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<p>[QUOTE=&quot;Ed Zak, post: 33093, member: 824&quot;]From Q. David Bower&#039;s book, the official RED BOOK on Morgan Dollars...</p><p><br /></p><p>Prior to 1962, the 1903-O Morgan was a key date coin.&nbsp; Releases were small in the early 20th century, and it seemed that no more than a dozen or so were saved by interested numismatics.&nbsp; Years later, in the 1930&#039;s when collecting became more popular, it was realized that the 1903-O dollars were rare and Mint State samples were almost impossible to find.&nbsp; The explanation was simple:&nbsp; They have been melted under the 1918 Pittman Act.&nbsp; And, probably the majority were.</p><p><br /></p><p>Years passed and to give you an idea of what a 1903-O Morgan was going for in 1962, the <i>Guide Book </i> had them at $400 in EF condition and $1,500 in Uncirculated condition!&nbsp; Remember...these are 1962 prices/dollars!</p><p><br /></p><p>Then in November of 1962, bags of long-stored 1903-O dollars (as well as other&nbsp; &quot;key&quot; dates) were brought out from a vault within the Philadelphia Mint that had been sealed since 1929.&nbsp; At first one, or perhaps a few 1903-O silver dollars were found as part of the holiday payout of coins, then more...then a deluge!&nbsp; Best part, they looked like they were just minted and were beautiful MS coins that have never seen circulation.</p><p><br /></p><p>Now, <u>Coin World </u> reported this in their December 14th, 1962 issue and prices of Uncirculated 1903-O Morgans that were $1,500 in November fell like a rock to $13 to $15.</p><p><br /></p><p>But this is the part that made me laugh...</p><p><br /></p><p>One enterprising, or perhaps unscrupulous would be the better word, person bought a bunch of these 1903-O Morgans and hopped on a jet plane for London.&nbsp; Referring to the <i>Guide Book</i>, he sold many of these 1903-O Morgans to unsuspecting English coin dealers at &quot;bargain&quot; dollars.&nbsp; Instead of $1,500, I suspect he sold them &quot;at a <i>slight</i> discount&quot;.&nbsp; Meanwhile, news didn&#039;t travel as fast as it does today and many English coin dealers soon found out that their &quot;bargain&quot; 1903-O Morgan dollars very soon became a &quot;wipeout loss&quot;.</p><p><br /></p><p>I could picture the conversation, &quot;Honey, I am catching the next flight to London.&nbsp; If anybody calls, tell them I&#039;m in ____.&quot;&nbsp; I don&#039;t need any luggage, just this carry-on!&quot;[/QUOTE]</p><p><br /></p>

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