In the first half of the 20th century, the no-mintmark Philadelphia Morgan dollar issue was a very elusive rarity. That's because only a tiny percentage had been released into circulation. In 1925, a numismatist reported that he had been unable to find a single circulated 1897 Philadelphia Morgan in commerce, after a six-year search! And mint-state specimens were even tougher to find until the 1950s. The large majority had been lost in government melts. Then the U.S. Treasury sold off all its last remaining bags of the series, which included a number of BU 1897 Philadelphia Morgans. Our Brilliant Uncirculated quality has nice original luster and no sign of wear (some bags marks are present, as is normal).