1902-P Morgan Dollar, GSA Hoard, MS-67 PCGS

An exceptional example of this Philadelphia Mint issue, graded MS-67 by PCGS (Certificate #58332212). This coin represents one of the finest survivors from the famous GSA Hoard dispersals that brought thousands of Treasury-held Morgan dollars to the numismatic market beginning in the late 1950s. The 1902-P is notably scarce in high Mint State grades, with MS-65 coins considered quite elusive despite the substantial quantities released by the Treasury. This MS-67 specimen ranks among the finest certified, with only 10 examples graded higher across all populations.

The coin displays the C-4 reverse hub employed for the first time on all dies of the 1902 Philadelphia coinage. Notable die varieties exist from reverse dies created by impressing the new C-4 hub over the earlier C-3, identifiable by the distinctive "2 Olive Reverse" characteristic. Most survivors from this date exhibit satiny luster rather than deeply frosty surfaces, with striking quality ranging from poor to sharp. Bagmarks, when present, tend to be light and well-distributed, making cherrypicking essential for finding superior examples.

Struck from a total mintage of 7,994,000 pieces, the 1902-P was largely unavailable in high grades prior to the Treasury releases of the 1950s and early 1960s. While Mint State coins are relatively plentiful in lower ranges (MS-60 through MS-63), examples grading MS-65 or better represent only an estimated 5,000 to 10,000 survivors. This MS-67 specimen exemplifies the quality and eye appeal that serious Morgan dollar specialists actively seek.

Specifications: 90% silver, 10% copper; 26.73g; 38.1mm diameter; reeded edge. Designed by George T. Morgan.