US Coins

Market Analysis: 1887-O Morgan dollar rare in highest grades

The Shucart Family Collection was filled with well-known rarities in the Morgan dollar series, but other issues are less famed, but even rarer. Heritage offered the family's "JCS Collection" in its  September Long Beach Expo auctions.

The 1887-O Morgan dollar has a large mintage of 11,550,000. Mint State survivors were saved by the 1,000-coin bag, and many were released by the U.S. Treasury in the 1960s. The typical Uncirculated representative shows lots of contact marks, dull luster, and often a weak strike. The issue becomes tough in MS-64+ and MS-65 grades, with Professional Coin Grading Service grading just 18 MS-66 with two Plus-graded ones — one Prooflike — that are the finest certified at PCGS. 

Heritage writes, “Only the most dedicated series specialists usually have the patience and knowledge to cherrypick the few coins known with attractive luster and good strikes,” such as the subject coin, graded MS-66+ by PCGS with a green Certified Acceptance Corp. sticker. Heritage calls the issue unappreciated, observing, “Vibrant cartwheel bands arc across both sides with little encouragement,” and noting a bolder than usual strike, where “a touch of softness on the eagle’s talons and the hair above Liberty’s ear is trivial at the most.” The rare New Orleans Mint survivor sold for $48,000. 

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