Welcome Sign-In | Register
Sold for: Sign-in or Join (free & quick)
includes Buyer's Premium (BP) 


Exceptional 1895 Morgan Dollar, PR66 Deep Cameo
'King of the Morgan Dollars,' Ex: Jackson Hole

1895 $1 PR66 Deep Cameo PCGS. Among proof Morgan dollars, the 1895 is the date with the most cachet, and more than a century of numismatic scholarship has justified its position as the "King of the Morgan Dollars." Ownership of an example, even a worn or impaired piece, is a sign of numismatic connoisseurship, so it is hardly a surprise that so outstanding a set as the Jackson Hole Collection would have had an example. The exquisite preservation and contrast of this specimen practically ensure that it will become the cornerstone of another great set.
Several 19th century proof issues in American numismatics benefit from their association with key-date business strikes from Philadelphia. Coins such as the 1877 cent and 1885 and 1886 nickels command a dramatic premium in proof format, even though their rarity as proofs may be equal to that of specimens from nearby years. By contrast, certain proof-only issues attract the attention of fewer buyers, and they may trade for comparatively less. In fact, a number of proof-only dates in less popular series, coins such as the 1886 three cent nickel, exhibit only a modest spike in price.
The 1895 Morgan dollar intersects with these two classes in fascinating ways, and certain collectors choose not to obtain an example, since they consider it a proof-only issue. Mint records report 880 proofs, and many authorities believe the coins have a high rate of survival, with typical estimates between 600 and 700 specimens. The 12,000 regular-issue pieces listed for the year, however, are far more controversial. Among the sweeping retrospectives of Walter Breen's essential Complete Encyclopedia is his assessment of the 1895 dollars: "No business strikes known, though they were struck from at least one of the 5 obvs. and 4 revs. made for this mintage."
Few of Breen's statements have gone unchallenged, however, and in his 1993 work Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia, Volume Two, Q. David Bowers questioned the existence of circulation-strike examples, not just in the present, but in the past as well: "It is presumed that the entire mintage, if indeed it ever existed, consisting of only 12 mint bags, went to the melting pot under the provisions of the Pittman Act of 1918." He concluded that there was significant evidence that the 12,000 circulation-strike 1895 dollars listed in the Mint's ledger were something else entirely. Roger W. Burdette (2006) has re-established the idea that the 12,000 pieces were struck but never left government vaults.
Yet generations of numismatists have held out hope for 1895 business strikes, through mass meltings and fruitless searches of bags released by the Treasury, and countless empty holes in as many cardboard folders save space for one. In many ways, what actually happened does not matter so much as what so many collectors have assumed; even if absolutely conclusive evidence came to light that the 1895 dollar was a proof-only issue all along, enthusiasm for specimens would continue undiminished.
There is plenty to admire about this gorgeous example. Both sides offer carefully preserved surfaces with deeply mirrored fields and highly lustrous devices. Whispers of golden patina grace the rims, but the centers present black-and-white contrast. The mirrors show exceptional reflectivity, and the boldly impressed devices have luxurious frost. Only a small contact mark at Liberty's upper neck denies this stunning piece an even higher grade, and a tiny lint mark below the wreath bow serves as an excellent pedigree marker. Population: 7 in 66 Deep Cameo, 5 finer (12/11).
Ex: Jackson Hole Collection/Dallas Signature (Heritage, 7/2006), lot 3010, which brought $126,500.
Seller is donating 100% of their proceeds, and Heritage is donating 100% of the Buyer's Premium, from the sale of this lot to the National Numismatic Collection at the Smithsonian Institution. See page 3 for details.
(Registry values: P4) (NGC ID# 27ZR, PCGS# 97330)

Service and Handling Description: Coins & Currency (view shipping information)

Sales Tax information  | PCGS Guarantee of Grade and Authenticity  |  Terms and Conditions

Bidding Guidelines and Bid Increments

Glossary of Terms

Auction Info

Auction Dates
January, 2012
3rd-8th Tuesday-Sunday
Internet/Mail/Phone Bidders: 6
Lot Tracking Activity: N/A
Page Views: 2,180

Buyer's Premium per Lot:
15% of the successful bid (minimum $14) per lot.

Heritage membership

sold in the last year

Join Now - It's Free

  1. Past Auction Values (prices, photos, full descriptions, etc.)
  2. Bid online
  3. Free Collector newsletter
  4. Want List with instant e-mail notifications
  5. Reduced auction commissions when you resell your

Consignments wanted

Only 24 days left to consign to the 2016 February 3 - 8 US Coins Signature Auction - Long Beach!

Learn about consigning with us

I gotta compliment you guys on how you conducted the sale. First off it was conducted very professional and the cataloging was fantastic.
Barry S.,
View More Testimonials receives more traffic than any other auction house website. To compare for yourself, visit:

Video tutorial

Getting the most out of search

Recent auctions

2015 October 29 - November 1 US Coins Signature Auction - New York
2015 October 29 - November 1 US Coins Signature Auction - New York
REALIZED $11,037,684
2015 September 17 - 22 LB Expo World Coins Signature Auction - Long Beach
2015 September 17 - 22 LB Expo World Coins Signature Auction - Long Beach
REALIZED $5,216,239
2015 October 21 - 24 Eric P. Newman Collection Part VII Currency Signature Auction - Dallas
2015 October 21 - 24 Eric P. Newman Collection Part VII Currency Signature Auction - Dallas
REALIZED $2,890,826

© 2015 Heritage Auctions | All Rights Reserved