1903-O Morgan Silver Dollar. MS-67+ (PCGS). CAC.Offered is one of the very finest known examples of an issue that is arguably the most interesting in the Morgan dollar series in terms of its numismatic history. This is a fully brilliant and satiny Superb Gem example with a strong strike and exceptional eye appeal. The cartwheel luster is nothing short of spectacular. With coveted approval from both CAC and PQ, this is an exceptional coin for the issue and the assigned grade.<p>In 1903, the New Orleans Mint was again kept busy churning out large numbers of silver dollars, in this case 4,450,000 pieces. As with most issues in the Morgan series, these coins were not needed (not wanted, even) in circulation and, instead, virtually the entire mintage went directly into storage in Treasury Department vaults. A very small number reached the channels of commerce at one time or another during the early to mid-20th century but in worn condition the 1903-O has always numbered among the rarest Morgan dollars at this level. Writing in his 1993 <em>Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia</em>, in fact, Q. David Bowers states, "It is believed that 1903-O is the second rarest Morgan dollar in circulated grades, right after the 1885-CC."<p>Regarding Mint State examples, during the first half of the 20th century Bowers relates how the 1903-O was:<p><em>...the most important, most acclaimed, rarest issue in Mint State in the entire Morgan dollar series. Outranking the 1893-S, 1895, and other contenders, the Mint State 1903-O was so rare that it was estimated that fewer than 10 specimens were known to exist in numismatic circles.</em><p>Then came the "Great Silver Dollar Rush" of the early 1960s, as Wayne Miller calls the Treasury Department silver dollar releases of 1962 to 1964 in his 1982 <em>Morgan and Peace Dollar Textbook</em>. This event changed the fortunes of many issues in the Morgan dollar series. Issues that were believed common were now found to be scarce, if not actually relatively rare, as with few examples emerging from long-term government storage, whatever portion of the mintages were not released earlier in the century were presumed melted pursuant to the 1918 Pittman Act. Others that were (extremely) difficult to come by were suddenly available in quantity, as numerous bags of Mint State coins were dispersed from Treasury Department stocks. None, however, saw their rarity changed more dramatically than the 1903-O. As Wayne Miller explains:<p><em>Of all the adjustments precipitated by the "Great Silver Dollar Rush" of the early 1960s, the plunge of the 1903-O was the most spectacular. Uncirculated specimens, which had retailed for over $1,500 each early in 1962, were for a few days available in multi-bag quantity. Since most collectors were aware of the previous rarity of the 1903-O, virtually none of the estimated 60,000-100,000 which were released were ever circulated.</em><p>In an absolute sense, the 1903-O has been plentiful in Mint State ever since.<p>The next major adjustment for this issue (and most others in the Morgan dollar series), came with the advent of third-party grading in the 1980s. Nearly four decades on from the founding of PCGS, we now have more than enough data to confirm the awesome condition rarity of issues such as the 1903-O in the finest Mint State grades. Uncirculated coins might be plentiful in an absolute sense - there are tens of thousands, as Wayne Miller related - but only a small handful were spared the numerous and in many cases distracting marks usually imparted by decades spent in 1,000-coin cloth bags. In PCGS/CAC/PQ MS-67+ this is just such a coin. Tied for CC#1 for the issue with only 11 other grading events at PCGS, this is an unimprovable coin in a 1903-O silver dollar that will serve as a leading highlight in any Morgan set in which it is included.PCGS# 7286. NGC ID: 256S.PCGS Population: 12; 0 finer.<p>CAC Stickered Population: 54; 0. The former total includes coins certified both MS-67 and MS-67+.Ex Illinois Set.
