1896-S Morgan Silver Dollar. MS-66 (PCGS). CAC.Smooth and satiny, this virtually brilliant piece would accept nothing less than a premium Gem Mint State rating. A remarkable condition rarity for the issue, as such, this 1896-S also offers virtually full strike detail that comes up just a bit short at the central obverse high point, read: the tresses of hair immediately over Libertys ear. This feature is minor, easily overlooked during in-hand viewing, and just as easily forgiven in an 1896-S dollar, especially given this coins numerous strong suits. The latter also include full satin luster and expertly preserved surfaces that are very difficult to beat in an example of this challenging issue.<p>A generous mintage of 5 million coins conceals the rarity of the 1896-S in Mint State. While circulated examples are plentiful, at least in grades up to and including Choice VF, Mint State coins are scarce by the standards of this series. We suspect that much of the mintage remained undistributed and was eventually included among the 270,232,722 silver dollars melted pursuant to the Pittman Act of 1918. Some coins were distributed into commerce, probably during the final years of the 19th through the earliest decades of the 20th centuries, and these account for most of the circulated survivors. Although additional distributions from the San Francisco Mint were made during the 1950s, the scarcity of this issue in Mint State had not been widely perceived by that time. Q. David Bowers (1993) reports that another 1,000-coin bag emerged from a bank in Oakland, California during that decade, possibly followed by a few other similar finds. By the late 1950s and early 1960s, however, dealer offerings were apt to be for single coins only, the issue no longer plentiful in quantity. The appearance of several rolls during the early 1970s (as reported by Wayne Miller, 1982) resulted in only a temporary change in this issues availability, as by the early 1980s the individual coins had been widely dispersed.<p>And so it remains today, as Mint State 1896-S dollars are scarce, with offerings even in the largest auction sales usually two or three examples at most. Among Uncirculated survivors the typical certified coin is in the MS-62 to MS-64 range. Moderately to heavily abraded surfaces are the norm, and many are also softly struck, if not quite blunt at the central high points. Indeed, acquiring a sharply struck and attractive example in PCGS or NGC MS-65 is no mean feat, and the collector who has done so owns a significant coin of which they should be proud.<p>In grades above the MS-65 level, the 1896-S is a formidable condition rarity. Certified MS-66 by PCGS and confirmed as premium quality in this grade by both CAC and PQ, the offered coin ranks high in the Condition Census for the issue and is eagerly awaiting inclusion in another world class Morgan dollar set.PCGS# 7244. NGC ID: 2564.PCGS Population: 4; 2 finer (MS-69 finest).<p>CAC Stickered Population: 2; 2.Ex Illinois Set.
