Q. David Bowers
The following narrative, with minor editing, is from my “Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia” (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993).
Coinage Context
Morgan dollar coinage: From 1879 through 1883 inclusive, the San Francisco Mint struck only dollars in the silver series. At the time there was an oversupply of lower-denomination silver coins available through the Treasury, and additional dimes, quarters, and half dollars were not needed. During this era the San Francisco Mint produced many very well struck, very high-quality dollars.
Numismatic Information
Two reverse varieties: Among 1879 Morgan dollars from the various mints, only 1879-S comes with two naked-eye differences in reverse hubs. In recent years these have attracted increased interest. The devotion of a separate chapter to the Second Reverse variety in the 1992 book by John Highfill, The Comprehensive U.S. Silver Dollar Encyclopedia, may focus additional attention on it.
Hoard coins: It is believed that as of June 30, 1913, most of the original mintage of 1879-S was stored at the San Francisco Mint, to be paid out over a period of decades thereafter. Vast quantities were released by the San Francisco Mint in the twentieth century, particularly in 1942 (when many dozens, possibly hundreds, of bags were distributed) and the 1950s. The Treasury Department released many additional bags in the 1962-1964 era. In The Forecaster, September 15, 1971, John Kamin ventured the suggestion that about 10% of the original mintage of 1879-S was released circa 1962-1964, a figure equal to about a million pieces.
Year in and year out, over a long period of time, the 1879-S has been readily available in quantity.
Nearly all of these bags contained coins of the Third Reverse type.
Most often seen among 1879-S dollars are those with the Third Reverse [Reverse of 1879], to continue the nomenclature of 1878′,with slanting top arrow feather (SAF) and convex breast on the eagle. Many bags of Uncirculated 1879-S dollars of the Third Reverse type were distributed from the Redfield estate hoard by Paramount International Coin Corporation (then located in Englewood-Ohio), Dollars of this variety were said to have been the third most plentiful holding in the Redfield group. Later, numerous bags of 1879-S Third Reverse dollars in Mint State were in the Continental Illinois Bank hoard and were put on the market.
Circulated grades. Worn coins are slightly scarce, but as Mint State pieces are so common, little attention is paid to circulated grades.
Mint State grades. This variety is very common and, in fact, is one of the most common of all Morgan dollars. Probably, at least 750,000 to 1,250,000 MS-60 to 62 coins exist. At the MS-63 level, the population is believed to be 225,000 to 325,000, followed by 150,000 to 250,000 MS-64s, and 100,000 to 150,000 MS-65 or finer pieces.
Many bags were released by the Treasury in 1942, the 1950s and, especially, 1962-1964. Most extant coins are well struck and have fairly light bagmarks, however there are exceptions, and weak coins are sometimes Seen, as are’ heavily scarred pieces.
Prooflike coins. Plentiful in prooflike condition with nice contrast. Probably 50,000 to 100,000 exist. DMPL coins are among the most available in the Morgan series but are six or seven times scarcer than regular’ prooflikes. The “Proof’ in Mehl’s sale of the C.W. Cowell Collection (11/11/11), and those advertised by B.M. Douglas and William & L. Pukall (The Numismatist, 12/51 and 10/53) were probably DMPLs.
Varieties
Circulation strikes:
THIRD REVERSE
1. Third Reverse. Slanting arrow feather. Tall S. Breen•5531. All other VAM numbers 1 through 41, except those listed above for the Second Reverse
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