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Lot
2635

1901 $1 PR68 Cameo NGC....

2010 January Orlando, FL FUN US Coin Auction #1136

 
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Auction Ended On: Jan 7, 2010
Item Activity: 10 Internet/mail/phone bidders
983 page views
Location: Orlando, FL
Description:
1901 Morgan Dollar, PR68 Cameo
Wayne Miller Plate Coin
Called 'Finest Known'
1901 $1 PR68 Cameo NGC. Ex: Miller Plate/Everest. Quality Mint State 1901 Morgan dollars are extremely difficult to locate. Most of the mintage was either released into circulation at the time of issue or melted under the provisions of the Pittman Act in 1918. Very few business-strike 1901 dollars were saved by collectors, and the date was not represented in the Treasury releases of the 1960s. Today, most examples seen are in circulated grades, and coins that are technically Uncirculated are usually dull and unattractive. The issue is a prime condition rarity in the series, more challenging at the Gem level than any other date from the Philadelphia Mint, except the apocryphal 1895.
The paucity of high grade business strikes has always put significant pressure on the tiny proof mintage of 813 coins. When the present coin was offered as lot 1396 of the Hoagy Carmichael and Wayne Miller Collections (Superior, 1/1986), the catalogers noted:

"Without question the Finest Known for this date. Fully gem coins of this date are very rare. Most pieces are hairlined. Because of the extreme rarity of the business strike 1901-P Dollar in gem condition, many Silver Dollar collections contain a Proof rather than a regular issue for this date. Consequently, the 1901 has always commanded a premium over most other Proof Morgans."


Silver dollar specialist Wayne Miller featured the coin offered here as the plate coin in his Morgan and Peace Dollar Textbook, and called this example "far and away the finest known specimen of this date." The coin is virtually perfect from a technical point of view. Both sides exhibit brilliant, deeply mirrored fields, with rich, frosty devices. The element of contrast is particularly strong. While NGC has graded one other example in PR68 Cameo (11/09), it is difficult to believe any specimen can match the present coin's extraordinary quality.
Ex: Essex Coins; acquired by Wayne Miller in January 1978; The Hoagy Carmichael and Wayne Miller Collections (Superior, 1/1986), lot 1396.(Registry values: N7079) (PCGS# 87336)

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