Lot 2903
1878. 8 Tail Feathers. PCGS graded MS-65+ PQ CAC Approved. Wonderful obverse rainbow toning. Dazzling and refreshingly clean for this issue, with flickering luster in the fields and shimmering devices competing with the multiple iridescent colors for your attention. The fields are beaming, with full cartwheel, and satin with much eye-appeal. Much as the luster is superior, so too is the strike on this first year date: the dies left their rigid impression behind with clear precision. Pop 15; 38 finer (PCGS # 7072) .
The Comstock Lode, one of the greatest silver strikes in history, was discovered in Nevada in the late 1850s. The strike put downward pressure on silver prices worldwide. In 1878 Congress passed the Bland-Allison Act which required the Treasury Department to purchase large amounts of silver, and to strike it as coins. For reasons of economy, the Treasury chose to strike the silver as dollars.
When the Morgan Dollar was minted in 1878 (originally it was known as a "Bland" dollar), it was the first dollar issued for American commercial use since the last Seated Liberty Dollar of 1873. The Trade Dollar was minted during this time period but was intended to be used for trade in the Orient. The dollar was continuously minted until 1904 when the supply of dollars in circulation was high and there was an absence of silver bullion.
Estimated Value $8,000 - 8,500.
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