1901 $1 MS (PCGS# 7272)

The November 2011 Baltimore Auction

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Lot Description
1901 Morgan Silver Dollar. MS-64 (PCGS). Years of experience tells us that the 1901 Morgan dollar is a rarity in mint state. The color is bright silver with a faint blush of gold toning on the obverse and reverse. Fully struck throughout and the surfaces are free of all but minor bag scuffs and light nicks. The presentation is of an otherwise typical near gem Morgan dollar, but this date is an extraordinary rarity at this level of preservation. At the time these were coined, virtually the entire mintage languished in Treasury vaults as demand was low and there were more than enough Morgan silver dollars already in circulation to meet demand. Time passed and the rules changed again, in this instance the Pittman Act was passed in 1918 that authorized the melting of millions of Morgan dollars. The bullion was to be made into the new proposed Peace silver dollars, then making its way through legislation. In time the silver bullion was used to coin considerable numbers of Peace silver dollars, as well as a burst of 1921 Morgans to close out this series. The end result is 1901 Morgans simply do not exist in large numbers, with mint state coins precious and few. With a mere 24 graded this high by PCGS and 3 finer that gives any numismatist a pretty clear picture just how rare this date and grade is. An opportunity for the Morgan dollar specialist that may not soon be repeated.
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