The 1898-S Morgan dollar had a mintage of over four million coins – which is neither especially large for the series nor small enough to generate scarcity of any kind. Well before the GSA sales of the 1960s and ’70s, the San Francisco Mint released numerous bags of 1898-S Morgans from the vault throughout the decades after the series ended in 1921. In the first half of the 20th century, the market for Morgans wasn’t quite what it would be later–never mind what it is today–and not too many people were collecting these coins.
But despite the fact that the issue is fairly common even through MS-64, it is a condition rarity in High Gem grades. PCGS has certified 502 pieces as MS-65 and 113 as MS-66. The coin being offered by GreatCollections is one of 14 grading events reported for MS-66+, with only four examples listed higher as MS-67 and one top pop coin given a grade of MS-68. This means that competition for this specimen may be intense as a determined collector seeks to add this condition rarity to his or her Registry Set.
At the time of writing, the highest of 12 bids is $2,051 USD.
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