1886-O $1 Morgan Dollar PCGS MS64+ Only 7 Finer.

Warmly Toned High Grade 1886-O Morgan Silver Dollar 1886-O Morgan Silver Dollar. MS-64+ (PCGS). Long known to be a condition rarity in any grade above Mint State-63, this splendid near-Gem example will attract considerable attention from advanced Morgan dollar enthusiasts. The strike is sharper than average for the issue with some definition in the fine curls over Liberty's ear and the eagle's breast feathers. Examination of the surfaces finds little more than scattered contact from bag handling, and none of the marks are deep or otherwise individually detracting. Foremost upon examination is the handsome toning in champagne-apricot on the reverse, blended gold, powder blue and silver-rose on the obverse. An abundance of mint luster is also appreciable to further enhance the eye appeal. Not atypical for Morgan dollars and one of the situations that make the series so appealing, this issue is far scarcer in Mint State than the 1883-O, 1884-O and 1885-O despite having a higher mintage (10,710,000 coins for the 1886-O as opposed to, for example, 9,185,000 pieces for the 1885-O). Given that the 1886-O is plentiful in worn condition, millions of examples likely found their way into circulation beginning in the late 19th century. Millions more, probably more than half of the mintage, were almost certainly kept in storage and then melted under the terms of the 1918 Pittman Act. Remaining pieces in government vaults were limited in number with Q. David Bowers (1993) speculating that "apparently no more than a few bags dribbled onto the market in the 1940s and 1950s - enough to keep the issue in the $6 to $10 range for most of the period 1945-1960." Despite its obvious scarcity in Mint State, at that time the 1886-O was largely overlooked by dealers and collectors, a situation that Bowers blames on the overall poor striking, luster and surface quality for which this issue is known. During the Treasury Department releases of 1962 to 1964 a few additional bags probably came to light, again enough to meet the demands of a market that was generally less than enthusiastic about this issue. The coins released during the 1960s may have been part of mixed-date bags, for Harry J. Forman (as related by Bowers, 1993) "recalled that he never had an intact bag of 1886-O dollars, but he did find several hundred 'minimum Uncirculated' coins in a bag containing various dates." Wayne Miller (1982) writes of four original Uncirculated rolls that he purchased in 1971. Surprisingly for the issue, Miller describes those coins as "full strike BU," but he quickly follows that up with the fact that, while "BU pieces are available at nearly every coin show...gems are truly scarce." The days of partial bags and Uncirculated rolls of 1886-O dollars are now history, and Mint State examples of this issue are widely dispersed. While major numismatic auctions occasionally offer multiple certified coins, these are almost exclusively in MS-60 to basal MS-64 (along with a number of the seemingly ubiquitous, and highly salable About Uncirculated examples). Bowers' aforementioned comments about the overall poor quality of Mint State 1886-O dollars was commented upon earlier by Miller when he described the typical Mint State 1886-O as "heavily bagmarked, with indifferent luster." Such comments are equally applicable in today's market, and they explain the extreme rarity of this issue in grades above MS-64. With Gems exceedingly rare, this premium MS-64+ certified by PCGS - nearly as rare in its own right - represents the finest realistically obtainable for the 1886-O as far as most Morgan dollar enthusiasts are concerned. Provenance: From our November 2023 Auction, lot 3095, as PCGS MS-64+, where it realized $16,800. PCGS Population: 28; 7 finer in this category (MS-65+ finest).