As a seasoned numismatist and silver dollar aficionado, I‘ve long been fascinated by the 1885 Morgan dollar. This remarkable coin, with its iconic Liberty design and rich history, has captivated collectors for generations. Whether you‘re a die-hard Morgan enthusiast or a newcomer to the hobby, understanding the 1885 issue is essential. In this comprehensive guide, we‘ll dive deep into the coin‘s origins, key features, varieties, and values to help you navigate the exciting world of 1885 Morgan collecting.
The Birth of a Legend
The story of the 1885 Morgan dollar is inextricably linked to the Comstock Lode, the largest silver deposit discovered in U.S. history. In the late 1850s, prospectors in Nevada unearthed massive quantities of silver ore, flooding the market and driving down prices. To stabilize the industry and support Western mining interests, Congress passed the Bland-Allison Act of 1878, requiring the U.S. Mint to purchase millions of ounces of silver each month and coin it into silver dollars.
Enter George T. Morgan, a talented British engraver hired by the Mint to design the new dollar. Morgan‘s obverse featured a striking portrait of Lady Liberty, modeled after Anna Willess Williams, a young teacher and philosopher. His reverse depicted a proud eagle with wings outstretched, clutching an olive branch and arrows. The resulting coin, first issued in 1878, was an instant classic.
Minting the 1885 Morgan
Fast forward to 1885, and the Morgan dollar was in full production. That year, the coin was struck at four different mints:
- Philadelphia (no mint mark): 17,787,000
- New Orleans (O): 9,185,000
- San Francisco (S): 1,497,000
- Carson City (CC): 228,000
In total, nearly 29 million 1885 Morgan dollars were produced, making it a relatively common date in the series. However, as we‘ll see, certain mint marks and varieties can be quite scarce and valuable.
To identify the mint that struck your 1885 Morgan, look for the small letter above the "DO" in "DOLLAR" on the reverse. Philadelphia coins lack a mint mark, while "O" denotes New Orleans, "S" San Francisco, and "CC" Carson City. This subtle difference can have a big impact on a coin‘s rarity and desirability.
Grading: The Language of Condition
Like most collectible coins, the value of an 1885 Morgan is largely determined by its condition or grade. Coins are graded on the Sheldon scale, a 70-point system that ranges from Poor (P-1) to Perfect Uncirculated (MS-70). Grading services like PCGS and NGC use strict standards to evaluate factors like wear, luster, strike, and eye appeal.
For circulated 1885 Morgans, you might encounter grades like:
- Good (G-4): Heavy wear with some details remaining
- Very Good (VG-8): Moderate wear, most letters visible
- Fine (F-12): Moderate to heavy wear, all major features clear
- Very Fine (VF-20): Light to moderate even wear, some finer details present
- Extremely Fine (EF-40): Only the highest points affected by friction, most details sharp
Uncirculated coins, which never entered general circulation, are graded on a numeric scale from MS-60 to MS-70. Factors like luster, contact marks (or bagmarks), and toning determine the coin‘s place within this range.
As a rule of thumb, an 1885 Morgan‘s value will increase significantly with each jump in grade. A heavily worn "filler" coin might trade for close to melt value, while a high-end gem Uncirculated piece could be worth thousands. Knowing how to accurately grade your coins is a critical skill for any serious collector.
The Value Equation
So, what‘s an 1885 Morgan dollar really worth? As with most coins, the answer is nuanced and depends on a variety of factors. Let‘s break down some key value drivers:
Mint Marks
As mentioned earlier, where your coin was struck plays a big role in its rarity and value. The 1885-CC, with a mintage of just 228,000, is the key date of the year and commands significant premiums in all grades. The 1885-S, while more available than the Carson City issue, is still considerably scarcer than its Philadelphia and New Orleans counterparts.
