1895-O $1 MS (PCGS# 7236)

2012 August 2-5 US Coins Signature Auction- Philadelphia #1173

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    5210
  • Grade:
    MS65
  • Price:
    $164,500.00
Lot Description
1895-O $1 MS65 PCGS Secure. Five pieces. Believe it or not, that is the sum total of PCGS-certified 1895-O Morgan dollars in MS65 condition. If one adds the pieces certified finer than MS65 at PCGS, the number grows to seven coins -- one each in MS66 and MS67. This business-strike issue has one of the steepest grade-price appreciation curves in the entire Morgan dollar series as Mint State is approached and passed, providing an enormous incentive for coins to be broken out of their slabs and resubmitted in the hopes of achieving a finer grade. In his 2006 Buyer's Guide to Silver Dollars & Trade Dollars of the United States, third edition, Q. David Bowers offers these thoughts concerning the 1895-O Morgan issue (emphasis ours): {blockquote}"When researching my silver dollar Encyclopedia, I was startled to learn that alone among business strike Morgan dollars, the 1895-O was not represented in any Treasury hoards or releases; at least, I was not able to find any evidence that they were. I believe that the 1895-O in high levels of Mint State is one of the great unrecognized rarities in American coinage; actually, it has been recognized somewhat, as the market price indicates, but I do not believe its true potential has been appreciated."{/blockquote} Of the fewer than half-million coins -- 450,000 to be exact -- produced in New Orleans in 1895, Bowers believes that "well over 100,000" of them were subsequently melted in the Pittman Act furnaces. Bowers provides an estimate of eight to 15 pieces surviving in MS65 or better. We suspect the actual number is much closer to eight than 15. If we include the number of auction appearances of MS65 or finer certified examples from Heritage and others, a Gem or finer is offered on average every 2.5 years. The present coin is silver-white, with radiant cartwheel luster and the barest tinge of gold at the extreme rims. This piece's wonderful luster and brilliance will appeal to all Morgan collectors. The few abrasions noted on the
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