Q. David Bowers
THIRD REVERSE: REVERSE OF 1879, SAF:
Circulated grades (Third Reverse): Readily available, but considerably scarcer than the preceding. Probably about 40,000 to 80,000 exist.
Mint State grades (Third Reverse): In Mint State the 1878 Third Reverse is scarcer at all levels than the Second Reverse. I believe that about 20,000 to 40,000 MS·60to 62 coins are known, followed by 12,500 to 25,000 MS-63, 6,000 to 12,000 MS-64, and only 400 to 800 MS·65 or finer pieces.
In his 1982 book, Wayne Miller wrote this:
It is much rarer in Uncirculated condition than the flat breast variety. Probably less than 20% of all Uncirculated 1878 7 tail feather dollars are of the Round Breast type. The lustre on such pieces is usually good. The strike varies from soft to adequate; few pieces are boldly struck, especially on the reverse. Specimens with minimum abrasions are available. This date has always been underrated Ingemcondrtion. Until recently there were, few collectors of silver dollar varieties, and the Round Breast and Flat Breast type Could oftenbe purchased for the same price. In recent years; however, major dollar varieties have become more popular. The price of the 1878 7 tail feather Round Breast dollar has begun to rise to reflect this increasing interest. "
Prooflike coins (Third Reverse): Examples are much rarer than of the Second Reverse type, and usually have poor contrast. I estimate that 1,000 to 2,000 PLs survive, of which only 2% to 3% are MS-65 PL or better; and that 600 to 1,200 DMPLs remain, again with just a tiny percentage being MS-65 DMPL or finer.
Proofs (Third Reverse): VAM-215. Of the Third Reverse type with convex breast qn the eagle and. slanting top arrow feather, the Reverse of 1879, lines in wheat leaves, 50 Proofs were delivered on N ovember 8, 1878; 34 were sold and the rest were spent in January 1879. This is the rarest Proof Morgan dollar before 1921. In February 1974 one was sold to Harlan White at the Bowers and Ruddy Galleries Stanislaw Herstal sale for $4,600. Not over 10 are known.
Walter H. Breen writes: "Fewer than 10 seen to date, some impaired. Next to this Proof issue, the 1895 is common." Unknown to C.W. Rice as of his June 1898 Numismatist article. In January 1986, the Wayne Miller example, "Proof-65," brought $13,200.
Varieties
Business strikes:
1. Second Reverse: Flat breast on eagle, parallel top arrow feather (PAF): Long nock (arrow shaft). Normal obverse, Breen-5509, VAM-70; doubled obverse, Breen-5510, several varieties. Long nock has a narrow tip extending minutely beyond adjacent feather tips; short nock has none. Gems and/or prooflikes are uncommon among 7 tail feather P AF coins of any variety; DMPLs more so.
2. Second Reverse: Flat breast on eagle, parallel top arrow feather (PAF): 1878 Short nock. Normal obverse, thin LIBERTY, Breen-55 11 , VAM-100. Scarce. Doubled obverse, at least 31 varieties, Breen-5512. Normal obverse, thick LIBERTY, at least a dozen varieties, Breen-5513. At least 100 Proofs (VAM-131), possibly 200, struck before March 31 (probably March 26) belong to this last number; many were melted or spent. The coiner sent to Linderman a Proof of the new coinage (7 tail feathers P AF) on April 4. The hub chipped at right of TRUST. On the earliest dies this letter is normal; on some later dies right serif is incomplete; on the last ones it is missing: "TIUST." (For the chipped serif, see 1878 S VAM-2, 14, 1879-S VAM-5; for the missing serif, see 1878-P VAM-160, 1879-S VAM-6, 8-10.)
3. Third Reverse: Reverse of 1879. Convex or round breast on eagle, slanting top arrow feather (SAF): Issue of June 28-December 31. (4.3 million-business strikes + 50- Proofs.) No lines in wheat leaves, normal obverse, Breen-5514, VAM-210, 221, 223. Although some test strikings were made circa March and April 1878, it is thought that masters and dies were shelved until later, so that the supply of 8 TF dies could be used up.
4. Third Reverse. Doubled obverse: Breen-5515, VAM-200, 201, 220. No lines in wheat leaves. Gems are uncommon, prooflikes a littlemore so (mostly one-sided), the small number of DMPLs mostly mediocre as with next.
5. Third Reverse: Reverse of 1879. Convex or round breast on eagle, slanting top arrow feather (SAF): Lines in wheat leaves. Breen-5516; VAM-202, 203, 222, 230. Mint State coins can be attractive, but prooflikes and DMPLs seen are generally of un sat isfactory quality.
Proofs:
1. Second Reverse: Flat breast on eagle, parallel top arrow feather (P AF): Many are somewhat lightly struck on the reverse. Many are hairlined or impaired. Wayne Miller wrote in 1982 that he had never seen a gem specimen. Mintage estimates vary. Walter H. Breen estimates 200 pieces, a figure seconded by Leroy C. Van Allen. 1 Pete Bishal (communication to author) estimates 100 maximum. I estimate 250 to 300.
2. Third Reverse: Reverse of 1879. Convex or round breast on eagle, slanting top arrow feather (SAF): Very rare issue. 50 are believed to have been struck. Wayne Miller wrote in 1982 that a maximum of six pieces were known. In 1991, Walter H. Breen estimated about 10. One specimen was in the Bowers and Ruddy Galleries 1974 sale of the Stanislaw Herstal Collection.