The 1884-S Morgan Silver Dollar is a valuable piece for collectors. Its unique history and rarity make it stand out in the Morgan Dollar series. This guide explores its history, specifications, design, rarity, condition, and value.
History of 1884-S Morgan Silver Dollar
The 1884-S Morgan Silver Dollar is a rare and special coin with an interesting history. Most Morgan Silver Dollars were kept in government storage and released years later, but almost all of the 3.2 million coins made at the San Francisco Mint in 1884 were used right away.
Back then, the government already had way too many Morgan Silver Dollars. President Chester Arthur even said, “We made 185 million, and only 40 million are being used.” These extra coins sat in vaults because people didn’t really need them. This was good news for future collectors because many coins stayed in great condition unless they were melted down during the Pittman Act in 1918.
The 1884-S Morgan Dollar was different. Most of these coins were used for daily spending in the late 1800s, so it’s easier to find them today in worn-out condition. The few that weren’t used were probably melted down later. Some coins were released by the government between the 1930s and 1950s, but collectors didn’t pay much attention at the time, so the coins often ended up being used in places like casinos.
By the 1950s and 1960s, people started realizing how rare it was to find this coin in perfect, uncirculated condition. Even then, not many collectors were able to get them. By the 1970s, the value of these coins went up a lot, and more uncirculated ones appeared in the market, but most were not in top condition.
Today, it’s still very hard to find an 1884-S Morgan Dollar in excellent condition, and the ones that are in great shape are worth a lot of money. The best-known example of this coin, graded MS-68, is part of some of the most famous Morgan Silver Dollar collections in the world.
Specification
- Category: Morgan Dollars (1878-1921)
- Mint: San Francisco
- Obverse Designer: George T. Morgan
- Reverse Designer: George T. Morgan
- Composition: Silver
- Fineness: 0.9
- Weight: 26.73g
- ASW: 0.7734oz
- Melt Value: $22.64 (6/17/2024)
- Diameter: 38.1mm
- Edge: Reeded
Basic Design
- Obverse: The front of the coin features a bust of a female facing left, wearing a cap and a small crown with flowers in her hair, surrounded by stars. The text reads “Liberty; E Pluribus Unum; 1884.”
- Reverse: The back of the coin shows an eagle with spread wings, surrounded by a wreath. The text reads “United States of America; In God We Trust; One Dollar; S.”
Rarity and Condition
- Lower Grades: Many 1884-S dollars in the market today are circulated, with enough EF (Extremely Fine) and AU (About Uncirculated) pieces available for collectors. Most of the mintage saw immediate use in local commerce, with the majority of worn specimens graded VF (Very Fine) or lower.
- Higher Grades: In grades of MS-60 to 62, these coins present a significant challenge to collectors with values in the four-figure range. At MS-63 and above, they become rarer and can climb into the five-figure range, with MS-64 or finer coins valued even higher.
Value Of 1884 S Morgan Silver Dollar
The value of the 1884-S Morgan Silver Dollar varies greatly based on its condition. While worn grades are more common, uncirculated coins are highly prized. MS-60 to 62 grades are worth thousands of dollars, and MS-63 and above can reach five figures or more.
According to the NGC Price Guide, a Morgan Dollar from 1884 in the circulated condition is worth between $40.50 and $3500 as of June 2024. However, uncirculated conditions deal for as much as $1250000 on the open market.
Also Read – 1889 CC Morgan Silver Dollar: A Guide for Coin Enthusiasts
Conclusion
The 1884-S Morgan Silver Dollar is a significant and valuable piece for collectors. Its unique history, combined with its rarity in higher grades, makes it a prized addition to any collection. Understanding its specifications, design, and market value can help collectors appreciate and manage this coin effectively.