1894 $1 MS (PCGS# 7228)

PN Silver Dollar Session

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    Heritage Auctions
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Lot Description
1894 $1 MS65 PCGS. With a mintage of just 110,000 coins, this issue is the first Morgan dollar rarity from the Philadelphia Mint, followed by the proof-only 1895, and the conditionally rare 1901. While a few bags of 1894 Morgan dollars turned up during the middle of the 20th century, it does not appear that this date was part of the Treasury release that took place from 1962 to 1964. Mint State examples of this date are generally found at the lowest levels, and true Gems are extremely rare. The combined Mint State populations of NGC and PCGS show that approximately 1,800 examples of this date have been certified in MS60 or higher grades, but only 28 of those pieces have been graded MS65 or finer. Wayne Miller provides information about the distribution of this issue his Morgan and Peace Dollar Textbook: "Since the 1894-P was minted in fewer quantities than any other business strike dollar except for the 1893-S, it is scarce in all grades. However, it is not as rare in Uncirculated condition as might be expected. Because of its low mintage many pieces were undoubtedly set aside from the first days of issue. A solid bag of uncirculated 1894-P dollars surfaced in Great Falls, Montana in the early 1960s. These coins were widely dispersed, and account for a considerable percentage of the BU 1894-P dollars now in existence." This Gem is housed in a green-label PCGS holder, and it exhibits frosty silver luster with a few tiny specks or splashes of gold toning limited to the obverse. Both sides are sharply detailed, including the hair over Liberty's ear and the eagle's breast feathers. The surfaces are particularly pleasing, with only a few tiny luster grazes on each side and one minor abrasion under the S of PLURIBUS on the obverse. Population: 20 in 65, 4 finer (12/08).
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