Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1898 Morgan Dollar
Numismatic Information
Hoard coins: The 1898 was released in large quantities by the Treasury Department through the Federal Reserve, so that by the mid-1950s Mint State coins were very common in eastern banks. However, before that time Uncirculated coins were scarce, or even rare. Additional large quantities were released in the late 1950s and early 1960s. By the mid-1970s, most such quantities had been widely dispersed, with the result that the Redfield estate holding, estimated to have been about 16 to 18 bags, was a novelty at the time. Most of these Redfield coins went to John Kamin, publisher of The Forecaster newsletter.
Circulated grades: In worn grades the 1898 dollar is very common. Many are in higher circulated grades from VF to AU.
Mint State grades: The 1898 is quite common in Mint State. Most are in the range of MS-60 to MS-63. MS-64 coins abound, but at the MS-65 level the issue becomes slightly scarce (relatively speaking). To be more specific: MS-60 to 62, an estimated 250,000 to 500,000 survive; MS-63, 60,000 to 100,000; MS-64, 30,000 to 60,000; and MS-65 or better, 8,000 to 15,000.
Most 1898 Morgan dollars are sharply struck and have from average to excellent lustre.
Prooflike coins: One-sided prooflike coins are common. Two-sided prooflike coins are scarce. Most prooflike coins have somewhat subdued mirrorlike surfaces. In 1982, Wayne Miller reported that DMPL coins are about twice as elusive as regular prooflikes, and that most prooflike coins are below the MS-65 grade level. This observation was prescient, for grading service data (compiled beginning in 1986) reveals that as of September 1992, NGC and PCGS graded 441 PL and 266 DMPL pieces, and that of the DMPLs, only about 10% were better than MS-64. The Redfield estate is said to include several thousand prooflikes.
Proofs: Proofs of this date are usually sharply struck with beautiful, bold cameo contrast and are unusually beautiful. One specimen, a coin certified as Proof-69 by NGC, was exhibited in a case by itself at the 1992 ANA Convention in Orlando. An ANA news release quoted the owner, New York numismatist Andrew Barnet, as saying, "It's the ultimate black-and-white cameo. The deeply reflective fields contrast with the highly polished devices."
Varieties
Business strikes:
1. Normal date: Breen-5653. Most of the 30 pairs of dies were probably used. Varieties are positional and/ or with repunching on one date numeral. It is uncertain if open and closed 9's are from the same logotype.
Proofs:
1. Proof issue: Proofs: VAM-2, closed 9, is the only variety noticed, though there were three obverse and two reverse dies.
1898 Morgan: Market Values
