The American Silver Morgan Dollar, minted from 1878 to 1904, and briefly in 1921, is one of the most beloved and iconic coins in U.S. numismatic history. Within the series, the 1885-O Morgan Dollar holds a special place due to its historical significance, scarcity, and collectibility. With its distinctive design, ties to post-Civil War America, and status as a key date in the Morgan Dollar series, the 1885-O MS65 is highly sought after by collectors and investors alike. In this blog, we will explore the rich history of the 1885-O Morgan Dollar, its place in numismatic lore, and why the MS65 grade is particularly desirable for collectors.
The Origins of the Morgan Dollar
The Morgan Dollar was introduced in 1878 as part of the U.S. government's effort to increase the money supply and stabilize the economy in the aftermath of the Civil War. The coin was named after its designer, George T. Morgan, an English engraver who worked for the U.S. Mint. Morgan’s design was chosen over other designs submitted for the new dollar coin, and it quickly became one of the most recognizable coins in U.S. history.
The obverse features a profile of Lady Liberty, wearing a Phrygian cap adorned with a ribbon. The reverse showcases a majestic eagle with outstretched wings, clutching arrows and an olive branch. Above the eagle are the words "E Pluribus Unum" (Out of Many, One), and the coin's denomination, "One Dollar," is inscribed at the bottom.
The Morgan Dollar was minted in several locations, including Philadelphia, San Francisco, Carson City, and New Orleans. Each mint produced coins with distinct characteristics, which became crucial for collectors who sought to complete sets of Morgan Dollars with different mintmarks.
The 1885-O Morgan Dollar: Background and Rarity
The 1885-O Morgan Dollar was minted at the New Orleans Mint, which was one of the most important coin production facilities in the United States at the time. The New Orleans Mint had a unique history, with production halting during the Civil War and then resuming after the war ended. The mint produced various coins during its operation, including the famous "CC" (Carson City) minted coins and the "O" (New Orleans) minted coins.
However, the 1885-O Morgan Dollar is noteworthy for several reasons. First, the total mintage for the year was relatively low—just 2,000,000 coins were struck, which is considered low when compared to other years in the Morgan Dollar series. While not the rarest coin of the series, the 1885-O stands out for its limited mintage and the fact that a large portion of the original mintage was either melted down or went into circulation during a time of economic upheaval.
The 1885-O Morgan Dollar was produced during a time when the U.S. government was working to fill the silver supply with coinage. While the country’s economy was recovering from the post-Civil War period, the 1880s were marked by economic challenges, including the Panic of 1884, which affected the value of silver. As a result, many coins, including Morgan Dollars, were taken out of circulation or melted for their silver content, contributing to the coin’s rarity today.
The MS65 Grade: What Makes It So Special?
The grade of a coin is one of the most important factors in determining its value to collectors. In numismatic terms, MS (Mint State) refers to a coin that has never been in circulation and retains its original luster and sharpness. The MS65 grade is a particularly high grade for a coin, denoting a coin that is in excellent condition, with minimal contact marks, strong detail, and exceptional eye appeal.
For the 1885-O Morgan Dollar, coins graded MS65 are considered exceptional examples of the coin, as they are well-preserved and free from significant wear or damage. The MS65 grade is a sought-after grade for any coin in the Morgan Dollar series, but especially so for the 1885-O, as only a limited number of high-grade examples are available.
The 1885-O is known for having struck coins with varying levels of quality, and high-grade examples in MS65 or higher are rare and often command a premium price in the marketplace. Collectors seeking to build a complete, high-quality set of Morgan Dollars will often target coins in MS65 or better condition, and the 1885-O is considered a key piece in this regard.
Why Is the 1885-O Morgan Dollar So Collectible?
The 1885-O Morgan Dollar's appeal lies not only in its rarity and grade but also in its connection to American history and its position as a key date in the Morgan Dollar series. There are several factors that make the 1885-O a particularly desirable coin for collectors:
1. Low Mintage
The 1885-O Morgan Dollar had a mintage of just 2,000,000 coins, which was relatively low for the time. While other years in the Morgan Dollar series saw mintages in the tens of millions, the 1885-O stands out as a key date with a lower mintage. This scarcity contributes to its collectibility and desirability among investors and collectors.
2. New Orleans Mintmark
Coins minted at the New Orleans Mint are particularly prized by collectors. The "O" mintmark signifies that the coin was produced at the New Orleans Mint, which has a storied history of producing coins during critical periods in U.S. history. Many of the coins struck at this mint were either melted down or lost to time, making surviving examples of high quality even more valuable.
3. Historical Significance
The 1885-O Morgan Dollar was minted during a period of economic transition in the United States. The country was recovering from the Civil War, and the government was working to stabilize the economy and coinage system. The Morgan Dollar itself became a symbol of American prosperity and strength in the late 19th century, and coins like the 1885-O serve as a tangible connection to this transformative time in U.S. history.
4. Popularity of the Morgan Dollar Series
The Morgan Dollar is one of the most iconic coins in American history. Its striking design, its ties to the country’s industrial growth, and its role in the nation’s silver coinage program have made it a favorite among collectors. As part of this series, the 1885-O Morgan Dollar holds a special place in the hearts of those who are passionate about American numismatics.
The Market for the 1885-O Morgan Dollar MS65
As with any collectible, the market for the 1885-O Morgan Dollar MS65 is influenced by a variety of factors, including its rarity, condition, and demand from collectors and investors. Over the years, the 1885-O has seen its value steadily increase, particularly for high-grade examples like those in MS65. When purchasing an 1885-O Morgan Dollar in MS65, collectors are not only acquiring a coin but also an investment in a piece of U.S. history.
Price Trends
Prices for the 1885-O in MS65 have fluctuated over time, but they consistently command a premium compared to coins in lower grades. In recent years, the coin has been valued in the range of several thousand dollars for an MS65 example, with even higher prices seen at auctions or from high-end dealers. The scarcity of coins in MS65 condition, combined with the increasing interest in precious metals and rare coins, has made the 1885-O a strong investment choice for numismatists.
Investment Potential
The 1885-O Morgan Dollar MS65 is also a strong candidate for long-term investment. Like many rare coins, it has the potential to appreciate in value over time, particularly as more coins are lost or damaged and the surviving population becomes even rarer. As interest in precious metals and numismatic collecting grows, coins like the 1885-O, with its limited mintage and historical significance, are likely to remain in demand.
Conclusion
The 1885-O American Silver Morgan Dollar MS65 is a coin that appeals to collectors for many reasons: its historical significance, its rarity, and its position as a key date in the Morgan Dollar series. The coin’s low mintage, combined with its striking design and connection to post-Civil War America, makes it an enduring symbol of American numismatics. For collectors and investors looking to add a piece of U.S. history to their collections, the 1885-O Morgan Dollar MS65 is a coin worth seeking out. With its enduring popularity, investment potential, and unique place in American coinage, the 1885-O Morgan Dollar will continue to hold its value and captivate collectors for generations to come.
