Market Analysis: Moser collection of Mint State Morgan silver dollars brings $1.57M at Heritage CSNS auction

Market Analysis column from May 19, 2014, issue of Coin World
By , Coin World
Published : 05/05/14
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On April 24 at the Central States Numismatic Society’s convention, Heritage Auctions presented the Mark Moser Collection of Morgan dollars, which is the No. 1 ranked set of Morgan dollars in the Numismatic Guaranty Corp. Registry program. 

The set — with each coin offered as a single lot — brought $1,574,837. 

The 105 dollars in the collection included around a dozen pieces tied as the finest-graded by NGC. The catalog quotes the collector who described his attraction to the series, writing, “I always liked the weight and the size of the Morgan dollars.” He added, “I continually kept upgrading and upgrading as I went along, always trying to obtain the finest,” whether it was a $1,000 coin or a $250,000 coin.

1893-S dollar, MS-65, $329,000

The obvious star of the collection is the key-date 1893-S Morgan dollar graded Mint State 65. 

Despite records at NGC and Professional Coin Grading Service showing seven submissions at the MS-65 level, after subtracting duplicate entries where the same coin was resubmitted to grading services, Heritage believes the true population of MS-65 survivors in this rare issue is just four or five examples.

This one has fully brilliant silver-white luster, with “a faint champagne tint with satiny fields and frosty devices.” 

It has recently appeared at auction, but brought more in 2014 than its last two trips to the auctioneer’s podium. In 2009 it brought $299,000 at Heritage’s Florida United Numismatists auction and was offered at last year’s Central States sale where it realized $258,500.

1889 dollar, MS-66, $881.25

In nearly every great collection that has an extensive scope — including the collection of Louis E. Eliasberg Sr., who owned several of the coins in the Moser Collection — there’s a reasonably priced coin to be found. 

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