1895-O $1 MS(PCGS#7236)

November 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

6367

等级

MS67

价格

3,462,164

详细说明

Finest Known 1895-O Morgan Silver Dollar Ex Wayne Miller; George Bodway; Jack Lee; Larry H. Miller 1895-O Morgan Silver Dollar. MS-67 (PCGS). CAC. In a collection replete with absolute and condition rarities -- among which are some of the most famous individual coins in all of U.S. numismatics -- it would be nearly impossible for anyone to pick one single coin that stands out as the most significant, most desirable, or even simply their favorite. Among the Morgan dollars in the Larry H. Miller Collection, however, the 1895-O is a strong contender for this honor. It is the finest certified and, in many opinions, the finest known example of this conditionally challenging issue. It is a beautiful Superb Gem that really needs to be seen to be fully appreciated. The striking detail is razor sharp to full over virtually all design elements, certainly far superior to the typical survivor of this overall poorly produced issue. Brilliant with full mint luster, the frosty design elements are equally as appealing as the satiny fields. There is even a trace of semi-prooflike reflectivity on the reverse. We have never seen this coin's equal in an 1895-O dollar, and doubt that such an example exists. Extraordinary! Against the backdrop of the ongoing economic Panic of 1893, the New Orleans Mint produced only 450,000 silver dollars in 1895. Q. David Bowers (1993) deftly sets the stage when we writes: "During this period, the coiners at the New Orleans Mint had a job to do; to coin as many silver dollars as possible in the least amount of time. To say that their workmanship was shoddy would be an understatement; from a numismatic viewpoint, it was terrible." Indeed, most 1895-O dollars went into storage and, judging by the typical Mint State survivor, most were poorly produced. Of the coins in government vaults from the time of striking, the vast majority succumbed to melting under the Pittman Act in 1918. This wholesale destruction explains the scarcity of the 1895-O in an absolute sense. Even worn coins can be elusive, most of which are survivors of the 100,000 or so examples (estimated by Bowers) that entered commerce. Since many of these are in lower grades, distribution must have been fairly early, if not beginning before the turn of the century, than certainly no later than the first couple of decades of the 1900s. Mint State coins were virtually unknown in the numismatic cabinets of yesteryear. While Bowers writes of "sudden enthusiasm" for the 1895-O circa 1900 that saw a few Uncirculated pieces trade for several dollars per coin, he also states that "most famous collections were apt to contain worn pieces." Releases from government storage in later decades were few and far between, providing additional evidence that most of the mintage had been melted around the end of the First World War. During the 1950s a small quantity of Mint State coins emerged from the Treasury Building in Washington, D.C., at which time Bowers speculates that "a few dozen to a couple of hundred went into the hands of dealers and collectors." These likely account for most true Mint State 1895-O dollars extant. Certainly there were few, if any in the Treasury Department releases of 1962 to 1964, or in any other finds of which we are aware. Wayne Miller preceded Bowers in condemning the 1895-O as an issue from a quality standpoint. Writing in his 1982 Morgan and Peace Dollar Textbook, the author states, "The typical 1895-O is poorly struck, with dull luster and many bagmarks." The conclusion embodied in that statement must certainly have been known to the author years earlier, and it undoubtedly helped him recognize the truly special status of the present example when he acquired it for his personal collection in 1975. Aptly described as a "'wonder' coin" in Superior's January 1986 cataloging of the Wayne Miller Collection, the firm also stated that it is "Unequivocally the Finest Known specimen" -- a sentiment with which we wholeheartedly concur. Selected for inclusion in the Larry H. Miller Collection for its extraordinary quality and eye appeal, and most recently confirmed as a Superb Gem by CAC, this coin will serve as a centerpiece in another world class Morgan dollar set. Provenance: From the Larry H. Miller Collection. Earlier ex Wayne Miller, acquired January 1975; Superior's sale of the Wayne Miller Morgan and Peace Dollar Collection, January 1986, lot 1310; George Bodway; Jack Lee I Collection; Jack Lee II Collection; Heritage's sale of the Jack Lee III Collection, November 2005 Dallas, TX Signature Auction, lot 2324. The plate coin for the issue in Wayne Miller's textbook on Morgan and Peace silver dollars PCGS Population: 1; 0 finer in any category. CAC Population: 1; 0. PCGS# 7236. NGC ID: 255Y. Click here for certification details from PCGS.