Lot 1495
1904-S. MS-60+. Obverse untoned while the reverse is lightly toned. A scarce S-mint date. Consigned too late for 3rd party grading. President Grover Cleveland called Congress into special session during the Panic of 1893 to repeal the Sherman Act affecting silver dollar mintage, which it did on Nov. 2, 1893 only after months of vituperous opposition certain Western congressmen.
Thereafter, dollar coinages were smaller; no more bullion was bought for the purpose of minting them. The Act of June 13, 1898 required that all remaining bullion purchased under the now-discontinued Sherman Act be coined into dollars. Existing stocks thus earmarked for dollars (108,800,188 in all) were exhausted by 1904, ending Morgan dollar coinage for 17 years. Most of these dollars, like their older siblings, remained in Treasury vaults until the 1960s.
Estimated Value $1,700 - 1,800.
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| Realized $2,128 |
