1896-S Morgan Silver Dollar. MS-69 (PCGS). CAC. This 1896-S Morgan dollar is in absolutely phenomenal condition; its existence nearly defies belief for an example of this key date San Francisco Mint issue. Essentially pristine surfaces attest to the utmost care with which it has been preserved since the day of striking more than a century ago. Intense mint luster is seen over both sides, and the appearance is brilliant apart from subtle iridescent gold highlights. Nearly full in striking detail, and sharp over all but the highest curls of Libertys hair above the ear. Here is an exquisite condition rarity, and our offering represents what is likely a once in a lifetime bidding opportunity for advanced Morgan dollar enthusiasts.<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. In MS-69 the present example is unique. As of this writing, PCGS reports 3.5 million certification events for all Morgan dollar issues, in all categories and grades. Of that total, the firm has bestowed the MS-69 grade only nine times. Eight of those are 1880-S and 1881-S coins, issues that are far more plentiful than the 1896-S in Mint State. The 1896-S is on the other end of the spectrum, a conditionally challenging issue that numbers among the key dates of this type even in lower Mint State grades. The existence of this remarkable coin first became known during the 1980s when David Hall acquired it from Chuck Walanka at a Midwest coin show in a transaction that included the equally incredible 1884-S Morgan dollar in the Larry H. Miller Collection. Davids telling of the story, related above in our description for the Miller 1884-S dollar, is reprinted here:<p><em>"The incredible MS68 [1884-S dollar] surfaced at a Mid-West coin show in the 1980s. Dealer Chuck Walanka asked me if I wanted to see two special coins and then proceeded to show me the 1884-S later graded by PCGS MS68 and the 1896-S later graded by PCGS MS69!!!!! Needless to say, I was virtually speechless. I bought the coins for what was a big price at the time...I sold both coins to collector George Bodway. Later Jack Lee bought the Bodway collection intact, combining the two best Morgan dollar collections of the time into one."</em><p>The coins provenance prior to the transaction between Chuck Walanka and David Hall is unknown, but its virtually pristine surfaces argue strongly for it having been obtained directly from the San Francisco Mint in 1896. We are aware of at least one 1896-S dollar that was definitely acquired in that manner, and that is the Eliasberg specimen that J.M. Clapp obtained from the San Francisco Mint in August 1896. Clapp began ordering coins directly from each mint in 1893, the year that Augustus G. Heatons treatise <em>Mint Marks</em> was first published. In contrast, most early mintmark collectors were content with worn examples from circulation. Perhaps Clapp was not alone in 1896 in acquiring a freshly minted silver dollar from the San Francisco Mint. We may never know.<p>What we do know for certain, however, is that this coin was clearly preserved with the utmost care from the time of striking. Stacks Bowers Galleries is honored to provide a new generation of Morgan dollar enthusiasts with the opportunity to acquire this outstanding Superb Gem 1896-S. It is one of the most significant highlights in the Larry H. Miller Collection. From the Larry H. Miller Collection. Earlier ex Chuck Walanka, sold to the following with the 1884-S dollar in the Larry H. Miller Collection at a Midwest coin show in the 1980s; David Hall; George Bodway; Jack Lee I Collection; Jack Lee II Collection; Heritages sale of the Jack Lee III Collection, November 2005 Dallas, TX Signature Auction, lot 2328 From the Larry H. Miller Collection. Earlier ex Chuck Walanka, sold to the following with the 1884-S dollar in the Larry H. Miller Collection at a Midwest coin show in the 1980s; David Hall; George Bodway; Jack Lee I Collection; Jack Lee II Collection; Heritages sale of the Jack Lee III Collection, November 2005 Dallas, TX Signature Auction, lot 2328
