It's David Bower's Fault!

I read his Red Book of Morgan silver dollars and was fascinated by the Treasury Release of 1962. Before that release, 1903-O Morgans were selling for (remember, we are talking 1962 dollars) $1,500 in Uncirculated condition and $400 in EF grades.

Once the release became public, prices for this coin fell to $15 and $13 respectatively...almost overnight.

From his book:

"One enterprising, or perhaps unscrupulous would be a better word, person bought a bunch of 1903-O dollars and hopped on a jet plane for London, hoping to sell them to dealers there who would find them very valuable, simply by looking in the Guide Book. Then and now, numismatics is a universal hobby, and to the extent American coins are popular in England, Germany, Japan and other places, not as much as the United States itself, but still bought, sold and traded regularly. Spink & Son and B.A., Ltd., the two leading retail dealers in London, did a lot of business with Americans. Apparently, they were victimized and paid "old prices" for these rarities, which now, even bought at wholesale dealer price, could only be sold at a wipeout loss.

While newspapers and television coverage covered the early days of the release, it took a while for the information to be confirmed and published in numismatic journals."

Remember back then there was no internet, no instant news...a phone call overseas even cost big money!

Because of that story, I have been looking out for a nice 1903-O to add to my collection. I wanted nice eye appeal and at least a MS63 to boot. I believe I found one that suites my needs:

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It looks just as great as the pics do. So now, everytime I show that coin, I can share this story.

Could you imagine telling your spouse, "Honey...I'm going to London for a couple of days. No need to pack...I am just taking this briefcase and a tooth brush."