Q. David Bowers
1893 Perfect brilliant Proof gem. Record $12.00 for not as choice a specimen as this is. $13.65.
1893-CC Very Fine. Last year of issue. Scarce. Catalogues $15.00 in Uncirculated. $7.50.
1893-O Perfect brilliant Proof. A gem, and as such, of great rarity. Record for similar specimens over $50.00. $25.00.
1893-S Strictly Very Fine; free from any nicks or dents. Very rare. Record for an Uncirculated specimen in my Roe Sale, $132.00. This specimen, of course, is not worth anywhere near that amount, but the coin is worthy of a home in any collection and should bring a proportionate fair price. $26.00.
1894 Perfect brilliant Proof. Wire edge. Last record $14.50. $13.75.
1894-O About Uncirculated with frosty mint surface. Catalogues $10.00. When this coin catalogued at $5.00, it brought over $8.00 at auction. $8.50.
1894-S Uncirculated. Scarce so choice. Lists at $5.00. $6.00.
1895 Perfect brilliant Proof. A perfect gem as are all of the Proof coins in this collection. Rare and in much demand and getting more so from time to time. This dollar catalogued for only $15.00 in 1945. It then brought at auction $37.50. Last year it catalogued for only $50.00 but a specimen in my Neil Sale brought $52.50. Only a very limited number of Proofs struck. $62.50.
1895-O Nearly Uncirculated with frosty mint surface. Listed at $15.00. $10.00.
1896 Perfect brilliant Proof. Very scarce. Last record $15.75. $16.00.
1896-O Brilliant Proof. To be on the safe side, I will change the description to a brilliant semi-proof, as it has slight evidence of cabinet friction. The coin is a gem. From the Roe Collection at $21.00. $15.00.
1896-O Extremely Fine, nearly Uncirculated. Catalogues $15.00 in Uncirculated. $12.50.
1896-S Strictly Fine. Scarce date. Catalogues $15.00 in Uncirculated. $15.75.
1897 Perfect brilliant Proof. Rare date. Last record $18.50. $19.00.
1897-O Perfect brilliant Proof gem. Extremely rare. From the Roe Collection at $52.50, and I feel confident that this coin originally came from the great Colonel Green and Newcomer Collections. These brilliant Proof New Orleans Mint silver dollars are very likely unique. $25.00.
1897-S Uncirculated, full mint lustre. Catalogues $3.50. $5.00.
1898 Perfect brilliant Proof. Last record $13.50. $12.60.
1898-O Very Fine, strictly so. Scarce. Catalogues $12.50 in Uncirculated. $10.00.
1898-S Brilliant Uncirculated. $3.50.
1899 Perfect brilliant Proof. Last record $14.50. $12.50.
1899-O Practically Uncirculated with mint lustre. Catalogues at $10.00. Record $12.50. $10.50.
1899-S Brilliant Uncirculated. Not a rarity, but certainly scarce so choice. $2.10.
1900 Perfect brilliant Proof. Last record $11.00. $12.60.
1900-B Perfect Uncirculated with full mint lustre. Catalogues $10.00 but far more scarce when So choice. $10.25.
1900-S Extremely Fine with some lustre. Catalogues $10.00 in Uncirculated. $10.50.
1901 Perfect brilliant Proof. Record $12.00. $12.60.
1901-O Brilliant semi-proof, almost equal to a perfect Proof. Very scarce so choice. Catalogues $10.00 in Uncirculated. This one certainly worth more. $12.00.
1901-S Bright Uncirculated. Catalogues $7.50. $8.40.
1902 Perfect brilliant Proof. Record $13.50 in my Neil Sale for a specimen not as choice. $14.00.
1902-O Strictly Fine. Scarce. Catalogues $12.50 in Uncirculated. $5.25.
1902-S Uncirculated with full mint lustre. Catalogues $6.00. $6.00.
1903 Perfect brilliant Proof. Very scarce, especially so choice. Record last year $23.00. These Proof dollars have more than trebled in value in the past five years. $27.50.
1903-O Uncirculated. An even beautiful lustrous mint surface. Extremely rare in any condition, but especially so choice. A similar specimen in 'my sale of the Roe Collection, three years ago, brought $115.00. Probably not more than four or five known in this remarkably choice condition. $115.00.
1903-S Strictly Very Fine. 'Rare. Catalogues $40.00 III Uncirculated, but has an auction record of $75.00::$21.00.
1904 Perfect brilliant Proof. Last year in which the dollar was minted until 1921. Very scarce. Last record $22.00. $23.00.
1904-O Last year of issue. Very Fine. Scarce. Catalogues $12.50 in Uncirculated. A specimen not quite as choice as this one, in my Neil Sale, brought $8.25.
1904-S Brilliant Uncirculated. Lists at $4.00. $8.00.
1921 Morgan type. Same type as 1904 but slightly different dies. Brilliant Proof. Rare. Catalogues $50.00. $42.50.
1921-D Old type. (No Peace dollars minted at the Denver Mint in this year). Uncirculated, mint lustre.-Not scarce, but is scarce so choice. $2.10.
1921-S Old type. Brilliant Uncirculated; Catalogues $2.50. $2.60.
Beginning around 1946-1948, increased attention was paid to quality. Most Morgan dollars were simply advertised in hobby publications as "Uncirculated" or "brilliant Uncirculated," but sometimes differentiation was made.
The firm of Bebee's, then located in Chicago (later moving to Omaha), offered Uncirculated pieces but then gave a 20% discount for coins with large numbers of marks. Norman Shultz, of Salt Lake City, advertised in January 1948, for example, 1885-S, 1894-S, 1898-S, 1900-S, 1901-S, 1902-S, 1904-S in Uncirculated, "best grade," for $4.00 each, or "brilliant Uncirculated, but marred some," for $2.50 each, a difference noted earlier in the present text.
In February 1948, Joe Schneider of Clinton, Iowa, ran a full-page advertisement in The Numismatist calling some Morgan dollars "gem" and others simply "brilliant Uncirculated."
As time went on, the adjective "brilliant" was increasingly applied to Uncirculated, creating Brilliant Uncirculated, often abbreviated Br. Unc. or simply BU. if a coin was not brilliant it was not desired, many felt, and there arose a great, market for dips, pastes, and other potions to make dull and toned coins brilliant. In the process many pieces were irrevocably damaged by friction.