Here‘s a breakdown of average retail prices for 1885 Morgans by mint mark and grade:
| Grade | 1885 (P) | 1885-O | 1885-S | 1885-CC |
|---|---|---|---|---|
| G-4 | $35 | $35 | $50 | $450 |
| VF-20 | $45 | $45 | $75 | $600 |
| EF-40 | $60 | $60 | $125 | $1,000 |
| MS-60 | $75 | $75 | $500 | $1,500 |
| MS-63 | $100 | $100 | $750 | $3,000 |
| MS-65 | $300 | $300 | $2,500 | $10,000 |
As you can see, even a low-grade 1885-CC can be worth hundreds, while gem Uncirculated examples regularly sell for five figures. The 1885-S also shows a significant premium, especially in Mint State grades. Philadelphia and New Orleans issues are the most affordable, but still highly desirable for their historical significance and silver content.
Varieties and Errors
Collectors also prize 1885 Morgans with distinctive die varieties or striking errors. These coins, often produced in limited numbers due to die defects or mishaps in the minting process, can fetch substantial sums. Some notable examples include:
- 1885-O "Hooded O": The mint mark resembles a zero due to over-polishing of the die. Choice examples can bring $500-$1,000 or more.
- 1885 "Phantom Clashed Dies": A die clash error resulting in faint, ghostly outlines on the coin‘s surfaces. One sold for over $5,000 in 2020.
- 1885-CC "Tailbar": A die gouge creates the appearance of a bar or line extending from the eagle‘s tail feathers. High-grade specimens can command a 50-100% premium.
Assembling sets of these intriguing varieties is a popular pursuit among Morgan dollar enthusiasts. Identifying rare or unusual pieces requires a keen eye and extensive knowledge of the series.
Condition Census
For any given date and mint mark, the finest known examples are referred to as the "condition census." These coins represent the pinnacle of quality and often set price records when they appear at auction. In 2013, an 1885 Proof Morgan graded PR-66 Cameo by NGC sold for $101,625, becoming the first 1885 dollar to break the six-figure barrier.
Other notable condition census sales include:
- 1885-CC MS-68 PCGS: $64,625 (2009)
- 1885-S MS-67+ NGC: $38,400 (2014)
- 1885-O MS-67+ PCGS CAC: $15,275 (2019)
Owning a coin that ranks among the finest survivors of its issue is the ultimate goal for many Morgan collectors. These "super grade" pieces are true trophies and can serve as the centerpiece of a world-class collection.
Building an 1885 Morgan Set
If you‘re interested in assembling a meaningful collection of 1885 Morgan dollars, where should you start? Here are some tips and strategies to consider:
Establish Your Goals
Are you looking to collect a single high-grade example, or do you want to pursue a complete set of all four mint marks? Maybe you‘re interested in die varieties or errors. Knowing your objectives will help guide your acquisitions and budget.
Study the Series
Before making any significant purchases, take the time to educate yourself on the 1885 Morgan series. Read books, consult price guides, and connect with experienced collectors or dealers who can mentor you. The more you know, the better equipped you‘ll be to make informed decisions.
Focus on Quality
When it comes to rare coins, quality is king. A single high-grade 1885 Morgan is generally a better investment than several low-end pieces. Look for coins with strong eye appeal, original surfaces, and minimal marks or imperfections. Certified coins offer peace of mind, but raw coins can also be great values if you‘ve developed a keen grading eye.
Buy from Reputable Sources
The rare coin market is not immune to fraud or misrepresentation. To protect yourself, only do business with well-established, reputable dealers or auction houses. Look for sellers who are members of professional organizations like the PNG or ANA, offer a clear return policy, and have a track record of satisfied customers.
Be Patient
Building a top-notch 1885 Morgan set takes time and discipline. Don‘t feel pressured to acquire coins beyond your means or comfort level. Wait for the right coins at the right prices, and be willing to walk away if a deal doesn‘t feel quite right. With patience and persistence, you‘ll be able to assemble a collection that brings you joy and financial rewards for years to come.
