Reply to "jp84" elsewhere: "1894 Morgans Question" 0

[RWB]

Q:

"PCGS finished some Morgans for me last week. An 1894-O that I was hoping was MS, but feared was AU-58, was indeed graded AU-58. I have no issue with the grade, I saw the break in the lustre. When I looked at the pop reports, it seems the 94-O has an abnormal number of AU 55/58 grades compared to other 1894 issues. Could be no explanation for it, but would anyone know if there was a small hoard of AU issues found at some point? Is this people just cracking and re-submitting because of the price jump? Any other theories? QDB's Morgan book does not have any info. I realize I am picking arbitrary dates here, but considering 62-64 as middle MS grades and 55-58 as being pseudo-MS grades (sliders so to speak), here are the numbers that make me wonder..."

A:

Silver dollar mintages for 1894 were unusually low and this led to rumors of the coins being rare and valuable. Below are some letters relating to this including one specific to New Orleans. I suspect that many lightly circulated (by coin collector but not public standards) 1894 dollars were pulled from circulation and saved. Some of these eventually found their way to the next generation coin collector, and then slabbers, etc.

 

Edited September 25, 2023 by RWB

[RWB]

Here are additional letters that will guide you through the "1894 Rare Coin" fad. After about 1904-05 the inquiries switch to 1895 dollars.

 

Edited September 25, 2023 by RWB

[RWB]

In a post on this subject ATS, numismatist Tom DeLorey noted:

"Most people did not know what mint marks were in 1894. Heaton's book on the subject just came out that year. If there was a rumor going around that said "Save 1894 Dollars!" the people responding to it would have saved ANY 1894 Dollar."

Old letters sometime include questions about how many US Mints there were, or ask "What is that letter on the back of a quarter? Is it rare?" Personally, I've received emails fror very new collectors who think they've discoverer a rarity on the reverse of a 1921-D silver dollar.

[RWB]

Note also the Dec 5, 1894 letter claiming the President said  758 silver dollars had been struck that year.