The 1895 Proof Morgan Dollar (Buy on eBay) is an iconic rarity, which has come to be known as the “King of the Morgan Dollars.” The desirability of the issue stems from the fact that no Philadelphia Mint circulation strike examples are known to exist for the date, resulting in high demand for the low mintage proof.
Mint records indicate that 12,000 circulation strikes and 880 proofs were struck at the Philadelphia Mint during 1895. Since none of the circulation strikes have ever surfaced, most researchers believe that the figure was incorrectly recorded and refers to coins carrying a different date. Other researchers have speculated that the coins may have actually been minted, but were held in storage and eventually melted.
In either case, the only remaining 1895 Morgan Dollars struck at the Philadelphia Mint are the 880 proofs struck for collectors. It is worth noting that this was a fairly typical proof mintage for the era. The perceived rarity and high demand for the 1895 Proof issue comes from the lack of availability of the circulation strike. Historically, collectors pursuing a date and mint mark set had to purchase a proof, driving greater demand and high values which persist to the current day.
1895 Morgan Dollar Mintage and Specifications
- Mintage: 880 (proof only)
- Mint Mark: none (Philadelphia)
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm