In a 'Morgan' State of Mind - 1901-p -

[jgrinz]

As Recover from Illness it has been kind of interesting as I search through my Morgan Collection to take my mind off 'other things' ... You come across coins that automatically bring back memories of .. the search for ... the amount it cost you ... the many coins sent back that didn't pass your 'rules' of purchase etc etc

 

One such coin is shown below ... 1901 p .. which as you know most regular collectors either will not or connot afford a Mint State Specimen. All the documentation found says well over 6 million made ... really ... Go try and find one in MS condition. I had to search through 10-20 coins both raw and PCGS - NGC - ANACS - ICG - Third World graded coins to find this one.

 

This coin is the best I had found actually portaying some breast feathering - Hairlines actually there and not too many hits or distractions to the eye. The colouring looks to be a little washed out but is presently in a NGC AU58 slab as that was all I could afford/wanted to afford in this year.

 

I am open to opinions and ...

 

If any one knows what happen to make this issue and mint mark so rare in MS state please feel free to link the story here ...

 

[bsshog40]

Another Nice Morgan there Mike. Now I'll have to go check out the other. I don't get tired of looking at morgans at all. Nice one's!!!!

[cpm9ball]

According to QDB, two reverses were used for the 1901, C3 & C4. The C3 was typically a decent strike, but the C4 was not. Many of the 1901 were melted under the Pittman Act.

 

Chris

[kryptonitecomics]

Yep the Pittman act was the culprit with a lot of these higher mintage rarities

[jgrinz]

Thanks

***

 

Pittman Act

The Pittman Act was a United States federal law sponsored by Senator Key Pittman of Nevada and enacted on April 23, 1919. The act authorized the conversion of not exceeding 350,000,000 standard silver dollars into bullion and its sale, or use for subsidiary silver coinage, and directed purchase of domestic silver for recoinage of a like number of dollars. Under the Act, 270,232,722 standard silver dollars were converted into bullion (259,121,554 for sale to Great Britain at $1.00 per fine ounce, plus mint charges, and 11,111,168 for subsidiary silver coinage), the equivalent of about 209,000,000 fine ounces of silver. Between 1920 and 1933, under the Act, the same quantity of silver was purchased from the output of American mines, at a fixed price of $1 per ounce, from which 270,232,722 standard silver dollars were recoined.

 

 

[RWB]

Between 1920 and 1933, under the Act, the same quantity of silver was purchased...

 

Most purchases were completed between in 1920 and 1921. Coins were struck from this silver through April 20, 1928 when the last 15,649 pieces were coined.