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1899-p morgan
Idahosilver
Posts: 14
I am fairly new to collecting (3) years and have been concentrating on Morgan Dollars buying Au-Bu only and
specifically tough dates.
Can anyone tell me why the 1899-p morgan with such a low mintage seems so reasonable in price
compared to so many others with higher and sometimes much higher mintage.
What am I missing here.
Any knowledge would be appreciated.
Thanks
idahosilver
specifically tough dates.
Can anyone tell me why the 1899-p morgan with such a low mintage seems so reasonable in price
compared to so many others with higher and sometimes much higher mintage.
What am I missing here.
Any knowledge would be appreciated.
Thanks
idahosilver
0
Comments
I'm a Morgan fanatic! I think I can give you a general answer to your question. The Pittman Act of 1918 forced many Morgan silver dollars to be melted. Many of the 1921 Morgans were made from previously melted Morgans. The original mintages, therefore, do not reflect the number that were destroyed either by the Pittman Act or in later years when the price of silver went up. In its day, the Morgan silver dollar was very unpopular. It was just too big for most people. The Morgan silver dollar was mainly used for gifts and to meet precious metal deposit requirements by banks. Most of them did not circulate, but ended up in storage. That is why a lot of them were destroyed.
Check out a Vanguard Roth IRA.
current value is based on survival rate and estimated quantity around
some mintages were very high but not many left and vice versa
"It is the opinion of most silver dollar specialists that the stated mintage of the 1899-P dollar is in error. According to the most plausible explanation, many working dies which had been punched with the "1899" date were still unused at the end of that year. Changing the date on the working dies to "1900" would have taken considerable time. Therefore, the Philadelphia mint simply continued to strike dollars with the "1899" logo well into 1900. The excess mintage was then added to the totals for the 1900-P."
The fact is, the 1899-P dollars is much more common and readily available than the low mintage figures would indicate, hence a (seemingly low) price that is comensurate with actual rarity and availability. I hope this sheds some light on the subject.
Mike
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I looked up the 1899-P in my "The Comprehensive U.S. Silver Dollar Encyclopedia" by John Highfill. Here is what he says:
"Mintage reported, 330,000, from 3 pairs of dies. Many dealers believe this figure embodies a typographical error; survivors are much less rare Unc. than later Philadelphia Mint dollars of far higher mintage. (But if the real mintage were higher, one would expect a larger number of dies.) Uncs. are mostly from Treasury bags released in 1964; the Redfield hoard had none. Released by the U.S. Treasury in the "Great Silver Dollar Rush" of 1964. They come well struck with good lustre."
Check out a Vanguard Roth IRA.
As you can see, some of our members have very good reference libraries.
Most are very happy to share their knowledge so feel free to ask.
Skipper
Here's a good one for sale now.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Many good thoughts.
Excellent information and more than I ever expected!
idahosilver