Q. David Bowers
Business Strikes:
Enabling legislation: As earlier, plus Act of February 28, 1878
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.727 Dies prepared: Obverse: Unknown; Reverse: Unknown.
Business strike mintage: 657,000; Delivery figures by month: January: none; February: none; March: none; April: 160,000; May: 150,000; June: 239,000;July: 28,000; August: 10,000; September: 70,000; October-December: none.
Estimated quantity melted: Unknown, but probably some under the 1918 Pittman Act.
Approximate population MS-65 or better: 400 to 700 (URS-)10
Approximate population MS-64: 3,000 to 5,000 (URS-13)
Approximate population MS-63: 10,000 to 18,000 (URS-15)
Approximate population MS-60 to 62: 30,000 to 50,000 (URS-16)
Approximate population G-4 to AU-58: 30,000 to 60,000 (URS-16)
Availability of prooflike coins: Very plentiful, with DMPL coins existing to the extent of 3,000-6,000 (URS-13). However, most are below MS-65 in grade and have low aesthetic appeal.
Characteristics of striking: Varies from flatly struck to sharp, depending upon the coin.
Known hoards of Mint State coins: Quantities were released by the Treasury Department from the early 1940s through the mid-1950s.
Proofs:
None
Commentary
The 1888-S is one of the scarcer Morgan dollars of its era.
Five Million Silver Dollars Moved to Mint
The Report of the Director of the Mint, 1888, included the following:
"Owing to the crowded condition of the vaults at the Sub-Treasury at San Francisco, five million silver dollars were transferred to the mint in that city. A transfer of four million silver dollars was made from the mint at Philadelphia to the Treasury of the United States."
Newcomb's Rare 1888-S
Years ago the 1888-S was considered to be a prime rarity in Mint State, even rarer than the 1893-S. The October 1913 issue of the The Numismatist printed a description of Howard R. Newcomb's exhibit at the ANA Convention the preceding summer:
"The Carson City Mint is complete in Uncirculated condition. Of a branch mint, a piece that is considered by Mr. Newcomb to be of a great deal more rarity than the Carson
City is a standard dollar of 1888 of the San Francisco Mint. The collection is complete with all the mints up through 1904."
Why the S.F. Mint Coined Dimes and Quarters The Report of the Director of the Mint, 1888, told why the San Francisco Mint struck dimes and quarters during the period indicated:
"Precedence having been given at the mint at Philadelphia to the mandatory coinage of silver dollars, that institution was unable to meet the demand for dimes. The mint at San Francisco was therefore called upon to execute a coinage in dimes, of which $395,284.80 was coined.
"It was also found that the stock of quarter dollars held by the sub-treasury at San Francisco was likely to be soon absorbed. The same mint therefore coined during the fiscal year from trade-dollar bullion on hand $192,000 in this denomination of subsidiary coin. This coinage was increased to $250,000 in August 1888."