Scott's Morgans
1899-S

Owner Comments:

Silver dollars were not needed in normal channels of commerce in 1899. The coins saw some circulation in the Western part of the country, but most examples were relegated to long term storage in bank vaults. In the case of the 1899-S, this circumstance led to the preservation of large numbers of coins in Mint State grades. Worn coins of this date are relatively scarce because the majority of the generous mintage of 2.5 million pieces never reached circulation. Q. David Bowers reports the coins were later released in a steady stream by the San Francisco Mint in the 1940s and 1950s. The Redfield Hoard may have contained up to a bag of uncirculated examples, obtained by LaVere Redfield after being shipped to Nevada for use in casinos. Due to this constant, long-term drain, there were only a few bags left in the vaults by the time of the great Treasury release of the early 1960s.

Apparently, the long hiatus in the vaults was a peaceful one, as the typical example of this issue shows few handling marks or abrasions. While uncirculated examples of this date are not rare, relatively few are available in Gem and higher grades. Likewise, while Prooflike representatives of this date are relatively plentiful, Deep Mirror Prooflike specimens are estimated to be three times as rare.