1895 $1 Morgan Silver Dollar NGC PF67 - Within the whole spectrum of American coinage, there are a few coins that were produced as proof-only issues. Of these, the majority consists of gold coins, like the 1841 and 1863 quarter eagles, and the 1883 and 1884 double eagles. Although all these coins are famous rarities, demand for them is rather limited due to the rarity of these series in proofs, and a low number of collectors seeking these issues in proof.

A complete different scenario comes up with the 1895 Morgan dollar, of which we currently offer an example with outstanding eye-appeal. Generally considered to be the most popular series of 19th century coinage, many collectors own at least a few Morgan dollars. In business strike condition, immense numbers of coins survive for the majority of issues. While a full set in uncirculated condition is a costly task, rarity is not something that can be considered a stopper and multiple sets are completed each year.

Proofs of the Morgan dollar series are much scarcer, but are still regularly available in all proof grades up to the gem level. Proofs were struck for every single year since the introduction of the type in 1878 until 1904. Mintages ranged from 590 in 1890 to 1,355 in 1880, a large number for this denomination in proof coinage.

The 1895 proof Morgan dollar is a legendary rarity, and a proof-only issue. Although Mint records indicate that 12,000 1895 business strikes of the Silver dollar were produced, none of these are known in modern numismatics. Many theories have been written down about these Silver dollars. Most numismatic researchers now believe that it is either an accounting error from the Mint, or that the pieces were indeed minted, but that all were melted soon after their mintage. Whatever the case is, the only known pieces of this date are proofs, of which a total of 880 were struck.

Of these, the survival rate is generally considered to be very high, with approximately 700 pieces still extant. This number shows that numismatics of the late 19th century soon discovered the rarity of this date, and carefully kept a majority of the pieces. More recent collectors, however, in hopes of higher grades have thinned the supply of original pieces. Many have been dipped, giving the coins a blast-white appearance. Pieces with original color, such as the present offering are in the distinct minority.

The present coin is a wonderful survivor of this popular issue. Deep mirrors and a strong strike confirm the definite proof status of this coin. The most tremendous factor of this coin is the exceptional color. Blue, violet, magenta and orange toning is displayed on both sides. The fields are exceptionally clean, with only the weakest hairlines visible under strong magnification. As can be expected for a proof coin produced with special care, the eye-appeal is exceptional and no hits are noted on either side.

Only 12 1895 Morgan dollars have been graded at the PF-67 level by NGC, with just 3 pieces finer. These numbers no doubt include resubmissions, and this offer should be considered with great care. A wonderful coin, of an exceptionally rare, and popular issue.