Beauty. Rarity. History. Nostalgia. Popularity. Condition. Demand. Value.
The "Magic 8" elements of a winning coin are manifested to the maximum in the deep mirror prooflike [DMPL] Morgan silver dollars of the Carson City Mint. There are only 13 dates in the set, but the collecting options expand from there depending on the collector's interest in die varieties. This article will explore the characteristics of each of these dates, along with their relative rarity in MS65DMPL or better condition.
A great deal has been written in recent months about DMPL "CC" dollars being one of the hottest areas of the market. While this is certainly true, this doesn't mean that there is "renewed interest" in the series. Why not? Because the interest never went away during the previous decade. Even during the slowest periods of the sluggish 1990s a Gem-quality Carson City DMPL dollar was an easy sell to one of many eager buyers. These coins have everything, led by wild popularity and an ever-growing collector base.
If you're familiar with the history of the Carson City Mint then you know about the discovery of the Comstock Lode, the "Crime of '73" and the subsequent political pressure from silver interests for a new silver dollar. Even though the denomination wasn't missed during the years when no silver dollars were issued (1874-77) the new design by George Morgan was put into production in 1878.
Note: The prices quoted in this article are from the current PCGS Price Guide unless noted otherwise. The populations are from the January 2003 issue of "The PCGS Population Report."
1878-CC - This is one of the most popular of all the Carson City issues because of the first-year-of-issue status and the unusual "flat breast" reverse. This reverse is found on all 1878-CC dollars and a small quantity of 1880-CC dollars, plus some issues from other Mints.
DMPL examples usually have three problems. One is die striations that interrupt the clarity of the mirrors. Two, there is usually a weakness of the strike around the claws and on the reverse wreath. Three, most pieces have numerous abrasions on the fields and devices.
Gem (MS65 and better) DMPL pieces are even rarer than the population figures indicate because the coins don't come on the market with any regularity. There are only 35 examples certified in MS65DMPL or better. This coin lists in the PCGS Price Guide at $3,175 in MS65DMPL and will be priced between $3,000 and $6,000 on the bourse floors depending on the eye appeal, freshness, and overall aesthetics of the particular piece.
1879-CC - This is one of the great rarities of the series in MS65DMPL. In fact, there are only two coins certified in this grade, with nothing higher. The problem? Bagmarks! Carson City dollars are notorious for scuffs and scrapes, and the 1879-CC is one of the worst offenders. At times this date can be found with ultra-deep fields but the reflectivity is invariably impaired by numerous contact marks.
The majority of the DMPL pieces located (a small number in any Mint State grade) are "frosty" DMPL, meaning that there is a light "shell" or coating of frost over the reflectivity. There is usually a slight softness to the central strike. This date lists at $7,700 in MS64DMPL but is not priced in MS65DMPL due to the extreme rarity.
1880-CC - This date is filled with die varieties that are highly significant to some collectors and virtually meaningless to others. In addition to numerous overdates from repunched 1879 obverse dies, there's also a pairing with the 1878-CC "flat breast" reverse.
Even with all of the varieties added together there are only 42 pieces of this date in MS65DMPL or better. Depth of mirror ranges from frosty DMPL to ultra-deep crystal clarity, with cameo devices usually in evidence.
This date lists at $3,175 in MS65DMPL, with bourse room prices ranging from $2,750 to well over $5,000 depending on the numerous factors that make up the overall aesthetics -- clarity of mirror, contrast, freshness, smoothness of Miss Liberty's cheek, the die variety, brilliance and so forth.
1881-CC - The so-called "common dates" of the Carson City DMPL issues are the coins from 1881 through 1885. The 1881-CC is the scarcest of those five dates, with a total of 160 pieces certified in MS65DMPL or better. This date is a delight to the eye, as it usually exhibits nice cameo contrast, a superb strike and excellent depth to the mirror fields. This coin lists at $1325 in MS65DMPL and $3225 in MS66DMPL. It is not uncommon to see prices that are 40% or so above those listed, even on a "wholesale" (or dealer-to-dealer) basis.
1882-CC - There are 254 pieces certified in MS65DMPL or better, including 48 pieces in MS66DM and even one in MS67DM. This is one of the prettiest issues, as there is often heavy cameo contrast against the mirror fields. One problem is strike, with many examples showing some weakness over the ear and on the breast feathers. The prices listed are $800 in MS65DM and $1,775 in MS66DMPL. Noted dollar specialist Mike Casper offered this observation on pricing Carson City dollars in MS65DMPL or better: "I usually figure the coins at 50% over greysheet [Coin Dealer Newsletter] ask when I buy them, so obviously the selling price is even higher than that. That is not for any piece, of course, but any of the examples that just beg you to buy them -- MS65+, MS66+ and so on -- are definitely worth that. Even with that kind of aggressive buying philosophy I can't keep them in stock. There's no such thing as an 'inventory' of Gem-quality CC DMPLs."
