Junior

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

Genuinely Fake Morgan Dollars
By: Jordan Graveline
 
As the oxymoronic title would suggest, this post will be on fake Morgan dollars that have been mistaken for genuine Morgans. I will not be mentioning the hundreds of thousands (maybe millions) of poorly struck, underweight fakes from China, although a post like that could be worthwhile in the future. Instead, I will be focusing on a few examples of Morgans bearing the New Orleans mint mark that were put into circulation with other Morgan dollars and went unnoticed as fakes for decades.
How these Morgan dollars were first noticed dates back to 2005 when a string of Micro 'o' dollars came into the possession of PCGS all at once for grading. An 1896-O, 1900-O, and a 1902-O happened to be sent in all at once either by one person or perhaps several, no one knows for sure. Either way, someone at PCGS knew that these three micro 'o' rarities were all being graded around the same time and that person thought, "wouldn't it be great to examine all three side by side under the microscope?" Well that decision would open the deceived eyes of the numismatic community and change the way we look at counterfeit coins.
Here's what was seen:

What we are looking at here is the reverse of the three Morgan micro 'o' dollars next to the left wing (to us) of the eagle. The marks present on these coins, as noted in the picture, are a result of a counterfeit die being created from a genuine coin. This kind of mark may have gone unnoticed for many more years had it not been for someone down at PCGS deciding to examine all three varieties at once under a microscope. Sadly, these three varieties are not the only fake Morgans that had previously been known to be genuine.
Here is a genuine 1900-O/CC (New Orleans over Carson City mint mark) containing a die crack linking the T-E-D in the word UNITED:

And here are two known varieties (shown below) made from a counterfeit die of the above coin:

The first T-E-D linked picture is of an 1896-O and the second T-E-D linked picture is of a 1901-O. The next two pictures show a close up of the O/CC mint mark as well as the grainy look of the E-D linked together. The lacking of sharp/crisp details on the E-D indicates a secondary or "transfer" die a.k.a. a counterfeit!
All of these examples thus far went unnoticed for a couple reasons. The first reason they went unnoticed is that all these fakes were made using silver. So by weight, they were close enough to fall within the acceptable specs of the U.S. Mint. After testing the silver content itself, some of these coins ranged from 91%-93% silver. The second reason that these went unnoticed is that they were in circulated condition. This could lead some graders to think that a particular mark or nick on the coin was the result of being circulated and therefore miss a mark which resulted from a counterfeit die. Of course, if you have several coins made from the same die at once, then you can compare them together as was the case with PCGS.
Now the question of why were these all mint marked as New Orleans and why actually make a fake using approximately the same amount of silver? The answers I have are more speculative, but with some logic behind it.
To start, it is a known fact that the New Orleans Minting facility spaced their dies slightly further apart to prolong the use of their dies and prevent pre-mature wear. This slight increase in spacing meant that some details are not as sharp or even slightly flat on a freshly minted coin. So producing a fake Morgan with the New Orleans mint mark on it would almost give it a slight "pass" as a genuine for having less than stellar details on the lettering and other finer details, especially if it contained the "correct" amount of silver.
Now the answer to "why make a fake Morgan with real silver?" If you consider that these fakes may have been in circulation for many years, then you must entertain the notion that perhaps these fakes are much older than modern day counterfeits made from other metals. Believe it or not, but at one time silver was cheap. In fact, the amount of silver in a Morgan dollar was once less than half of the face value of the coin itself. Imagine buying enough silver at the cost of one coin, but being able to produce two coins with the silver. You've just doubled your money. Now create a counterfeit die using a genuine coin and make as many fake coins as you like while doubling the amount of money you are able to spend into circulation. At approximately 45 cents per coin, on a Morgan dollar you were actually making even more than double your money with each fake coin made. This notion at least helps me understand why these fakes were made from silver. Combine the previous idea of New Orleans spacing out the dies slightly more and you now have the perfect opportunity to rip off the public with fake coins so close to real, they were mistaken as genuine for a long time.
To finish this post off, there are also fakes which are still made of silver, but they had been caught by means of incorrectly timed details. By that I mean, coins that have the incorrect hub type for the year. I myself only just learned of the different hub types, but in the details are the dates to which those hub types were used and many have the wrong hub type on the reverse. I will leave you with just a few more photos to illustrate this.

So the reverse of this 1896-O is that of hub type C4, which was not used until 1900 at the Philadelphia mint and 1901 at the San Francisco and New Orleans mints. Thus, another fake coin.
Lastly, here is a list showing all the New Orleans coins which were previously thought to be genuine, but are now listed as "privately made". A fancier way of saying "we got fooled for a long time because these fakes were too genuine."
 

All photos and charts sourced from http://moonlightmint.com/VAM_privately_made/00.htm

I would agree with you @SilverJacks that I would have assumed the Peace dollar to command the highest premium in the secondary market since it's mintage is only 200,000 vs. 175,000 x 5 Morgans. And regarding the Morgan CC privy mark, it's commemorative to say the least. Both the Morgan CC privy and Morgan O privy are actually Philadelphia minted. So the allure is certainly the history tied with both those minting facilities and not because they were minted in Carson City or New Orleans. I think if one were lucky enough to get the Peace dollar and at least one of the Morgans, that would satisfy most collectors.
Regarding UK interest, it could play a marginal role in adding fuel to the fire, but time will tell. Still a few months to go before the US Mint even ships out the first of the coins. Longer still for PCGS or NGC to grade the First Strikes/Early Releases. 

