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By Rob Lehmann

The discussion and analysis of the Morgan Dollar series often focuses on the branch mint issues, most notably those emanating from Carson City. But, there were more Morgan Dollars minted in Philadelphia than any of the corresponding branch mints. Prior to 1878, Philadelphia had been the epicenter for the production of United States Silver Dollars, and their proficiency was not diminished at all during the Morgan Dollar years. However, one of the great misnomers is that Philadelphia Morgan Dollars are universally more common than pieces coined at the branch mints. As my analysis will show, this is not always the truth.

In the interest of time and space, I will limit my discussion to a brief analysis of each date, with an emphasis on the characteristics of mint state survivors.

1878 – Volumes of reference works are available on this date alone. Hundreds of die marriages resulted in many different design elements and sub-varieties. For simplicity purposes, here are the four major varieties of 1878-P dollars:

8 Tail Feather – The 8 Tail Feather Dollar was the first Morgan Dollar struck in Philadelphia. Mint records show an original mintage of 749,500 pieces, many of which still survive today. The typical mint state 8TF has satiny luster and is almost always well struck. Surface abrasions can be an issue, although a significant quantity of choice coins exist. True GEM mint state examples are somewhat scarce. 8TF dollars are scarce in prooflike (PL) and downright rare in deep mirror prooflike (DMPL). Curiously, a large number of one sided PL coins are known. These exhibit exceptionally deeply mirrored obverses or reverses, with non-PL, satiny luster on the corresponding side. At their best, these one-siders can be some of the prettiest of all Philadelphia minted Morgan Dollars.

7/8 Tail Feather – 7/8 TF Dollars are slightly more scarce than the 8 TF variety, but with some due diligence, high grade pieces are usually available. The presence of 4 or more underlying tail feathers is the most prominent diagnostic used for attribution. This issue is also found with satiny luster. Contact marks can be a nemesis, although choice and gem coins are available. PL examples are about equally as uncommon as the 8TF. In DMPL, this variety is downright rare with examples showing little contrast between the fields and devices.

7 Tail Feathers, Reverse of 78 – This is the single most common variety of 1878 Morgan Dollar. In grades of MS-60 to MS-63, it is readily available, a fact substantiated by its rather affordable $50-$85 CDN Bid range. In grades of MS-64, the 7TF variety is slightly scarce. In grades of MS-65 and above, it is of almost equal rarity to its 8TF cousin, although slightly less expensive. PL coins are fairly scarce, and DMPL examples are rare, almost as much so as the 8TF. Once again, most mint state examples will exhibit satiny luster with a virtually full strike. Surface abrasions are generally present on most, but not all, examples.

7 Tail Feathers, Reverse of 79- The Philadelphia Mint was pretty busy in 1878. This is the only year that Morgan Dollars were minted with so many different major design elements. One must admire the perseverance of mint officials working to get the design of the Morgan Dollar right. In terms of rarity, the 1878, reverse of 79 is probably the scarcest of the 4 major varieties, but only slightly so. This issue can exhibit pronounced cartwheel luster. Surface abrasions can be a real problem, perhaps a result of the vulnerabilities of a higher relief design. This factor generally excludes most mint state specimens from grading over MS-64. Current Greysheet BID on a MS-65 example is $1900.00. PL coins are scarce, and DMPLs are rare. When an example is located, it can be very attractive with deeply mirrored fields and cameo contrast.

1879- The typical 1879 Morgan Dollar exhibits satiny luster and an average strike. Despite the fact that this higher mintage date is known in bag quantities, it is a surprisingly difficult issue to find fully struck. Many mint state pieces show softness on the hair over Liberty’s ear as well as the high point of the eagle’s breast. I remember a bag of 1879 Morgan Dollars, lacking a single fully struck example. Luster can range from indifferent to slightly above average. This is the most deficient of all 1879 dollars, with Carson City, New Orleans and San Francisco examples almost always superior. Although I have handled a few truly amazing 1879-P dollars, they are definitely the exception. Both PL and DMPL examples are very scarce to rare. When found, they can show moderate contrast between fields and devices, but are seldom black and white.

1880- This date exhibits very similar characteristics to its predecessor, although it can be superior in both strike and luster to the 1879. There are many 1880 dollars with high point softness, but just as many that show an adequate to full strike. Luster also varies, ranging from indifferent and dull to booming, with some examples displaying a full cartwheel effect. Excessive contact marks can be problematic, and locating a GEM example can be elusive. In PL and DMPL, this is a very scarce coin. Most examples are grey in appearance with little cameo contrast.

1881- Finally, here is a Philadelphia Morgan Dollar that comes both well struck and very lustrous. As a matter of fact, this is the norm for this date rather than the exception. Unfortunately, most 81-P dollars are also very scuffy, and can be moderately to heavily abraded. Surface preservation issues make locating choice and gem pieces somewhat difficult.

In MS-64 and 65, the 1881 Morgan is less rare than both the 1879 and 1880, and probably on a par with the 1878 7TF. PL and DMPL examples are both very scarce. The latter occasionally comes deeply cameo. Although rare, these examples can be a sight to behold.

1882- This date defines rich, satiny luster, very similar in overall appearance to an 1884-CC. The strike can come soft, but usually is not an issue. Most 1882-P dollars suffer from one problem only: surface abrasions. Note the Greysheet price jump from of $62.00 in MS-64 to $430.00 in MS-65, a testament to this deficiency. PL and DMPL coins are similar in rarity to the preceding dates, although when found, they are generally more attractive. I have handled some DMPL 1882-P Morgans, that at first glance, appear to be proof. These pieces almost always exhibit dramatic cameo contrast. For the toning aficionado, 82-P’s can occasionally be found with vibrant color, the first date of the Morgan Dollar P-Mint run with this tendency.

1883- This is the first truly common P-Mint Morgan Dollar. There were many original bags of 1883-P Dollars in the Treasury hoards, contributing to its availability today. The typical 1883-P has satiny luster with an average strike. Bagmarks and surface distractions are not too big a problem, and GEM pieces are easily found. PL pieces, although not extremely common, are available for a small premium. DMPL examples are scarce, but not rare.

