Lot 2688
1901. PCGS graded MS-61. Scarce date in Mint State. In this period in our history, most silver dollars stayed in bank vaults as backing for silver certificate paper money. Out west, dollars circulated, but east of the Mississippi, the public and businesses preferred folding currency. When the Pittman Act became law in 1918, over 270 MILLION silver dollars then being stored were melted. The resulting silver ingots were shipped to Britain and then on to India to ease a silver-panic that was shaking their economy. It might be that a large percentage of the 1901-P issue ended up in this group. Those that weren't had almost all entered circulation. To this day, lustrous Mint States, like the MS61 on offer, are scarcer than other P-mint dates of 1896-1904, far scarcer (PCGS # 7272) .
Estimated Value $2,000 - 2,200.
|
| |
| Realized $2,760 |
