1891-O $1 Morgan Dollar PCGS AU58

Key Features:

• Obverse:
  • The obverse features a portrait of Liberty, facing left, wearing a Phrygian cap adorned with a headband inscribed with “LIBERTY” and decorated with cotton and wheat, symbolizing agricultural prosperity.
  • Encircling Liberty are the words “E PLURIBUS UNUM” (Out of Many, One) and the date “1891.”
• Reverse:
  • The reverse showcases a bald eagle with outstretched wings, holding an olive branch and arrows in its talons, symbolizing peace and strength.
  • The inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR” surround the eagle, with the “O” mintmark below the wreath, indicating it was struck at the New Orleans Mint.
• Composition: 90% silver, 10% copper.
• Weight: 26.73 grams.
• Diameter: 38.1 mm.

Grade:

• PCGS AU58 (Almost Uncirculated 58):
  • An AU58 grade indicates that this coin is at the high end of the Almost Uncirculated range, with minimal wear on the high points of the design and strong luster often seen on Mint State coins. This grade is ideal for collectors seeking coins that are close to uncirculated quality but without the premium cost of higher Mint State grades.

Historical Context:

• New Orleans Mint Production:
  • Morgan Dollars from the New Orleans Mint (identified by the “O” mintmark) are known for their inconsistent striking quality. Coins from this mint often display a weaker strike due to the minting practices and equipment used. The 1891-O is no exception, and well-struck examples with full details are highly prized among collectors.
• Economic Relevance:
  • The Morgan Dollar series, including the 1891-O, was minted under the Bland-Allison Act, which required the government to purchase large quantities of silver to support the mining industry. These dollars served both as circulating currency and silver reserves, later melted down when demand shifted.

Mintage & Rarity:

• Mintage:
  • The 1891-O Morgan Dollar had a mintage of 7,954,529 coins, a moderate amount compared to some other years. However, high-quality examples can be scarce due to the coin’s history of circulation and generally weak strikes.
• Rarity in Higher Grades:
  • While AU58 examples are collectible, higher Mint State grades (MS63 and above) are considerably rarer for this date and mint, often making AU58 a practical choice for those wanting a nearly uncirculated example without the premium of a well-struck MS coin.

Market Appeal:

• Collector Demand:
  • Morgan Dollars are a cornerstone of U.S. numismatics, and the 1891-O is desirable for its New Orleans origin, moderate mintage, and historical significance. AU58 examples appeal to collectors looking for coins with Mint State-like luster and detail but at a more accessible price point.
• Investment Potential:
  • In AU58, the 1891-O is both affordable and relatively scarce compared to higher Mint State grades. This coin has investment potential due to its historical background, its grade at the cusp of uncirculated, and the lasting popularity of the Morgan Dollar series.

Conclusion:

The 1891-O $1 Morgan Dollar PCGS AU58 is a highly collectible coin that represents a unique chapter of American minting history. Its grade, attractive design, and New Orleans Mint origin make it a desirable piece for collectors and a solid option for those investing in U.S. silver coinage.