Q. David Bowers
Coinage Context
Mint activities: In 1880 the only silver coins produced at the San Francisco Mint were dollars. The silver dollars of that year were produced with care, with precise die spacing (in most instances), and today are admired for their quality.'
Numismatic Information
Hoard coins: It is believed that as of June 30, 1913, most of the original mintage of 1880-S was stored at the San Francisco Mint, to be paid out over a period of decades thereafter. Dollars of this date were available in quantities at face value from that location through the mid-1950s. In addition, numerous 1,000-coin bags were released by the Treasury in 1962-1964. In The Forecaster, September 15, 1971, John Kamin estimated that about 20% of the mintage of 1880-S was released circa 1962-1964, a figure equivalent to about 1.6 million coins. Many were released in 1963.
The Redfield estate hoard, which was marketed in the late 1970s and early 1980s, contained dozens of bags, grading mostly MS-61 to MS-64, with just a few higher, according to John Highfill. The 1880-S is said to have represented the second largest single holding of Morgan dollars in the Redfield property.
Bag quantities of 1880-S dollars were also in the Continental-Illinois Bank hoard."
On August 21, 1967, when trading in 1,000-coin bags of silver dollars commenced on the N ew York Mercantile Exchange, a bag of 1880-S dollars was displayed to watching commodities traders and brokers by coin dealer Charles Ross. The 1880-S dollars were said to be representative of a common date, such as those that would be traded. The first bag sold for $2,300.
Overdates: Overdate varieties exist of this issue, and are delineated in detail in the Van Allen-Mallis book, The Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars, and mentioned in numerous other references as well, including some in the Guide Book.
Overdates of 1880-S include 80 over 79, 8 over 7, and 0 over 9. Among the most desirable are those with 80 over 79 in date, representing the full date 1880 over the date 1879. Unlike the generally ignored New Orleans overdates of this year, the 1880-S overdates have a modest collector following and sell for a premium. Still, most overdates in numismatic hands are not attributed or noticed as such. Jeff Oxman writes as follows:'
In the minds of many specialists, the 1880-S silver dollar overdates represent a very collectible group of varieties. First of all, there are only five different variety combinations that comprise the entire set: the VAM-8 and 9 which share the same 80/79 obverse; the VAM-10 which is the rarest and most desirable of the five; the VAM-11 with clear evidence of the underlying 9 inside the 0 of the date; and the VAM-12 which is not easily identified due to the minor nature of the overdate.
Judging from responses of the Society of Silver Dollar Collectors membership, I would say that most excitement involves the rare B/7 VAM-10. Specialists would, of course, focus on the rarest variety of the set. But, we have found that none of the 1880-S overdates receives heavy premiums from casual collectors, so that the market lies primarily with specialists.
Circulated grades: Circulated 1880-S dollars are not among the commonest in the series, but little attention is paid to them as Mint State specimens are so readily obtained. Most worn pieces are in higher grade levels, as release of this issue in quantity did not occur until many decades after mintage.
Mint State grades: In Mint State, 1880-S is one of the most common of the early Morgan dollar issues. At the MS-60 to 62 range, an estimated 750,000 to 1,250,000 exist. The population in MS-63 is likewise generous, about 400,000 to 800,000, followed by 200,000 to 300,000 in MS-64, and 125,000 to 175,000 MS-65 or better.
On higher grade 1880-S Morgan dollars, bagmarks, if they are present, are usually light. Most specimens have superb striking detail and excellent mint lustre. Overall, the typical coin has excellent aesthetic appeal. Cherrypickers can easily find a beautiful piece, even if they look with one eye closed and one hand behind their back; little effort is needed. As is also the case with the 1881-S, the 1880-S is an ideal coin for a type set, or as a starter for anyone wanting to own a single Morgan dollar.
Prooflike coins: Semi-prooflike and prooflike coins are very common, as are DMPLs. I estimate that over 100,000PL and over 20,000 DMPL pieces survive. In both categories, 20% or more are at the MS-65 level or higher, an exception to the usual situation. In both PL and DMPL finish, the 1880-S is the most plentiful of all Morgan silver dollars. The "Proofs advertised by B.M. Douglas and Harry Budd (The Numismatist, 12/51 and 8/53 respectively) were probably DMPLs.