Q. David Bowers
Business Strikes:
Enabling legislation: Act of February 28, 1878, plus the Sherman Silver Purchase Act of July 14, 1890
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, . 100 copper
Melt-down (silver value) in year minted: $0.49097
Dies prepared: Obverse: 7; Reverse: 5
Business strike mintage: 110,000; Delivery figures by month: January: July: none; August: 48,000; September: 12,000; October: 50,000; November: none; December: none.
Estimated quantity melted: Probably very few in Mint State; worn pieces as part of various later melts.
Approximate population MS-65 or better: 150 to 300 (URS-9)
Approximate population MS-64: 500 to 1,000 (URS-11)
Approximate population MS-63: 1,250 to 2,500 (URS-12)
Approximate population MS-60 to 62: 2,500 to 5,000 (URS-13)
Approximate population G-4 to AU-58: 5,000 to 10,000 (URS-14)
Availability of prooflike coins: Extremely rare.
Characteristics of striking: Average to above average, usually with satisfactory lustre. However, weakly struck coins with poor lustre exist.
Known hoards of Mint State coins: A few bags were released in the 1950s and early 1960s. Quantities are virtually unheard of in the present market.
Proofs:
Dies prepared: Obverse: 2; Reverse: At least 1.
Proof mintage: 972; Delivery figures by month: January: none; February: none; March: 252; April: none; May: none; June: 179; July: none; August: none; September: 200; October: none; November: none; December: 341.
Approximate population Proof-65 or better: 136+/ - (URS-9)
Approximate population Proof-64: 158+/- (URS-9)
Approximate population Proof-63: 105+/- (URS-8)
Approximate population Proof-60 to 62: 290+/- (URS-10)
Commentary
The 1894 Morgan dollar has the lowest business strike mintage of any Philadelphia Mint issue of the design, except 1895. Specimens are highly desired in all grades.
Distribution of Silver Dollars
The Annual Report of the Director of the Mint, 1894, told of the distribution of silver dollars at the various mints:
Philadelphia: In mint July 1, 1893, $50,447,000; coinage fiscal year 1894, 758; in mint July 1, 1894,50,255,370; distributed from mint: 192,388.
San Francisco: In mint July 1, 1893, $35,813,683; in mint July 1,1894,35,392,000; distributed from mint: 421,683.
New Orleans: In mint July 1,1893, $7,085,250; transferred from sub-treasury 500,000; in mint July 1, 1894, 7,524,000, distributed from mint: 421,683.
Carson City: In mint July 1, 1893, $5,398,455; in mint July 1, 1894,5,345,227; distributed from mint: 53,228.
Counting Dollars by Machine
The December 1894 issue of The Numismatist, p. 271, told of a new counting machine made at the Philadelphia Mint, and employed for the counting of silver dollars. Presumably, new 1894 dollars were counted as well as older dates in storage. "A cogwheel, the teeth of which resemble those of a circular saw," employed in the machine, undoubtedly wreaked havoc, from a numismatic viewpoint, on many of the coins which came into contact with it.
"The feat of counting 2,000 silver dollars per minute is now being performed at the Mint by a little machine invented by Sebastian Heines, the chief carpenter of the institution, and by its aid the work of counting the coin and weighing the silver bars can, it is thought, be completed soon. The slow process made in counting by hand led Mr. Heines to experiment, with the result, after the expenditure of much thought and time, of turning out a very successful machine.
"Mr. Morgan, of Mint Director Preston's office, was greatly interested in the experiments, and, upon witnessing the final successful test of the invention, he granted permission for its use in counting the great mass of silver dollars. The machine when worked to its limit easily disposes of two bags of coins, containing $2,000, in a minute. The machine consists of a hopper, into which the coins are dropped. A cogwheel, the teeth of which resemble those of a circular saw, carries the coins to the tubes, and from there they are forced out upon a little table, containing 20 grooves, each holding just fifty coins. A turn of the crank counts one thousand coins, which are immediately put into a bag, and a second thousand follows before the expiration of the minute.-Philadelphia Record. "
More About Counting Dollars
The Annual Report of the Director of the Mint, 1894, told of counting dollars at the Philadelphia Mint and some problems at that institution:
"Col. O.C. Bosbyshell having resigned as superintendent of the Mint, was succeeded by Dr. Eugene Townsend, who entered on duty April 1, 1894. The bullion, coin, and other moneys necessary to be taken into account in the transfer incident to the change of superintendents amount to $187,301,854.20, classified as follows: Gold bullion, $24,266,094.04; gold coin, $3,824,217.50; silver bullion, $107,902,611.40; silver dollars, $50,275,000; subsidiary silver coin, $666,924.63, and minor coin, $344,195.81. The balance, $22,810.82, represents the value of the gold bullion embezzled by the late weigh clerk, which amount, it is believed, will be recovered from his bondsmen and those of the late superintendent.
"Of the above amount, $161,696,313.41 were in the hands of the superintendent and $25,582,729.97 in the hands of the operative officers. No verification of the latter amount was made at this time, as the bullion was legally in the hands of the operative officers.
"Of the silver bullion purchased under the Act of July 14, 1890, there were on hand 111,150 bars, containing 118,992,256 ounces of fine silver, costing $107,702,840.90. An account of this bullion was taken by weight, and found to correspond with the amount charged. The weighing of the bullion occupied some four months, and was completed at the end of July 1894.