1884- Like the 1883, the 1884 is readily available in mint state. The average 1884 dollar has good luster, with some fully cartwheel examples. Bag marks can be somewhat of a problem, making pieces graded over MS-65 scarce. Locating a choice to gem example should be no problem. PL coins are not common and DMPL 84-P Morgans are rare, with most examples displaying only moderate cameo contrast.

1885- This is one of the most common mint state Philadelphia Morgan Dollars. Many bags of this date were released in the Treasury hoards. Apparently, most 1885 dollars avoided the melting pots under the Pittman Act. The typical 1885-P Morgan is nice, and occasionally, outstanding. Luster is usually satiny and above average. Most are well struck. Bag marks are not much of a problem, and examples up to MS-67 can be located. In PL and DMPL, the 1885-P is not rare, and either can be located for a modest premium. There are some vividly toned examples of this date, a coefficient of its normally rich luster.

1886- Here is another very common P Mint Morgan. It is readily available in all grades, and is truly generic in nature. Strike tends to be good but not great. Luster, however, can be downright outstanding. PL and DMPL examples are both readily available, although most exhibit only moderate cameo contrast.

1887- An average to good strike, great luster and exceptional surface preservation are the norms for an 1887-P Morgan Dollar. PL and DMPL examples are both fairly abundant, though a stark cameo contrast is uncommon. This date can also be found with vivid rainbow toning. With the exception of the occasional striking deficiencies, a mint state 1887 Morgan can be a really eye appealing coin.

1888-This date is available and fairly common although not as much so as the previous 3 years. Most 88-P dollars are lustrous, but can suffer from striking problems. Fully struck 88-P dollars are somewhat unusual. This date does not come as heavily abraded as most of the other P-mint dollars. This lends itself to a large number of specimens graded up to MS-65. In MS-66, this date becomes somewhat scarce, and in MS-67, it is very rare. PL and DMPL examples both exist, and are only moderately scarce.

1889-This date is a bit of an enigma. In strict mint state, it is as common as any P mint Morgan Dollar. There were many 1889-P dollars in the U.S. Treasury hoards, and here on the East Coast, they appear often. Even today, original rolls of 1889-P dollars appear. The problem is 1889-P Morgan Dollars are seldom very nice. The average 1889-P has a sub-par strike, deficient luster (which can border on dead) and tends to be very scratchy. Although I have seen my share of 1889-P dollars with booming cartwheel luster, they are the exception to the rule. As for PL and DMPL examples, both are rare, and usually, unattractive. When found, they have grey, cloudy surfaces with only moderate contrast.

1890-This date is similar in many ways to the 1889, although not as common. In grades of MS-63 or less, the 1890 is very available. These pieces are often ugly. Indifferent luster and an incomplete strike limit many 1890-P dollars to the lower end of the mint state spectrum. Bagmarks can also be a problem. It appears that many of the 1890 bags were mishandled. Although nice coins were occasionally found in original bags, I have never seen or heard of a consistently nice bag. In grades of MS-64, the 1890 is no longer so available. In grades of MS-65 and above, this date is rare. For whatever reason, this date seems to be graded on a curve. I have seen more than few toned MS-65 examples with well-concealed surface distractions. If these same coins were entirely white, in most instances, I do not believe they would warrant the MS-65 grade. Try to find a blazing white, gem 1890-P; it’s not an easy proposition. The same comments about PL and DMPL 1889-P’s also apply to this date. But, in DMPL, the 1890-P is much rarer.

1891- The 1891-P Morgan Dollar is a conditionally rare coin. By 1889, quality control did not appear to be a priority with Philadelphia Morgan Dollars. The 1891 is a testament to this, and affected by a host of problems. Many examples are softly struck. Luster varies from indifferent to outstanding, with most of the latter resulting from increased striking pressure or heavy metal flow. Contact marks can also be a challenge. Finding an example with great luster, strike and surface preservation is extremely difficult. The PCGS population is just 108 pieces in MS-65. The Greysheet BID of $7500.00 reflects this rarity. MS-64 examples, are scarce. MS-63 pieces are still not common. Most uncirculated 1891-P dollars grade MS-60 to MS-62, and these coins are more available. Although there were bags of 1891-P dollars, they are nowhere near as common as any other Philadelphia date up to this point. PL coins will prove very elusive and DMPLs are downright rare. When found, they are somewhat attractive, more-so than both the 1889 and 1890.

1892- The 1892 is the first Philadelphia Morgan Dollar that is somewhat scarce in all mint state grades. There simply were not many surviving bags, and original rolls seldom surface. Mint state specimens can vary from ugly to nice. Strike is usually a bit soft, with a fully struck coin being very scarce. Bagmarks are also a problem with this date, with most examples somewhat abraded. Curiously, for a date that seldom has pronounced luster, there are a handful of very attractively toned pieces. Several of these reside in older PCGS holders, possibly emanating from the same original source. Like the 1891-P, PL and DMPL examples are both rare and expensive. This date, in my opinion, is both underappreciated and undervalued at today’s levels.

1893- Like all 1893 dated Morgans, the 1893-P is very scarce. This was a bi-product of tough economic times in tandem with greatly reduced silver dollar production. Today, collectors will find locating any 1893-P, even a well worn example, to be a tricky proposition. In grades above MS-63, this date is both scarce and expensive. The relative rarity of MS-65 specimens is similar to that of 1891 and 1892-P dated dollars, although this date gets more attention. Quality-wise, most mint state 1893 dollars are pleasing. They usually have attractive satiny luster and can be well struck, although neither is always the case. This date can be hindered with surface abrasions, which usually is the limiting factor in attaining higher mint state grades. In PL this date is very rare and a true DMPL example is all but non-existent. In the rare instance that one actually surfaces, don’t expect it to be attractive or have significant contrast between the fields and devices. I can only remember seeing one attractively toned 1893 dollar, and that was many years ago. Although others surely exist, they certainly aren’t common.

