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 is one of the three lots profiled in this latest Market Analysis:

The Coin:

Rainbow Toned 1885-O Morgan Dollar, Mint State 66+, CAC

The Price:

$19,387.50

The Story:

Legend’s auctions are well-known for showcasing rainbow toned Morgan dollars, which are growing in popularity with collectors. One of the most beautiful from the Northern Lights Collection was an 1885-O Morgan dollar graded Mint State 66+ by PCGS and bearing a green CAC sticker.

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Legend personified the coin in its description, writing, “If this monster could talk, it would only say WOW, WOW, WOW!”

It added, “Full beaming luster makes the colors almost appear 3-D. The obverse is bathed in a WOW mix of totally original pearl green/gemmy royal blue/violet/amber colors that freestyle all over.”

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?

The silver dollar — which bidders agreed was among the most spectacular toned Morgan dollars around — soared past the high estimate of $3,500 on its way to a final price of $19,387.50.

More Eye-Catching Coins Sold at Regency Auction XX:

Does Liberty have ‘freckles’? She does on this toned Morgan dollar: The price paid for this toned 1881-S Morgan dollar is roughly 50 times what a typical MS-66 Prooflike example might sell for.

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.