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Gem 1894-O Morgan Dollar
High-Luster Condition Rarity

1894-O $1 MS65 NGC. The three dollar-coin issues of 1894, the first full post-Silver-Purchase year, offer a dramatic study in contrasts. The 1894 Philadelphia famously has a mintage of only 110,000 business strikes and is a celebrated rarity. The 1894 San Francisco has a higher mintage at 1.26 million coins and was paid out in quantity during the 1950s, creating high availability in the better Mint State grades.
The 1894-O arguably is the most problematic of the three issues. New Orleans struck nearly a half-million more silver dollars than San Francisco in 1894, and in worn grades the 1894-O easily is the least expensive of the three. Even in the lowest Mint State grades, the 1894-O rivals only its San Francisco counterpart. In Select condition, however, the 1894-O starts a hard charge in price due to condition scarcity. In near-Gem its price approaches or even overtakes the low-mintage Philadelphia issue, and at the Gem level, the 1894-O dollar is a no-questions condition rarity.
Neither NGC nor PCGS has recognized a coin in MS66 or better condition, making this Gem a supremely important example for the high-end collector. While it has the issue's usual weakness at the central obverse, the eagle's breast feathers are better-defined than usual. The luster too is above-average, rolling cartwheels with just a hint of apricot color on smooth silver surfaces. A diagonal scrape just below the eagle's neck is acceptable on the reverse of a Gem but precludes a finer designation. Census: 6 in 65, 0 finer (11/12).
From The Steve Reed Collection.(Registry values: P7, N7079) (NGC ID# 255W, PCGS# 7230)

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Auction Dates
January, 2013
9th-14th Wednesday-Monday
Internet/Mail/Phone Bidders: 8
Lot Tracking Activity: N/A
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