Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia
Q. David Bowers
1881 Morgan Dollar
Coinage Context
View from the White House: President Chester A.Arthur said this in 1881: "The minting of silver dollars is unnecessary. We have coined 102 million of these dollars and only 34 million in circulation." In 1882 the same official stated, "We now have 128 million of these jingers' and only 35 million are being used. We don't have room in the vault for them. The public doesn't want them. Why do we make them?" In 1884 he continued with this sentiment:
"Well, we got a mess of these things now. We made 185 million and only 40 million are out."!
Numismatic Information
Hoard coins: In the early 1950s, the 1881 Philadelphia Mint Morgan dollar was very common in Uncirculated grade in eastern banks and elsewhere, indicating that many must have been released before that time, in addition to large quantities dispersed in the late 1950s and early 1960s. Quite a few bags came out in 1955, after which time they were plentiful in dealers' hands for a while. In April 1955, the Klondyke Coin Exchange was offering rolls of 20
Uncirculated coins for $25, equivalent to $1.25 per coin.
In general, large numbers of Uncirculated dollars of Philadelphia Mint dates 1878-1887 were seen in quantity in the early 1950s. In later times the situation changed. Today, few if any original mint-sealed bags are known to remain. However, single specimens remain plentiful.
Circulated grades: Circulated specimens of 1881 are very common. Presumably, vast quantities were melted during the implementation of the 1918 Pittman and 1942 Silver Purchase acts, and, especially, during the run-up of silver bullion prices in the 1970s.
Mint State grades: In grades of MS-60, MS-61, and MS-62 the 1881 is very available. I believe that well over 100,000 exist. At the MS-63 level it is still plentiful, with an estimated population in the 50,000to 80,000 range. MS-64 coins are scarcer but still available with frequency. Only at the MS-65 and higher plateau are business strike 1881 Philadelphia Mint dollars hard to find; I believe that only about 2,500 to 4,000 survive.
As with all Morgan dollars in instances in which a very little difference in grade means a very large difference in price, one should really cherrypick when buying an MS-65 example. Many 1881 Morgan dollars seen today are very well struck; however, numerous weak strikes also exist.
Prooflike coins: Despite its availability in Mint State, the 1881 is not common in semi-prooflike or prooflike state. Many have prooflike surface on the obverse side only. Some prooflike pieces are weakly defined at the centers. An estimated 2,000 to 4,000 PL and 1,500 to 3,000 DMPL coins remain, most of which are grades lower than MS-65. The demand for rare high-grade MS-65 DMPL pieces is softened by the availability of Proofs, many of which are quite beautiful.
Proofs: Proofs were struck to the extent of 984 pieces.' These were well made and usually have nice cameo contrast. As is the case with all Morgan dollar Proofs, especially the earlier dates, many survivors have been cleaned and show hairlines.
Varieties
Business strikes:
- Normal date: Breen-5557. In all, 57 obverse, 45 reverse dies were made for business strikes. Probably most of these dies were used. Prooflikes are very Scarce, a sizable minority of DMPLs. In VAM-4, 9-10, final I is noticeably low (on VAM-8 Proofs, 81 are in line; see below). Other variations in positions of final 1 almost certainly exist, even aside from heavy and thin dates. A large number of repunche date varieties exist, including at least two with tripling evident on at least one digit of the date, but none is highly sought by specialists. Jeff Oxman discovered the Doubled Stars (VAM-16) in 1985, the only presently known 1881 doubled die. Van Allen and Mallis describe 15 different die combinations for 1881 business strikes.
Proofs:
1. Normal date: Two pairs of Proof dies were made, but those known are from a single obverse, VAM-8. Proofs show repunching on the obverse at 18-1, and a die scratch crosses shaft off in all. On the reverse, another die scratch wiggles down to right across eagle's leg and lowest part of wing at right. 700 Proofs were made in the first quarter, 40 in the second, 349 in the fourth. The last ones have another reverse which was later used in 1882. From the second obverse no coins have been described to date.