By Jeff Garrett on the NGC Weekly Market Report ……
Collecting Prooflike Morgan Silver Dollars by date is extremely challenging.
There are few numismatic delicacies as aesthetically appealing as a deeply Prooflike silver dollar. These coins are simply stunning! Anyone who collects Morgan Silver Dollars is familiar with these interesting coins. Even though most dates of Morgan Silver Dollars are known with Prooflike surfaces, collectors tend to treat them as a specialty category of the series. This is understandable, as collecting them can be much more difficult. The coins are much rarer and cost considerably more than their frosty counterparts. There is also the sometimes subjective nature of whether the coin qualifies as Prooflike (PL) or the highly desirable Deep Prooflike (DPL). These interesting coins are well worth the time to explore more thoroughly.
First, consider the rarity factor of PL and DPL Morgan Silver Dollars. Since the inception of NGC over 25 years ago, they have graded over 375,000 Morgan Silver Dollars as MS 65. In all dates and mintmarks they have graded 10,425 as MS 65 PL, and just 3,200 coins as MS 65 DPL. A few dates make up a large percentage of the coins designated as PL and DPL. As would be expected by those familiar with the series, many of these coins were struck from 1879 to 1882 at the San Francisco Mint. There are quite a few dates in which no examples are known in MS 65 with a PL or DPL designation. This includes known condition rarities such as the 1893-S, 1886-O and 1901. It also includes lesser rarities such as the 1902-S and 1904. Interestingly, one of the most common Morgan Silver Dollars, the Philadelphia 1921 issue, is very rare in DPL. Only six coins have been certified as MS 65 DPL by NGC. One thing is perfectly clear, collecting PL Morgan Silver Dollars by date is extremely challenging. As a side note, Peace Silver Dollars are virtually unknown with PL surfaces. The design and method of manufacture did not yield coins with reflective surfaces.
Over the years I have been asked many times if I thought a Morgan Silver Dollar would qualify as PL or DPL. As mentioned above, this can sometimes be quite subjective. There is no test or exact rule of thumb to go by when considering a coin’s PL designation. Some old timers go by the pencil test. They use a pencil to check for the reflection given by the coins surface. This can be useful, but sometimes difficult, especially if the coin has substantial toning. Collectors are urged to examine as many coins as possible to get an understanding of what qualifies as PL or DPL. If you are collecting coins by Type, a DPL Morgan Silver Dollar would be an excellent addition to your collection.
To get a fuller understanding of the rarity for this interesting specialty, the NGC population reports are an invaluable tool. They provide a snapshot of the rarity and number of coins possible in a particular date. Price Guides are also a good tool, but only a rough estimate. Many dates of Morgan Silver Dollars will far exceed expectations when offered at auction. Collectors of this particular field are extremely competitive when an interesting example shows up for sale. Check the auction records for past sales to get an understanding of the premiums some of these dates sell for. An extreme example is the above mentioned 1921 Morgan Silver Dollar. An MS 65 coins sells for around $150, while a DPL coin brings closer to $5,000.
Morgan Silver Dollars are not the only coin seen with PL surfaces. For nearly two centuries, coins struck from freshly polished dies have been produced with reflective surfaces. These are usually quite scarce, and not collected as a sub-specialty. Some issues such as Three Cent Silvers and Gold Dollars are seen with regularity displaying fully mirrored surfaces. The coins are sometimes so fully mirrored that even experts have a difficult time determining whether a coin was struck as Proof or is simply PL. In the last decade, NGC has started to designate any US coin as PL or DPL if the surfaces are reflective enough to qualify. There is a strong demand for US gold coins with these designations. Collectors are drawn by the much lower population numbers for these interesting coins.
The most recent issue that has become extremely popular with PL surfaces is the 2009 Ultra High Relief Double Eagle. The coins are beautifully designed and simply stunning with PL surfaces. A small percentage of the coins certified have qualified as PL. Surprisingly, the extremely popular American Silver Eagles are never found with fully mirrored surfaces. It’s a shame the US Mint does not produce American Silver Eagles with PL or DPL surfaces. These would undoubtedly be incredibly popular.
The next time you attend a rare coin convention, examine as many coins with the PL or DPL designation as possible to gain a better understanding of this fascinating specialty. Be careful, however. You might get hooked!
Questions about the rare coin market? Send them to firstname.lastname@example.org.
About Jeff Garrett
Jeff Garrett, founder of Mid-American Rare Coin Galleries, is considered one of the nation’s top experts in U.S. coinage — and knowledge lies at the foundation of Jeff’s numismatic career. With more than 35 years of experience, he is one of the top experts in numismatics. The “experts’ expert,” Jeff has personally bought and sold nearly every U.S. coin ever issued. Not a day goes by that someone doesn’t call on Jeff Garrett for numismatic advice. This includes many of the nation’s largest coin dealers, publishers, museums and institutions.
In addition to owning and operating Mid-American Rare Coin Galleries, Jeff Garrett is a major shareholder in Sarasota Rare Coin Galleries. His combined annual sales in rare coins and precious metals — between Mid-American in Kentucky and Sarasota Rare Coin Galleries in Florida — total more than $25 million.
Jeff Garrett has authored many of today’s most popular numismatic books, including Encyclopedia of U.S. Gold Coins 1795–1933: Circulating, Proof, Commemorative, and Pattern Issues; 100 Greatest U.S. Coins; and United States Coinage: A Study By Type. He is also the price editor for The Official Redbook: A Guide Book of United States Coins.
Jeff was also one of the original coin graders for the Professional Coin Grading Service (PCGS). He is today considered one of the country’s best coin graders and was the winner of the 2005 PCGS World Series of Grading. Today, he serves as a consultant to Numismatic Guaranty Corporation (NGC), the world’s largest coin grading company.
Jeff plays an important role at the Smithsonian Institution’s National Numismatic Department and serves as consultant to the museum on funding, exhibits, conservation and research. Thanks to the efforts of Jeff and many others, rare U.S. coins are once again on exhibit at the Smithsonian Institution’s Museum of American History. We urge everyone who visits Washington, D.C., to view this fabulous display.
Jeff has been a member of the prestigious Professional Numismatic Guild (PNG) since 1982 and has recently served as president of the organization. He is also a past Governor AND President of the American Numismatic Association (ANA), the leading numismatic club in the world.