US Coins

Market Analysis: Conditionally rare 1886-O dollar

This 1886-O Morgan dollar graded MS-64 DMPL by PCGS sold for $57,600 Jan. 11 and was once part of the famed Jack Lee collection.

Images courtesy of Heritage Auctions.

The 1886-O Morgan dollar is a famed condition rarity in the series in that it was produced in large numbers, but few survived in higher Mint State grades. Graded MS-64 DMPL by Professional Coin Grading Service, Miller’s is one of just three in this grade certified by either PCGS or Numismatic Guaranty Co. (NGC uses the DPL modifier), with only one finer with the designation.

It was part of the second set assembled by Jack Lee, and Heritage writes, “Only the slightest golden patina is visible over the fragile surfaces and precious few blemishes can be found in the fields, these invariably being scattered and insignificant.” It realized $57,600, a modest improvement on the $51,750 it realized in 2006 at Heritage’s Jack Lee 2 sale.

PCGS provides the Prooflike designation for clear reflection in the fields on both sides as viewed from two to four inches away, advising, “A misty effect or striations may impede the reflectivity.” PCGS uses the DMPL, Deep Mirror Prooflike, designation when there is full, undistorted reflectivity in the fields on both the obverse and reverse from at least six inches away.

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