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1893-1897 New Orleans Morgan Dollars(continued)

By Rob Lehmann

1894-O Morgan Dollar
Overall, the 1894-O is the most available of all 1894 dated dollars. Relatively common in lower grades, the majority of 1894-O dollars were released into circulation. It is probable that most surviving uncirculated coins were melted during the Pittman Act, as very few original bags have ever surfaced. Consequently, the 1894-O is a conditional rarity in any grade of mint state, and particularly so in the choice and gem grades. The greatest attribute of mint state 1894-O dollars is their luster. Rich, cartwheel luster is more the norm than the exception. The biggest problem with this date is the strike. In 30+ years of dealing in Morgan Dollars, I have never seen a fully struck 1894-O. In fact, it may be the single most difficult Morgan date to locate with a full strike. This is why so few pieces are graded MS-65. In fact, between PCGS and NGC there are a mere 13 pieces graded at this level, with none finer. At the current Greysheet MS-65 bid of $40,000.00, this date seems seriously undervalued. A recent PCGS MS-65 specimen sold at the F.U.N. 2008 Bowers sale for $48,300.00. The coin showed a light fingerprint in the left obverse field, and like most other 1894-O dollars, was flatly struck. In its defense, the luster and surfaces were both outstanding. But this probably is as good as it gets for an 1894-O. I am of the firm belief that if 1880-S grading standards were applied to this date, there would be no coins graded above MS-64. In prooflike, the 1894-O is very scarce. Most of these coins are dull and rather ugly in appearance. The luster tends to be gray and chrome-like rather than the outstanding luster normally found. The 1894-O is virtually unknown in deep mirror prooflike, and conditionally, is one of the major rarities in the Morgan Dollar series. From an investment standpoint, I believe that a certified MS-60 piece at the current CDN bid of $430.00 is one of the best affordable Morgan Dollar dates to salt away. According to the PCGS/NGC population reports there are a combined total of 893 1894-O dollars graded between MS-60 and MS-62. Despite this, trying to find more than 1 or 2 pieces at a major coin show can prove to be a real challenge.
1895-O Morgan Dollar
With a mintage of only 450,000, the 1895-O Morgan is a semi-key date. Like most of the other New Orleans dates discussed here, the majority of these pieces were released into circulation. Any 1895-O dollar is scarce, although circulated examples are hardly rare. In mint state, the 1895-O is the third rarest Morgan Dollar, eclipsed only by the 1892-S and 1893-S. I have never heard of an original roll of uncirculated 1895-O dollars, let alone an original bag. Whatever small quantities of this date that may have existed in high-grade, probably met their demise in the melting pots of the Pittman Act. The typical 1895-O is softly struck and will have very subdued luster. Bag marks and other surface abrasions are the norm. Only 3 obverse dies and 2 reverse dies are known. Extended die life could help explain the poor quality of most mint state survivors. Although any uncirculated 1895-O is a rarity, MS-63 and above pieces are extremely rare with a total of only 64 coins graded by PCGS and NGC combined. Out of this number, only 6 coins have merited a MS-65 grade, with 2 MS-66’s and a lone MS-67. The PCGS MS-67 piece is the ex-George Bodway/Jack Lee coin and is spectacular in every regard. This piece has thick satiny luster with a virtually full strike and pristine surface preservation. It is unlike any other 1895-O Morgan that I have seen. Quality control was simply not a priority at the New Orleans Mint in 1895, especially in the middle of a depression. A prooflike 1895-O Morgan is very rare, with few examples graded at either PCGS or NGC. There is a small group of DMPL 1895-O’s that have been labeled both Proof and Specimen by NGC. They are very different from the normal 1895-O dollar. Fully struck, these pieces also have partially squared rims and deep watery fields. Some collectors believe that these coins were struck with a special purpose, although most stop short of calling them proofs. Despite semantics, these are some of the most attractive of all known 1895-O Morgan Dollars. Locating one, let alone affording one, may prove difficult. At the current CDN bid of $13,700.00, MS-60 graded specimens seem properly valued. However, at the current $42,000.00 CDN bid, MS-63 examples still represent good value. A gem MS-65 piece has not recently traded. When one does, I predict that the current CDN bid of $160,000.00 will be yesterday’s news. Despite their current high prices, all mint state 1895-O Morgan Dollars should prove to be prudent acquisitions for the collector with holding power.


 

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