1878 8TF $1 PR

Key to Collecting: The 1878, 8 Tail Feathers, dollar begins the series. This is the only year and mint of the style with 8 Tail Feathers and thus is highly important, although not rare. Although many were distributed in and soon after 1878, enough remained in Treasury holdings that today there is an ample supply of Mint State coins from which to choose. Most pieces are well struck and have excellent luster. All have the eagle with flat or shallow breast, per the early die standard, although the feathers on the eagle’s breast can be well defined. Proofs are rare and are in special demand to illustrate this one-year reverse style.

Surface Quality: Typically quite well struck. The eagle’s breast is shallow, not well rounded, this being characteristic of all reverses used in 1878. Usually with excellent luster, the frost being deep.

Prooflike Coins: Often one side is lustrous and the other is prooflike.

Mintage and Distribution: The 1878, 8 Tail Feathers, dollar, struck only for a limited time (March 12, 1878, and some weeks thereafter), is of unknown mintage, but about 750,000 is probably a good guess. Many were released into circulation in and closely after 1878. At the outset the Treasury thought the new dollars would be popular. By the late 1940’s, they were considered to be scarce on the coin market, but in 1953 many bags were released from Treasury storage, filling demand. Through the 1950’s and early 1960’s many more bags were released, including many to Las Vegas casinos.

Mintage: 500 is a popular estimate, although there is no offcial figure.

Key to Collecting: Minimal cameo contrast is the rule.3 The demand for Proofs is especially strong, not as much from Proof specialists as from those who seek an example for a type set. Per usual for Proofs, low-grade examples usually lack eye appeal.

Many varieties of 1878, 8 Tail Feathers, dollars but only five of these (VAM-5, 9, 11, 15, and 17) have been singled out for mention in The Top 100 Morgan Dollar Varieties.