Legend Rare Coin Auctions continued to enjoy success in achieving massive prices for rainbow toned Morgan dollars at its latest Regency Auction XX, held Jan. 26 as part of the Professional Coin Grading Service Member’s Only show in Las Vegas, Nev.

Collectors prize Morgan dollars displaying all of the colors of the rainbow, and the Northern Lights Collection includes many of the finest examples ever seen. More dollars from the collection are set to be offered in Legend’s Regency Auction XXI on May 18 at Harrah’s in New Orleans, which will also include additional Standard Silver patterns from the collection of Bob Simpson.  

Here are three lots we're profiling in this latest Market Analysis:

The Lot:

1881-S Rainbow Toned Morgan Dollar, PCGS Mint State 66+ Prooflike, CAC

The Price:

$23,500

The Story: 

As it is often mentioned, 1881-S Morgan dollars “come nice” in that they’re generally well-struck, with booming luster and often showcase nice contrast between mirrored fields and frosty devices. At Legend’s Regency XX auction the firm offered an 1881-S dollar graded PCGS MS-66 Prooflike with a green Certified Acceptance Corp. sticker that realized a huge $23,500. To put that price into perspective, it is roughly 50 times what a typical MS-66 Prooflike example might sell for.

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The rainbow toned dollar was nicknamed “Freckles” by the auctioneer, who explained, “A tremendous and totally original mix of royal neon green/monster violet/royal blue/amber explode from the obverse.

Morgan dollar: For decades the Morgan dollar has ranked at the top U.S. coin collectors' favorite coins. Why is the Morgan dollar so popular? There are many reasons, including: large size, attractive designs, numerous varieties, historical significance. How much are Morgan dollars worth?

Note: these are NOT cuts on the face — just toning patches. You can clearly see the burlap bag toning dots all over.” The toning pattern is the result of long-term storage in a cloth bag where the obverse was exposed to the bag while the reverse was not.

More Eye-Catching Coins Sold at Regency Auction XX:

'Wow'-worthy, rainbow-toned Morgan dollar tops $19,000 in recent auction: Legend’s auctions are well-known for showcasing rainbow toned Morgan dollars, which are growing in popularity with collectors. This one is remarkable.

Recently sold 1870 Standard Silver Pattern dime part of a long-overlooked series: It is a vast but relatively unpopular area, and the Standard Silver pattern series provides opportunities for collectors because many are relatively affordable.