1884-S $1 MS PL

Key to Collecting: Large quantities of 1884-S dollars were released into circulation in the nineteenth century. Accordingly, worn examples are fairly plentiful today and are available for a nominal price. Mint State coins are elusive at any and all levels and are keys in the series. Not much attention was paid to the 1884-S in Mint State until after the coin boom of the late 1930’s (ignited by the commemorative craze). Afterward, the coin took its place as one of the more diffcult S Mint varieties to acquire.

Surface Quality: The striking is usually average. However, some have light striking at the center of the reverse. The luster on the 1884-S is generally of a satiny nature, often dull, not deeply frosty, although some of the latter exist.

Prooflike Coins: A few prooflike pieces are known (Wayne Miller in 1982 estimated a half dozen) with “indifferent lustre and little contrast.”40 DMPL coins are unknown, a Holy Grail in the Morgan series, although how the “Proof” described by Thomas L. Elder as Lot 225 in his J.B. Wilson Sale, October 1908, would rate today must be left to the imagination.

Mintage and Distribution: Striking of 1884-S dollars seems to have been paced throughout the year, and figures (available from July onward) show that 3,200,000 were struck. Distribution was mainly to the channels of commerce in the nineteenth century, plus whatever pieces may have been melted under the Pittman Act in 1918. Some coins remained in Treasury control, and multiple bags were distributed from San Francisco Mint storage in 1926, attracting little notice at the time, and passing into circulation. Some others were paid out at the cash window at the Treasury building in Washington in the 1930’s, taking care of the demand at the time. In the 1950’s some bags were paid out at San Francisco, but few remained in numismatic hands, as collector interest was not widespread. Where they went is anyone’s guess, but Nevada casinos are a possibility.

The Van Allen–Mallis text lists seven different die varieties, none of which are widely collected beyond specialists. At least 20 pairs of dies were used in the coinage. Some small amounts of lower Mint State grade 1884-S dollars remained in numismatic circles here and there, such as per the Dan Morafka offer in 1964 of a roll of 20 pieces for $450. In that year the Morgan dollar market was up for grabs, rumors proliferated, and no one knew whether a million 1884-S dollars had been paid out in the Treasury release since 1962, or just a handful had. The latter is probably close to the truth, as I am not aware of any significant quantities.

In the years after 1964, as the framework of the Morgan dollar was built, it was realized that the 1884-S dollar was basically rare in Mint State in relation to the demand, and those that did exist were in lower grades.