1894- Here is the undisputed key date Philadelphia Morgan Dollar (Since the 1895-P is only known in proof, I have purposely omitted it from my discussion). With only 110,000 pieces minted, the 1894 had the second lowest mintage of all Morgan Dollars, eclipsed only by the 1893-S. For this reason, it remains a collector favorite. Even low grade circulated examples fetch over $1000.00. The quality of mint state examples, for the most part, is sub-par. Luster is satiny and sometimes lifeless. Strike is seldom full. Bagmarks can be a problem, although this is not always the case. There were far more 1894 dollars saved than the similarly small mintage 1893-S. But, uncirculated rolls are rare and original bags could be counted on one hand. In PL and DMPL, no single Philadelphia Morgan Dollar, with the exception of perhaps the 1901-P, is more elusive. Attractively toned specimens, I am convinced, do not exist. True GEM pieces, graded MS-65 and above, are very rare. The finest two examples that I know of were both owned by Jack Lee and each graded MS-66 at PCGS. If one of these specimens were to become available in today’s market, it could fetch over $100,000.

1896- After minting only 110,000 coins in 1894 and a paltry 12,000 more in 1895 (all of which apparently were melted), the Philadelphia mint was back in full gear for 1896. A large mintage of 9,976,000 pieces resulted, with many survivors remaining for collectors. The 1896-P is not at all rare. Many bags existed, and an original roll, even today, is still not uncommon. 1896 dollars can be well struck and usually exhibit decent surfaces. Unfortunately, the luster is seldom lively, resulting in most coins grading MS-65 or lower. When found, a MS-66 or 67 1896 dollar can be a beautiful coin. But again, luster deficiencies prevent most coins from being graded this high. In PL and DMPL, this date is somewhat tough to find, especially when one considers how readily available it is in mint state. When a PL piece is located, expect it to be grey and somewhat unattractive, with little cameo contrast.

1897- To a great extent, an uncirculated 1897 Morgan is a virtual twin to an 1896. This date tends to come well struck with satiny luster that can sometimes border on lifeless. Surface marks are not much of a problem, and plenty of choice to gem quality coins exist. The 1897-P is a bit scarcer than its predecessor in all grades of uncirculated, but is still readily available up to MS-65. The number of MS-66 pieces is limited by luster deficiencies, and in MS-67, this date is truly rare. The same comments regarding PL and DMPL 1896-P dollars hold true for this date, although the 97-P’s are a bit tougher to find.

1898-The average 1898 Morgan is well struck with satiny luster and decent surfaces. Generally speaking, this is one of the more attractive later date Philadelphia Morgan Dollars. Abundant quantities of uncirculated examples exist, and they are readily available in grades up to MS-65. PL coins are not rare, nor are they common. DMPL examples are somewhat scarce, and when encountered, are grey with little cameo contrast.

1899- I question the validity of the reported mintage of 330,000 pieces. Many numismatic scholars believe that some of the reported 1900-P mintage were actually 1899 dated pieces that may have been struck later in the year. The 1899-P is still moderately scarce, more so than the preceding 3 years. This date remains very popular with collectors. Aesthetically, a mint state 1899 Morgan can be very attractive. Most have rich, satiny luster, and are almost always well struck. Marks can be a problem at times. Choice and Gem pieces both exist in ample quantities. PL specimens are also available, but DMPL examples are much scarcer. Because of the reported low mintage and the overall high quality of mint state survivors, prices on this date remain high.

1900- The C-4 reverse first appeared on 1900 dollars. The result was a shallower than normal strike which lacked detail, especially noticeable on the eagle’s breast feathers. That aside, a 1900-P can still be a beautiful Morgan Dollar. Luster can range from average to outstanding, and from satiny to booming. Some pieces may evidence a full cartwheel effect. There are plenty of gem pieces graded, so locating an example up to MS-66 should not be too difficult. This was a date released in ample bag quantities. A circulated example is many times rarer than an uncirculated counterpart. PL examples are very scarce to rare, and a DMPL would be an extraordinary find.

1901- In strict uncirculated condition, the 1901-P is, by far, the rarest Philadelphia Morgan Dollar, with only the 1894 coming close. In fact, in mint state, it is the 6th rarest Morgan Dollar overall, surpassed only by the 1893-S, 1892-S, 1884-S, 1895-O and 1889-CC. Circulated examples are another matter, with abundant quantities available. This is truly a date that saw commercial use, as most were released into circulation. Apparently, few were ever saved. A typical uncirculated 1901-P is deficient in all areas, exhibiting a mediocre to poor strike, indifferent luster and heavy surface abrasions. For these reasons, basil mint state pieces are often confused as sliders. A truly choice piece grading MS-63 or above is very rare, and a full gem grading MS-65 is extraordinarily rare. PL and DMPL specimens, essentially, don’t exist.

1902- In terms of scarcity, this date is about equal to the 1903-P. The typical 1902-P comes with mellow satiny luster which can be chrome-like. Strike is typical of the post-1899 dates, with a lack of the highest point definition, especially on the eagle’s breast. Surface preservation is probably this date’s strong suit. It is not unusual to find a 1902-P with fewer-than-average marks. What usually limits the technical grade of a 1902-P is indifferent luster. PL and DMPL examples are rare, with the latter being very rare. When located, neither one is very attractive.

1903- The 1903 Morgan is in reality no scarcer than the 1902, but due to its need for date sets, CDN bids reflect higher prices in circulated grades. In uncirculated, the 1903 is actually a bit more common than the 1902, especially in MS-65 and above. Here, the 1903 emerges as the best quality Philadelphia dollar minted between the years 1901-1904. Luster and strike tend to be excellent, and surface abrasions are not a real problem either. Some really beautiful 1903 dollars are available, and as prices indicate, it doesn’t take a king’s ransom to procure one. Like the 1900-1902 issues, this date is rare in PL and DMPL. The examples that I have seen lack contrast between the fields and devices, but are not as unattractive as the aforementioned dates.

1904- A good portion of 1904-P Morgans were released at issue, so circulated pieces are not uncommon. Although a few bags of this date were in the Treasury hoards, uncirculated rolls don’t show up often. A mint state 1904-P can be the worst of all worlds. Most are dull with indifferent satiny luster. The strike can vary from average to deficient, but it is seldom good. Marks plague this issue, and most uncirculated specimens are relegated to grades of MS-63 and lower for this reason alone. Trying to find a well struck, lustrous and mark-free gem is a real task. Although CDN shows a MS-65 bid price of $2450.00, I would argue this is underpriced for a true gem. The depressed bids, across the board for this date, are probably a reflection on the date’s popularity rather than its rarity. In MS-65, PCGS has graded just 178 coins. Compare this to 121 coins in the same grade for its San Francisco counterpart. But, here’s the real kicker; The 1904-S CDN Bid is $9500.00, or nearly 400% of the 1904-P, even though the 1904-S is just 45% less common. As Rodney Dangerfield used to say, this date “gets no respect”. In PL, a 1904-P is very scarce, and in DMPL, this date is about as rare as it gets. Very few pieces have ever been graded, and the few that have, may actually be uglier than their non-prooflike counterparts. Typically, they are grey and chrome-like, with no contrast. There are only 2 DMPL specimens graded at PCGS. Suffice to say, the rarity of a DMPL precludes any necessity for an in-depth discussion.

