The 1895 O Morgan dollar is one of the most sought-after coins in the world. It is part of the Morgan silver dollar series, which was issued by the United States from 1878 to 1904 and again in 1921. What makes the 1895 O Morgan dollar so special is its rarity, especially in good condition. In this article, we’ll explore the history of the 1895 O Morgan dollar, its value, how to identify it, and why collectors consider it a treasure.
The History of the 1895 O Morgan Dollar
The Morgan silver dollar was created by designer George T. Morgan, who was a mint engraver for the U.S. Mint. These coins were minted in response to the Bland-Allison Act of 1878, which required the U.S. government to purchase large amounts of silver and mint silver dollars. Over the years, the Morgan dollar became one of the most iconic coins in U.S. history, featuring Lady Liberty on the obverse and an eagle on the reverse.
The 1895 O Morgan dollar is particularly rare because it was minted in New Orleans, where the U.S. Mint operated for a limited time. The “O” mintmark stands for the New Orleans Mint. In 1895, the New Orleans Mint only produced a limited number of silver dollars, and many of them were either melted down or not circulated, making the 1895 O Morgan dollar a highly coveted item among collectors today.
What Makes the 1895 O Morgan Dollar Rare?
The rarity of the 1895 O Morgan dollar is largely due to its limited mintage. The U.S. Mint in New Orleans produced only a small number of these coins. While exact numbers are not clear, it is estimated that less than 450,000 coins were struck in 1895. Many of these coins were never released into circulation, which further increases their rarity. In fact, the 1895 O Morgan dollar is one of the most difficult coins to find in good condition.
Another reason for its rarity is that many of these coins were destroyed or melted down over the years. The U.S. government periodically melted down silver coins to reclaim the metal. Because of this, fewer and fewer 1895 O Morgan dollars exist today, making them even more valuable.
How to Identify the 1895 O Morgan Dollar
Identifying the 1895 O Morgan dollar requires a close look at the coin’s features. Here are the key elements to check:
- Obverse (Front) Design: The obverse of the coin features a portrait of Lady Liberty, facing left, wearing a cap adorned with stars and a ribbon.
- Reverse (Back) Design: On the reverse side, you will find an eagle with outstretched wings, holding arrows and an olive branch, surrounded by the words “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM.”
- Mintmark: The most important identifying feature is the mintmark “O” located below the word “ONE” on the reverse side. This signifies that the coin was minted in New Orleans.
- Year: The year 1895 is visible on the obverse below Lady Liberty’s portrait.
Value of the 1895 O Morgan Dollar
The value of an 1895 O Morgan dollar depends on its condition, rarity, and current demand. In general, the 1895 O Morgan dollar is considered a high-value coin. A coin in average condition (called “Good” or “VG” for Very Good) might be worth several hundred dollars, while coins in higher grades (like “MS-63” or “MS-65”) can reach prices of over $10,000.
For those seeking a pristine example, the price can go even higher, especially for coins that have been well-preserved and graded by professional services like the Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS). Coins with a grade of “MS-65” or better are considered to be in nearly perfect condition and can fetch even higher prices at auction.
Why Collect the 1895 O Morgan Dollar?
Collectors are drawn to the 1895 O dollar for several reasons:
- Rarity: As one of the rarest coins in the Morgan dollar series, the 1895 O is highly sought after by collectors.
- Historical Significance: The 1895 O coin is a part of the rich history of the U.S. Mint and the creation of the silver dollar.
- Investment Potential: Due to its rarity and demand, the value of the 1895 O Morgan dollar has increased significantly over time, making it a smart investment for collectors.
- Beautiful Design: The Morgan silver dollar is widely admired for its classic and elegant design, which features iconic American symbols like Lady Liberty and the eagle.
Table: 1895 O Morgan Dollar Price by Condition
| Condition | Approximate Value |
|---|---|
| Good (G) | $200–$500 |
| Very Good (VG) | $500–$800 |
| Fine (F) | $800–$1,200 |
| Very Fine (VF) | $1,200–$2,000 |
| Extremely Fine (XF) | $2,000–$5,000 |
| Uncirculated (MS-60) | $5,000–$10,000 |
| Gem MS-65 | $10,000–$50,000+ |
Conclusion
The 1895 O dollar is a fascinating coin with a rich history, a beautiful design, and a rarity that makes it a valuable treasure for collectors. Whether you’re a seasoned numismatist or a beginner, the 1895 O is a coin that should be on your radar. Its unique features, combined with its limited supply, ensure that it will remain an important part of the numismatic world for years to come.
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FAQs
Why is the 1895 O Morgan dollar so expensive?
The 1895 O Morgan dollar is rare because only a small number were minted and many were either destroyed or never circulated. Its limited supply makes it highly valuable.
How can I tell if my 1895 O Morgan dollar is genuine?
To determine if your coin is real, you can check the mintmark “O” on the reverse, the design elements, and consider having the coin professionally graded by a numismatic expert.
How do I find the grade of my 1895 O Morgan dollar?
Coin grading involves assessing the condition of the coin based on factors like wear, luster, and clarity. Professional grading services like NGC or PCGS can provide an accurate grade for your coin.
Is the 1895 O Morgan dollar a good investment?
Yes, the 1895 O Morgan dollar is a good investment due to its rarity, historical significance, and the increasing demand among collectors.
Where can I buy an 1895 O Morgan dollar?
You can purchase the 1895 O Morgan dollar from coin dealers, online auctions, and coin shows. Be sure to check the reputation of the seller and the authenticity of the coin before making a purchase.