1883-CC - With a population of 543 pieces is MS65DMPL (or better) condition, this is the most common date of the series in Gem quality. Examples are usually well struck, but this date is also noted for softness in the central detail. At times the cameo contrast is heavy and the fields are crystal clear in their depth. Most DMPL pieces, though, are lightly frosted in the fields (as noted on the '79-CC and several other dates). Prices are listed at $675 in MS65DMPL and $3,150 in MS66DMPL. As is true with the other dates, the prices quoted on the bourse floors and in Coin World ads can vary greatly due to the overall eye appeal of the coin.
1884-CC - This is the second-most frequently encountered date in Gem-quality DMPL. There are 460 pieces certified in MS65DMPL or better, including 80 specimens in MS66DMPL (or better). This coin is somewhat unusual, as it frequently offers heavy cameo devices (pure snow!) against fields that barely meet the DMPL minimum standard. A highly attractive issue overall. Some specimens exhibit a weak reverse with measles-like white spots in clear evidence. This date lists at $550 in MS65DMPL and $3,000 in MS66DMPL.
1885-CC - This may be the prettiest of all the Carson City dollars. Deep mirror fields, medium-heavy cameo contrast, a superb strike and (at best) immaculate fields. Only 228,000 pieces were struck (that's less than the '89-CC) but the survival rate is relatively high. There are 195 pieces certified in MS65DMPL or better. The coin is listed at $1,500 in MS65DMPL and $3,750 in MS66DMPL.
1889-CC - This is the "king" of the Carson City dollars. While it is not the rarest date in DMPL, it is as rare as a coin can be in MS65DMPL or better, as there is still a zero in the Pop Report. The coin comes well struck, with deep mirrors and fair to excellent cameo contrast, but the main deterrent to a higher grade is contact marks. There are 18 pieces certified in MS64DMPL with a listed price of $62,500. One of the finest examples, pedigreed to the Wayne Miller collection, sold for $79,000.
1890-CC - This is the least popular date of the series. Why? Even though it is rare, the demand is somewhat subdued because the coin doesn't come "pretty." As a rule (but collectors welcome an exception!) there is minimal (or zero) contrast between the fields and devices and the best pieces barely meet the minimum standards for the grade. The are only 16 pieces certified in MS65DMPL with nothing higher. The current valuation is $9,800 in MS65DMPL, but it might be possible to purchase the coin for less.
1891-CC - The rarity of this coin sneaks up on you. There are more than 225 pieces certified as DMPL, but only one (!) is MS65DMPL, with zero higher. The amazing Eliasberg specimen realized over $120,000 and is in a PCGS MS68PL holder, but the coin didn't quite make it to the DMPL category. The problems include a weak central strike and lots of marks. The date lists at $2,375 in MS64DMPL.
1892-CC - Here's another tremendous condition rarity. Only two specimens have been certified in MS65DMPL with nothing higher. The MS64DMPL pieces usually show good reflectivity, a sharp strike and excellent cameo contrast. The drawbacks (as expected) are contact marks and, at times, poor central detail. There are a couple of controversial examples that have appeared on the market in recent years that are maybe-they-are-maybe-they-aren't Branch Mint Proofs. One piece is as convincing as any of the 1893-CC Proofs (in my opinion), but it is impaired by deep "slide marks" on the cheek. This date lists at $4,050 in MS64DMPL and one dealer reported a recent sale at $6,000.
1893-CC - This date is such a prohibitive rarity that there are zero examples in MS65DMPL or better. There are only seven pieces in DMPL in all grades combined, with nothing above MS64DMPL. Some of the "pancake strikes" of this date exhibit surfaces that are borderline DMPL, but crisp and fully struck examples are a great prize. There are two pieces graded in MS65PL; Mike Casper sold one for $105,000 as part of a complete set.
The Carson City dollars are a set-within-a-set, with many collectors buying "CC" coins and ignoring the other issues of the Morgan series completely. Over the past 30+ years the prices have fluctuated, but interest has never waned, especially for the DMPL pieces. Today the direction of prices and the interest in the series are both headed straight up.
Bruce Amspacher has been a professional writer since the 1950s and a professional numismatist since the 1960s. He won the OIPA sportswriting award in 1958 and again in 1959, then spent eight years in college studying American Literature. This background somehow led him to become a professional numismatist in 1968. Since then he has published hundreds of articles on rare coins in dozens of publications as well as publishing his own newsletter, the “Bruce Amspacher Investment Report,” for more than a decade. His areas of expertise include Liberty Seated dollars, Morgan and Peace dollars, United States gold coins, sports trivia, Western history, modern literature and the poetry of Emily Dickinson. In 1986 he was a co-founder of the Professional Coin Grading Service (PCGS).
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