1921- This date is, by far, the most common of all Philadelphia-minted Morgan Dollars. Since all of this mintage was post-Pittman Act, no 21-P Morgans found their way to the melting pots in 1918. Consequently, a large percentage of the original mintage of 44,690,000 survived for today’s collector. In 1921, the dies were completely reworked, resulting in a lower relief design of both Miss Liberty and the Heraldic Eagle. A 1921-P can vary from well struck to poorly struck. Luster is usually decent, and sometimes outstanding. Marks tend to be a real problem, since most bags of these were tossed about in bank and treasury vaults for many years before their actual release. There were more 1921 Morgan bags released in the 50’s and 60’s than any other single date. Even today, it is commonplace to find original rolls. An original bag can still surface every now and then, as well. Although readily available in grades up to MS-64, gem MS-65 specimens are not common. This is due to the preponderance of surface abrasions. This date is fairly scarce in MS-66 and rare in MS-67. PL pieces are fairly scarce and DMPL examples are rare.

In Closing

Philadelphia Morgan Dollars are a fascinating group. By mintage figures alone, they would appear to be some of the most common dates of the series. However, in mint state, many dates are uncommon. The 1891, 1892 and 1904 are each conditionally rare and are seldom available above MS-64; The 1901 is one of the great Morgan Dollar rarities in any grade above MS-62. The 1893 and 1894 dates are scarce dates, and can be difficult acquisitions, even in circulated grades. Surprisingly, challenges really abound in assembling a complete high-grade set of Philadelphia issues.
Philadelphia Morgan Dollars may also represent some of best value in the entire series. Their branch mint counterparts tend to be more popular, and consequently, priced higher. For the astute collector, this phenomenon represents a great purchasing opportunity; Suffice to say, this pricing inconsistency won’t remain forever.

By Rob Lehmann

Rome was not built in a day, and neither is a great coin collection.

Assembling a collection of coins can be an arduous but enjoyable undertaking. And, like any goal that is accomplished incrementally, building your collection will require discipline and planning. I suggest laying the ground work for your coin collection with the following 6 principles in mind:

1. Choose a series that interests you, but won’t force you to mortgage the farm. Remember, coins, or any other collectible for that matter, are supposed to be fun. Review your target series and ask yourself, “Is this do-able?” There are two factors which obviously are paramount to your answer and hence your choice. These are availability and affordability.Availability is important. Let me illustrate this point. I have always been fascinated by the Barber Quarter and Barber Half series. I feel that both of these series were largely ignored by collectors. Consequently, most Barber quarters and halves circulated without much fanfare. Finding these coins in AG and GOOD is not much of a challenge. However, try to find lightly circulated, problem-free examples, and it’s a whole another story. Now, if you believe the price guides, these coins are not that rare. But, scour a coin show, look at fixed price lists and hit the auctions, and then see what you come up with. My guess is that at 47 years old, my life is not long enough to complete either one of these sets, regardless of budget. Therefore, despite my affection to the contrary, this is probably not a collection that I want to undertake. Use some common sense, and choose a series to collect with availability in mind.
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   Affordability is the next variable. It is my advice that you set a budget before starting your collection. There is nothing more disheartening or frustrating than to start a collection only to find out that you can’t afford to finish it. As a dealer, I have seen this happen countless times. Take into consideration your discretionary income, the time frame for completion and possible market swings which could affect prices. Know that some coins are going to cost you more than you initially expect. Forecast your investment conservatively, as I can almost guarantee that your collection will come in over budget!
2. Buy the best that you can afford. For instance, if your budget is $100 per coin, find the best $100 coin that money can buy. This is the real challenge (and fun) in collecting, “the thrill of the chase”. You may go from one end of a coin show bourse floor to the other reviewing 20 examples of the same coin in the same grade. Within reason, buy the best of the 20, even if costs a little bit extra. You sometimes pay too much for the right coin, but you always pay too much for the wrong coin. Your attention for detail and quality in assembling your collection will not only be appreciated by you, but future owners, as well.
3. Protect and display your collection. Your collection is for you to enjoy. However, by default, your collection can quickly develop into an investment. Proper protection in the form of an album, cabinet or holder is imperative. There are countless great products available in the open market. As collectors, we are nothing more than temporary custodians for our coins. There will be a next owner. A secondary goal of assembling a collection should be to insure that the next owner appreciates the coins as much as you did. And in all likelihood, your coins should also be worth more the second time around. But, much of that depends on proper storage and protection.
4. Don’t flaunt what you’re doing. Although most collectors enjoy networking and sharing their collector experience with other like-minded individuals, too much of this can actually be detrimental. Again, use some common sense here. You don’t want to be a target at a coin show or in an auction room. If too many people find out what you’re doing, you will be forced to overpay for your coins. Discretion is the better part of valor. Over the years, the great collections, almost without exception, have been assembled quietly and under the radar. Define the network of dealers and collectors that you are comfortable dealing with early on in your endeavor, and try not to divulge too much information outside of this circle.
5. Use all of the tools and resources at your disposal to build and enhance your collection. Nationwide, there are many great coin dealers. Dealers have exclusive resources and knowledge available to them that come with experience. A coin dealer that you both like and trust will be one of your best allies in completing your collection. Coin shows, when convenient, can also serve as a wonderful tool to acquire coins. Auctions are usually a bit more competitive. But, when searching for that special coin, they can also be invaluable. And with the advent of the internet, information is available at an unprecedented pace, a fact which you obviously are already aware of!
6. Here is, in my opinion, the most important rule in assembling a collection….and, I saved it for last. Buy the book before you buy the coin! It amazes me how many collectors fail to follow this rule. Information and knowledge are an invaluable tandem. And, there are a host of great numismatic publications to help you in this part of your endeavor. By learning about the coins that you intend to collect, you will save yourself time, aggravation and money. Plus, your collecting experience will be greatly enhanced. I guarantee it!

