Market Analysis: Deep Mirror Prooflike Morgans

This 1901 PCGS MS-61 DMPL Morgan dollar is the only example of the date with a Deep Mirror Prooflike designation at that grading service and realized $40,800 at auction in January.

Images courtesy of Heritage Auctions.

In writing a cover feature like the one on Morgan dollars for the August monthly edition of Coin World, some terrific examples often get left out because of either narrative or space considerations.

One of the more interesting pricing challenges in the series is with Deep Mirror Prooflike Morgan dollars, like those offered in the David T. Miller set at Heritage’s Jan. 11 Florida United Numismatists Platinum Night session. His 1901 dollar graded Mint State 61 DMPL by Professional Coin Grading Service was the only example graded at the service with this designation.

Q. David Bowers has noted, “Most Mint State 1901 dollars are poorly struck and have inadequate luster,” and MS-61 dollars are typically rather unattractive.

Miller’s 1901 dollar featured significant reflectivity in the fields, with scattered marks consistent with the grade. It realized $40,800. For perspective, a typical PCGS MS-61 example sold at Heritage for $5,880 last year.

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