NSDR Journal
Vol. XVII No. 4
November 2000
Mirror Surface Morgan Dollars, Part V
By Randy Campbell, NLG
FUN Education Director
In the late 1970’s collectors had little difficulty locating attractive Mirror Surface Morgan dollars. The amazing Redfield Hoard (over 400,000 coins), which was dispersed in the mid-1970’s, contained bags of common date and better date dollars. A significant percentage of them featured mirror surfaces on both sides of the coin.
Also, during this decade, the government’s massive hoard of Carson City dollars (about 3 million coins) was dispersed via mail bid auctions by the General Services Administration. This hoard included the largest number of mirror surface dollars to ever hit the coin market. It was a bonanza!
During the late 1970’s Ken Embler and I would go to club meetings, coin shops and small coin shows in search of those Deep Mirror beauties. They were everywhere!
At the 1977 A.N.A. Convention in Atlanta, I had the chance to pick from multi-roll quantities of dates like 1887-S, 1890-CC, 1890-O, 1891-CC and 1900-S… all with Mirror Surfaces!
However, those days of “easy pickins” are gone forever. It has been more than 10 years since I’ve even heard of a bag of mirror surface dollars trading hands. Indeed, the appearance of even a roll of DMPL dollars is now cause for celebration.
At the 2000 FUN convention a leading dealer told me “I buy ‘em one or two at a time, and I’m damn glad to get them.” He continued, “if you’re looking for deeply mirrored dollars, slabbed or raw, you’ve got to be aggressive. There are more people chasing a smaller number of attractive coins.”
Which brings me to the subject of the 2001 FUN Convention. Those of you searching for Deep Mirror and Ultra Deep Mirror Morgans may be frustrated by your inability to buy decent coins at the local level. However, the upcoming FUN Convention could present you the largest selection of “neat coins” for the entire calendar year. Between the bourse and the auction, collectors should have an opportunity to acquire that special Deep Mirror beauty they’ve been searching for.
Also, at the upcoming FUN Convention, Al Johnbrier and myself will present an educational program on the status of the Silver Dollar market. During that program (tentatively scheduled for Saturday afternoon, January 5) I will present my list of my “Top 10 Favorites Dates in the Morgan Dollar Series in MS-65 Deep Mirror Prooflike.” I hope to see you there!
1879
GENERAL CHARACTERISTICS: My date-by-date analysis of Mirror Surface Morgan Dollars continues with the 1879 Philadelphia issue.
This date was struck in huge numbers (mintage of almost 15 million). However, it is quite elusive with mirror surfaces on both sides of the coin. The typical 1879 dollar will exhibit average to slightly above average high point detail. Luster can be problematical, especially for those coins that have been cleaned or overdipped.
Surface abrasions tend to be noticeable and distracting. This accounts for this date’s scarcity in MS-65 (or higher) condition.
PROOFLIKE: The three major grading services have certified about 150, 1879 dollars, in MS-63 Prooflike (current CCDN bid is $95). About 140 have been slabbed in MS-64 Prooflike (bid=$200). ANACS, NGC and PCGS combined have certified ONLY 17 1879 dollars in MS-65 Prooflike condition! They are bid at $1,850.
DEEP MIRROR PROOFLIKE: Two-sided DMPL 1879 dollars are even scarcer than their Prooflike counterparts. As of early 2000, the major services have encapsulated only 121 examples in MS-63 DMPL (bid-$170). A total of 109 have been slabbed in MS-64 DMPL (bid=$775).
The 1879 is a significant rarity in MS-65 DMPL. In that grade, ANACS has certified 4 examples: PCGS 3 and NGC 3. Indeed, the 1879 is much scarcer in MS-65 DMPL than it is in PROOF-65 condition.
Currently the 1879 is bid at $4,950 in MS-65 DMPL. However, at a major auction, such a coin could bring $6,000 to $8,000 or more!
ULTRA DEEP MIRROR: The 1879 is excessively rare in two-sided Ultra Deep Mirror condition (minimum of 12 or more inches of reflectively on both sides of the coin). As of June 2000, ANACS has certified two examples in MS-64 UDM, and none higher. It was reliably reported to me that one of the ANACS certified MS-64 UDM examples sold for a price in excess of $1,200.
COMMENT: On a price/rarity basis, the MS-64 UDM is my favorite grade for the mirror surface 1879 Morgan dollar. Good luck trying to find one.
See You at FUN!!
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