By Rob Lehmann

There are many dates of Morgan Dollars which are collected as the semi-keys and keys. Carson City rarities, such as the 1879-CC, 1889-CC and 1893-CC have always been at the top of most collectors want lists. New Orleans, which produced both rare and deficient quality coins has their notable run of “toughies” between 1893 and 1897. All of these dates are scarce in mint state, and the 1895-O in particular, is downright rare. Even Philadelphia contributes the conditionally rare 1901-P as well as the proof-only 1895-P. Despite the aforementioned coins, no single group of collective dates in the entire series is as rare as the key-date San Francisco Morgans. There are eight dates in particular, and we’ll take an in-depth look at each in detail; 1883-S, 1884-S, 1892-S, 1893-S, 1895-S, 1896-S, 1903-S and finally the 1904-S.

1883-S

Most uncirculated 1883-S Morgan Dollars came out of a handful of bags, several of which can be attributed to the LaVere Redfield hoard. Most 1883 Morgans produced in San Francisco found their way into circulation. This is a fairly common date in circulated grades, and is very available in grades up to AU. However, in mint state the 1883-S becomes scarce and in GEM BU (MS-65 and above) it is very rare. 1883-S dollars tend to be very frosty, and for the most part, are well struck. What plagues them, and this is especially true with the Redfield pieces, is a proliferation of bag marks. Finding a mark-free GEM with full, original blazing luster is a rare proposition. Although 1883-S dollars are known to exhibit semi-PL surfaces, and even some one-sided DMPL pieces are known, truly PL and DMPL two-sided pieces are rare. The most amazing example that this author has ever seen was the Clapp-Eliasberg specimen which graded MS-67PL at PCGS, and sold in the Eliasberg sale for $143,000.00. It was a truly GEM specimen, void of any mentionable contact marks and exhibited even satiny PL surfaces on both the obverse and the reverse. Overall, this is a greatly underrated date in GEM BU, and the current greysheet MS-65 price of $16,000.00 does not reflect its true scarcity.

1884-S

The 1884-S Morgan is one of the great anomalies in the Morgan Dollar series. Coming from a seemingly high mintage of 3.2 million pieces, this date is plentiful in grades up to AU and is downright common in grades of VG-VF. Mint state coins are a whole different matter. From a population standpoint, the 1884-S ranks as the 4th rarest Morgan Dollar in mint state behind only the 1892-S, 1893-S and 1895-O. This is a date which before the advent of third party grading was neither considered rare or particularly desirable. This was due to an abundance of AU and slider coins which got passed off as uncirculated. Today, most of the known truly uncirculated coins fall into the MS-60 through MS-62 grades. Most of these pieces are well struck with nice satiny luster and an abundance of contact marks. There are a few semi-PL pieces also known, which may exhibit minor to major striking weakness. I have never seen a truly cartwheel, frosty 1884-S Morgan. Equally as rare are truly PL and DMPL coins. Choice MS-63 pieces are very scarce. MS-64 pieces are RARE. And any coins meriting MS-65 and above grades are prohibitively rare, surpassed only at this grade level by the 1893-S, 1896-O and 1901-P. The few gems that are known are absolutely magnificent., with the astounding George Bodway-Jack Lee PCGS MS-68 being the finest. These GEM pieces exhibit thick, satiny luster (much like the known GEM 1892-S survivors), with an almost total absence of bag marks. The appearance in the market of a GEM 1884-S Morgan is a rare instance indeed. Furthermore, the Redfield hoard did not yield any of this date.

1892-S

The 1892-S is the bride’s maid of the Morgan Dollar series. Surpassed only in rarity by the 1893-S in uncirculated condition, this is a high-mintage date that apparently suffered it’s demise during the Pittman Act of 1918. Many 1892-S dollars must have been released early on, as low grade specimens are easy to find. In this author’s opinion, coins up to the grade of AU are overrated, and not difficult to locate. However, in uncirculated grades, the 92-S emerges as a major Morgan Dollar rarity. No original bags have ever appeared. Until recently, conventional wisdom had the majority of the very small mint state population listed as near-GEM and GEM. Lower grade mint state pieces were all but impossible to locate. However, that situation has changed in the last several years. A small group of MS-60 through MS-62 coins have found their way to the grading services and into the marketplace. It is hard to say if an original roll or two of this date may have been discovered and trickled their way out. But, from both the appearance and timing of these pieces, it is this author’s opinion that they probably have all come from a similar source. Despite these recent discovery pieces, a great majority of the small number of uncirculated survivors are beautiful coins meriting MS-64 through MS-67 grades. The typical 1892-S is well struck with rich, satiny luster. Their appearance is very similar to mint state 1884-S dollars, although the 92-S seems to come nicer. The most fantastic 1892-S was the Jack Lee specimen which was absolutely mark-free with a beautiful satin sheen. PCGS awarded it the grade of MS-68, and as such, is the single highest graded for the date. Despite the recent price movement for uncirculated 1892-S dollars, this author still believes it to be one of the better overall values in the Morgan Dollar series.

1893-S

Here is the absolute key to the Morgan Dollar series, bar none. Even in circulated grades, the 1893-S is a scarce coin. This is no doubt due to the very low original mintage of only 100,000 pieces. Furthermore, mint state pieces were never saved, and most 93-S survivors grade only VG-VF. Although rumors tell of an original roll of mint state coins in the 1960’s, no quantities of high-grade specimens have ever been substantiated. The interest in this date has always been exceptionally high, and prices have consistently moved up. This does not seem to alter the overall demand for this date, which at present, is also very high. Greysheet shows a “bid” price of $2325.00 for this date in VG condition. Similarly, it is the most valuable business strike Morgan in all other circulated grades. The same holds true for uncirculated specimens, which are rarities at all levels. Greysheet currently shows valuations of $65,000 “bid” in MS-60 up to $300,000.00 “bid” in MS-65, although this author doubts that a PCGS or NGC certified piece could be found at those levels. This is a date that no matter what the published levels report it to be worth, almost always trades in excess of those prices. This is due to the large number of Morgan collectors that need high-grade specimens for their collections, and the minuscule number of pieces that are ever available to them, creating a demand that is unprecedented in the series (with perhaps the 1895-P being an exception). If you collect PL or DMPL dollars, forget about the 1893-S. I am not sure that a truly PL or DMPL example exists. And if it does, this author has never witnessed it firsthand. The finest two 1893-S Morgans are the Norweb specimen and the Stack’s specimen, both of which graded MS-67 at PCGS. Personally, having seen both, I give the edge to the Norweb specimen. It recently was offered to my firm at $1.25 million dollars, making it the single most valuable Morgan Dollar. Despite the high prices that perennially seem to follow this date, I feel that it is still a solid value even at today’s market levels.

