1921 VAM 1A. The so-called ''pitted reverse'' listed among Michael Fey's top 100 Morgan Dollar varieties. There is a significant amount of die rust evident in and around the lower portion of the wreath on the reverse, thus the name of this variety. Gem Brilliant Uncirculated. Luxuriant satin-velvet lustre is augmented by a hint of golden toning. Rare in any Mint State grade, and excessively rare in full Gem quality. In fact, this example is quite possibly the finest known as it is the only MS65 specimen graded by NGC with none graded higher (PCGS does not list Morgan Dollars by VAM variety). Fey, furthermore, does not list any specimen above MS64 in his 1997 reference, nor does he indicate the existence of any MS66 examples in his most recent value guide update. NGC MS65.
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