The 1895 Proof is the rarest Morgan dollar among its years of issue, as well as a key date. Its extreme scarcity, combined with an enduring historical mystery, has elevated it from elusive to legendary.
The Morgan silver dollar is one of the most iconic and highly sought-after coins. It is renowned for its beauty and historical significance.
Historical Context of the Morgan Dollar
The design by George T. Morgan features a portrait of Liberty based on the model Anna Willess Williams, and features a proud eagle on the reverse. The Morgan dollar was struck from 1878 to 1904 and briefly again in 1921, produced by the following U.S. Mint branches:
- Philadelphia (no mint mark)
- New Orleans (O mint mark)
- San Francisco (S mint mark)
- Carson City (CC mint mark)
The Pittman Act of 1918 melted over 270 million silver dollars, drastically reducing surviving populations and enhancing rarity across many dates.
The 1895 Proof Morgan Dollar
The 1895 Proof Morgan is known as the King of the Morgan Silver Dollars. Although records indicate the Philadelphia Mint branch struck 12,000 circulation strikes in 1895, there are no known surviving coins. It is believed these were melted shortly after production.
A mere 880 proof strikes were issued, leaving the 1895 Morgan Dollar as a proof-only issue and unique among Morgan dollars. Fewer than 100 examples are believed to exist in Mint State today, making this coin exceptionally rare and valuable.
Why the 1895 Morgan Silver Dollar is Rare
The rarity of the 1895 Morgan Dollar stems from three primary factors:
- Proof-Only Survival: No business strikes are known.
- Limited Proof Mintage: Among those proofs, only 880 were issued.
- Strong Collector Interest: Demand for this proof-only key date remains high.
Other Rare Morgan Dollars
Several other Morgan dollars are also exceptionally rare and valuable:
1889-CC Morgan Dollar
- Mintage: 350,000
- Survival: About 25,000; Only 7 known in MS-65+.
- Value: Between $529,000 and $881,250 for MS-68 specimens.
1893-S Morgan Dollar
- Mintage: 100,000
- Survival: Fewer than 10,000 total; Only 123 Mint State examples, with 18 known in MS-63+.
- Value: Up to $935,000 in MS-65.
1895-O Morgan Dollar
- Mintage: 450,000
- Scarce in higher grades as they were weakly struck; one in MS-67 sold for $575,000.
1892-S Morgan Dollar
- Mintage: 1,200,000
- Can be found for less than $1,000 below AU grades. One MS-68 has sold for more than $600,000.
1896-O Morgan Dollar
- Mintage: 4,900,000
- Difficult to find in Mint State; MS-66 examples may pass $500,000.
1893-O Morgan Dollar
- Mintage: 300,000
- MS-65 specimens can sell for more than $200,000+.
1884-S Morgan Dollar
- Mintage: 3,200,000
- Rare above MS-63; MS-67 coins can surpass $750,000.
These figures underscore how survival rates and condition drastically influence value.
Tips for Collecting Morgan Dollars
For those interesting in building a Morgan dollar collection:
- Research Extensively: Understand date, mint, and variety rarities, and the associated VAM numbers.
- Prioritize Grading and Authentication: Certified coins carry premiums and protect against fakes.
- Work with Trusted Dealers: Stick to reputable sources and auctions.
- Store Coins Properly: Use non-PVC holders, control temperature and humidity.
Modern Reissues and Centennial Morgan Dollars
In 2021, the U.S. Mint began striking modern commemorative Morgan Silver Dollars and Peace Silver Dollars, marking the centennial of their original issue.
Key features:
- Mintmarks: CC and O marks honor the New Orleans and Carson City Mint branches.
- Composition: .999 fine silver rather than the original 90% silver.
- Purpose: Non-circulating commemoratives to honor historic designs.
While not part of the original Morgan series, these modern issues have been warmly received by collectors but should not be confused with vintage Morgan dollars.
The 1895 Proof Morgan Dollar reigns as the rarest and most prestigious issue of its type, defined by its proof-only status and extreme scarcity. Other rarities like the 1889-CC, 1893-S, and 1884-S add depth and challenge to Morgan dollar collecting.
