The mysterious circulated 1903-O Morgan Dollars.

Coinstartled

As the story goes, only 8 or so were known to mankind until the discovery and release of the treasury hoard in the early 1960's. The known examples were worth a kings ransom. Of course values tumbled precipitously after the discovery.

I have seen slabbed 1903-O Dollars down to a grade of VG 8 or so. Were these coins part of the pre GSA release that were worth a fortune but in unknowing hands or did they circulate post GSA release which would seem unusual considering the time it would take to accumulate that much wear?

CascadeChris

You mean like this

Here's mine. It was in an old near complete album set of morgans I bought from bad pics for around $3k so I only have $30+ in it. Sometimes crapshoots really pay off

Not sure your figure of only 8 known before the vaults were opened is correct though.

Coinstartled

@CascadeChris said:
You mean like this

Here's mine. It was in an old near complete album set of morgans I bought from bad pics for around $3k so I only have $30+ in it. Sometimes crapshoots really pay off

Not sure your figure of only 8 known before the vaults were opened is correct though.

Good call on the pop. Bowers estimated less than 10 in Mint State but apparently a number of circulated coins were known and on the market.

"""Interestingly, earlier sales of worn 1903-O dollars caused a lot of problems after October 1962, when Uncirculated pieces became so common. A number of collectors complained to the officers of the Professional Numismatists Guild about members who had obtained several hundred dollars each for circulated coins earlier in the year.""'

Coinstartled

....and very nice coin, CascadeChris!

LeeBone

@CascadeChris said:
You mean like this

Here's mine. It was in an old near complete album set of morgans I bought from bad pics for around $3k so I only have $30+ in it. Sometimes crapshoots really pay off

Not sure your figure of only 8 known before the vaults were opened is correct though.

Nice circulated 03-O

CascadeChris

@Coinstartled said:

@CascadeChris said:
You mean like this

Here's mine. It was in an old near complete album set of morgans I bought from bad pics for around $3k so I only have $30+ in it. Sometimes crapshoots really pay off

Not sure your figure of only 8 known before the vaults were opened is correct though.

Good call on the pop. Bowers estimated less than 10 in Mint State but apparently a number of circulated coins were known and on the market.

"""Interestingly, earlier sales of worn 1903-O dollars caused a lot of problems after October 1962, when Uncirculated pieces became so common. A number of collectors complained to the officers of the Professional Numismatists Guild about members who had obtained several hundred dollars each for circulated coins earlier in the year.""'

BU ones were so common after the release that some unscrupulous dealers were trying to unload ones they recently paid big bucks for right before the release to buyers who didn't know about the new hoard. On the flip side, the dealers who knew how to run a good business were giving BU ones away as a loss leader promotion to good long time clients

CaptHenway

I remember grading a nice original VG while I was at ANACS. I explained to the young'uns in the room why this was rare.
TD

Coinstartled

@CaptHenway said:
I remember grading a nice original VG while I was at ANACS. I explained to the young'uns in the room why this was rare.
TD

Do you have any idea what the population of circulated 03-Os' was prior to 1962?

ricko

@CascadeChris ...Nice old Morgan that has seen a lot of commerce... Cheers, RickO

Overdate

I recall the 1903-O having a higher premium than the surrounding dates shortly after the Treasury release. Lowest price I saw was $15.

asheland

Cool!

CaptHenway

@Coinstartled said:

@CaptHenway said:
I remember grading a nice original VG while I was at ANACS. I explained to the young'uns in the room why this was rare.
TD

Do you have any idea what the population of circulated 03-Os' was prior to 1962?

No, sorry.

CascadeChris

Here's another conditional rarity of mine to go with the 03o

MilkmanDan

Cool thread, I also love these former key dates.

Here's a few of mine...

Still looking for a 1904-O that fits the set. They're out there.