You could be the new owner of the finest known key-date 1893-S Morgan
dollar — for $2 million.
Legend Rare Coin Auctions is offering the coin
by private treaty from the Coronet Collection, separate from several
upcoming public auctions of the collection.
The coin is graded Mint State 67 by Professional Coin Grading Service and bears a
green sticker from Certified Acceptance Corp.
This example of the 1893-S Morgan dollar is often presented as the
Vermuele/Jack Lee specimen, pedigreed to having been owned previously
at separate times by collectors Cornelius Vermuele III and Jack Lee.
Lee assembled three different Morgan dollar collections, sometimes
selling and buying back some of the same coins for subsequent collections.
The Vermuele/Jack Lee II 1893-S Morgan dollar has been in the
Coronet Collection since Laura Sperber from Legend
Numismatics placed it there in 2008 following a private
transaction reported at being in excess of $1 million.
The Coronet Collection has been assembled by an anonymous collector
who has been buying high-grade Morgan dollars since the 1970s.
Sperber purchased the coin from numismatist Chris Napolitano, then
with Summit Rare Coins, who brokered the Oct. 14, 2008, private from
its then owner.
The Coronet Collection of Morgan Dollars is listed in the PCGS Set
Registry as the No. 1 set under the Basic Circulated category.
When offered by Stack’s in its Sept. 11 and 12, 2001, sale, the
1893-S Morgan dollar, then cataloged as “Superb Gem Brilliant
Uncirculated,” realized $414,000 with the buyer’s fee.
The auction cataloger notes in the 2001 auction lot description that
the 1893-S Morgan collector was collected by Cornelius Vermuele III’s
grandfather, Cornelius Vermuele I.
The cataloger speculates that because of the coin’s pristine
condition that the elder Vermuele likely acquired the coin from the
San Francisco Mint soon after the coin’s production.
The cataloger further speculated that because of the coin’s
condition, that it could have been from the output reserved for the
U.S. Mint’s Assay Commission from 1893.
The 1893-S Morgan dollar was again offered at auction by Stack’s in
the firm’s March 8, 2005, sale of the Richard C. Jewell Collection,
but the coin did not sell.
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