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Sale 39
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Lot 1813
1893-CC Morgan Dollar. NGC graded MS-65 Deep Mirror Prooflike. Housed in NGC holder 1996718-002. Fantastic brilliant white. Deep mirror proof-like gem! The challenging 1893-CC has a low mintage of only 677,000 pieces, and it is an issue that is scarce in all grades, circulated or Uncirculated. Rolls of mostly substandard examples of this issue were occasionally obtained by dealers until the 1970s, but very few quantity offerings have been available in recent years. These tended to cluster around MS60 to MS63 grades. Bowers, in his mammoth, two-volume encyclopedia of silver dollars, relates that a bag of 1,000 pieces was released into circulation in Great Falls, Montana. This was at a time when these coins were worth $9 in Very Fine and $65 in Uncirculated. Over the years, we been fortunate to offer a few bright frosty '93-CC dollars in MS64 to MS65 quality. However, most have a flat-as-a-pancake strike on the hair and eagle's chest feathers, or in some other fashion come up short of fully struck. Prooflikes are almost unheard-of. There seems to be little middle ground on this issue. This particular piece is carefully struck and just as carefully preserved by the former owners. Its surfaces are brilliant. They glitter with highly lustrous mirrors which we unhesitatingly call "flashy," without the least embarrassment to use an often overused adjective. Yes, semi-reflective fields can be found now and then on a baggy 1893-CC. But to find a gem MS65 with deep full mirrors like this calls for the beating of tom-toms and honking of horns! There are very few abrasions on either side with the most notable ones being a couple of light scuffs in the frost of the cheek. Also, there is a small toning spot near the cap below S of PLURIBUS in the obverse, hardly worth mentioning given the overall grand display of luster, brilliant snow white color, and surface preservation. A landmark offering for the specialist in Morgan dollars! Pop 1: none finer. In fact NGC has certified only 7 in DPL with the second highest graded only MS-63 DPL (PCGS # 97223) .
End of a Legend. From October of 1889 through December of 1892, the Carson City Mint's monthly silver dollar production averaged 144,000 pieces, sometimes higher, according to Rusty Goe's The Mint on Carson Street. During the first five months of 1893, the mint was on a monthly pace of 135,400 silver dollars, which incidentally would have resulted in the same output as in 1891. But then everything came to an abrupt halt on June 1, 1893, when coinage operations ceased.
Newly elected president Grover Cleveland, facing a divided Congress, determined that the Sherman Silver Purchase Act had failed, and needed to be repealed. Silver dollar production was suspended across the nation, pending the passage of the repeal act in November of 1893. Treasury Secretary John G. Carlisle and Mint Director Robert E. Preston seized the opportunity, explains Goe, to deactivate Carson City's coinage operations, reducing it to an Assay Office.
Estimated Value $70,000 - 80,000.
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| Realized $83,375 |
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