1884-S $1 (Regular Strike)

The incredible MS68 coin surfaced at a Mid-West coin show in the 1980's. Dealer Chuck Walanka asked me if I wanted to see two special coins and then he proceeded to show me the 1884-S later graded by PCGS MS68 and the 1896-S later graded by PCGS MS69!!!!! Needless to say, I was virtually speechless. I bought the coins for what was a big price at the time...I think I paid him $40,000 for the pair. I sold both coins to collector George Bodway. Later, Jack Lee bought the Bodway collection intact, combining the two best Morgan dollar collections of the time into one. Jack continued to upgrade his set, building the greatest Morgan dollar set of all-time.

The 1884-S Morgan Dollar

Overriding President Rutherford B. Hayes’s veto, Congress set in motion a silver dollar boondoggle that would take nearly a century to unwind. The act required the United States Treasury to purchase between $2 million and $4 million worth of silver bullion every month at market rates. The resulting glut of silver dollars clogged Treasury vaults, necessitating the refurbishment and reinstatement of the New Orleans Mint, which had stood in disrepair since shortly after the outbreak of the Civil War.

For the first five years of the law's enactment, silver dollar production was primarily carried out at the Philadelphia and San Francisco Mints. However, the Philadelphia Mint bore the brunt of the burden. Structural engineers grew increasingly worried that the sheer weight of the silver might compromise the building's foundations, while also flagging the rising costs and liabilities of storing the massive hoard across various annexes.

Production Shifts to the East

By 1884, the San Francisco Mint was also running low on vault space. Consequently, the facility shifted the bulk of its mintage eastward. As a result of this pivot, the 1884-S Morgan Dollar (#7156) became the branch mint's lowest-mintage offering in the series up to that date. The San Francisco Mint struck 3.2 million Morgan dollars in 1884, a roughly 49% decrease from the prior year.

When looking at the modern surviving population, however, that 3.2 million figure is highly deceptive. Unlike the Carson City dollars of the same year, which were largely preserved in Treasury Department vaults until the famous GSA sales of the 1970s, a significant portion of the San Francisco mintage was released directly into circulation during the late 19th century. Any 1884-S Morgan dollars that remained under Treasury control most likely fell victim to the mass meltings authorized by the Pittman Act of 1918.

The 1884-S Morgan Dollar is Ellusive in Mint State

Because so many were melted or circulated, Mint State examples of the 1884-S are among the absolute rarest in the entire Morgan dollar series. It wasn't until the mid-1920s and subsequent decades that uncirculated Treasury holdouts trickled out to the public. In his Guidebook of Morgan Silver Dollars, numismatic author Q. David Bowers notes that the largest dispersals of this date occurred from 1925–1926 and during the 1950s. These uncirculated coins were so scarce that only a few 1,000-coin bags are ever known to have been distributed; after 1964, any remaining examples emerged strictly as individual coins or in rolls. As the collector community realized the absolute scarcity of Mint State 1884-S Morgans, their values skyrocketed. To put this in perspective: 1940s–1950s: An "MS60" example sold for the inflation-adjusted equivalent of just $200 to $300. Today: Those same coins regularly command between $13,000 and $16,000.

Vintage Market Snippets

Many mid-grade survivors owe their survival to the Nevada casino industry of the mid-20th century. Renowned coin dealer Rusty Goe of Southgate Coins in Reno, Nevada, has noted that several local casinos ordered more than 1.5 million silver dollars from the U.S. Treasury during the mid-1960s. Because the value of these Morgans was recognized even then, patrons frequently pulled them from circulation as keepsakes. In fact, one Reno casino owner famously sandblasted his silver dollars in a desperate, agressive attempt to deter souvenir hunters from walking away with them.

Collecting the 1884-S Morgan Dollar

Because of their widespread early release into commerce, the vast majority of surviving 1884-S Morgan dollars are found in circulated condition. Roughly 66% of all certified pieces are graded PCGS AU50 or below. In Mint State, they are rare and command extraordinary prices. Morgan dollar expert Wayne Miller assigned this issue a rarity rating of 10 out of 12 in PCGS MS60, which jumps to an 11 for PCGS MS65. High-grade specimens rank among the most sought-after coins in the entire series.

In November 2020, during Stack’s Bowers’ landmark sale of the Larry H. Miller Collection, the single finest-known specimen, graded an astounding PCGS MS68, fetched an eye-watering $750,000. In his 1983 reference, The Morgan and Peace Dollar Textbook, Wayne Miller rightfully dubbed this spectacular piece a "wonder coin." "Fully deserving of its world-class grade, the coin boasts radiant luster, razor-sharp details, and the faintest kiss of iridescent gold toning."

Circulated Examples

The actual pool of circulated survivors is even larger than the PCGS Population Report indicates, as collectors and dealers frequently opt not to submit low-grade examples for encapsulation. This makes the issue highly accessible to the average collector looking for a reasonably priced piece:

• PCGS VF20 or below: Coins in this range frequently sell for under $60, with only choice examples crossing the $100 mark in online auctions.
• PCGS AU50 to PCGS AU55: Collectors willing to spend a bit more can easily acquire an attractive, mid-grade coin for $400 to $1000.

Buyer's Note: Due to the prevalence of cleaned and mishandled coins in the AU Details range or finer, PCGS certification is highly recommended to guarantee authenticity and grade.

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