Most Morgan silver dollars produced for circulation
have had a tough life. They were stored in massive bags, often
traveled long distances, and frequently were banged around. Add to
that the design of the coin: Liberty’s flat cheeks, and broad fields
that show all marks fairly clearly.
Thankfully, there are plenty of Mint State 65 and even MS-66 Morgan
dollars. Mint State 67 examples are tougher to find, but a solid one
can be found for $700 or so. In MS-68 the herd thins, and these
survivors are rare.
The three included in this week's Market Analysis series are in
MS-68+ and were sold in Legend’s June 25 Regency XII sale in Las Vegas, Nev.
1885 Morgan dollar, MS-68+ CAC
This 1885 Morgan dollar graded Professional Coin Grading Service MS-68+ with a
green Certified Acceptance Corp. sticker sold for a
healthy $39,950. It is the only one graded MS-68 (or MS-68+ for that
matter) and is considered the finest known of a massive mintage of
more than 17 million coins.
As the lot description pointed out, “There isn’t even a single
microscopic issue to be found on this borderline MS69,” adding,
“gorgeous, cascading, iridescent rainbow crescent covers one third of
the obverse, while the balance of the coin is a heart pounding creamy white.”
As Legend points out, when differentiating between Mint State 68 and
Mint State 69 grades, the smallest marks and imperfections matter.
The same dollar was previously offered in a 2013 Heritage auction
where, simply offered as a PCGS MS-68 CAC, it sold for $21,150.
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