by Robert Lehmann

        In order to fully appreciate and understand the rarity of the 1893-97New Orleans Morgan Dollars, one must first review the history of this period. The Depression of 1893 was one of the worst in American history, with unemployment exceeding 10%. Part of the reason it was so bad was that this high rate was sustained for 5 or 6 consecutive years, killing any chance of a quick recovery. The National Bureau of Economic Research estimated that the economic contraction began in January 1893 and continued until June 1894. There was a brief reprieve as the economy grew until December 1895, but was then hit by a second recession that lasted until June 1897. The depression had been blamed on, among other things, the deflation dating back to the Civil War, the Gold standard and poor monetary policy. The economy was the subject of great debate in the political arena. While campaigning for President in 1896, William Jennings Bryan made his famous proclamation at the conclusion of his speech saying, “...you shall not crucify mankind on a cross of gold.” The issue was whether to endorse the free coinage of Silver at a ratio of Silver to Gold of 16 to 1. Republican William McKinley won the election, and upheld the Gold standard.
The overall production of all branches of the U.S. Mint dwindled during this period, and most would-be collectors opted for spending their coins in lieu of saving them. These factors were responsible for creating several numismatic rarities; amongst them the New Orleans minted Morgan Dollars from 1893 to 1897. Since the circumstances and details differ for each year of production, we will examine these New Orleans Dollars on a case-by-case basis, starting with the 1893-O.

        With 300,000 coins struck, the 1893-O Morgan Dollar has the lowest mintage of any New Orleans minted Morgan Dollar, and is the 5th lowest overall mintage for the series. Scarce in Circulated grades, it becomes very scarce in Uncalculated condition and downright rare in Gem Uncirculated condition. The average Uncirculated 1893-O can vary from being flatly struck to well struck but seldom is fully struck, especially on the obverse. The luster ranges from indifferent to acceptable. Surface abrasions and bag marks tend to be a major problem. Although some small hoards of this date have surfaced, no original rolls have been re-ported. In Prooflike, the 1893-O is very rare. Examples usually have little contrast between fields and devices and can be poorly struck. Perhaps the New Orleans Mint favored polishing worn-out dies instead of replacing them. Three obverse dies and two reverse dies were responsible for striking the entire mintage. The PCGS and NGC combined population for specimens graded MS60 or higher is over 1,400 pieces, with only 111pieces graded MS64, 8 graded MS65 and 2 coins graded MS66. The PCGS and NGC combined Prooflike population is a paltry 36 pieces. Deep Mirror Prooflikes are rarer yet, with only 21 pieces graded by both services. Two of the most remarkable 1893-O Dollars known are the Amon Carter/Jack Lee specimen graded MS65 DMPL by PCGS and the Eliasberg specimen graded MS66PL by NGC. It should be noted that neither coin is fully struck over Liberty’s ear. Suffice to say, a fully struck, Prooflike 1893-Owould be a great find, if such a coin even exists. Wholesale Bid for MS60specimens is $1,800, which this author believes is a bargain. MS63 graded pieces jump to $5,500 Bid, MS64s are Bid at $13,500 with MS65s Bid at$155,000. For the collector trying to assemble a high-quality Morgan set on a budget, a premium quality MS64 specimen would present the best value, even if it meant paying a significant premium over MS64 Bid. Bid for MS63 to MS65 DMPL examples range between $8,000 and $160,000, a very small premium over the regular Mint State prices. I think it would be all but impossible to lure a DMPL specimen into the marketplace even at these optimistic numbers. To illustrate this, the aforementioned Jack Lee coin traded privately several years ago, for in excess of $250,000. Al-though Wayne Miller stated that investors should avoid this date, I believe this trend has changed. The 1893-O Morgan, at current levels, rep-resents an excellent value, especially when compared to its much more common (and almost equally expensive) “CC” counterpart.

