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    1895 Morgan Dollar, PR67 Deep Cameo
    Only 880 Pieces Struck

    1895 $1 PR67 Deep Cameo PCGS. The 1895 Morgan dollar is one of the greatest enigmas in American numismatics. According to Mint records, a minuscule business-strike mintage of 12,000 pieces was accomplished that year, accompanied by 880 proofs. Paradoxically, no business-strike coins have ever been seen by numismatists, leaving only the tiny supply of proofs to satisfy the intense demand from the legions of Morgan dollar collectors seeking an example for their sets. Heritage Auctions is privileged to present this magnificent PR67 Deep Cameo example in this important offering.

    Two theories have been proposed in recent years to account for the missing business-strike coins. The first, based on research by Henry T. Hettger, stipulates that no regular-issue silver dollars were struck at the Philadelphia Mint in 1895. Under this scenario, the entry for 12,000 pieces in the Annual Report of the Director of the Mint was a simple accounting error, representing coins of earlier dates delivered to balance accounts at the end of the fiscal year in June. In support of this theory is the entry in Chief Engraver Charles Barber's report of dies delivered that indicates only proof dies (five obverse and four reverse) were produced that year. Further support can be found in contemporary documentation, as the 1895 Morgan dollar was known as a rare date from its time of issue. The Chapman brothers, who were based in Philadelphia and had close ties to the Mint, noted the elusive nature of the coin as early as their F. Merritt Alden Collection (4/1896), when they described the proof set in lot 161 as, "1895 Brilliant proof set. Dollar rare. 6 pieces."

    The alternate theory was proposed by Roger W. Burdette in the July 3, 2006 edition of Coin Values magazine. Burdette noted Mint Director Robert Preston authorized the striking of 13,000 blank silver dollar planchets that were on hand at the Mint in June of 1895, because silver dollars were worth more than the bullion value of the planchets. Subsequently, 12,000 silver dollars appeared on the cashiers daily balance sheet on June 28 (the fate of the other 1,000 blanks is a mystery). Several other documents confirm the total, including the coiner's monthly report and the report of specimens sent to the Assay Commission. Burdette concludes the 12,000 business strikes must have been produced, as documented by the various Mint officials. Their fate is uncertain but they may have been held in government storage and later destroyed, possibly under the provisions of the Pittman Act in 1918.

    Whatever the truth may be, it is certain that no business-strike 1895 Morgan dollars have ever been available to numismatists and the rarity of the issue as a date has become legendary. The present coin is a magnificent Superb Gem proof, with razor-sharp definition on the design elements and deeply mirrored fields throughout. The devices are richly frosted, creating intense cameo contrast against the reflective fields. The surfaces are completely brilliant and impeccably preserved. Overall eye appeal is terrific. Population: 6 in 67 Deep Cameo, 1 finer (11/17).
    From The Kerry Rudin Collection. (Registry values: P4)

    Coin Index Numbers: (NGC ID# 27ZR, PCGS# 97330)

    Weight: 26.73 grams

    Metal: 90% Silver, 10% Copper

    Learn more at the Newman Numismatic Portal at Washington University in St. Louis.

    View all of [The Kerry Rudin Collection ]

    View Certification Details from PCGS

    Auction Info

    Auction Dates
    January, 2018
    3rd-8th Wednesday-Monday
    Bids + Registered Phone Bidders: 21
    Lot Tracking Activity: N/A
    Page Views: 2,709

    Buyer's Premium per Lot:
    20% of the successful bid (minimum $19) per lot.

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