A Top 100 Variety. Carson City Morgan dollar collectors have long been aware of the “Capped Die” variety, named after the myriad minute die chips in the vicinity of the mintmark of the VAM-3 1879-CC. The first plausible theory for the die chips was provided by Morgan dollar researcher Leroy Van Allen, who suggested in 1965 that the wrong size (Small CC) mintmark was initially entered, and the chips were an attempt to efface remnants of the Small CC before the Large CC was tapped into the reverse die. Thus, VAM-3 is a Large Over Small CC variety, and it has long been separately listed in the Guide Book.
The PCGS population is 15 with 5 graded higher – none higher than MS65+.
Listed at $43,200 in the CDN CPG and $47,500 in the NGC price guide.
The 1886 is a plentiful Philadelphia Morgan dollar issue with a mintage that approaches 20 million coins. Dave Bowers describes the distribution of 1886 dollars in his Silver Dollar Encyclopedia: “Quantities of 1886 dollars were released by the Treasury over a long period of years, with a large number coming out in 1951, 1952, and, especially, December 1954.” Even more were released during the early 1960s, further contributing to the date’s availability. And this issue is widely recognized for its collectibility in high grades. That includes coins in MS66 and even MS67. However, perhaps unsurprisingly, availability is much more limited in this ultimate grade.
The NGC population is 41 (two of which have been designated “Star”), with only 3 MS68+ representatives graded higher.
Listed at $14,400 in the CDN CPG and $16,500 in the NGC price guide.
Although heavily touted as a conditionally scarce date in Mint State, the 1883-S Morgan remains collectible in grades through MS64, and is frequently offered at auction in that range. It is the Gem grade level from where this issue draws its recognition. In MS65, the 1883-S Morgan is a grand rarity in absolute numbers, and in the context of the series, is truly rare. Including possible resubmissions, there are fewer than three dozen Gem or finer examples seen by the leading certification services.
The NGC population is 12 (3 of which have been designated “Star”) with 3 graded higher.
Listed at $28,800 in the CDN CPG and $30,000 in the NGC price guide.
The Sherman Silver Purchase Act, passed in July 1890, replaced the Bland-Allison Act as the authorizing legislation for the Morgan silver dollar. The law provided for the purchase of some 54 million troy ounces of silver annually from Western mining interests. As could be expected with such a supply of bullion, silver dollar production in 1890 was substantial throughout the year, with more than 16 million coins ultimately produced. These were paid out gradually over many years, with the final distribution being in the Treasury releases of the early 1960s. Careless preservation, then, ended up being a major factor in the rarity of high-grade examples, as the date is readily available in grades through MS65. But that’s where the availability stops.
The NGC population is only 10 with none graded higher.
Listed at $15,000 in both the CDN CPG and the NGC price guide.
This Philadelphia issue is plentiful in grades through MS66, but it is moderately scarce in MS67 condition. At this grade level, however, t he NGC population is only 3 with none graded higher. The example herein offered displays frosty, faintly toned surfaces.
Listed at $7,500 in the NGC price guide.
Offered at $5,200
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Silver dollar production declined drastically at all U.S. mints in the mid-1890s. Following the Panic of 1893 and the repeal of the Sherman Silver Purchase Act there was no commercial demand for the coins and no official mandate to produce them. Accordingly, the New Orleans Mint struck a small mintage of just 450,000 Morgan dollars that year. Unfortunately, the issue was not well-produced and many examples seen have weak strike characteristics and subdued mint luster. Most of the mintage circulated widely near the time of issue and the 1895-O was not well-represented in the Treasury releases of the 1960s. As a result, the 1895-O can be located in circulated grades without much difficulty today, but it is the third rarest Morgan dollar in Mint State grades behind the elusive 1892-S and the famous key 1893-S. The one offered here is lightly toned, lustrous and closer in appearance to our non-slab images than our slab-shot.
The NGC population is 60 with 54 graded higher.
Listed at $20,000 in the NGC price guide.
Offered at $16,985 (ACH, Bank Wire, add 3.5% for Major CC & PayPal)
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The 1889-CC is the scarcest of the Carson City Morgans and one of the two biggest key dates in the series overall, trailing only the 1893-S in overall scarcity among circulation strikes. The mintage of 350,000 pieces was accomplished during the final quarter of the year, after the Carson City Mint reopened following a four-year hiatus in production during the first Grover Cleveland Administration. President Benjamin Harrison allowed the Nevada branch mint to reopen, being sympathetic to silver mining interests in the West.
Offered at $22,500 delivered. We do business the old fashioned way, we speak with you. Give us a call for price indications and to lock trades.(800) 257.3253 9:00 AM – 5:00 PM CST M-F Private, Portable, Divisible Wealth Storage
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The small original mintage for this issue was the result of the short period of time available for coinage, just three months at the end of 1889. The Carson City Mint reopened on July 1, 1889 after a four-year hiatus. The facility was in poor condition, due to neglect and idleness, and necessary repairs to the building and machinery imposed a long delay on coining operations. Coinage was finally resumed in October, and only 350,000 pieces were produced before the end of the year. Due to the extremely large collector base for Morgan dollars, this issue is typically under significant pressure to satisfy demand. The one offered here is color-free, flashy and gorgeous! This and one other are tied for the highest graded by NGC and PCGS hasn’t graded any PL examples this high.
Offered at $395,000 delivered
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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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