LOT Old Heritage Auctions  /  2007 Summer F.U.N. Sig. Coin Auction #442  / 

1660

1896-O $1 MS65 NGC.

Currency:USD Category:Coins & Paper Money Start Price:45,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1896-O $1 MS65 NGC.
<B>1896-O $1 MS65 NGC.</B></I> While not particularly rare in circulated grades, the 1896-O dollar is elusive in all Mint State grades, and a major rarity in Gem quality. In <I>The Morgan and Peace Dollar Textbook,</B></I> Wayne Miller wrote: “No other Morgan dollar is as consistently deficient in luster, strike, and degree of surface abrasions as the 1896-O. A fully struck piece is rare; an 1896-O with minimum bagmarks is even more unusual. In the author’s opinion, the 1896-O is the rarest of all Morgan dollars in truly Gem condition.” In 1896, the New Orleans Mint coined 4,900,000 silver dollars, following several years of lean production. This mintage is only a little over 300,000 fewer silver dollars than had been struck in New Orleans during the previous four years combined. It is almost certainly the case that those four years of limited production created this condition rarity as nearly all of these pieces were actually placed in circulation in 1896. This issue provides an excellent illustration of the often confusing relationship between rarity and mintage. With a production of nearly 5 million coins, the ’96-O has a substantial mintage for Morgan dollar issue. There are nearly 50 different issues that have a lower mintage, including such issues as 1884-CC, 1897, 1898-O, and 1904-O, just to name a few, and none of these dates come even close to the rarity of the ’96-O in high grade. In the Morgan dollar series, rarity is not based on mintage, but on survival. For many dates, substantial portions of the mintage were placed in storage at the Treasury for several decades, until they were released in the 1960s, or even into the 1970s for some of the Carson City issues. Dates that were placed in storage are now the common dates in the series. Other dates, such as the 1896-O, that were released into circulation, are now the rarities or condition rarities of the series. In a few instances, such as the 1893-S, the rarity is explained by a combination of low mintage and release into circulation, and these are the dates that are keys to the series in all grades. The 1889-CC is another example. The condition rarity status of this date is similar to the 1901 silver dollar. Both are essentially common in circulated grades, but rare in Mint State grades, and when such pieces are found, they are usually at the lowest numerical levels. However, proof examples of 1901 are available to collectors, but not so for the 96-O. Dave Bowers writes: “Those who are edged out of buying a Gem Mint State 1901 can wink twice and buy a proof quickly, but the collector seeking an 1896-O has no such fallback possibility.” Van Allen and Mallis describe 18 different varieties, mostly minor date recutting of limited interest. This specimen appears to be an example of VAM-2, with the O mintmark tilted slightly to the left. The population of this date is limited, with just three MS65 pieces certified by NGC and none finer. For comparison, PCGS has graded one MS65 and two MS66. Therefore, the combined population of 1896-O silver dollars in Gem quality totals just six pieces, and this assumes that none of these represent resubmissions. Most examples of this issue are weakly struck with fairly dull luster, according to Van Allen and Mallis. They suggest that prooflike examples are extremely rare, and those that exist have little contrast. This atypical Gem specimen, with full mint brilliance and light gold toning, is bluntly struck over the ear as always seen. However, the rest of the detail is better than average for the date. All of the remaining hair strands are sharply defined. The reverse has full feather detail in the wings, and even the breast feathers are clearly delineated. Both sides have satiny silver luster that is exceptionally bright. The reverse is reflective with light contrast between the field and devices. With only the slightest grazes visible on the obverse, and none on the reverse, this Gem ’96-O dollar presents a high degree of aesthetic appeal for the connoisseur.<BR><I>From the Reuben Reinstein Collection.</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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