Q. David Bowers
I reiterate that in instances in which a very small difference in price means a very big difference in grade, you should cherrypick for quality any higher grade coin you contemplate purchasing, even if the coin is certified. Using the above figures, a lustrous, frosty, and aesthetically attractive MS-64 might be a much more desirable coin to own at $2,900 than a technically accurately graded MS-65 at $29,000, if the MS-65 coin is darkly toned and unattractive. In fact, for my money, if I were collecting the series, a carefully cherrypicked MS-63 might be the best buy of all.
In the Morgan dollar series there are a number of issues which fit the syndrome of the 1883-S: coins which are very common at lower levels and very rare and expensive in higher grades. Such issues deserve especially close study on the part of the purchaser.
Circulated grades: Most of the 1883-S dollars minted were probably released into circulation in the nineteenth century, for this issue is plentiful in worn grades. In addition to those that circulated extensively, there are many high level AU coins in existence. Dean Tavenner recalls buying large quantities of 1883-S dollars that came from Mint bags and were nearly Uncirculated.(Reminiscence in The Comprehensive U.S. Silver Dollar Encyclopedia.)Apparently these had been used in commerce for just a short time: "two beer" dollars.
Mint State grades: The 1883-S dollar is very scarce in lower Mint State levels. Probably about 10,000 to 20,000 are on the face of the earth, some of which may really be in the AU or "slider" category; the historical record is a bit confused on this point. At the MS-63 level probably no more than 3,000 to 6,000 remain. MS-64 coins are about three times rarer than MS-63s. MS-65 coins are among the rarest of all Morgan dollars at this level. I estimate that no more than 100 to 200 survive. Only at infrequent intervals does a specimen come on the market. Nearly all Mint State 1883-S dollars are sharply struck.
Prooflike coins: Prooflike coins are rare in all Mint State grades and are especially so at higher levels. Some coins show traces of prooflike surface on the obverse only and are sometimes offered as fully prooflike. High-grade cameo DMPL 1883-S dollars are virtually impossible to find and if located would be in great demand due to the related rarity of normal (i.e., frosty) Uncirculated coins.
Probably only 150 to 300 PL coins survive, and possibly fewer than 25 to 50 DMPL. As of September 1992, neither NGC nor PCGS had certified a single DMPL as MS-65 or better.
The "Proofs" in Mehl's Nygren Sale (Nov. 30, 1914) and USCC's George M. Andrew sale (January 20,1915) were probably DMPS.
Caveat emptor: Some forgeries of the 1883-S have been made by adding an S mintmark to a common Philadelphia Mint coin. High-grade coins should always be purchased from a reliable source.
Varieties
Business strikes:
1. Normal date: Breen-5573. Some of the 40 pairs of dies probably remained unused. Variations are minute; we may have to scan lower grade coins to find if any come with high 8, high 83, or low 3 (again, there is a puzzle as to how many numerals the date logotypes had during this era). The VAM book lists eight varieties, none of which is in notable demand at present.
Business Strikes:
Enabling legislation: As earlier, plus Act of February 28, 1878
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.85754
Dies prepared: Obverse: 40; Reverse: 40
Business strike mintage: 6,250,000
Estimated quantity melted: Unknown, but probably several million.
Approximate population MS-65 or better: 100 to 200 (URS-8)
Approximate population MS-64: 1,200 to 2,000 (URS-12)
Approximate population MS-63: 3,000 to 6,000 (URS-13)
Approximate population MS-60 to 62: 10,000 to 20,000(In view of the large number of "slider" ( i.e., AU) coins once plentiful on the market, it could be that many historical prices of "Uncirculated" coins from years prior to, say, the 1980s were distorted by the addition of such pieces. If so, then the population estimate of 10,000 to 20,000 MS-60 to MS-62 coins should be reduced to perhaps less than half of those figures. Upon reading the manuscript of the book, Maurice Rosen suggested that the great majority of such pieces were probably sliders. (Undated note to the author, received October 26, 1992.) (URS-15)
Approximate population G-4 to AU-58: 150,000 to 250,000 (URS-19)
Availability of prooflike coins: Prooflike coins are rare and are often heavily bagmarked. DMPL coins in higher grades are very rare, especially in higher grades.
Characteristics of striking: Nearly always sharply struck.
Known hoards of Mint State coins: Quantities were released by the Treasury before the early 1960s, but few if any were in the dispersals of 1962-1964.
Proofs:
None
Commentary
The 1883-S is one of the Morgan dollar varieties which is common and inexpensive in very low grades and rare and expensive in very high grades.
A Visit to the San Francisco Mint
The following describes a visit to the San Francisco Mintand is taken from Scientific American, August 11, 1883. Unfortunately, the writer falls far short of the talent and facilityshown by a writer for Harper's Monthly magazine, who visited thePhiladelphia Mint in 1861 (see reprint under AdditionalInformation, 1861). The account below goes into detail concerning the refining process, something the 1861 Harper's Monthly article does not do. Some interesting information is presented:
Bullion from Mexico
There have been but few registered visitors at the mint [inrecent times], but a reporter, unobserved, passed in among the number and commenced his annual investigations.
A number of bars of bullion were the interesting objects first pointed out by the conductor to his visitor. After that introduction of the subject of making money he continued his interesting narrative, detailing every process in the coining of a dollar, from its receipt as metal of an uncertain value to its issuance for circulation.
Bullion is received in the form of bricks of all sizes and very peculiar shapes when it comes from Spanish American countries. The regular shaped bricks often weigh as heavy as 150 pounds.
The Mexicans melt their silver and run it into the most crude shaped molds in the world, in quantities so large and heavy that a burro could not carry one casting. It seems strange at first to think of these indolent people(In the nineteenth century it was common practice in popular publications to make insulting references to foreigners, minorities, et al. Little was thought of it. Today, the reprinter of such is faced with the alternatives of deleting them (which would, in a way, be altering history), paraphrasing them (likewise), ignoring them (wrongly suggesting agreement), or adding a footnote (perhaps not the best way from a research viewpoint, but I feel it is important to reflect today's sensitivities). The "indolence" mislabels the Mexican custom of the siesta: early afternoon rest is preferable to risking sunstroke or heat exhaustion by laboring when the sun's rays are fiercest. "Mad dogs and Englishmen go out in the mid-day sun." - Noel Coward.)performing a very troublesome and laborious operation only to find themselves confronted with more labor. There is good reason, however, for the large castings. If the valuable metal were carried in quantities convenient for handling, raiders for miles around would be after it and demand the whole or a large portion of the silver as salvage for protection against other raiders.
The Mexican silver received at the mint is taken to the machine shop and cut up before it is in shape to be put into any of the largest crucibles. The regular shaped bricks are taken first to the assay office, where the diagonally opposite corners of opposite surfaces are clipped and the brick bored into both ways. An assay is then made of the clippings and borings. The result of an assay is made known to the person making the deposit in about 12 hours. He gets his money and the government gets his bullion.