF to AU designations, which indicate that those coins which were released circulated only briefly prior to their recovery from circulation; this is also indicative, however, of a lack of savings in Mint State. A contributing factor and corollary is that virtually all of the Morgan dollar issues that are condition rarities in Mint State are branch issues; only the 1901 is an exception to this trend. Another common factor is a lack of representation in the game-changing Treasury releases of the 1960s. A Paul M. Green article printed in the April 15, 2008 edition of Numismatic News includes several insightful comments about the 1886-O Morgan dollar, among them: "It's pretty hard to lose 10 million silver dollars, but Bowers and others have tried to trace the release of every Morgan dollar but the 1886-O is barely evident in the reports, with just a small trickle of examples being reported as opposed to the usual bags and that continues all the way through the Treasury release of the 1960s." The most easily reached conclus
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