1894-O $1 MS (PCGS# 7230)

2010 August Boston, MA Signature & Platinum Night ANA Coin Auction #1143

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    Heritage Auctions
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Lot Description
1894-O $1 MS65 PCGS. The Sherman Silver Purchase Act of July 14, 1890 directed the Mint to buy millions of ounces of silver each month to coin into silver dollars. It was the second such American purchase-mandate act for silver and silver dollars, following the Bland-Allison Act of February 28, 1878, which it replaced. As the Guide Book recounts, the act "was actually a government subsidy for a few influential silver miners," and it artificially boosted the domestic price of silver at the expense of the government's gold reserves. The Act of November 1, 1893 repealed the Sherman Act and came out for bimetallism, "that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States..." Without the subsidy, mintages for Morgan dollars fell off a cliff. In most other time periods, a (non-Carson City) Morgan dollar mintage of under 1.8 million pieces would seem meager, but coming in the middle of the 1893-1895 drought, the 1894-O actually has the highest mintage of any issue of those years. Despite the relatively high mintage, the 1894-O Morgan is a condition rarity at the Gem level. The present coin is one of just nine so graded by PCGS (6/10) with none finer. Appreciable striking softness at the hair over Liberty's ear is typical for the date, but the rest of the coin is extraordinary. Bright silver luster cartwheels on each side with peripheral touches of cream and gold. Aside from a few small ticks and scrapes, the surfaces are remarkably smooth. A Registry collector's dream.
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