The 1895 Morgan silver dollar is celebrated as the “King of the Morgan Dollars” due to its rarity and huge value within the Morgan Dollar series. The highest price value ever paid for a Proof 1895 Morgan silver dollar was $269,500 at David Lawrence RC Internet Auction #1123 for a coin-graded PCGS Proof 67+ DCAM in June 2020. This coin, struck in Philadelphia and established as a Proof (PR) strike, is made of 90% silver and 10% copper, with a mintage of only 880 pieces.
History of The 1895 Proof Morgan Dollar
The 1895 Morgan dollar is part of the series of silver dollar coins minted from 1878 to 1921. Although Mint records once revealed that 12,000 circulation strikes were produced in 1895, none have been accounted for today. This discrepancy likely arises from a bookkeeping error, with the 12,000 pieces likely representing coins dated 1894 rather than 1895.
Consequently, collectors seeking a complete set of Morgan dollars must acquire a Proof 1895 Morgan dollar, usually at a high cost. While some coins were used as money, making them somewhat more affordable, they still command a premium compared to other circulated examples in the series.
Specifications
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm
- Weight: 26.73 grams
- Mint Mark: None (struck at Philadelphia Mint)
- Mintage: 880 pieces (Proof)
Basic Design
Obverse:
The obverse features a portrait of Liberty, with seven stars on the left, the words “EPLURIBUSUNUM” at the top, and six stars on the right. The date “1895” is placed at the bottom.
Reverse:
The reverse showcases a heraldic eagle holding arrows and an olive branch, surrounded by the words “UNITED STATES OF AMERICA * ONE DOLLAR.” A mint mark, if present, would seem above the letters “DO” in “DOLLAR.”
Rarity and Condition
The 1895 Proof Morgan dollar is extremely rare, with perhaps 700 examples known today from the original mintage of 880. Most of these coins are uncirculated proofs, with the majority grading between PR60 and PR64. Proofs graded PR65 or higher are particularly scarce, and those in PR67 or higher are extremely rare. While many Proof 1895 Morgan dollars do not show cameo contrast, those with deep cameo (DCAM) are mainly prized.
Errors
No important mint errors are generally associated with the 1895 Proof Morgan dollar, likely due to the meticulous nature of proof coin production.
Value of 1895 Proof Morgan Dollar
The value of the 1895 Proof Morgan dollar was influenced by several factors, like the coin’s condition, cameo contrast, and market demand. High-grade examples, especially those with a deep cameo, can fetch prices well into six figures. The most expensive Proof 1895 Morgan dollar sold for $269,500, reflecting its status as one of the most sought-after coins in the Morgan series.
Factors Contributing to Its Value
- Rarity: With only 880 proofs minted and no known circulation strikes, the 1895 Morgan dollar is exceptionally rare.
- Condition: High-grade examples, particularly those with a cameo or deep cameo contrast, command premium prices.
- Historical Significance: As the only known Philadelphia-minted Morgan dollar from 1895, it holds a unique place in numismatic history.
- Collector Demand: The desire for a complete Morgan dollar collection drives demand for this rare-proof coin.
Also Read – 1856 Flying Eagle Cent: A Numismatic Rarity
Conclusion
The 1895 Proof Morgan Dollar stands as a pinnacle of numismatic achievement and rarity. Its historical value, combined with its scarcity and the allure of its design, makes it a highly desired coin among collectors. While acquiring one of these coins needs a substantial investment, its value and prestige in the world of coin collecting are unparalleled.
Whether you are a seasoned collector or a novice enthusiast, understanding the details and history of the 1895 Proof Morgan Dollar enhances your choice for this numismatic gem.