The June 4, 2000, Dr. Jon Kardatzke Collection Parts II & III, Sale 5

Silver Dollars

Lot 760
1892-O. MS-61. We're being conservative in our number grade because this piece, although lovely, is somewhat softly struck on Liberty's hair above the ear, as often seen on this issue.

Lot 761
1892-O. MS-60. Frosty luster in the fields and mostly untoned. A touch weak at the centers.

Lot 762
1892-O. MS-60. Light golden toning on both sides, a nice frosty coin. Minor weakness at the centers.

Lot 763
1892-S. PCGS graded AU-58. Handsome, light golden magenta-blue iridescent toning covers slightly prooflike fields. Very few marks. About as nice as can be found in this grade. Or, "PQ" in the popular jargon.

Lot 764
1893. MS-63. A faint scuff on the cheek, one at the tip of the chin, and another in the field to the left of Liberty's face. But this is a special coin. Its luster is a truly lovely, smooth, stark white. Other than the abrasions noted, the surfaces are immaculate, with the look of an MS67 coin. Somebody should go crazy over this Morgan and stick up his hand until it's bought.

Lot 765
1893. AU-58. Minor hairlines from brief circulation, frosty luster and untoned. Scarce as a date, and always in demand by Morgan Dollar collectors.

Lot 766
1893-CC. MS-63 Prooflike. An especially handsome and desirable specimen which appears to have been minted using the Proof dies. In fact, aside from its rims, it looks very much like a Proof, only it was coined at Carson City (or, if it is a Proof, at Philadelphia using a CC reverse die). Overall the strike is deep and all the devices, including lettering, stand out clearly against the semi-mirrored fields. But the rims are rounded and there are some tiny abrasions, the kind gotten from a coin having been in contact with others. One noticeable mark appears on the cheek below and in front of the ear. Liberty and the eagle are somewhat cameoed. The color is a lovely pale silvery gray with some golden hues, with the rims a bit darker. Lots of glitter here, on a key CC dollar. You decide what this extraordinary specimen is worth.

Lot 767
1893-CC. AU-55. Some light rubbing lines in the fields, but all the look of a decent slider.

Lot 768
1893-CC. VF-20. Silvery-white from a cleaning, but retoned today to a more natural color. One of the keys to the series, and seldom found in high grade. Forget the mintage on this date, most were melted and few are available for date collectors.

Lot 769
1893-O. PCGS graded MS-64. With a mintage of just 300,000 pieces, the '93-O Morgan is a scarce coin in any grade. However, in Mint State-63 or higher, it becomes a somewhat elusive rarity within this popular series. In fact, PCGS reports a mere 5 pieces in MS65, and only 35 in MS64. Here's one of those. Its silvery "hard-white" luster has an undipped look to it, with a hint of gold iridescence. The abrasions are all tiny. Taken out of harsh light, the surfaces are vaguely reflective. If you're searching for a nice example of this Morgan rarity, examine this one and bid appropriately.

Lot 770
1893-O. PCGS graded MS-62. Clashed dies, a hint of color, a small metal impurity at the tip of Liberty's neck, some small abrasions on the face, and a bit softly struck on the hair. Nonetheless this is a fairly choice, very brilliant example of this semi-key New Orleans dollar.

Lot 771
1893-O. AU-55. Frosty in the fields with light tan color around the periphery. Always in demand as one of the key dates of the series, and important to every date collector. Although 300,000 were minted, a great many were melted under the 1918 Pittman Act which authorized melting of not over 350 million silver dollars, in the end 333,022,048 were melted, most of the silver was then sold to England a $1 per fine oz. and from there shipped to India. Hence, many dates are far more difficult to locate than mintages would indicate. Approximately one-half the Morgan Silver Dollars were melted from the total issued, and possibly 75% of the Peace Dollars were later melted.

Lot 772
1893-O. VF-20. Lightly cleaned and starting to recover. Moderate handling marks and a scarce issue.

