1895 Morgan Dollar (King of Morgans)

The 1895 Morgan Dollar occupies a singular place among United States coins: no confirmed circulation-strike examples are known from the Philadelphia Mint that year, meaning the only 1895-dated Morgans available to collectors are proof coins struck in very limited numbers. This has earned the date its famous nickname, the 'King of Morgans,' and made it an essential, expensive target for anyone attempting to complete a full Morgan Dollar date set.

Because circulating 1895 dollars from Philadelphia seemingly do not exist (business-strike coins from that year were reportedly all later melted or never struck for release), the date is one of the great mysteries and prizes of the series.

The Morgan Dollar series ran from 1878 to 1904, with a final one-year revival in 1921, and was designed by Assistant Engraver George T. Morgan following passage of the Bland-Allison Act, which required the Treasury to purchase large quantities of silver for coinage. Millions of Morgan Dollars from most years sat largely unused in Treasury vaults for decades, since a full silver dollar had limited practical use in everyday commerce during that period.

For 1895, Mint records show a modest proof mintage intended for collectors, but no business-strike coins of that date are known to have survived or, by most accounts, to have been placed into circulation at all. Millions of dollar coins from other Morgan years were melted under the Pittman Act of 1918, and it is widely theorized that any 1895 business strikes met a similar fate before ever reaching the public.

As a result, the 1895 proof issue has come to represent the entire dated year in most complete Morgan Dollar collections, elevating its status and price far above most other dates in the series.

The obverse depicts Liberty's head facing left, wearing a cap adorned with wheat and cotton and a headband inscribed LIBERTY, surrounded by thirteen stars and the date below. The reverse shows an eagle with wings spread, clutching an olive branch and arrows, encircled by UNITED STATES OF AMERICA, E PLURIBUS UNUM, and the denomination ONE DOLLAR.

Genuine 1895 proof Morgans display the sharp, mirror-like fields and frosted devices typical of proof coinage, distinct from the satiny or lustrous surfaces of business strikes seen in other years. There is no mintmark, since only the Philadelphia Mint struck this date.

Because of its value, this date is a frequent target for alteration, where a common-date Morgan has its final digit changed to resemble a 5. Collectors should insist on certification from a major third-party grading service before purchase.

As one of the scarcest and most famous dates in the Morgan Dollar series, the 1895 proof issue commands prices well into five and six figures even in modest proof grades, with pristine examples reaching considerably higher. Because it is the only way to represent the date in a complete Morgan set, demand consistently outstrips the very limited original supply.

Condition, eye appeal, and certification pedigree all strongly affect price, and given the coin's fame and value, purchases should always be made through certified, reputable sources.