Masterful 1898 Morgan Dollar, PR67 Ultra Cameo

1898 $1 PR67 Ultra Cameo NGC. From a proof mintage of only 735 coins. Proof Morgan silver dollars minted in the years 1895-1898 are known for their high technical quality and beautiful appearance. The dollars of 1898 are particularly noteworthy in this respect. Most examples seen are boldly struck on high quality, polished planchets. It is evident that the engravers and diesinkers at the Mint had perfected the proof die production process to a high state of the art. Proofs of later years seldom show the deep cameo contrast that is characteristic of examples from this period. Michael Fuljenz states, "This date was probably the best made in the entire series."
While production values were at a peak in 1898, coin collecting in general was in the doldrums. The public was distracted by the dramatic events of the Spanish-American War and the Klondike gold rush. There were no new coin designs, and most people felt that existing designs were drab and uninspiring. In the November issue of The Numismatist, Dr. Heath indicated that the ANA had been in a state of "innocuous disquietude" since the autumn of 1896. Proof sets sold slowly in that environment. When proof dollars were offered individually at auction, they often sold at face value. Proof Trade dollars fared even worse. At the S.H. and H. Chapman sale of July 7, 1899, a run of proof Trade dollars from 1874-1883 sold for only 90 cents each. It is a testament to the few devoted numismatists of the period that a handful of the beautiful proof silver dollars from 1898 were preserved in their original splendor.
The 1895 proof dollar has often been called the "King" of the Morgan dollars because there are no known business strikes. The proof mintage of 880 coins has been under extreme pressure to meet collector demand for the 1895 since the circumstances of its production were first realized. It is worth noting that the proof dollars of 1898 have a smaller mintage and a lower survival rate than the 1895. David Bowers estimates that only 55-80 examples are extant at the PR67 level and above.
The present coin is a masterpiece of the minter's art. The strike is perfect, with every detail of the design elements fully brought up. The richly frosted devices contrast dramatically with the virtually flawless fields. The deeply mirrored surfaces produce a chromium effect, and the white-on-black contrast of the issue is a match for present-day proof coins. There is no detectable color on either side, save for the slightest tinge of gold near the extreme rims. Eye appeal is outstanding. A great prize for the collector of premodern proofs as well as the Morgan dollar specialist. Census: 16 in 67 Ultra Cameo, 2 finer (8/08).(Registry values: N4719) (#97333)

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