Highlighted here is an outstanding and elusive Morgan dollar. It is a remarkably smooth, solidly graded Gem 1886-O, an issue that is a well-known condition rarity from the earlier years of this series. Smartly impressed and crisp, both sides offer razor sharp definition throughout the design. The surfaces are bright and brilliant with full, lively satin luster. This issue is far scarcer in Mint State than the 1883-O, 1884-O and 1885-O despite having a higher mintage. Given that the 1886-O is plentiful in worn condition, millions of examples likely found their way into circulation beginning in the late 19th century. Millions more, probably over half of the mintage, were almost certainly kept in storage and melted under the terms of the 1918 Pittman Act.
While major numismatic auctions occasionally offer multiple certified coins, these are almost exclusively in MS-60 to MS-64 (along with those in the About Uncirculated category). Q. David Bowers has made comments on the overall poor quality of Mint State 1886-O dollars. Wayne Miller also described the typical Mint State 1886-O as “heavily bagmarked, with indifferent luster.” Such comments are equally applicable in today’s market, and they explain the extreme rarity of this issue in grades above MS-64. Gems such as that offered in our upcoming Spring Expo Auction are exceedingly rare, seldom offered, and remain the province of the most advanced Morgan dollar enthusiasts. PCGS lists a population of just six coins graded MS-65 with a single MS-65+ finer). Here is a significant bidding opportunity that should not be missed.
For more information about the Stack’s Bowers Galleries Spring 2024 Expo Auction visit StacksBowers.com. To consign your coins or paper money to a future sale call 800-458-4646 or email Consign@StacksBowers.com.