Lot 773
1893-S. PCGS graded AU-55. Old-time amber-gold toning, mostly on the reverse, over steel-silver luster. Remarkably free from abrasions, showing just the slightest evidence of a gentle circulation back in the Gay Nineties--which were not so "gay" (meaning "happy" back then).

The 1890s was a decade of economic shrinkage, culminating in the Panic of 1893, the year this rare coin was made Out West. Wall Street had speculated in overseas investments, and the Panic was sparked by the dual failures of a railroad and a corporation which had been paying out fraudulent dividends. In the background, the Democrats in power had inflated the currency by valuing silver too high against the gold that backed our circulating paper money. When the gullible public got caught up in these shenanigans, the resulting panic decimated 172 state banks, 177 private banking companies, 47 S&Ls, and a variety of mortgage businesses. The bank panic created a massive drain on the U.S. Treasury's gold reserves, effectively (but of course not in fact) bankrupting the government. What followed was a liquidation of assets, hitting the New York banks worst of all. It indirectly caused silver and gold coin mintage for 1893 to be smaller than was customary, creating some wonderful rarities for today's collectors. The 1893-S Morgan dollar is one of the most-sought of these issues. This one "got loose" for a short time, adding in a way to its historical appeal.

Lot 774
1894. PCGS graded Proof 66. Always popular as a low-mintage Philly date, even though the Proof issue was normal at 972 coins. This beauty has a cameoed portrait of Liberty as well as the eagle motif. Pale shades of lilac and gold enhance the eye appeal but do not detract from the glitter of the mirrors. Lovely indeed, technically Superb, and one of the best to be graded and slabbed.

Lot 775
1894. PCGS graded Proof 64. 972 Proofs minted this year, following the disastrous Panic of '93 (see our commentary on a previous lot). This wonderful example was stored for many years in an album, and today it shows the "album color" gained by its association with its storage. The surfaces are glittering mirrors coated by a beautiful, russet gold and light blue iridescence which is delicate enough to be seen through. Some wispy hairlines exist, but these are so faint we feel this virtual Gem Proof is worthy of a first-rate collection.

Lot 776
1894. AU-53. Subdued luster and mostly untoned, with just a whisper of color starting to form on both sides. Mintage of only 110,000 for circulation, most of which were melted in 1918 under the Pittman Act. This one would fit nicely in a mint state set.

Lot 777
1894. Proof 50. A proof which has been mishandled by being spent and cleaned. The color is now a dull yellow with smoky gray tones. Still a scarce date, and only 972 struck in Proof. Inspection recommended.

Lot 778
1894. AU-50. Frosty and choice for the grade, very little wear and one of the expensive rarities that's hard to find without problems. Light toning just starting to form.

Lot 779
1894-O. PCGS graded MS-64 Premium Quality. A beautiful hard-white dollar with very few marks. Usual strike on the hair above Liberty's ear (actually this "softness" was mostly caused by the die used at New Orleans).

Lot 780
1894-O. AU-50. Light hairlines in the fields and on Liberty's cheek, possibly from circulation. Toned around the extreme edge.

Lot 781
1894-O. Sharpness of EF-40 but cleaned. A bit too bright, only light wear though. Scarce as a date.

Lot 782
1894-S. MS-64 Semi-Prooflike. Hard-white luster with a hint of golden iridescent color around the edge.

Lot 783
1895. PCGS graded Proof 58. Nobody's ever found one of the reputed twelve thousand business strikes (evidently an error in the Mint's ledger), so collectors of Morgan dollars need to buy one of the meager 880 Proofs struck, in order to possess an 1895 dollar minted at Philadelphia. Lightly hairlined. Bright "gray steel" color with the letters and devices handsomely outlined. A nice coin for the grade, worth a good bid!

Lot 784
1895-O. PCGS graded AU-53. A choice coin for the grade, both sides have splendid gold to tan toning and mint-fresh luster is quite present beneath. Certainly a coin with the appearance of mint state, at a tenth the cost! As with many of the coins offered in this broad collectors collection, there is something for everyone. An opportunity to purchase a really rare date in very choice About Uncirculated condition.