Morgan Dollar in OGM holder and Gold CAC Sticker
On Sunday, May 5, GreatCollections is closing the bidding on a PCGS MS-63 1882-S Morgan dollar in a first generation Old Green Holder and given a gold sticker by CAC.
The record price for an 1882-S Morgan dollar is $24,675, which was achieved by an MS-68 specimen in September 2016. For more information about sale prices, be sure to check out GreatCollections’ Auction Archives of over 600,000 certified coins sold in the past seven years.
According to Whitman’s Guide Book of Morgan Dollars, written by Q. David Bowers, “there are enough” Mint State 1882-S Morgans “to supply demand” – and indeed, PCGS reports a total of 20,700 grading events at MS-63 (NGC reports 16,193). But what makes this coin really stand out–besides the gold sticker and the OGH, both of which indicate a seriously undergraded coin–is the rainbow toning on the obverse. The toning is brilliant but not “in-your-face”, which is a nice change of pace from some examples on the toner market.
The reverse is mostly white, with some light brown toning around the rim.
The Morgan dollar was a United States silver dollar coin minted from 1878 to 1904, and again in 1921. It was the first standard silver dollar minted since production of the previous design, the Seated Liberty dollar, ceased due to the passage of the Coinage Act of 1873, which also ended the free coining of silver.
The Morgan dollar is named after its designer, United States Mint Assistant Engraver George T. Morgan. The obverse depicts a profile portrait representing Liberty with a wreath of agricultural products important to the United States, while the reverse depicts an eagle with wings outstretched, influenced by Italian Renaissance designs.
The dollar was authorized by the Bland–Allison Act. Following the passage of the 1873 coinage act, mining interests lobbied to restore free silver, which would require the Mint to accept all silver presented to it and return it, struck into coin. Instead, the Bland–Allison Act was passed, which required the Treasury to purchase between two and four million dollars’ worth of silver at market value to be coined into dollars each month. In 1890, the Bland–Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to purchase 4,500,000 troy ounces (140,000 kg) of silver each month, but only required further silver dollar production for one year. This act, once again, was repealed in 1893.
Always a popular coin with American collectors, the release of millions of Morgan dollars from Treasury Department vaults in the 1960s and ’70s radically reshaped the Morgan dollar market and essentially created the modern version of the hobby we all love.