1896-O $1 MS PL

Key to Collecting: The 1896-O is a marvelous coin for study. “No other Morgan dollar is as consistently deficient in luster, strike, and degree of surface abrasions as the 1896-O,” Wayne Miller wrote. “In my opinion the 1896-O is the rarest of all Morgan dollars (even more than 1901) in truly gem condition.” Of course, those who are edged out of buying a gem Mint State 1901 can wink twice and buy a Proof quickly, but the collector seeking an 1896-O has no such fallback possibility. Most of the mintage must have been released into circulation, as well-worn coins are common today and worth little premium. On the other hand, AU coins, of which there are thousands around, do have value and are a reasonable option for an example of this date, in view of the paucity of choice higher-grade pieces.

Surface Quality: Striking is usually below average, insipid and unattractive. This will be a problem and a challenge, as very few exceptions can be found. The luster is typically dull and lifeless. Again, cherrypicking is needed, in combination with strike, making the challenge even greater.

Prooflike Coins: Prooflike examples occur and are very rare, even well struck, but with dullish surfaces rendering most of them unattractive.

Mintage and Distribution: Delivery figures by month: January, 0; February, 500,000; March, 500,000; April, 350,000; May, 300,000; June, 300,000; July, 300,000; August, 600,000; September, 600,000; October, 600,000; November, 600,000; December, 250,000. Large quantities reached circulation. Mint State coins turned up here and there in numismatic circles and attracted no notice. By 1953 a few bags had come on the market, and dealer specialists had a nice supply. More were released in 1956. This date and mint was known for its generally unmemorable quality, and it never was a collectors’ favorite. A few bags here and there came to market in the late 1950’s and early 1960’s, but not enough that Harry J. Forman ever owned one.

Among the many die combinations, of special interest is the 1896-O, Micro O Mintmark, VAM-4. It shows a very small O from a mintmark punch intended for a lowerdenomination silver coin. Usually seen well worn. Two varieties of VAM-4 are shown below.