★ Landmark Proof Striking of the 1881-O Morgan Silver Dollar. The Only Proof Certified ★

1881-O Morgan Silver Dollar. Proof-64 (PCGS). CAC. CMQ.One of the rarest and most significant Proof Morgan dollars that we have ever had the privilege of bringing to auction. The 1881-O is an enigmatic issue in this format, one that has kept both the story of its production and the identity of actual specimens well hidden from numismatic scholars. There is, of course, no recorded mintage for this issue, the Mint director's report for the year concerned only with the number of circulation strike 1881-O dollars produced. The earliest known auction appearance for an 1881-O Morgan dollar cataloged as a Proof was in Numismatic Gallery's January 1945 sale of the "World's Greatest Collection" (F.C.C. Boyd). Lot 244 therein was described simply as, "1881. Brilliant Proof. Another rare proof of the New Orleans Mint. Very rare." No price estimate was given. In February 1952, M.H. Bolender's 183rd Auction Sale also featured an 1881-O cataloged as a Proof with a more extensive write-up: [Lot] 252. 1881 New Orleans mint. Perfect brilliant proof. Yes, we realize that proofs were not supposed to have been struck at the branch mints. However, in those days the coiners took pride in their work, and on very rare occasions proof[s] were made, as witness this coin, a gem in every respect. Excessively rare. From the Roe coll'n. at $115. These two auction appearances are referenced in Q. David Bowers' 1993 Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia. The "World's Greatest Collection" coin realized $50 in 1945, the Jack Roe specimen $67.50 in Bolender's 1952 sale. Predating the Bowers reference by a decade, the earliest mention of the Proof 1881-O Morgan dollar in modern numismatic literature appears to be Wayne Miller's Morgan and Peace Dollar Textbook, published in 1982. On page 213 in that still-indispensable work, the author pictures an alleged Proof 1881-O and describes the coin as: 1881-O: In April of 1982, Kevin Lipton sent me the coin picture above, having just purchased it in an auction the week previously for $3,500. The coin has a partial square rim on both obverse and reverse, and very deep mirror surfaces. The periphery of the coin is toned a light brown. There are several contact marks in the fields and on Liberty's face. The latter shows no sign of being struck from a polished planchet. The strike is not full over Liberty's ear. The reverse is slightly dull, but the strike is very strong. The coin shows some evidence of handling. This makes the attribution of such a piece very difficult. Having seen no other examples with possible claim to this status, and given his enumerated pros and cons for the plated specimen, Miller assigned the 1881-O to his Class III category of branch mint Morgan dollars: "...considered to be possible but doubtful branch mint proofs. These are three coins which might be proofs, specimens of which the author has seen but which do not meet his conservative criteria. The other two coins plated in this category are the 1884-O and 1884-CC. There is no mention of the Proof 1881-O in either Walter Breen's 1988 encyclopedia or his 1989 Proof coin encyclopedia - an unusual omission given that an entire chapter is devoted to branch mint Proof coinage in the latter reference. As above, this enigmatic issue has kept its secrets closely guarded over the years. Despite superficial similarities in the toning, the offered coin is not only distinct from, but clearly superior to the specimen plated in Miller. It is an unequivocal Proof, and we suspect that the author's classification of this issue in his branch mint Proof ranking would have been different had this been the Proof 1881-O that he examined. It is to be remembered, of course, that branch mint Proofs of this era rarely rise to the same standards for striking quality as achieved at the Philadelphia Mint. This 1881-O is certainly superior to a circulation strike Morgan dollar, especially one from the New Orleans Mint, with full striking detail to the focal features that even extends to the centers, where each of the hair strands over Liberty's ear and the eagle's breast feathers are crisply delineated. Most peripheral design elements are likewise full, although the obverse stars are a bit soft. The rims show only a faint "fin" on the reverse from 12:30 to 6 o'clock, and they lack the sharply squared-off appearance seen in Proof Morgan dollars from the Philadelphia Mint. Likewise the denticles, while full, lack the crispness of Philadelphia Mint Proofs for this type and yield more softly to the fields. The dies were clearly specially prepared for this coin's striking, imparting watery reflectivity in the fields. The design elements, however, are lightly frosted in finish, although the contrast is not strong enough to qualify this as a Cameo Proof. Interestingly, close inspection with a loupe reveals evidence of very light rusting to the reverse die, throughout the eagle's plumage. Lightly toned in pale silvery iridescence, both sides exhibit warmer reddish-gold peripheral toning that is bolder and more pronounced on the obverse. A few faint obverse hairlines from numismatic handling are all that seem to preclude a full Gem Proof grade. In the absence of significant marks it is difficult for us to locate useful identifiers in establishing this coin's provenance for future market appearances. The best we can offer for this purpose are a tiny, faint toning spot resting on the bottom of Liberty's chin and a similarly small, yet darker spot on the reverse near the end of the 10th feather from the bottom of the eagle's right wing. Both will require magnification to fully discern. While the four Class I issues defined by Wayne Miller (1879-O, 1883-O, 1893-CC, 1921-S) are well documented, well known, and garner much of the numismatic attention when it comes to branch mint Proof Morgan dollars, this Proof 1881-O is just beginning to carve out its niche in this advanced and highly specialized discipline. It is (far) rarer than all of the Class I issues, and its enigmatic nature makes for excellent numismatic mystery of the kind that will continue to challenge both researchers and collectors. Four things are certain: 1) this is an unequivocal Proof striking of the 1881-O Morgan dollar; 2) it is the first and, to date, only non-Class I branch mint Proof certified by PCGS; 3) it is a technically superior and visually appealing specimen; and 3) as the only positively confirmed Proof 1881-O, no collection of Proof Morgan dollars can be considered complete without inclusion of this coin. All eyes in the market will be on this lot in anticipation of spirited bidding and a strong realized price for this unique PCGS-certified Proof 1881-O dollar.PCGS# 7343.From the Darrel O. Neidigh Jr. Collection.

Estimate: $200000