1888-O $1 MS PL

Key to Collecting: The 1888-O is plentiful in Mint State, mostly from Treasury hoard dispersals, but most are at lower Mint State levels, and striking and luster are often far below par. However, with some searching it is possible to find an attractive example.

Surface Quality: The strike varies all over the place, from flat to sharp, but most show weakness at the center obverse and center reverse, really subpar. Dedicated cherrypicking is needed to find a sharp coin. The luster varies from grainy and rather dull to frosty and attractive.

Prooflike Coins: Prooflike coins are easily enough found.

Mintage and Distribution: Delivery figures by month: January, 1,000,000; February, 1,000,000; March, 1,200,000; April, 1,200,000; May, 1,100,000; June, 750,000; July, 600,000; August, 1,000,000; September, 1,200,000; October, 1,000,000; November, 1,000,000; December, 1,100,000. Although many 1888-O dollars were released in the nineteenth century, others went into storage. In 1946 a few bags were turned loose, and in the 1950’s many bags were paid out, including some from the Treasury Building in Washington, D.C. In 1957 quantities were obtained by dealer Harry J. Forman. During the 1962 through 1964 Treasury release, at least 100,000 came out of the long-sealed vault at the Philadelphia Mint that also yielded the fabulous 1903-O dollars. Facts are elusive, and some have suggested millions were released.

Most 1888-O dollars have a medium-sized, round O mintmark with a fairly large open center. Fewer have a medium-sized elliptical O with a narrow vertical slit in the center. The Top 100 Morgan Dollar Varieties suggests that the elliptical O is worth multiples of the price of the regular round O; the variety would seem to be ripe for cherrypicking. VAM-1B, called the “Scarface” variety in The Top 100 Morgan Dollar Varieties, has a prominent die crack across Liberty’s face, called “the most dramatic die break in the Morgan dollar series. Rare in all grades.” VAM-9 is known with the reverse rotated from 30° clockwise to 175° counterclockwise, the result of the die being loose in its chuck. The 1888-O Hot Lips variety is a collectors’ favorite, showing doubled features on Liberty’s face, particularly at and near her mouth (Guide Book of U.S. Coins). “It is the strongest double obverse of the Morgan dollar series and commands a large premium,” note Van Allen and Mallis. Further, “It is usually weakly struck and is unknown in Uncirculated grades. Scarce in AU” (The Top 100 Morgan Dollar Varieties).

1888-O, E on Reverse, Clashed Die Reverse—VAM-1A. Shows a raised partial E, a clashmark from the incuse of LIBERTY on the obverse. Most examples of this variety also show a prominent die crack on the obverse from the rim through R of PLURIBUS.