        Overall, the 1894-O is the most available of all 1894 dated Dollars. Relatively common in lower grades, the majority of 1894-O Dollars were released into circulation. As very few original bags have ever surfaced, it is probable that most surviving Uncirculated coins were melted due to the Pittman Act of April 1918. This Act gave the U.S. government the right to melt up to 350,000 Silver Dollars. The Silver would be used to strike bullion or other Silver coins. Consequently, the 1894-O is a conditional rarity in any grade of Mint State, and particularly so in the Choice and Gem grades. The greatest attribute of Mint State 1894-O Dollars is their luster. Rich, cartwheel luster is more the norm than the exception. The biggest problem with this date is the strike. In 30+ years of dealing in Morgan Dollars, I have never seen a fully struck 1894-O. In fact, it maybe the single most difficult Morgan date to locate with a full strike. This is why so few pieces are graded MS65. Between PCGS and NGC, there are a mere 13 pieces graded at this level, with none finer. At the current wholesale MS65 Bid of $47,000, this date seems seriously undervalued. A recent PCGS MS65 specimen sold at the F.U.N. 2008 Bowers sale for$48,300 retail. The coin showed a light fingerprint in the left obverse field, and like most other 1894-O Dollars, was flatly struck. In its defense, the luster and surfaces were both outstanding, but this probably is as good as it gets for an 1894-O. I am of the firm belief that if 1880-S grading standards were applied to this date, there would be no coins graded aboveMS64. In Prooflike, the 1894-O is very scarce. Most of these coins are dull and rather ugly in appearance. The luster tends to be gray and chrome-like rather than the outstanding luster normally found. The 1894-O is virtually unknown in Deep Mirror Prooflike, and conditionally, is one of the major rarities in the Morgan Dollar series. From an investment stand-point, I believe that a certified MS60 piece at the current wholesale Bid of $430 is one of the best affordable Morgan Dollar dates to salt away. According to the PCGS/NGC population reports, there is a combined total of 944 1894-O Dollars graded between MS60 and MS62. Despite this, trying to find more than 1 or 2 pieces at a major coin show can prove to be a real challenge.

        With a mintage of only 450,000, the 1895-O Morgan is a semi-keydate. Like most of the other New Orleans dates discussed here, the majority of these pieces were released into circulation. Any 1895-ODollar is scarce, although circulated examples are hardly rare. In Mint State, the 1895-O is the third rarest Morgan Dollar, eclipsed only by the1892-S and 1893-S. I have never heard of an original roll of Uncirculated1895-O Dollars, let alone an original bag. Whatever small quantities of this date that may have existed in high-grade, probably met their demise in the melting pots of the Pittman Act. The typical 1895-O is softly struck and will have very subdued luster. Bag marks and other surface abrasions are the norm. Only 3 obverse dies and 2 reverse dies are known. Extended die life could help explain the poor quality of most Mint State survivors. Although any Uncirculated 1895-O is a rarity, MS63 and above pieces are extremely rare with a total of only 65 coins graded by PCGS and NGC combined. Out of this number, only 6 coins have merited a MS65 grade, with 2 MS66s and a lone MS67. The PCGS MS67 piece is the ex-George Bodway/Jack Lee coin and is spectacular in every regard. This piece has thick satiny luster with a virtually full strike and pristine surface preservation. It is unlike any other 1895-O Morgan that I have seen. Quality control was simply not a priority at the New Orleans Mint in 1895, especially in the middle of a depression. A Prooflike 1895-O Morgan is very rare, with few examples graded by either PCGS or NGC. There is a small group of DMPL 1895-Os that have been labeled both Proof and Specimen by NGC. They are very different from the normal 1895-O Dollar. Fully struck, these pieces also have partially squared rims and deep watery fields. Some collectors believe that these coins were struck with a special purpose, although most stop short of calling them Proofs. Despite semantics, these are some of the most attractive of all known 1895-OMorgan Dollars. Locating one, let alone affording one, may prove difficult. At the current wholesale Bid of $13,700, MS60 graded specimens seem properly valued. However, at the current $42,000 Bid, MS63 examples still represent good value. A Gem MS65 piece has not recently traded. When one does, I predict that the current Bid of $160,000 will be yesterday’s news. Despite their current high prices, all Mint State 1895-O Morgan Dollars should prove to be prudent acquisitions for the collector with holding power.

