1884-S $1 MS64 PCGS....

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Sold on Jun 13, 2024 for:

$120,000.00 Bid Source: HA.com/Live bidder

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Description

1884-S Morgan Dollar, MS64
Sharp and Brilliant
Major San Francisco Condition Rarity

1884-S $1 MS64 PCGS. The 1884-S Morgan dollar has a certain "mystique," as Wayne Miller put it in The Morgan and Peace Dollar Textbook. Despite an adequate mintage of 3.2 million pieces, the 1884-S is an elusive issue in all Mint State grades today. Although lower-grade circulated examples are easy to locate, the 1884-S is a prime condition rarity at the MS64 grade level, and finer coins are virtually unobtainable.

The scarcity of the 1884-S in high grade is due to the fact that most of the 3.2 million pieces struck were released into circulation during the 19th century, and suffered the usual wear and attrition over the years. It is believed that additional coins may have been among those melted a couple of decades later under the terms of the Pittman Act of 1918. In A Guide Book of Morgan Silver Dollars, fifth edition, Q. David Bowers notes that a few bags of this issue were paid out from the 1920s into the 1950s, but these again were unnoticed by numismatists and largely went into circulation, or, as Bowers suggests, possibly casinos. Whatever the fate of most 1884-S dollars, the indisputable fact is that collectors wanting a coin graded finer than MS62 will encounter a challenge, and only a handful of fortunate specialists will be able to acquire a coin in MS64 or finer.

Surprisingly, examples of the 1884-S began appearing at auction at least as early as lot 178 of the John Colvin Randall Collection (W. Elliot Woodward, 6/1885):

"1884 Standard, San Francisco Mint; brilliant, like a proof, in such condition scarce."

The lot realized $1.05, a predictably small premium for a coin easily obtained in circulation and issued just the year before. Of course, prices realized have increased exponentially over the years. Recent sales include the MS64 PCGS example in lot 4190 of our 2015 FUN Signature, which realized $123,375.

This piece displays impressively sharp definition and brilliant, satiny luster. Slight reflectivity is seen in the fields when angled beneath a light. Those fields -- particularly on the all-important obverse -- are largely unabraded, and were it not for a light graze on Liberty's cheekbone this piece might have been considered for Gem classification. As it stands, it is one of just a dozen pieces reported at PCGS in this grade, and there are only six numerically finer coins reported at PCGS and NGC combined. Population: 12 in 64 (2 in 64+), 3 finer (4/24).
Ex: Central States Signature (Heritage, 4/2021). lot 5068.(Registry values: P9, N7079)
From The Citizen Bold Collection.

Coin Index Numbers: (NGC ID# 254P, PCGS# 7156, GSID# 7528)

Metal: 90% Silver, 10% Copper
Weight: 26.73 grams
ASW: 0.77346oz
Mintage: 3,200,000

View all of [The Citizen Bold Collection ]

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