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Lot
7264

1893-O MS65 NGC. Ten obverse dies were shipped to the New ...

2004 July New York, NY Signature Sale #320

 
Sold for: Not Sold
Auction Ended On: Jul 21, 2004
Item Activity: 3 Internet/mail/phone bidders
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Location: New York, NY
Description:
Extremely Rare MS65 1893-O Morgan Dollar
1893-O MS65 NGC. Ten obverse dies were shipped to the New Orleans mint in 1893 but no new reverse dies shipped. The reverse dies used for this issue were leftover from previous years. Altogether only five varieties are known of this very scarce issue, struck from three obverse dies and two old reverse dies. No more were apparently needed to produce the paltry mintage of only 300,000 coins, but the usage of leftover reverse dies may go a long way toward explaining why the striking details are less than sterling on the majority of 1893-O dollars.
On this particular piece the striking definition is somewhat weak both on the eagle's breast as well as on Liberty's hair over the ear. However, there is no doubt about the outstanding quality of this Morgan rarity. Unlike the dull luster seen on many examples, the surfaces on this piece are bright with the semi-prooflike sheen that is sometimes encountered. This is significant as it adds more eye appeal to the coin, and as Wayne Miller pointed out "Semi-prooflike specimens...are often more attractive than fully prooflike pieces." The reason for this is that often times when a fully prooflike 1893-O is located it is heavily abraded. On this coin there are no distinctive marks on either side, just a few very shallow luster breaks on the obverse.
The 1893-O has always been on the radar screen of New Orleans collectors as the scant output of 300,000 pieces was the lowest in the entire series of O-mint dollars. Beginning in the late 1950s, when silver dollar collecting began to gain widespread popularity, it began to be noticed that no bags of this issue were available and what few rolls were available brought a substantial premium. Today it is recognized that the '93-O is scarce in all grades and very rare in the better grades of Mint State. It is extremely rare in Gem condition and this is one of only three Gems we have handled in the past ten years. NGC has only certified one other piece as a Gem with one finer (6/04), while PCGS has graded nine pieces as MS65 with none finer (3/04).(#7224) (Registry values: P8, N14284) (NGC ID# 255T, PCGS# 7224)

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