Appreciating the Artistry
Beyond their value and historical significance, 1885 Morgan dollars are simply beautiful works of art. George T. Morgan‘s design captures the spirit of America in the late 19th century – confident, ambitious, and anchored in classical ideals.
The obverse portrait of Liberty is a masterclass in engraving. Note the intricacy of her curled hair, the elegant drape of her gown, and the determined set of her jaw. She is at once timeless and of-the-moment, a fitting representation of a nation on the rise.
The reverse eagle is equally impressive, with each feather painstakingly rendered and a sense of coiled power in its stance. The bird clutches an olive branch and arrows, signaling America‘s desire for peace but readiness for war. The motto "E PLURIBUS UNUM" ("Out of many, one") underscores the unity and shared purpose of the nation.
When you hold an 1885 Morgan in your hand, take a moment to appreciate the skill and artistry that went into its creation. Imagine the journey it‘s taken over the past 135+ years, and the many hands it may have passed through. This is a coin with a story to tell, and one that will endure for generations to come.
Frequently Asked Questions
Q: Are 1885 Morgan dollars rare?
A: In general, 1885 Morgans are relatively common, with nearly 29 million pieces struck across all mints. However, the 1885-CC is considerably scarcer, with a mintage of just 228,000. High-grade examples, particularly of the Carson City and San Francisco issues, can be quite rare and valuable.
Q: What is the melt value of an 1885 Morgan dollar?
A: Each 1885 Morgan contains .7734 troy ounces of pure silver. With silver around $25-$30 per ounce, the melt value is currently in the $19-$23 range. However, these coins are worth far more than their bullion content due to their numismatic significance.
Q: How do I store and protect my 1885 Morgan dollars?
A: Always handle your coins by the edges to avoid damaging the surfaces. Store them in inert holders like Mylar flips or non-PVC plastic containers. Avoid exposure to moisture, extreme temperatures, or hazardous chemicals. For optimal long-term protection and preservation, consider professional grading and encapsulation by PCGS or NGC.
Q: Should I clean my 1885 Morgan dollar?
A: In a word, no! Cleaning a coin can permanently damage its surfaces, reduce its value, and erase its original patina. Even if a coin looks dirty or tarnished, resist the temptation to clean it. Collectors and graders prefer coins in their natural state, and cleaning is considered a major detriment.
Q: What‘s the best way to sell my 1885 Morgan dollars?
A: If you have 1885 Morgans that you‘re looking to sell, you have several options. You can offer them to a reputable local coin shop or dealer, list them on online marketplaces like eBay or Collectors Corner, or consign them to a major auction house like Heritage, Stack‘s Bowers, or Legend. Be sure to understand the fees and commissions involved, and always get multiple offers before making a decision.
The Future of 1885 Morgans
As we‘ve seen, 1885 Morgan dollars are endlessly fascinating coins with a rich history and exciting investment potential. But what does the future hold for these beloved silver classics?
In recent years, the rare coin market has seen a surge of interest from collectors and investors alike. Morgan dollars, in particular, have benefited from this trend, with many key dates and high-grade examples setting new price records. As more people discover the joys of numismatics and the tangible asset of silver, it‘s likely that demand for these coins will continue to grow.
At the same time, the supply of high-quality 1885 Morgans is finite. Many coins have been lost, melted, or damaged over the years, and those that remain are jealously guarded by collectors. As time goes on, the surviving population of gems and condition census pieces will only become more scarce and desirable.
For those who own or aspire to own 1885 Morgan dollars, the future looks bright. By carefully curating your collection, staying informed about the market, and making strategic acquisitions, you can position yourself for long-term success and enjoyment in this exciting field.
Whether you‘re drawn to the glitter of silver, the allure of history, or the thrill of the hunt, there‘s never been a better time to collect 1885 Morgan dollars. With knowledge, passion, and a bit of luck, you too can own a piece of American numismatic history and share in the enduring legacy of this remarkable coin.
Happy collecting!
