1897-O $1 MS(PCGS#7248)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3139

Grade

MS66+

Price

300,000

Lot Description

Offered is the famous Wayne Miller specimen of this challenging New Orleans Mint silver dollar issue. Writing in his 1982 <em>Morgan and Peace Dollar Textbook</em>, the famous author and highly respected silver dollar collector describes this remarkable coin as follows:<p><em>The 1897-O pictured at right, although a tremendous coin, with full strike, glowing luster, and minimum abrasions, is slightly surpassed by a specimen in a prominent Connecticut collection. The latter is equal in luster, strike, and clean surfaces, and is enhanced by deep peripheral toning, which frames the coin's radiant center. These two specimens are by far the finest known of this date.</em><p>Fast forward to 2025, and we find that the Wayne Miller specimen retains its ranking as one of the very finest 1897-O Morgan dollars, and it shares the uppermost reaches of Condition Census for this issue with just three other coins:<p>1 - <strong>PCGS/CAC MS-67</strong>. Ex Jack Lee II Collection; Heritage's sale of the Jack Lee III Collection, November 2005 Dallas, TX Signature Auction, lot 2329; our sale of the Larry H. Miller Collection, November 2020 Auction, lot 6373.<p>2 - <strong>PCGS MS-67</strong>. Ex Heritage's Early Spring ANA Sale of March 1995, lot 5702; Heritage's sale of the Gregg Bingham NFL Collection, January 2001 FUN Signature Sale, lot 7977.<p>3 - <strong>PCGS/CAC MS-66+</strong>. Ex John Diekhans, June 1971; Wayne Miller; Superior's sale of the Wayne Miller Collection, January 1986, lot 1316; Ralph & Lois Stone Collection; Sotheby's sale of May 2018, lot 118, as PCGS MS-66; Illinois Set. <em><strong>The present example</strong></em>.<p>4 - <strong>PCGS/CAC MS-66+</strong>. Ex John M. Clapp, obtained directly from the New Orleans Mint, November 1897; John H. Clapp; Clapp estate, 1942; Louis E. Eliasberg, Sr.; our (Bowers and Merena's) sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 2305; Heritage's sale of the Arno Collection, January 2009 FUN Signature Auction lot 5047, as PCGS MS-66; Heritage's Philadelphia Signature Auction of August 2012, lot 5211, as PCGS/CAC MS-66+; IPS Collection (PCGS Set Registry).<p>Though 4,004,000 coins were struck, the 1897-O is scarce in grades above MS-63. Comparatively few bags came to market throughout the Treasury Department releases of the mid 20th century, and most of these Uncirculated examples showed bagmarks and other evidence of mishandling. Indeed, one of the finest survivors is the famous Eliasberg specimen that John M. Clapp acquired directly from the New Orleans Mint in 1897, as related above. The Wayne Miller specimen is held in equally high regard by both PCGS and CAC, and it must also have been set aside in the year of issue and subsequently handled with the utmost care. It is an outstanding coin and remarkable condition rarity that is worthy of the strongest bids.