Lot 1009
1881-O. PCGS graded MS-65 Deep Mirror Prooflike. Fully white. A fully struck Gem with a full overlay of ice-silver color, the mirrors deep and watery, devices fully resplendent. Liberty and the eagle both shine with satin cameo contrast against the watery fields on this handsome O-mint release. Close examination reveals some full strong design details as well. Destined for a fine collection.
The Morgan Dollar was the first standard Silver Dollar struck in the United States Mint since early 1873. This series derives its name from its designer, George T. Morgan, who was formerly a pupil of the famed William Wyon in the Royal Mint in London. Authorized by the Bland-Allison Act of February 28, 1878, the Morgan Dollar was produced every year from 1878 through 1904. The coin was essentially an outlet for western silver mine owners who were having difficulty selling silver bullion on the world market that was fast abandoning the bimetallic (silver-gold) standard and switching instead to a full gold standard. The use of the Morgan Dollar for this purpose received a further boost when the Sherman Silver Purchase Act of July 14, 1890 was passed. Production halted in 1904 when the bullion supply that had been authorized and purchased became exhausted. Along came the Pittman Act. The 1918 Pittman Act called for the replacement of all the Silver Dollars that the government melted at the end of World War I (with the bullion so released being sold to Great Britain to stem a panic in India). The new Peace design was not yet ready for production and therefore the Morgan design was revived for one final mass coinage. Pop 15; none finer at PCGS. (PCGS # 97129) .
Estimated Value $15,000 - 16,000.
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