1895 Morgan Dollar
Guidelines for Collecting:
No 1895 Philadelphia Mint dollars were struck for circulation. Striking was limited to 880 Proofs. With such a low production amount, the 1895 is by far the rarest date in the Morgan dollar series. Most of the Proofs that remain today are cherished by numismatists. The dollars are well struck with medium contrast between the devices and the mirrored fields, with satiny high spots. Over the years, the 1895 dollar has been the key to the Morgan dollar set.
For many years a production of 12,000 was given for circulation strikes. This was found to be incorrect via research in the 1980s and early 1990s. In 2016 John Dannreuther located Mint documents stating that although dies had been prepared, no coins were struck for commerce. Concerning the 880 Proofs, curiously and inexplicably five different obverse dies have been identified! This was learned in the 1970s by staff at the American Numismatic Association in Colorado Springs.
Availability in Circulated Grades:
An occasional circulated Proof of the date can be found, but even these bring enormous premiums in the marketplace owing to the great demand for this Proof-only date. Any such coin offered should be certified by a leading service, to be sure it is not an 1895-O or S with the mintmark removed.
Availability in Mint State Grades:
None, as noted. This is the only issue of Morgan dollar for which this can be said.
Availability in Proof:
Perhaps 600 to 650 or so Proofs of the date remain for today’s collectors, and many of those are nicely preserved. The strike is usually strong, there should be some cameo contrast in the coin you choose. This rarity was sold in silver Proof sets of the date that also included the Barber dime, quarter, and half. This is the key date and the demand is high at all times. A nice example will be a showpiece in your collection.
The example to the left was sold by Stack's Bowers Galleries in the Summer 2022 Global Showcase Auction, where it realized $78,000.
1895 Morgan Dollar Auction Highlights
 PCGS PR-67 DCAM, CAC Sold for $152,750 View Lot 2617 |  PCGS PF-67 CAM, CAC Sold for $132,000 View Lot 6366 |  PCGS PR-67, CAC Sold for $132,000 View Lot 1223 |
