A collector of Morgan silver dollars aspires to acquire one each of every date, mintmark, and major variety in the series. Thus, the collector builds a holding of nearly 100 different varieties dated from 1878 through 1921. A list of the collection might read like this: 1878 8 tail feathers, 1878 7 over other tail feathers, 1878 7 tail feathers, 1878-CC, 1878-S, 1879, 1879-CC, 1879-O, 1879-S, 1880, 1880-CC, 1880-O, 1880-S, and so on, ending with 1921, 1921-D, and 1921-S.

A complete collection of Morgan silver dollars contains common issues as well as rare ones, in effect creating a balanced "portfolio." Such varieties as 1881-S, 1884-O, and 1885-O are plentiful, even in MS-65 grade. Indeed, tens of thousands of MS-65 1881-S dollars exist. John J. Ford, Jr. told me that in the early 1960s he handled 140,000 gem 1881-S dollars! There is nothing negative about buying an 1881-S, for every collection must have one. In addition, anyone wanting an inexpensive 19th century silver dollar for a type set or just for curiosity can own an example of the 1881-S. On the other hand there are a number of truly scarce and rare Morgan dollars. Such varieties as the 1879-CC, 1886-O, 1889-CC, 1892-S, 1893-S, 1895-O, 1895-S, 1896-S, 1901, 1903-S, and 1904-S, among others, are hard to find in Uncirculated grade. The 1895 is available only in Proof finish.

The 1892-S $1: Rare in Certain Grades

The 1892-S dollar provides an example of a variety which is rare in some grades but not others. Of this coin 1,200,000 were minted. While some may have been melted under the provisions of the Pittman Act in 1918, there are enough worn pieces around to indicate that most were probably placed into the channels of circulation at the time of issue. Indeed, in worn grades such as VG-8, Fine-12, and Very Fine-20 the 1892-S is quite common. Uncirculated pieces are another thing entirely. In 1892, when the coins were minted, few collectors saved mintmark varieties. Most were concerned only with acquiring just one coin of a particular date, and it did not make any difference if the coin had no mintmark at all (as a Philadelphia issue) or if it had a CC, O, or S. Accordingly, no one bothered to save any 1892-S dollars. Nearly all slipped into the channels of commerce and over a period of years became worn.