Q. David Bowers
B. Max Mehl's sale of the William Forrester Dunham Collection, June 3, 1941. Despite Mehl's misinforming readers as to the relative rarity of 1878 Morgan dollars by feather varieties, the 7 TF variety, with its higher catalogue value, sold for more than the 8 TF. Over the years a high price in print in some guide believed to be authoritative has usually been more enticing to bidders than a cataloguer's revelation of an unrecognized rarity.
Under the 1879 Proof, Mehl discusses the rising market.
The Dunham Collection sale was one of the few offerings of its era to include a Mint State 1903-O, which at the time was a prime rarity. A number of common varieties were missing. Mehl, who purchased the Dunham Collection intact in 1939 and who had offered numerous coins for sale privately from it in the meantime, may have sold the pieces not now listed.
1878 Variety with eight feathers in eagle's tail. Perfect brilliant Proof. Listed at only half the amount of the sevenfeather variety, but somehow, judging from the number of specimens that have passed through my hands, I consider this variety just as rare, if not more so. $6.65.
1878 First year of the Morgan dollar type. The rare variety with seven feathers in eagle's tail. Perfect brilliant Proof. Rare and valuable. Listed at $25.00. $15.75.
1878-CC Unc., with brilliant mint lustre. Scarce so choice. $4.75.
1878-S Unc.; cheek slightly rubbed, and bright lustre. Scarce. Listed at $5.00, as are all of the following when in Unc. condition. $4.65.
1879 Perfect brilliant Proof. As these Proofs are listed at $3.50 to $4.00 each, and some even more, and as they are selling at and above their listed prices, I will appreciate collectors bidding according to present valuation and not according to valuations of five or six years ago. I doubt if on an average, more than 500 Proofs of each date were struck, and certainly a far smaller number exist today. $3.75.
1879-CC About Unc. $4.75.
1879-S Brilliant semi-proof $2.60.
1880 Perfect brilliant Proof $4.00.
1880-CC Unc., with brilliant mint lustre. Listed at $7.50. $4.80.
1880-O Unc., with full mint lustre. Very scarce so choice. Listed at $5.00. $4.00.
1880-S Br. Unc. $3.75.
1881 Perfect brilliant Proof $4.20.
1881-S Br. Unc.; almost equal to a Proof $3.75.
1882 Perfect brilliant Proof $4.20.
1882-S Unc.; bright mint lustre. $2.15.
1883 Perfect brilliant Proof $4.35.
1883-CC Br. Unc.; with light scratch on reverse. $2.65.
1883-O Br. Unc. $2.40.
1883-S Brilliant semi-proof $2.90. 1884 Perfect brilliant Proof $3.75.
1884-CC Br. Unc.; slightly rubbed on cheek from having been handled with other coins. $2.80.
1884-O EF with mint lustre. $2.10.
1884-S Just a shade from Unc., but with considerable mint lustre. Rare. Listed up to $10.00. $5.25.
1885 Perfect brilliant Proof $3.65.
1885-CC Br. Unc. Listed at $10.00. $5.60.
1885-O Bright Unc.; sharp. $2.60.
1885-S Unc. with mint lustre. Surface shows slight marks of handling. Rare. Listed at $10.00. $6.25.
1886 Perfect brilliant Proof $8.25.
1886-S Fine. Scarce. $3.00.
1887 Perfect brilliant Proof $4.20.
1887-O Unc., with frosty mint surface; highest portions show slight cabinet friction. Scarce. Listed at $6.00. $4.00.
1887-S Br. Unc.; sharp and perfect in every respect. Catalogues at $15.00. $9.60.
1888 Perfect brilliant Proof $3.60. 1889 Perfect brilliant Proof $4.40.
1889-CC Semi-proof, but highest portions of obverse show cabinet friction, and field slightly rubbed. An attractive coin just the same. $6.50.
1889-O Just a shade from Unc.; mint lustre. Very scarce. $3.25.
1890 Perfect brilliant Proof $4.40.
1890-CC Just a shade from Unc. with bright lustre. $2.75.
1890-O Unc, Very scarce. Listed at $6.00. $4.00.
1891 Perfect brilliant Proof; complete high wire edge. $4.20.
1891-CC Bright Unc., with high raised borders on obverse. $4.85.
1891-S Br. Unc, Surface shows slightest marks of handling. $4.50.
1892 Perfect brilliant Proof $5.00.
1892-CC Brilliant semi-proof; just about equal to a perfect brilliant Proof $5.00.
1893 Perfect Br.Proof; wire edge. $4.20.
1894 Perfect brilliant Proof; complete wire edge. $4.20.
1895 Perfect brilliant Proof. Rare. Very limited number of Proofs struck. Listed at $6.00. $7.35.
1895-S Brilliant semi-proof; just about equal to a perfect brilliant Proof. A gem. $4.35.
1896 Perfect brilliant Proof $5.25.
1896-O Unc., with fun original frosty mint surface. Scarce. $4.00.
1896-S Unc., with frosty mint surface. Catalogues at $6.00. $3.00. .
1897 Perfect brilliant Proof $6.30.
1897-O Br. Unc, Rare so choice. Catalogues at $7.50. $5.50.
1898 Perfect brilliant Proof $3.75.
1898-S Bright Unc, $2.50.
1899 Perfect brilliant Proof; wire edge. $3.65.
1899-O Plain edge. Struck slightly off center. VF. Rare. $7.25.
1899-S Unc., with full mint lustre. $2.50.
1900 Perfect brilliant Proof $4.20.
1900-O Unc., with mint lustre. Very scarce. Listed at $ 7.50. $4.60.
1900-S Br. Vnc. $3.25.
1901 Perfect brilliant Proof; wire edge. $4.75.
1901-O Just a shade from Unc., but with considerable mint lustre. Just as scarce as last. $5.25.
1902 Perfect brilliant Proof $4.00.
1903 Perfect brilliant Proof: wire edge. All of these Proof dollars were secured by Mr. Dunham direct from the Mint. Listed at $7.50. $7.50.
1903-O Unc., sharp, with full original mint lustre. Just as perfect as the day it was minted. Excessively rare so choice. Listed at $35.00 and worth a great deal more in this remarkable condition. $24.50.
1904 Last year of the Morgan type dollar. Perfect brilliant Proof. Limited number of Proofs struck. Rare. Listed at $6.50. $6.75.
1904 Another just as last and just as choice. $5.75. 1904-0 Last year of issue. Just a shade from Unc.; considerable lustre. $3.15.
1921 Morgan type. Brilliant semi-proof; nearly equal to a brilliant Proof. First year coined since 1904. Very scarce so choice. $3.15.
1921-S Old type. Br. Unc. $1.65.