1894-O Morgan Silver Dollar. MS-65+ (PCGS). CAC.When offered in Legend Rare Coin Auctions October 2015 sale of the celebrated Coronet Collection this awe-inspiring Gem was introduced by the cataloger as:<p><em>This is one of the finest 1894-Os in existence! Weve never seen anything like it. Both the Coronet Collector and our counterparts at Legend Numismatics passed on several gem specimens before accepting this piece for the collection several years ago. Even after its purchase, the Coronet Collector never found anything remotely close.</em><p>Indeed, the quality, preservation and eye appeal of this coin are all equally remarkable - and virtually unheard of - in an 1894-O Morgan dollar. Framed in delicate peripheral gold iridescence, the surfaces are boldly lustrous with a smooth, billowy texture. Only the faintest nicks and luster breaks are present, and one will need a loupe to discern these as the in-hand appearance is temptingly close to pristine. The strike is just as impressive as the luster and preservation with virtually all features fully defined and just a hint of softness confined to the central obverse highpoint, at and immediately above Libertys ear. The latter can be easily forgiven since Wayne Miller (1982) reports, "The author has never seen a fully struck gem specimen of this date." Indeed, this characteristic softness largely explains why the 1894-O as an issue has yet to break into or beyond the MS-66 grade level at PCGS or NGC. Were this an example of a better-produced Morgan dollar issue, it would probably be in an MS-66 holder. It is a gorgeous coin and an unrivalled condition rarity for the 1894-O.<p>The New Orleans Mint produced 1,723,000 Morgan dollars in 1894. Uncirculated coins were paid out from government storage from the early 1950s through the early to mid 1960s, but in quantities that were relatively small in relation to many other New Orleans Mint issues in this series. Rolls were still available as late as the 1970s, but today Mint State 1894-O dollars are generally offered individually or in small groups, in grades in the MS-60 to MS-63 range. As previously related, much of this has to do with strike (and luster) quality. Indeed, the New Orleans Mint struggled with quality control throughout the Morgan dollar series, and the 1894-O is certainly no exception. In fact, "Mint State examples of the 1894-O dollar are often wretched in appearance," Q. David Bowers writes in <em>A Guide Book of Morgan Silver Dollars</em> (2019). Only a handful of Gems are known, and finding one is difficult for even the most dedicated numismatist. In the early 1990s when PCGS assembled a high grade collection of Morgan dollars from various contributors to display around the country, just three coins were included that were graded lower than MS-65. Those three were the 1894-O, represented in "just" MS-64 grade, and two popular varieties, the 1882-O/S and the 1887/6-O. The Coronet-Illinois specimen represents the finest obtainable for the 1894-O - a probable MS-66 if assessed solely on the merits of its luster quality and surface preservation. Our offering of this fantastic premium Gem in this sale represents an important bidding opportunity for advanced Morgan dollar collectors. We anticipate strong competition and recommend an aggressive bidding strategy for interested parties.PCGS# 7230. NGC ID: 255W.PCGS Population: 2; 0 finer.<p>CAC Stickered Population: 4; 0. The former total includes coins certified both MS-65 and MS-65+.Ex Illinois Set. Earlier ex Coronet Collection (PCGS Set Registry); Legend Rare Coin Auctions sale of the Coronet Collection, October 2015 Regency Auction XIV, lot 2.