1895-S

Here is an interesting date that has a lot going for it. First off, it is scarce in circulated grades and somewhat rare in uncirculated grades. Fully GEM pieces are truly rare, although not so to the extent of the three aforementioned dates. Like the 1883-S, many of the known uncirculated coins came from the LaVere Redfield hoard. Unlike the 83-S, this is a low mintage scarce date (400,000) and is similarly tough to locate in lower grades, as well. What the 95-S also has going for it is that it appeals to Morgan date collectors assembling one of each date rather than one of every date and mintmark. With the 1895-P and 1895-O being prohibitively expensive in grades above 60, the 95-S becomes the obvious choice as a place holder for the date collector. Most 95-S dollars exhibit nice frosty luster, with many evidencing full cartwheel. Many 95-S dollars also show die polish most notably in the obverse and reverse fields. Although most 95-S dollars are well struck, few are absolutely fully struck. Semi-PL coins are not rare. But, truly PL and DMPL coins are very scarce, with the latter being very rare. The finest 1895-S that this author has ever seen was the Jack Lee MS-67 DMPL graded by PCGS. I have heard rumors for years about the existence of a superb GEM piece, although I have never witnessed it firsthand. Overall, GEM 95-S dollars are on a par with the 83-S. I believe that given the attention that this date has garnered in other grades, the GEMS are undervalued in today’s market. From a popularity standpoint, the 1895-S is probably the 2nd most in-demand “S” mint Morgan, surpassed only by the 1893-S.

1896-S

The 1896-S had an original mintage of 5,000,000 coins. Many circulated pieces exist. On the surface, there is no apparent reason for it’s inclusion in this list. However, uncirculated coins are a whole different matter. Without the hoard of uncirculated pieces emanating from the Redfield hoard, the 96-S might well place in the top ten overall Morgan Dollars for rarity. Some of the comments valid for the 95-S also apply to the 96-S. Fully struck coins are very scarce. Bag marks are this date’s worst enemy. Luster tends to range from slightly above-average to excellent. Unlike the 95-S, die polish is seldom a problem. Consequently, very few PL coins are known. DMPL pieces are, to the best of my knowledge, nonexistent. GEM 96-S dollars are both very rare and extremely underrated. Greysheet reports valuations of $14,500.00 in MS-65 and $50,000.00 in MS-66, though I doubt an accurately graded piece with any degree of eye appeal could be located at these levels. The finest 2 1896-S dollars that I have seen are the incredible Jack Lee coin which graded MS-69 at PCGS and the Bill Lower/Ed Milas specimen which graded MS-67 PL at NGC. The latter coin was recently on the market for $125,000.00.

1903-S

The 1903-S Morgan is the 2nd rarest post-1900 Morgan Dollar in uncirculated condition. It tends to be a very popular date with collectors, as nice specimens are available, albeit expensive. Even in circulated grades, the 1903-S is somewhat scarce, leading many numismatists to believe that this date was heavily melted. In mint state grades, most 1903-S dollars grade MS-63 through MS-65 with an abundant number of MS-64 and 65 coins available, especially surprising when the overall scarcity of the date is factored into the equation. Obviously, quality control at the San Francisco mint was higher than average in 1903. Most 03-S dollars have rich satiny luster, much like the 92-S in appearance. They tend to have above average surface preservation, which is also why they grade higher at the major services. The strike, as is usually the case on post 1900 Morgan Dollars, is seldom completely full, although it’s also better than most of its counterparts. There are few, if any, truly prooflike 1903-S dollars, and no DMPL pieces that I know of. All in all, 1903-S Morgans are attractive coins, and at a price, are somewhat available. The finest 03-S dollar that I can remember seeing may be the Eliasberg coin, which graded MS-67 at PCGS. It was a lovely light gold and blue toned specimen with outstanding underlying luster. Currently greysheet values this coin at $29,000.00, which would be a steal were it actually available.

1904-S

The 1904-S is a date, which until recently, was largely undervalued and ignored by collectors. It is slightly more common than the 03-S in both circulated and uncirculated grades. Most 1904-S dollars are heavily bagmarked, and many are also unattractively toned. Luster can be a problem with this date and it can range from dead to slightly above average. Although lower grade mint state pieces can be found (MS-60 to 63), choice and gem coins are scarce. I’m not a real proponent of how the grading services grade this date, as I have seen many examples in MS-65 holders with indifferent luster. I think if the same criteria for the 03-S Morgan was applied to grading this date, the true rarity of MS-65 pieces would become evident. Because of the number of poor quality 04-S Morgans on the market, their prices remain somewhat deflated. In my opinion, at the current greysheet price of $6500.00 for a MS-65 specimen, a true GEM 04-S is grossly undervalued. However, given the number of unattractive coins in MS-65 holders, this may not actually be the case. Strike is always a problem on this date, and I don’t recall ever seeing a 100% fully struck piece. PL pieces are rare and DMPL pieces are extremely rare. But, with some patience and a lot of money, both can eventually be found. My feelings are that this date gets little respect because of the associated quality issues. Considering that not a single 1904-S Dollar showed up in the entire LaVere Redfield hoard, both its value and scarcity are unquestionable.

By Paul M. Green
Numismatic News

Barber half dollars in general are the toughest type coin of the past century. Of the Barber halves, the most overlooked group within the set are probably the Philadelphia issues. Overlooking Philadelphia issues is easy to understand. As the main mint of the United States, Philadelphia generally did have the highest mintages and as a result the coins of Philadelphia would usually be the most available. However, in the case of half dollars especially that was not always the case, and that is seen in the case of Barber halves. Included among the Philadelphia dates are some very low mintage and surprisingly tough coins.

