1886-O $1 Morgan Silver Dollar XF-AU
The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" Wolfeboro, NH: Bowers and Merena Galleries, Inc. 1993 Coinage Context Exclusivity: In 1886 the New Orleans Mint struck silver dollars exclusively. Even though the coiners had single-mindedness of purpose, they did a sloppy job, spaced the dies too far apart, and turned out millions of poorly struck coins. Of course, they did not have much pride in what they did, for the New Orleans Mint was unloved by the Mint bureau head-quarters folks in Washington, and, in any event, most recent production efforts involving silver dollars at New Orleans saw coins going from press to bag to storage; there was not much satisfaction in that seemingly unappreciated, futile effort.
Numismatic Information An anomaly: Among Morgan dollars, the 1886-O is somewhat of an anomaly. The mintage figure of 10,710,000 circulation strikes is overwhelming and even puts in the shade such common coins as the 1883-O, 1884-O, and 1885-O. What did happen isn't known, at least not with certainty. At or near the time of striking in the nineteenth century, probably a few million coins, say two to four million, were placed into circulation and saw commercial use.
Probably, millions of other coins, perhaps as many as six to eight million pieces, went to the melting pot under the terms of the 1918 Pittman Act. I recall that few dealers wanted to stock 1886-O dollars, for Uncirculated pieces were usually ugly and, technically, were probably on the order of what would be called MS-60 or MS-61 today. The issue was regarded as slightly on the scarce side in the 1960s, and Harry J. Harry recalled that he never had an intact bag of 1886-O dollars, but he did find several hundred "minimum Uncirculated" coins in a bag containing various dates.
Despite its prodigious mintage, the 1886-O is a rarity today in the 1990s, in MS-65 grade, while its contemporaries, the 1883-O, 1884-O, and 1885-O, are very common. Circulated grades: In worn grades the 1886-O is not hard to find, although it is not among the commonest issues. I estimate that 175,000 to 350,000 remain. Mint State grades: Mint State coins are scarce.
Most seen are in lower levels such as MS-60 and MS- 61, or MS-62. In these ranges perhaps 5,000 to 10,000 exist. Correctly graded MS-63 coins are scarce on the current market. I say current market, for as noted, years ago the 1886-O was not recognized as being hard to find. In MS-64 grade it is extremely difficult to locate; probably somewhere between 125 and 250 remain.
In MS-65 preservation the 1886-O is the rarest New Orleans Mint Morgan dollar; at least one exists, but possibly no more than three. Most 1886-O dollars in various degrees of Mint State are weakly struck.