1897-S Morgan Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

In 1896 and ’97, Morgan Dollar production at the San Francisco Mint recovered from the low levels brought about by a major economic depression. The woes that dogged the American economy with the Panic of 1893 were brought about by several factors, the Free Silver movement being one of them. The Sherman Silver Purchase Act of 1890 mandated that the government purchase 4.5 million ounces of silver each month. That silver was put into coin, with a significant portion going into the production of Morgan Dollars.

Authorized by the Bland-Allison Act (over a Presidential veto), the Morgan Dollar brought the silver dollar back despite lukewarm interest in the denomination during its previous production period of 1840-1873. After only a few years of production, the Treasury Department was scrambling for vault space to store sack upon sack of unwanted dollar coins.

Production at San Francisco far exceeded demand, which is why, over 100 years later, thousands of bags of Brilliant Uncirculated S-Mint coins were purchasable from the Treasury at face value. Among these were many bags of 1897-S Morgan Dollars.

Circulated examples were also abundant, despite the many millions of dollar coins that were melted during World War I when the United States came to Britain’s aid by supplying it with hundreds of millions of ounces of silver bullion.

The Philadelphia Mint prepared 38 die pairs for the 1897-S Morgan Dollar. It’s uncertain if all were used but some minor die varieties have been identified, with the VAM-4 being the most collectible.

Production of the 1897-S Morgan Dollar took place over nine months, with most struck January through May. The typical example comes well-struck with flashy, brilliant luster. Many nicely toned examples exist, including coins with PQ rainbow toning.

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Market Data and Noteworthy Specimens

Coin dealer George P. Lang of Valley Stream, New York offered uncirculated examples for $3.50 in an April 1948 Numismatist advertisement.

Dealer Harry W. Bason of New Hyde Park, New York, offered 74 different date/mintmark Morgan Dollars in Brilliant Uncirculated in a February 1951 ad in The Numismatist, where he listed 1897-S Morgan dollars for sale for $2.90 apiece.

This issue was also represented in the Redfield Hoard. In the August 1976 Numismatist, dealer Joel Rettew advertised that he was selling Gem BU examples of the 1897-S Morgan Dollar from the hoard for $52.50. Paramount offered MS60 examples for $55 each in its June 1978 Numismatist ad.

Only one MS68 has been added to the PCGS census since 2002.

Top Population: PCGS MS68 (3, 8/2024), NGC MS68 (1, 8/2024), and CAC MS67PL (2:0 stickered:graded, 8/2024).