Low mintages are not everything when arriving at today’s prices, especially in Mint State, and that is where we see that many of the Philadelphia Barber halves tend to be lower in prices than those from other facilities. Philadelphia coins were generally more heavily saved. Plus, in the case of the Barber half, there were proofs every year, and that has helped the type supply today. Even so, it would be wrong to take the Philadelphia Barber halves for granted.

There were a number of factors working against the saving of Barber halves during the period from 1892-1915 when they were produced. The first factor was a simple one: that they were not very popular with the collectors of the time. To start with, collecting was in a slow cycle with the numbers of proofs being sold each year dropping. The national economy was also weak during the early years of the Barber half dollar. Further, no one was really impressed with the design. All of those considerations joined to makes the Barber half dollar a set that was not being filled by many.

The Barber half was a problem for collectors even if they were interested a half dollar was too much money for many collectors at the time. Nor did that situation change for a long time as even in the 1950s many younger collectors were not attempting Franklin half dollar sets simply because they were too expensive. That problem was seen in the case of Barber half dollars quite literally for the entire time they were produced. The average Barber half simply reached circulation and continued to circulate for decades. We see some strong proof of that fact in the New York Subway Hoard put together in the 1940s and purchased by the Littleton Coin Company back in the 1990s. The hoard included 24 complete sets of Barber half dollars, and to be available in the 1940s means that some of the dates had been in circulation for 50 years.

The impact of the lack of saving, both when released and over the years in circulation, makes virtually every Barber half dollar a tougher coin than might be expected not just in Mint State but also in circulated grades. Moreover, with such a long time in circulation, it is entirely possible that numbers of many dates were simply retired as too worn and destroyed, potentially meaning the mintage totals might not be accurate guides as to the availability of some dates today.

The very first 1892 Philadelphia Barber half dollar pointed immediately to the fact that it could not be taken for granted that the Philadelphia mintages would be high. The 1892 had a mintage of 935,245, which was lower than the 1892-S. The 1892 might have been saved, not unusual for the first year of a new design. Today in G-4 the 1892 lists at $28.50 while an MS-60 is at $475, basically an available-date price, suggesting saving around Philadelphia. An MS-65 is at $3,400, slightly higher than the most available MS-65 dates, which are at $3,000. In this case the numbers at the Professional Coin Grading Service serve as a good guide to how available or tough other dates might be. PCGS reports 111 examples in MS-65 and better and over 500 total Mint State examples graded.

The 1893 would have a higher mintage of 1,826,792, but in fact it shows that there was definitely some saving in the first year as the 1893 is much less available in Mint State where it has a price of $535 in MS-60 and $5,500 in MS-65. Those prices are deserved as PCGS has seen around 125 examples in Mint State and of that total only 21 were MS-65 or better.

The 1894 and 1895 would be similar in that both had mintages of between one million and two million pieces. The 1894 would have the lower mintage at 1,148,972, which results in a price of $32.50 in G-4 today while the 1,835,218-mintage 1895 is at $17.50 in that grade. In MS-60 the 1895 becomes the more expensive at $595 while the 1894 is just $500. They switch places again in MS-65 where the 1894 is at $3,900 while the 1895 is $3,500. The close prices are no accident; PCGS shows just a one coin difference in the numbers seen of the two.

1896 again saw a low mintage of 950,000 at Philadelphia. The uneven nature of supplies in circulated grades is seen in the fact that the 1896 is just $20 in G-4, less than the higher mintage 1894. With so much time in circulation, it is possible that greater numbers of the 1894 were destroyed, making it the tougher date today. In MS-60 the 1896 is at $565, an MS-65 $6,000, that price justified with only 14 examples having been graded in MS-65 or better today.

The final Philadelphia Barber half dollars of the 1890s showed significanty higher mintages. The 1897 was near 2.5 million while the 1898 was over 2.9 million and the 1899 was at over 5.5 million. The three are between $12 and $15 in G-4 with each being $485 in MS60. In MS-65 the three are between $3,800 and $4,800 with the 1899 being he most expensive at $4,800 where CGS has only graded 14 examples.

What happens in the case of the Philadelphia Barber half dollar is that a pattern does not last long. The 1900-1902 dates all had mintages between four million and five million. Generally speaking, all three are equally priced equally available.

Just when the pattern seems to be established, there is the 1903, which had a decent mintage of 2,278,755. That is not a low total, so the 1903 is just $13.50 in G-4, which is basically the same as the dates from 1900-1902. In MS-60 it is also similar to the three earlier years at $500, but then suddenly as opposed to roughly $4,250 like the other dates it is listed for $11,000. That immediately raises the question as to whether it is that much tougher and in fact it is as PCGS has only seen five examples in MS65 or better while the three earlier dates are usually at a dozen or more pieces seen in top grade.

The 1904, mintage 2,992,670, was similar although not as extreme. Available in circulated grades, the 1904 is $1,300 in MS-60 and $6,600 in MS65, both premium prices. The question becomes, do the numbers support the prices? Once again they do. PCGS reports just seven examples in MS-65 and higher grades. With a number just two coins lower than the 1903 but a price at about 50 percent of the 1903 level in MS-65, the question might well be why the 1904 is not more expensive. There could be a few factors explaining that – with limited demand and a very limited supply, you have the elements of a volatile situation in terms of price. There is another factor to be remembered, and that is the presence of proofs. These are cases where the proofs can potentially be substituted for MS-65 examples by some type collectors.

The proofs are a very real consideration as today the 1904 in Proof-65 is $4,100, about $2,500 below the MS-65 price. In the case of the 1903, with a Proof-65 at $3,825 while an MS-65 is $11,000, there is a very real financial incentive to consider using a proof in a collection. PCGS shows safely over 20 examples of both the 1903 and 1904 in Proof-65 and many more in lower grades. This makes the proof not only much less expensive but also far easier to find offered.

