There are currently no items available for purchase in this Department. Search our Auction Archives below to find item values.
Opening Bid :
Current Bid:
Reserve Amount:

You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) Buyer's Premium).


Notice: You are the current high bidder on this lot, but the next highest bid is within one increment. That means that any additional bids on this lot will outbid you. To increase your chances of winning, enter your highest maximum bid.

You are the current high bidder on this lot with a secret maximum bid of %bidPretty%.
(%bidBP% w/Buyer's Premium (BP) Buyer's Premium).

You are the current high bidder on this lot.
(Sign-In to see your maximum bid)

Your secret maximum bid of %bidPretty% has been outbid.

Your secret maximum bid of %bidPretty% does not meet the reserve.

(Sign-In to see your maximum bid)

Your secret maximum bid does not meet the reserve.
(Sign-In to see your maximum bid)

Lot
905

1886-O $1 MS65 PCGS. CAC....

2009 July West Palm Beach, FL (Summer FUN) Signature US Coin Auction #1127

 
Sold for: Sign-in or Join (free & quick)
Make Offer:

The owner of this Item has been actively participating in the Make Offer to Owner program. Make Offer to Owner
Auction Ended On: Jul 10, 2009
Item Activity: 16 Internet/mail/phone bidders Number of Bidders
11,163 page views
Location:

Palm Beach County Convention Center
650 Okeechobee Blvd.
West Palm Beach, FL 33401

Description:
Memorable 1886-O Morgan Dollar, MS65
1886-O $1 MS65 PCGS. CAC. Ex: Jack Lee 2. Some issues, such as the 1921-D half dollar, are celebrated for having the lowest mintage in a series, while others like the 1921 Peace dollar are distinguished as being a first-year issue. Sometimes it is the physical characteristics of a coin that make it special, as with 1820 N-13 large cents, which are relatively more available in high grades than other cents of that era, thanks wholly to the Randall hoard of cents found in the 1860s. The 1886-O dollar stands out as being the rarest New Orleans issue in MS65 or better condition as fewer than five Gem specimens are known to exist. The current offering belongs to that small fraternity of high-end 1886-O dollars. After more than 20 years of third-party grading, only five coins are currently documented at the MS65 level or above at both major services. NGC documents only one such coin--a lone MS66. The PCGS Population Report shows a total of four examples; three MS65 pieces and the famous MS67 Deep Mirror Prooflike coin that was considered by Wayne Miller in his 1982 reference to be "the most spectacular Morgan dollar now known." That piece sold for $231,000 in Bowers and Merena's November 1990 sale of the Chris Schenkel collection.
But why is this seemingly common issue so rare in high grade? The mintage of over 10 million coins makes it hard to believe that so few 1886-O dollars exist in Gem condition. The 1881-S issue saw a comparable output of coins, yet well over 100,000 examples of that date are known in MS65 or better condition. David Bowers speculates in his Silver Dollars and Trade Dollars of the United States (1993): "At or near the time of striking in the nineteenth century, probably a few million coins, say two to four million, were placed into circulation and saw commercial use. Probably, millions of other coins, perhaps as many as six to eight million pieces, went to the melting pot under the terms of the 1918 Pittman Act." Bowers continues by stating that "in MS64 grade it is extremely difficult to locate; probably somewhere between 125 and 250 remain. In MS65 preservation the 1886-O is the rarest New Orleans Mint Morgan dollar; at least one exists, but possibly no more than three." The steep drop of survivors between MS64 and MS65 is reflected in various price guides. For example the current Coin Dealer Newsletter indicates a staggering 21-fold increase in price for the 1886-O between MS64 and MS65 condition--more than any other issue in the entire Morgan dollar series.
John Dannreuther and Jeff Garrett's compilation of silver dollars sold at auction between 1995 and 2004 records not a single showing of an MS65 1886-O dollar. The landmark offering of the current example may represent one of the few appearances of this rare Gem issue in our lifetime.
Predominately white surfaces abound with intense cartwheel luster. Although known to be notoriously weekly struck, this 1886-O dollar boasts an unusually strong strike. The negligible scattered abrasions number fewer than the most conservative of graders would allow for a Gem Morgan dollar. A memorable specimen that was one of the prides of a great collector's cabinet. Population: 3 in 65, 0 finer (6/09).(Registry values: P8, N7079) (NGC ID# 254W, PCGS# 7168)

View large image(s) of this item

Service and Handling Description: Coins & Currency (view shipping information)

Sales Tax information  | PCGS Guarantee of Grade and Authenticity  |  Terms and Conditions

Bidding Guidelines and Bid Increments

Guides and Pricing Information:

Previous Prices from Heritage Auctions
Sign-in or Join (free & quick)
Price Guide
Sign-in or Join (free & quick)
Population Guide
Sign-in or Join (free & quick)
Find Auction Prices for Comparable Items:

Photographs:
Sign-in or Join (free & quick) to see the full image




FLOOR AUCTIONS View All
Open For Bidding
Coming Soon
HERITAGE MEMBERSHIP
866,215
bidder-members
$924,865,908
sold in the last year
VIEW BENEFITS
  1. Past Auction Values (prices, photos, full descriptions, etc.)
  2. Bid online
  3. Free Collector newsletter
  4. Want List with instant e-mail notifications
  5. Reduced auction commissions when you resell your
    winnings 
CONSIGNMENTS WANTED
Only 5 days left to consign to the 2014 June 5 - 8 LB Expo US Coins Signature Auction - Long Beach!
Learn About Consigning With Us
My first auction experience and it was all I expected and then some. BRAVO.
M. C. ,
Flower Mound, TX
HA.com receives more traffic than any other auction house website. To compare for yourself, visit: compete.com
Take our 2014 Coin
and Currency Survey
Grand prize:
A Certified Uncirculated
1907 High Relief $20!*
Take the Survey
HERITAGE VIDEO TUTORIAL
GETTING THE MOST OUT OF SEARCH
RECENT AUCTIONS
2014 March 21 &  23 US Coins Signature Auction - San Francisco
2014 March 21 & 23 US Coins Signature Auction - San Francisco
REALIZED $4,375,539
2014 April 10-12 & 15-16 CICF World and Ancient Coins Signature Auction - Chicago
2014 April 10-12 & 15-16 CICF World and Ancient Coins Signature Auction - Chicago
REALIZED SO FAR $15,009,281
2014 January 9 & 13 FUN World Currency Signature Auction - Orlando
2014 January 9 & 13 FUN World Currency Signature Auction - Orlando
REALIZED $305,199