• PCGS MS68 CAC #06560448: “The Jack Lee 2 Collection”; “The Sanderson Family Collection,” Heritage Auctions, January 9, 2009, Lot 5048 – $29,900. Brilliant with wispy gold localized toning.
• PCGS MS67+ CAC #44357226: Heritage Auctions, May 5, 2022, Lot 3811 – $34,800. Frosty and brilliant.
• PCGS MS67+ CAC #38032773: Heritage Auctions, June 4, 2020, Lot 3123 – $15,600. Creamy centers with antique green and champagne toning along the periphery.
• PCGS MS67+ CAC #37287364: “The Shucart Family (JCS) Collection of Morgan Silver Dollars,” Heritage Auctions, September 5, 2019, Lot 3853 – $20,400. JCS Collection on insert.
• PCGS MS67+ #36612023: Heritage Auctions, January 11, 2019, Lot 5293 – $15,600. Brilliant.
• PCGS MS67 CAC #43744319: “The Citizen Bold Collection,” Heritage Auctions, June 13, 2024, Lot 3066 – $10,800.
• PCGS MS67 #25692892: Heritage Auctions, February 9, 2024, Lot 3399 – $7,800. Champagne hue with splatters of apricot and slate toning.
• PCGS MS67 #37906087: “The Stuard Collection of Morgan Dollars,” Heritage Auctions, September 15, 2023, Lot 3407 – $6,900.
• PCGS MS67 CAC #38447593: Heritage Auctions, December 5, 2019, Lot 3218 – $11,400. Brilliant.
• PCGS MS67PL #36601850: Heritage Auctions, June 6, 2019, Lot 3169 – $9,000. Brilliant.
• PCGS MS67 #22042951: Heritage Auctions, March 3, 2006, Lot 1241 – $5,750; Heritage Auctions, November 30, 2006, Lot 1462 – $5,462.50; Heritage Auctions, July 13, 2018, Lot 3895 – $7,200. Brilliant.
• PCGS MS67 #34623237: Heritage Auctions, February 23, 2018, Lot 5379 – $4,080.
• PCGS MS67 CAC #03430786: M.J.O.; “The XSurgeon Set of Morgans NGC Registry #1,” Heritage Auctions, February 22, 2018, Lot 4080 – $7,501.20. M.J.O. on insert. Faint salmon hue.
• PCGS MS67PL #25635483: Heritage Auctions, February 4, 2016, Lot 3320 – $19,987.93.
• PCGS MS67PL CAC #2077487: Heritage Auctions, July 9, 2015, Lot 3239 – $20,562.50. Splash of copper color across the obverse and reverse.
• PCGS MS67 #25362017: Heritage Auctions, January 10, 2014, Lot 5956 – $6,462.50; “The Alan Berkowsky #7 PCGS Registry Set of Morgan Dollars,” Heritage Auctions, August 14, 2015, Lot 5747 – $5,170. Rose toning along the periphery.
• NGC MS67 #3729341-002: Heritage Auctions, June 5, 2015, Lot 4993 – $4,324. Brilliant.
• PCGS MS67 CAC #06584834: Heritage Auctions, October 9, 2014, Lot 4902 – $7,050. Butterscotch and heather toning covering the lower half of the obverse.
• NGC MS67 #2016971-080: “The M L Moser Collection, #1 NGC Morgan Dollar Registry Set,” Heritage Auctions, April 24, 2014, Lot 5321 – $4,700. M L Moser Collection on insert. Brilliant.
• NGC MS67 #3537740-001: Heritage Auctions, December 9, 2011, Lot 4091 – $4,168.75.
• NGC MS67: “The Denny Kemp Collection,” Stack’s Bowers, March 28, 2011, Lot 3741 – $2,645. All over apricot-golden toning with a splash of lighter toning across the face. Streaky reverse.
• PCGS MS67 #60185143: “The Shrike Set – The Karschner Collection of Morgan Dollars,” Heritage Auctions, January 7, 2011, Lot 6137 – $5,175. The Shrike Set on insert. Brilliant.
• PCGS MS67 #4561800: Heritage Auctions, January 7, 2011, Lot 6138 – $4,887.50. Latte color.
• PCGS MS67 #13664000: “The Arno Collection,” Heritage Auctions, January 9, 2009, Lot 5049 – $18,400. Brilliant with frosty devices.
• PCGS MS67 #4930938: Heritage Auctions, May 12, 2007, Lot 4956 – $4,082.50. Brilliant.
• PCGS MS67 #08313466: “The Dr. Volker Dube Collection,” Heritage Auctions, February 24, 2005, Lot 7278 – $7,475; “New York City Set”. Reholdered; “The Michael Casper Collection, Part Two,” Heritage Auctions, January 5, 2006, Lot 3343 – $8,050; “The Jackson Hole Collection,” Heritage Auctions, April 9, 2007, Lot 91 – $5,750. New York City Set on insert. Faint yellow staining in isolated areas on the obverse and reverse.
• PCGS MS67 #21195102: “Mike Gilley Collection,” Heritage Auctions, August 14, 2006, Lot 3147 – $5,750. Mike Gilley Collection on insert.
• NGC MS67: “The Robert Michael Prescott Collection,” American Numismatic Rarities, January 3, 2006, Lot 792 – $4,830. Brilliant. Light frost on the devices.
• NGC MS67 #406851-001: Heritage Auctions, February 26, 2005, Lot 10516 – $4,312.50.
• NGC MS67* #398235-002: “The Banks Collection,” Heritage Auctions, February 26, 2005, Lot 10517 – $4,025; “JC’s Dollars, #2 NGC Registry Set of Morgan Dollars” Heritage Auctions, January 5, 2018, Lot 5587 – $3,840. Wispy yellow discoloration.
• PCGS MS67: “The Thomas H. Sebring Collection,” American Numismatic Rarities, January 5, 2004, Lot 309 – $5,290. Light golden-red toning on the reverse.
• PCGS MS67 #6562694: Heritage Auctions, April 25, 2002, Lot 4251 – $5,290.

• PCGS MS67DMPL #3736688: “The California Collection”. California on insert; “A Gift of Undeserved Favor Collection,” Heritage Auctions, August 1, 2008, Lot 2244 – $38,812.50. Black and white contrast with thick frost on the devices. Details are sharply struck. PQ coin.
• PCGS MS66+DMPL #34464847: “The David T. Miller #1 PCGS Registry Set of DMPL/PL Morgan Dollars with Varieties,” Heritage Auctions, January 12, 2024, Lot 4663 – $16,800.
• NGC MS66DPL #183282-013: Heritage Auctions, June 19, 2023, Lot 52369 – $7,800. Old Holder. Hazy with splotchy goldenrod toning.
• PCGS MS66DMPL #46504178: Heritage Auctions, July 20, 2023, Lot 3139 – $18,000.
• PCGS MS66DMPL #3569793: Heritage Auctions, August 1, 2009, Lot 2015 – $8,690.55.
• NGC MS66DPL #236878-006: “The Jack Lee Estate, Inventory,” Heritage Auctions, December 6, 2008, Lot 3190 – $4,025; Stack’s Bowers, November 4, 2016, Lot 4501 – $3,290.
• PCGS MS66DMPL #3569793: “The Naples II Collection”; “The Carson Silver Collection,” Heritage Auctions, August 1, 2009, Lot 2015 – $8,690.55.
• NGC MS66DPL #3127785-002: Heritage Auctions, September 28, 2008, Lot 64637 – $4,312.50; Heritage Auctions, December 4, 2019, Lot 1117 – $3,737.50.
• PCGS MS66DMPL #4186813: “The Dr. Hoffnagle Collection of Morgan Dollars,” Heritage Auctions, January 12, 2005, Lot 30344 – $5,750; “The dr. Volker Dube Collection,” Heritage Auctions, February 24, 2005, Lot 7279 – $5,060; Heritage Auctions, January 7, 2006, Lot 6910 – $5,750. Brilliant.
• NGC MS66DPL #2019035-001: Heritage Auctions, August 20, 2004, Lot 6992 – $4,197.50.
• NGC MS66DPL #235875-014: Heritage Auctions, March 27, 2004, Lot 6783 – $5,635.

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Coin Specifications

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