        With a mintage of 4,900,000 pieces, the 1896-O can hardly be considered scarce. Every time our firm purchases a circulated group of Silver Dollars, it is littered with 1896-Os. So then, what’s the big deal about this date? In five words I will sum it up–Uncirculated coins were NOT saved. Conditionally, the 1896-O is a rarity. As a date, it is not. CDN illustrates this point, as XF pieces Bid at only $20.00, whereas MS60 pieces Bid at$1,075, or a multiplier of nearly 54 times. As one moves up the grading scale, 1896-O Dollars become more and more elusive. This date is a rarity in MS64, with only 35 pieces graded between PCGS and NGC. In MS65, the 1896-O is one of the rarest of all Morgan Dollars. To quote Wayne Miller, “No other Morgan Dollar is consistently deficient in luster, strike and degree of surface abrasions as the 1896-O.” My observation is that the majority of Uncirculated 1896-O Morgan Dollars look like sliders. This is usually due to their drab, lifeless luster. I can think of no other date, 1901 included, that has worse luster than an 1896-O. Strike and surface abrasions are also major problems with this date. But, I believe either or both could be overlooked if this date possessed more vibrant luster. By far the finest 1896-O Morgan I have encountered was the Jack Lee coin graded MS66 by PCGS. This piece had nice satiny luster with a good strike and absolutely pristine surfaces. Although many high-grade 1896-O Dollars have shown up in treasury bags, most of these pieces are sliders by today’s standards. I have never seen, or heard of, an original, Uncirculated bag of 1896-O Dollars. Most of this date was released into circulation. If any quantity of Mint State pieces survived, they probably met their demise in the Pittman melt. Prooflikes are very rare, and Deep Mirror Prooflikes are extremely rare. When encountered, they are unattractive with grey brilliant surfaces and flat-matte devices with little or no contrast. What has always held the price of this date back is its lack of appeal. With such a high mintage and so few attractive survivors, all but the most ardent collectors have steered clear of 1896-OMorgans.

        1897-O concludes the rare 5-date run of mid-90’s “O” Mint Morgans. Similar to the 1896-O in many regards, the 1897-O had an ample mint-age with few nice survivors. Like its predecessor, the 1897-O is very common in Circulated grades but gets conditionally rare in MS60 and above. The typical Mint State 1897-O Dollar will have a below average to aver-age strike, soft satiny luster and an abundance of surface abrasions. Most Mint State survivors tend to grade MS60 through MS62. In MS63, the1897-O becomes fairly scarce, as evidenced by the current wholesale Bid of $3,550. MS64 pieces are rarer yet, with PCGS and NGC grading a combined total of only 65 coins. At the current Bid of $12,600, these MS64pieces seem undervalued. Although GEMS are very rare, a few really super pieces are known. Amongst the finest are the Jack Lee coin and the Eliasberg coin, although the latter has a curious circular mark in the rightfield of the reverse. Both coins have intense satiny luster with good strikes and pristine surfaces. Another Gem graded MS66 by PCGS from the 5/06 Superior sale boasted an outstanding satiny sheen with beautiful peripheral toning and equally superb eye appeal. This likely is the same piece that Miller described in his Morgan and Peace Dollar textbook as” by far, the finest known.” Prooflike and DMPL 1897-O Dollars are very rare, although not quite to the extent of the 1896-O. They tend to be grey brilliant Proof likes with little or no contrast between the fields and de-vices. An extremely attractive example graded MS64 DMPL by PCGS exists. However, this coin has not made an appearance in over a decade. As unattractive as the typical 1897-O Dollar is, the few eye-appealing specimens that occasionally surface excite both collectors and their checkbooks.

        Perhaps no other anomaly in the Morgan Dollar series is as intriguing as the 1893 through 1897 New Orleans minted coins. Speculation is that most of these coins were initially ignored by collectors. The depression further compounded the survival rate, as only well-heeled collectors could afford to save coins. And then of course, many Silver Dollars were melted in response to the Pittman Act.
With the advent of the internet and information sharing at an all-time high, it is only a matter of time before these dates are all fully understood and appreciated for their true rarity. After all, they are cornerstones in the Morgan Dollar series, which remains one of the most popular in American numismatics.

Reprinted from the March 14, 2008 issue #3 of the CDN Monthly Supplement
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