Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Proof Morgan Dollars
1895 $1 PR67 Deep Cameo PCGS. The production of 1895 circulation-strike Morgan dollars has been the subject of much contention over the years, and the only thing likely to subdue the speculation is the authentication of an example by a third party grading service. Until then, extrapolating as to what happened based on the evidence at hand is all that can be done. The July 3, 2006 edition of Coin Values magazine contained an in-depth examination of documents pertaining to the 1895 by numismatic researcher Roger Burdette entitled, "Philly 1895 Morgan Dollars: Where are they? Were they really struck?"
According to Burdette, Coiner George T. Morgan wrote to Superintendent Kretz on June 20, 1895, stating that he had 48,000 1894 silver dollars and 13,000 silver dollar blanks in his possession. Since the blanks were only worth bullion value, it was more profitable to turn them into dollars. Mint Director Preston authorized the blanks be converted into dollars shortly thereafter, and the production of 12,000 coins appeared on the cashier's daily balance on June 28 (what happened to the remaining 1,000 blanks is unknown). The total was confirmed in several other documents, including the coiner's monthly report from June and the report of coins reserved for the assay commission for the same month. Additional documents show six circulation examples were provided to the assay commission.
One small hitch in the story occurs in Chief Engraver Barber's annual report of dies delivered to the Philadelphia coining department. Apparently, no circulation strike dollar dies were prepared in 1895, though five obverse and four reverse proof dies were delivered. That does not mean, however, that no business strikes were coined. Usually only one or two sets of dies would have been necessary to produce a comparable number of proofs, perhaps indicating that the proof dies were used to produce circulation strikes. Barber never specified how the dies were employed by the coiner, leaving room for interpretation.
Overall, Burdette's argument is a compelling one. He concludes that if the coiner, assay commission, and other officials reported their work correctly, then it is safe to say that 12,000 circulation strike Morgan dollars were produced in 1895. The author is unable to make any definitive claims as to the coins' whereabouts, but he writes that the 1895 Morgans were likely melted under the terms of the Pittman Act in 1918. For the time being, all that is conclusively known is that a limited number of proofs (from a mintage of 880 pieces) are the only 1895 representatives available to collectors.
The present coin is a magnificent Superb Gem representative of this fabulous key date, with razor-sharp definition on all design elements and deeply mirrored fields that create intense cameo contrast with the frosty devices. The mostly brilliant surfaces are virtually pristine, with just a few subtle hints of pale gold toning. Overall eye appeal is terrific. Population: 6 in 67 Deep Cameo, 1 finer (3/17).
HID02901242017
1895 $1 PR67 Deep Cameo PCGS. The production of 1895 circulation-strike Morgan dollars has been the subject of much contention over the years, and the only thing likely to subdue the speculation is the authentication of an example by a third party grading service. Until then, extrapolating as to what happened based on the evidence at hand is all that can be done. The July 3, 2006 edition of Coin Values magazine contained an in-depth examination of documents pertaining to the 1895 by numismatic researcher Roger Burdette entitled, "Philly 1895 Morgan Dollars: Where are they? Were they really struck?"
According to Burdette, Coiner George T. Morgan wrote to Superintendent Kretz on June 20, 1895, stating that he had 48,000 1894 silver dollars and 13,000 silver dollar blanks in his possession. Since the blanks were only worth bullion value, it was more profitable to turn them into dollars. Mint Director Preston authorized the blanks be converted into dollars shortly thereafter, and the production of 12,000 coins appeared on the cashier's daily balance on June 28 (what happened to the remaining 1,000 blanks is unknown). The total was confirmed in several other documents, including the coiner's monthly report from June and the report of coins reserved for the assay commission for the same month. Additional documents show six circulation examples were provided to the assay commission.
One small hitch in the story occurs in Chief Engraver Barber's annual report of dies delivered to the Philadelphia coining department. Apparently, no circulation strike dollar dies were prepared in 1895, though five obverse and four reverse proof dies were delivered. That does not mean, however, that no business strikes were coined. Usually only one or two sets of dies would have been necessary to produce a comparable number of proofs, perhaps indicating that the proof dies were used to produce circulation strikes. Barber never specified how the dies were employed by the coiner, leaving room for interpretation.
Overall, Burdette's argument is a compelling one. He concludes that if the coiner, assay commission, and other officials reported their work correctly, then it is safe to say that 12,000 circulation strike Morgan dollars were produced in 1895. The author is unable to make any definitive claims as to the coins' whereabouts, but he writes that the 1895 Morgans were likely melted under the terms of the Pittman Act in 1918. For the time being, all that is conclusively known is that a limited number of proofs (from a mintage of 880 pieces) are the only 1895 representatives available to collectors.
The present coin is a magnificent Superb Gem representative of this fabulous key date, with razor-sharp definition on all design elements and deeply mirrored fields that create intense cameo contrast with the frosty devices. The mostly brilliant surfaces are virtually pristine, with just a few subtle hints of pale gold toning. Overall eye appeal is terrific. Population: 6 in 67 Deep Cameo, 1 finer (3/17).
HID02901242017