1895-O $1 MS65 PCGS....

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Sold on Jan 9, 2009 for:

$126,500.00 Bid Source: Internet bidder

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Radiant Silver-White Gem 1895-O Morgan Dollar

1895-O $1 MS65 PCGS. 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.
Despite the incredible condition rarity of the issue, Heritage is privileged to offer two Gem 1895-O examples in the present sale. 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):

"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."

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.
The pieces in the present sale mark only the fourth and fifth times (counting repeat appearances, such as the Ex: Norweb coin) that Heritage has offered 1895-Os in Gem condition; interestingly enough, though, in our July 1993 ANA Sale we also offered two different Gem coins, in one of the first sales in our Permanent Auction Archives. (We have also offered the only MS67 PCGS specimen, as well as an MS66 NGC example, in higher grades.) If we include the number of auction appearances of MS65 or finer certified examples from Heritage and others, we reach a total of eight auction appearances in the last 18 years, or an average of about one Gem or finer every 2.5 years.
But statistics do no justice to individuals. The present coin is silver-white, with radiant cartwheel luster and the barest tinge of gold at the extreme rims. While the Norweb Gem 1895-O is beautifully toned and will appeal to those who appreciate toned coins, this piece's wonderful luster and brilliance will appeal to the other major group of Morgan collectors. The few abrasions noted on the cheek, while not insignificant, are consistent with the Gem grade and not overly distracting, considering the monumental importance of this piece. This is a coin that would be appealing even if it were a common O-mint Morgan, such as an 1883-O. Although the hair over the ear shows typical O-mint weakness, the eagle's breast feathers are much sharper than normally seen for the issue, and there are few other distractions noted on either side. A single tiny darker toning spot on the reverse rim, at 7:30, is mentioned for pedigree purposes.
The importance of the present offering to Morgan dollar collectors simply cannot be overstated.
From The Sanderson Family Collection.
See: Video Lot Description(Registry values: P9, N14284)

Coin Index Numbers: (NGC ID# 255Y, PCGS# 7236, GSID# 7620)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.77346oz
Mintage: 450,000

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