| Author |
 Replies: 9 / Views: 968 |
|
|
Pillar of the Community
United States
2200 Posts |
I noticed in my 2018 Red Book that while the 1901-P Morgan has an average mintage (just under 7 million), its value in mint states is in the tens of thousands of dollars, with an MS-65 value of $475,000. In comparison, a 1900-P Morgan has a larger mintage (almost 9 million), but its value in MS-65 is only $170. And many other Morgans from that same time period have far less mintages but much smaller values (e.g., the 1899's mintage is only 330,00 with an MS-65 value of $925). I'm curious as to what makes the 1901 coin so special. Thanks! Edited by jpsned
01/03/2022 3:26 pm
|
|
|
|
Bedrock of the Community
United States
94367 Posts |
Presumably a disproportionate number of them were melted under the terms of the Pittman Act in 1918.
|
|
Pillar of the Community
United States
3323 Posts |
It's all about the estimated survival rate. Even some with high mintages did not (apparently) survive in high grade. Most of those high-dollar mid-MS Morgans are in the R-9 or higher range.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
|
|
Valued Member
United States
465 Posts |
The 1901 Morgan is the classic example of condition rarity. Very few survived in ms condition. They don't seem common in circulated either from what I've seen which supports Coinfrogs statement that a lot of them were melted down. Interesting to mean is the flip side is the 1903-O which are rare in circulated conditions even though priced don't really reflect it. They are nearly all ms as few were released into circulation.
|
|
Bedrock of the Community
United States
94367 Posts |
Most sources agree that the approximate number of silver dollars melted under the 1918 Pittman Act provisions was more than 270 million. Imagine how many unopened bags of 1901 dollars there must have been in the vault after so many years of declining demand for these cumbersome coins, amidst soaring print runs for paper money.
|
|
Pillar of the Community
 United States
2200 Posts |
Thanks for the good information, guys!
|
|
Rest in Peace
United States
10625 Posts |
Quote:
Most sources agree that the approximate number of silver dollars melted under the 1918 Pittman Act provisions was more than 270 million. Imagine how many unopened bags of 1901 dollars there must have been in the vault after so many years of declining demand for these cumbersome coins, Rumor has it a 1,000 coin bag of Lafayette Dollars fell victim as well. |
|
Bedrock of the Community
United States
17884 Posts |
Quote:
Rumor has it a 1,000 coin bag of Lafayette Dollars fell victim as well. Not likely, the unsold Lafayettes were melted down in 1945. There wouldn't have been any reason for them to have been in the Treasury vaults with the circulation coins. |
|
Rest in Peace
United States
10625 Posts |
Yes, my recollection was off, the rumor was they were melted just months before Aubrey Bebee inquired about their existence in the mid forties.  |
|
Bedrock of the Community
United States
94367 Posts |
During the crazy sale of silver dollars in $1,000 mint bags at face (as they came at random from the vault) by the Treasury in the early '60s, there are documented releases of several bags of uncirculated 1859-O and 1860-O Seated Liberty dollars - imagine the reaction to opening one of these! |
| |
Replies: 9 / Views: 968 |
|
Posted 01/03/2022 1:05 pm
