Welcome to this issue of the RCMR where we will discuss four significant coin auction highlights that sold in the coin market recently. The first coin has such an amazing history that we can only imagine the stories it would tell; if only coins could talk! The coin is none other than the 1793 Large Chain Cent, which has sold recently, is preserved in very high uncirculated condition, despite it being 226 years old.
In 1792, George Washington approved the establishment of the first official U.S. Mint, located in Philadelphia. The following year, in 1793, the first mass-produced coins were struck at the Philadelphia Mint. The 1793 Chain Cents had the Liberty design on the obverse, while the reverse had the 15-chain link design, representing the 15 colonies during the time. It is believed that only a few hundred examples of the 1793 Chain Cent survive today, with most of them being in circulated condition. The coin has such great history, for it to exist almost three centuries later in uncirculated condition, is just amazing; to say the least. The coin which sold at a Heritage auction in June of 2018, was graded PCGS MS65 Brown and realized an impressive $990,000, just shy of $1 million.
The next coin is an 1895-O Morgan Dollar. This issue has a reported mintage of 450,000, which is considered very low, especially since the Morgan Dollar series is one of the most popular coin series in numismatics. Besides having a low mintage, many more are believed to have been sent to storage facilities and melted over the years, making it even scarcer. In Uncirculated grades, it is very rare to find this coin above MS65 condition. And probably no more than about 5-10 examples exist in MS66 or better. This date and mint mark is hardly ever encountered in MS66 condition or higher. In fact, this is the only PCGS MS66 example that we have in our records of ever selling at auction. This PCGS MS66 example sold at a Stacks Bowers auction on Augustus 15, 2018, for $336,000. A spectacular coin and at an astonishing price...
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