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: $0.45640 Dies prepared: Obverse: Unknown; Reverse: Unknown.
Business strike mintage: 4,440,000; Delivery figures by month: January: none; February: none; March: none; April: none; May: 500,000; June: 600,000; July: 210,000; August: 750,000; September: 30,000; October: 1,000,000; November: 450,000; December: 900,000.
Estimated quantity melted: Probably the majority of the mintage, for relatively few were placed into circulation; perhaps 3,000,000 or more were melted.
Approximate population MS-65 or better: 45,000 to 80,000 (URS-17)
Approximate population MS-64: 200,000 to 300,000 (URS-19)
Approximate population MS-63: 175,000 to 275,000 (URS-19)
Approximate population MS-60 to 62: 300,000 to 600,000 (URS-20)
Approximate population VF-20 to AU-58: 500 to 1,000 (URS-11)
Approximate population VG-8 to F-15: 2,000 to 4,000 (URS-13)
Availability of prooflike coins: Very common; many thousands survive. DMPL coins are scarcer but thousands exist.
Characteristics of striking: Striking varies from sharp to weak, depending upon the coin.
Known hoards of Mint State coins: Many bags of 1,000 coins were released by the Treasury beginning in November 1962, after which the 1898-O, previously considered to be very rare in Mint State, became common.
Proofs:
None
Commentary
Prior to October 1962, the 1898-O was one of the most famous of all Morgan silver dollars and was considered to be a great rarity. Later, quantities were released by the Treasury, and the 1898-O became common.
Distribution of Dollars
The Annual Report of the Director of the Mint, 1898, told of dollar distribution during the fiscal year:
New Orleans: In mint July 1, 1897, 16,686,000; coinage, fiscal year 1898, 2,124,000; total, 18,810,000; transferred from the mint to the Treasury, 16,950,000; in mint July 1, 1898, 1,139,000; total, 18,089,000; distributed from mint, 721,000.