Lot 1877
1893-O Morgan Dollar. PCGS graded MS-64. Nice white coin. Semi reflective surfaces. This piece displays attractive snow-white color over the nearly abrasion-free surfaces. Sometimes on this issue, the devices that were left by the dies are short of the required precision due to weak die pressure at the centers, we find that to be the case here, but everything else is finely detailed, including the eagle's wings. Pop 75; 9 in 65. (PCGS # 7224) .
As 1893 began, the American economy fell into a deep depression. Many lost their jobs, banks closed and business quickly folded. The need for new coinage fell too, with orders falling to a fraction of previous years during better economic times. Also, the returning Cleveland administration decided to close the Carson City mint as an economy measure, much to the chagrin of the mint workers who lost their jobs right in the middle of the darkest times. What few Morgan dollars were coined likely sat around in vaults, only to be scooped up in 1918 to be melted under the Pittman Act. Hence, this date is quite rare and very difficult to find in choice MS64 condition.
Estimated Value $15,000 - 17,000.
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