The proof situation might surprise some, but we have to consider the times. The proof sales in 1903 and 1904 might have been around 700, down from over 1,200 in 1892. Even though the numbers moved up and down, the proofs sold each year had a very real advantage when it came to survival as the only people acquiring proofs were serious collectors, and that means much better care. We can see that in the famous 1895 Morgan dollar that was part of a set with an 1895 Barber half dollar. The total mintage of that set is put at 880 pieces, which was about average for 1895, yet the belief is that perhaps 600 examples of the 1895 proof-only dollar still exist. While the numbers are lower for the 1895 half dollar, the fact remains there are significantly more proofs available today despite the much lower mintage than there are examples in a grade like MS-65, and this trend runs throughout the entire period when Barber half dollars were produced – but only in the case of coins produced at Philadelphia.

In 1905 the Philadelphia Barber half dollar mintage suddenly dropped to just 662,727 pieces. We are not certain of any specific reason for the decline although Philadelphia throughout had other responsibilities that would cause its mintages to rise and fall sometimes for no apparent reason. The lower mintage makes the 1905 a $22.50 coin in G-4, and that has to be seen as a very good deal when you consider the low mintage. Perhaps the 1905 did survive in circulated grades, but it is also possible that being from Philadelphia it is simply overlooked. The 1905 is better in Mint State at $575 in MS-60 and $8,250 in MS-65 where the PCGS total is just 13 coins seen. Once again the Proof-65 is an option at $3,900 and the supply there is better as well, with more than 30 examples graded Proof-65 or better.

The 1906 and 1907 are basically at available-date prices of $12 in G-4, $485 in MS-60 and around $3,250 in MS-65. In both cases as well as a number of other dates, its worth remembering that these are not common coins. They are available dates among Barber half dollars, but in both cases there were mintages of under three million pieces. Under no circumstances can such a mintage be considered large, and these coins as well as the others were not saved in any numbers. They circulated for decades. Certainly over time there were many examples destroyed and lost. At today’s basic price of $12 in G-4, the conclusion has to be that any Philadelphia Barber half is a good value, and that includes even these more available dates.

In the cases of the 1908 and 1909, these are a couple of dates that on the surface seem to be available thanks to mintages between 1.3 and 2.3 million pieces. In all Barber half dollar cases the mintages are low, and that includes even the available dates. The totals of the 1908 and 1909, while low, make them average Barber halves. There were only a couple dates which would even reach the five million mark and none that would top six million. Under the circumstances, when it comes to availability, everything is relative to other Barber halves, and by that standard the 1908 and 1909 are at least available in circulated grades. Where the 1908 and 1909 prove to be better is in the case of the 1908 in MS-65 where it lists for $4,500 as only 17 examples have been graded MS-65 or better at PCGS. In the case of the 1909, it is the Proof-65 at $4,000 that is worth noting. In fact, the dates since 1907 are all higher in Proof-65 at $4,000 or more; the earlier dates tend to be $3,300 and up but usually in the $3,500 range. What the 1909 and others reflect is a continuing decline in proof mintages, making them less available than earlier dates, and that trend would continue with a couple exceptions until the end of Barber half production.

The 1910 would be the start of what is an interesting period. The mintage of the 1910 is just 418,551, and by any standard that is a low total. Yet its price is just $20 in G-4. A comparison with the 1938-D Walking Liberty half dollar might well show the value. The 1938-D, which was actually saved in some numbers, had a higher mintage of 491,600, yet today in G-4 the 1938-D is $120. There is no doubt that the 1938-D is more available, yet the lack of interest in Barber half dollars today allows the 1910 to sit at $20, making it a great value on an overlooked coin.

The 1910 is also very reasonable in Mint State as there it is the number saved and not the mintage that really matters. At $625 in MS-60 and $4,000 in MS-65 with a Proof-65 at $4,250, the 1910 is better but certainly not out of line considering its mintage and the PCGS numbers, which show 19 examples in MS-65 or better.

The 1911 saw a return to a more normal mintage of 1,406,543 and the 1912 would be similar at 1,550,700. As it turned out, the 1911 would be the available date of the two based on prices today while the 1912 is at a premium price of $4,200 in MS-65 and it may be a sleeper at that price as PCGS has only graded 11 in MS-65 or better.

The 1913 mintage began the final three years of Philadelphia Barber half dollar mintages, which were all extremely low. The 1913 had a mintage of 188,627 while the 1914 was at 124,610 with the 1915 at 138,450. Precisely what was happening at Philadelphia to produce such totals is uncertain, but in three years Philadelphia produced the three lowest mintages in the history of Barber half dollars and those three dates are extremely interesting today.

With such low mintages we might assume that the three dates were heavily saved at the time, but that is not the case. After all, there was a Barber quarter with a 40,000 mintage in 1913 and a Standing Liberty quarter with a 52,000 mintage in 1916 and those were just a couple of a parade of lower-mintage dates during the period. The 1913, 1914 and 1915 Barber halves did not stand out. We also have some proof that they circulated for decades without being pulled out of circulation by collectors or dealers. The New York Subway Hoard had not only 24 complete sets of Barber halves, but also many individual examples of these dates, so there is no doubt that they were in circulation at least into the 1940s.

We have seen circulated prices of the three rising recently. It may be primarily a case of their low mintages attracting attention as they have been rising faster than other Barber half dollars. In G-4 the 1913 is now at $70 while the lowest mintage 1914 is at $150 with the 1915 at $90. In today’s market those prices are reasonable for coins with such mintages, but future increases may be limited simply because of a lack of demand.

In Mint State we see the 1913 at $1,150 in MS-60 and $4,850 in MS-65 while the 1914 is $1,400 in MS-60 and $7,500 in MS-65 with the 1915 at $1,250 in MS-60 and $6,500 in MS-65. The PCGS totals for the three show the 1913 with 16 pieces graded MS-65 or better while the 1914 is at eight and the 1915 is at 12. Those actually are pretty close to what you would expect based on prices although it must be remembered that there is still a supply of proofs for all dates. Interestingly enough, based on PCGS totals the toughest of the three in proof grades is the 1915.

Whatever grade you might select, there is really no doubt that the 1913, 1914 and 1915 are very interesting Barber half dollar dates and dates that still seem to have a lot of potential if additional demand surfaces.

Actually, the matter of additional demand is key to all Philadelphia Barber half dollars. Based on the numbers graded and their low mintages, the Philadelphia Barber half dollar certainly seem to have a great deal of potential. The only real question is whether that will be recognized by enough collectors to push their prices to new levels in the future.