Q. David Bowers
Prooflike coins: Semi-prooflike 1885-O dollars are very common, although the contrast is usually low between the fields and the devices. As such, they are not necessarily objects of beauty. This is especially the case when they are in low grades and have many bagmarks. Full, PL pieces are common, and probably 15,000 or more remain. Often, prooflike coins are somewhat flatly struck. DMPL are about as populous as PLs. About 10% to 15% are MS-65 or better.
Proofs: Apparently, a very few Proofs were minted. Among these are the Brock (later University of Pennsylvania Collection; sold by B. Max Mehl on November 30, 1954 in the Rovensky Collection, Lot 100) and Norweb:3864 ($4,180) coins. Most coins offered as "Proofs" over the years are, in fact, prooflike business strikes, a situation common to many other branch mint Morgan dollars as well. The first sold as one brought a then high $4 in the S.H. & H. Chapman sale of June 17-18, 1889.
Varieties
Business strikes:
1. Normal date: Breen-5583. Gems and bagmarked prooflikes are common, even DMPLs (mostly less than gem quality). The figure 10 pairs of dies is almost certainly a typographical error for 40 pairs. At least four VAM varieties have partly repunched dates. VAM-1A is from a rusted reverse die (New Orleans humidity caused dies to rust quickly, unless they were protected with grease).
Proofs:
1. Proof issue: A few Proofs were struck. No original documentation has been seen.
Business Strikes:
Enabling legislation: As earlier, plus Act of February 28, 1878
Designer: George T. Morgan
Weight and composition: 412.5 grains; .900 silver, .100 copper
Melt-down (silver value) in year minted: $0.823
Dies prepared: Obverse: 10 (or 40?); Reverse: 10 (or 40?)
Business strike mintage: 9,185,000; Delivery figures by month: January: 800,000; February: 800,000; March: 950,000; April: 910,000; May: 900,000; June: 925,000; July: 100,000; August: 600,000; September: 800,000; October: 800,000; November: 800,000; December: 800,000.
Estimated quantity melted: Millions under the Pittman Act and later during the rise in silver bullion prices in the late 1970s.
Approximate population MS-65 or better: 100,000 to 175,000 (URS-18)
Approximate population MS-64: 400,000 to 600,000 (URS-20)
Approximate population MS-63: 800,000 to 1,300,000 (URS-21)
Approximate population MS-60 to 62: 2,500,000 to 3,500,000 (URS-23)
Approximate population G-4 to AU-58: 1,300,000 to 2,000,000 (URS-22)
Availability of prooflike coins: Semi-prooflike coins are common, PL and DMPL coins are less common, but still plentiful.
Characteristics of striking: Varies 'from fiat to sharp, but most ate weakly defined at the centers.
Known hoards of Mint State coins: Bags of 1,000 coins were released by the Treasury in 1938 and in December 1954; large quantities (millions) were released 1962-1964.
Proofs:
A few were struck.
Commentary
In Mint State this is one of the most common Morgan dollars.