US Coins

1894 Morgan dollar sees $150,000+ as first lot: Market Analysis

Lot 1 in Legend’s Oct. 15 Regency XIV Auction in Las Vegas was the finest-known 1894 Morgan dollar. Graded MS-66+ CAC, it sold for $152,750, more than doubling the $74,750 that it sold for in 2009 at auction.

Original images courtesy of Legend Rare Coin Auctions

Thirty-two Morgan dollars from Part II of the Coronet Collection starred in Legend Rare Coin Auctions Oct. 15 Regency Auction XIV in Las Vegas. The 355-lot sale realized $4,926,775.10 — nearly half of which came from the Coronet Collection’s dollars, with its Mint State 66 1901 Morgan dollar that brought $587,500 leading the sale.

The firm’s partner and founder Laura Sperber said, “We knew the dollars would be strong, but they exceeded our expectations,” adding, “the strength of this sale more than proved that collectors are hungry for quality and will pay for it when available.”

Here is one of three that we're profiling in this week's Market Analysis:

The Coin:
1894 Morgan dollar, MS-66+ CAC

The Price:

The Story:
Legend’s offering of Part II of the Coronet Collection of Morgan Dollars started with a bang, as the first lot, an 1894 dollar graded Mint State 66+ by Professional Coin Grading Service with a green Certified Acceptance Corp. sticker, brought $152,750 against an estimate of $75,000 to $85,000.

The 1894 Morgan dollar is a classic key in the series with a low mintage of just 110,000 pieces. Examples trade infrequently and this dollar last traded for $74,750 at Heritage’s 2009 Florida United Numismatists auction. Then graded PCGS MS-66 CAC (without the plus sign), that offering represented the last appearance of this issue in this grade at auction.

It is the finest graded by PCGS and was part of Jack Lee’s second collection of Morgan dollars. Characterizing the eye appeal as fantastic, Legend’s description compared the coin’s overall look to an 1879-S Morgan dollar, an issue that is well-known for its high production quality, before calling it “the undisputed finest” example of an 1894 dollar. 

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