Before you read about 1895 Morgan dollars, please note that contrary to what our images show, this coin is deeply mirrored, nicely frosted and attractively toned. Pictures aren’t always “worth a thousand words”! Now please proceed…An unremarkable mintage of 880 proof Morgan dollars was accomplished at the Philadelphia Mint in 1895, with the coins delivered in four batches throughout the year. Records show a tiny business-strike mintage of 12,000 examples was also produced, but no regular-issue coins have ever turned up in any collection. The fate of the 1895 business-strike Morgan dollars is one of the greatest mysteries in American numismatics. Prominent researchers, from Q. David Bowers to Roger W. Burdette, have offered ingenious theories about the missing coins, but conclusive evidence remains elusive. One theory suggests the circulation-strike coins were never actually struck and the mintage figures represent some kind of clerical error in the records. Another theory indicates the coins were struck, but all were subsequently melted, perhaps under the provisions of the Pittman Act in 1918. Whatever the truth may be, no business-strike 1895 Morgan dollars are known to collectors today, leaving the small supply of proofs alone to satisfy collector demand. Accordingly, the 1895 Morgan dollar is the rarest, most sought-after issue in this incredibly popular series.
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