Q. David Bowers
Business Strikes:
Enabling legislation: Act of February 28, 1878, plus the Sherman Silver Purchase Act of July 14, l890
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: 10; Reverse: 7
Business strike mintage: 1,723,000; Delivery figures by month: January: June: none; July: 263,000; August: 400,000; September: 360,000; October: 300,000; November: 250,000; December: 150,000.
Estimated quantity melted: Probably very few Mint State coins; worn pieces as part of various melts.
Approximate population MS-65 or better: 10 to 20 (URS-5)
Approximate population MS-64: 250 to 500 (URS-10)
Approximate population MS-63: 1,000 to 2,000 (URS-12)
Approximate population MS-60 to 62: 2,000 to 4,000 (URS-13)
Approximate population G-4 to AU-58: 100,000 to 200,000 (URS-18)
Availability of prooflike coins: True PL and DMPL coins are exceedingly rare.
Characteristics of striking: The 1894-O is chronically weakly struck.
Known hoards of Mint State coins: Several bags were released by the Treasury 1962-1964.
Proofs:
None
Commentary
The 1894-O is fairly scarce in Mint State. When encountered, specimens are nearly always poorly struck.
A Problem at the New Orleans Mint
The Annual Report of the Director of the Mint, 1893, disclosed the following:
"The annual settlement of the mint at New Orleans, June 30, 1893, was superintended by Mr. H. Clay Stier, of the office of the First Auditor, and Mr. Leonard Magruder, of New Orleans, who witnessed and took account of the bullion and coin delivered by the melter and refiner, and coiner to the superintendent in settlement of their accounts, after which they weighed the bullion and counted the coin and other moneys with which the superintendent was charged, and for which he is responsible.
"In counting the currency (Treasury notes) in the cashier's vaults deficiency of $25,000 was found, which the cashier claimed were destroyed by a fire that occurred in his vault between the closing of the same Saturday afternoon, June 24, and the opening thereof on Monday morning, June 26, 1893.
"On June 26, 1893, the superintendent of the mint advised this Bureau by telegraph of the fire, and requested that some competent person who was accustomed to the handling of charred money be sent from the department to count the money charred by the fire in the cashier's vault. Through the courtesy of the Treasurer of the United States, Mrs. L.E. Rosenberg, of the redemption division, was sent to New Orleans, who, after much patient labor, found among the charred paper $1,182 in currency which had not been destroyed beyond identification, leaving a deficiency of $23,818 to be accounted for. The circumstances of the fire were such as to lead to the belief that it was not accidental, but of incendiary origin, for the purpose of concealing a shortage in the cashier's accounts, he being the only person having access to the vault. Taking this view of the case, a thorough investigation as to the origin of the fire was made by Mr. A.R. Barrett, of the Secret Service. The evidence collected by him was deemed sufficient to justify the arrest of the cashier, who was taken before the United States commissioner, and gave bail for his future appearance."
The Annual Report of the Director of the Mint, 1894, brought readers up to date on the situation:
"The annual settlement of the mint at New Orleans, June 30, 1894, was superintended by Messrs. John T. Kent, of the United States assay office at New York, and W.F. Bowen, of the Bureau of the Mint, who reported in writing that they found on hand all the money and bullion with which the superintendent was charged.
"The former cashier of the mint at New Orleans, who was arrested for the embezzlement of $25,000 in June 1893, was tried before the United States court at New Orleans in December last, and was acquitted of the charge.
"Suit has been instituted against the former superintendent, Dr. Andrew W. Smyth, and is now pending for the recovery of the amount.
"The president having removed the superintendent, assayer, melter and refiner, and coiner of the mint at New Orleans, Overton Cade was appointed superintendent; R.L. Schroeder, assayer; Lewis Guion, melter and refiner; and H. Gibbs Morgan, coiner; all of whom entered upon duty July 22, 1893."