Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
Varieties
Business strikes:
1. 1880/79 Small round o. "Micro o." Breen-5538. VAM-4. Overdate faint. A few hundred prooflikes (many DMPLs), mostly in lower levels of Uncirculated, showedup in a bag from the R.D. Donovan hoard (Superior Galleries, 1977). This variety has the clearest overdate features of any 1880-O overdate and therefore is quite desirable.
2. 1880/7-O Small round o. "Micro o." Breen-5539, VAM-6, 6A, 6B, 16, 21. All scarce; often ig-nored except in rare earliest states. 6B is called the "Hangnail Eagle" variety by V AM (die gouge through left tail feather and lower arrow feather), who state that it is the only 1880-O to sell for a significant premium; VAM-6B, which shares the "Hangnail Eagle" reverse with VAM-1B, is extremely rare. Among different VAM numbers, the position of 0 in date varies.
3. 1880/7-O Medium oval O. Breen-5540, VAM-5, 17. Position of 0 in date varies. Jeff Oxman writes;' "The '8/7' obverse of VAM-5 is very similar to the'80/79' obverse of VAM-4, although there are noremains of any underlying 9 in the 0. Often confused with the VAM-4, the VAM-5 is much scarcer."
4.1880-O Small round o. "Micro o." Breen-5541, VAM-1, 1A ("Hangnail Eagle" reverse, also used on6B), 7-9, 11-14, others. Partly repunched date or normal date. VAM-13 has noticeably low zero (repunched); other variations of position of 0 probably exist. Position of 0 in date varies.
5. 1880-O Medium oval O. Breen-5542, VAM-2, 3, 10, 15, others. Same comments about position of zero as to 1880/7 above. "Impaled Eagle." Breen-5543, VAM-2A. Die scratch gives the appearance of a spike going through the eagle's neck. Most if not all are in low grades (the VAM plate coin is VF).
1880-O Morgan: Market Values
1880-0 Morgan: Summary of Characeristics
Business Strikes:
Enabling legislation: As earlier, plus Act of Febru-ary 28, 1878
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, . 100 copper
Melt-down (silver value) in year minted: $0.88564 Dies prepared: Obverse: Unknown; Reverse: Unknown.
Business strike mintage: 5,305,000
Estimated quantity melted: Unknown. Approximate population MS-65 or better: 100 to
200 (URS-8)
Approximate population MS-64: 1,500 to 3,000 (URS-12)
Approximate population MS-63: 3,000 to 6,000 (URS-13)
Approximate population MS-60 to 62: 7,500 to 15,000 (URS-14)
Approximate population G-4 to AU-58: 600,000 to 1,000,000 (URS-21)
Availability of prooflike coins: PL and DMPL coins are scarce but available. DMPL pieces are slightly more numerous than PLs.
Characteristics of striking: Individual pieces range from average to very bold .
Known hoards of Mint State coins: Occasionally, bags were released by the Treasury in the 1940s and 1950s, and a few bags were released in 1962- 1964. Few if any mint-sealed bags remain today.
Proofs:
None
Commentary
The 1880-O, common in lower grades, is elusive in MS-64 or finer preservation. Large ("medium") and small 0 varieties were advertised by Norman Schultz in The Numismatist, November 1955; one of the few times any dollar dealer paid attention even to naked-eye varieties in that decade.
Additional Information
Activities in New Orleans
The Annual Report of the Director of the Mint, 1880, covering the fiscal year ended on June 30th, commented as follows:
"In preference to purchasing bullion for delivery at the New Orleans Mint at figures regarded as in excess of the market price, it was at first deemed advisable to transfer from the New York assay office 1,798,167.82 standard ounces purchased prior to June 30, 1879. This was insufficient to supply that mint with an amount of bullion equal to its capacity and the demand upon it for silver coinage; it therefore became necessary to purchase additional bullion at such rates as were offered or to suspend coinage at that mint.
"The rates, though at first above the New York price, were less than the cost to the department to purchase and transfer from Philadelphia or New York. Offers were accepted during the year for the delivery at New Orleans of 1,684,158 standard ounces at the lowest rates attainable, but above the New York price."
This additional report was also given:
"New Orleans Mint-The difficulty continued through to obtain silver bullion for the mint. However, demand in the gold statesfor silver coins necessitated allotment at the mint for the coinage of 400,000 silver dollars. Following the death of Superintendent Henry S. Foote on May 19, 1880, an audit was taken to transfer the administration to incoming Superintendent M.B. Davis, on June 11, 1880 (Davis was previously coiner at the mint), and a sack of 1,000 silver dollars was found to be missing. The discrepancy was apparently a surprise to the cashier and officers of the mint. There had previously been frequent urgent demands for the shipment of standard dollars, and the error was supposed to have occurred from an undiscovered mistake in the report or count of the sacks or some delivery for distribution."