1881-S $1 MS DMPL

Key to Collecting: Among Morgan silver dollars minted in the nineteenth century, the 1881-S is the most available in Mint State. It is likely that at least half the original mintage remains in grades from MS-60 onward, which equals 6,000,000 or more coins. This is far and away the most available Mint State Morgan dollar of the 1878 through 1904 early year span. If you desire a single coin for a type set to illustrate the 1878 through 1921 Morgan dollar design, the 1881-S is an ideal candidate.

Surface Quality: Usually very sharply struck on all points, remarkable in view of the huge mintage figure of 12,760,000. In general, the San Francisco Mint earned high marks for quality, while the New Orleans Mint deserved a booby prize. Typically with satiny luster, often slightly prooflike.

Prooflike Coins: Many are from prooflike dies, often prooflike on just one side, such as having a frosty and lustrous obverse and a DMPL reverse—such coins being in limbo or Never-Never Land from the viewpoint of certification, as one number fits all.22

Mintage and Distribution: Of all San Francisco Mint Morgan dollars in the early range of the series, 1878 to 1904, the 1881-S has the highest mintage. Many were released in the nineteenth century, probably others were melted under the Pittman Act of 1918, but probably most remained stored in the San Francisco Mint. Many bags were released in 1938; tens of thousands were paid out in 1961, and millions more in the 1962 through 1964 Treasury release.

To facilitate the large coinage, 85 obverse dies and a like number of reverse dies were combined, with more than 50 being listed by Van Allen and Mallis. None are of widespread interest, but there are enough repunchings and doubled mintmarks to make this date an interesting subspecialty.