2021 Morgan & Peace Dollars
By: Jordan Graveline
 
When it comes to the newest addition to the coin collecting family, the 2021 Morgan and Peace dollars are really hyped up. If you are reading this post the odds are you already know the hype is real. But what about the price of these coins? Is it really worth it to buy them? If you glance at the date this was written, it's probably wise to think long and hard about it. This post is being written days after the last release of the 2021 Morgan (P) and the only release of the 2021 Peace (P). Initial offering of the various mint/privy marked Morgans as well as the only Peace dollar were released at $85 (USD) per coin. Considering that nothing is done these days to operate at a loss (or break even for that matter), then the cost of silver planchets plus the dies does not put the initial price offering of $85 USD as unreasonable. In the secondary market however, the price has exploded beyond comprehension.
Not only are these coins selling like hotcakes, they aren't even in the hands of the secondary sellers yet! The US mint called their offering a pre-sale of these coins which will be shipping out in October of 2021. So selling a coin that is already under pre-sale is considered a pre-pre-sale? Sounds absurd right? Either way, the various Morgans are selling anywhere from $150 (USD) for a Morgan minted in Philadelphia to $600 (USD) for a Morgan bearing the CC privy mark. There are some outliers both high and low. Don't even get me started on the sales of a complete set (Morgan CC privy, O privy, S mint, D mint, P mint & Peace dollar:  six coins in all). But for your own curiosity, they range from $1500-2500 (USD). So is it worth the money to grab any or all of these coins in the secondary market? That greatly depends on the buyer and his/her intentions. 
If you want to buy these coins to hold and treasure for a coin collection, then you may consider it. I myself am a lover of the Morgan dollar and assembled a modest year set (mixed mints and grades) for under the price of the complete set of 2021 Morgans/Peace dollar set. The one thing that would deter myself from spending the money in the secondary market has to do with an 'uncertainty' listed on the US Mint's website itself. Product limit for the five different Morgan dollars is 175,000 for each and 200,000 for the Peace dollar. However, the mintage limit for all six coins is not listed. Does this mean the US mint could produce more of these coins if demand for them was high enough? Maybe. If so, would that not flood the markets with all the necessary supply for those who want one, two, or all six coins? Maybe. Should this come to pass, prices in the secondary market could go down from where they are now. The risk goes both ways. Prices could come down if you buy the 'pre-pre-sale' in the secondary market, but prices could certainly go higher.
I consider the value of a coin to be more than just rarity. It's the beauty in the design, the history associated with it, and of course the feeling you get from seeing/holding it in your hands. Price can sometimes be no object, but even price itself needs to be justified somehow. My opinion (feel free to judge) is that a new release with a possible unconfirmed mintage is not worth more than the $85 (USD) that the US Mint has set for them. I justify this based on older Morgan dollars. Minted 1878-1904, & 1921: 175,000 would represent a low mintage of that time. Even less still would grade in the eye appealing MS63/64 or Gem grade MS65 or higher. The lack of high grade MS coins would justify such high prices on older Morgan dollars. I want to point out the obvious here, these 2021 Morgans and Peace dollar are all going to be some form of high quality MS68/69/70 because they will be uncirculated and unhandled. 
In closing, supply and demand solves price. High demand mixed with low supply will keep the prices of these coins high. If the US Mint were to increase the mintage limit beyond the stated product limit of 175,000 (Morgans) & 200,000 (Peace), then the prices could cool down as a rise in supply will meet the frenzy demand we have been seeing in the secondary market. Is it worth the risk? You decide for yourself. Each collector will think differently of the situation.

2021 Morgan & Peace Dollars
By: Jordan Graveline
 
When it comes to the newest addition to the coin collecting family, the 2021 Morgan and Peace dollars are really hyped up. If you are reading this post the odds are you already know the hype is real. But what about the price of these coins? Is it really worth it to buy them? If you glance at the date this was written, it's probably wise to think long and hard about it. This post is being written days after the last release of the 2021 Morgan (P) and the only release of the 2021 Peace (P). Initial offering of the various mint/privy marked Morgans as well as the only Peace dollar were released at $85 (USD) per coin. Considering that nothing is done these days to operate at a loss (or break even for that matter), then the cost of silver planchets plus the dies does not put the initial price offering of $85 USD as unreasonable. In the secondary market however, the price has exploded beyond comprehension.
Not only are these coins selling like hotcakes, they aren't even in the hands of the secondary sellers yet! The US mint called their offering a pre-sale of these coins which will be shipping out in October of 2021. So selling a coin that is already under pre-sale is considered a pre-pre-sale? Sounds absurd right? Either way, the various Morgans are selling anywhere from $150 (USD) for a Morgan minted in Philadelphia to $600 (USD) for a Morgan bearing the CC privy mark. There are some outliers both high and low. Don't even get me started on the sales of a complete set (Morgan CC privy, O privy, S mint, D mint, P mint & Peace dollar:  six coins in all). But for your own curiosity, they range from $1500-2500 (USD). So is it worth the money to grab any or all of these coins in the secondary market? That greatly depends on the buyer and his/her intentions. 
If you want to buy these coins to hold and treasure for a coin collection, then you may consider it. I myself am a lover of the Morgan dollar and assembled a modest year set (mixed mints and grades) for under the price of the complete set of 2021 Morgans/Peace dollar set. The one thing that would deter myself from spending the money in the secondary market has to do with an 'uncertainty' listed on the US Mint's website itself. Product limit for the five different Morgan dollars is 175,000 for each and 200,000 for the Peace dollar. However, the mintage limit for all six coins is not listed. Does this mean the US mint could produce more of these coins if demand for them was high enough? Maybe. If so, would that not flood the markets with all the necessary supply for those who want one, two, or all six coins? Maybe. Should this come to pass, prices in the secondary market could go down from where they are now. The risk goes both ways. Prices could come down if you buy the 'pre-pre-sale' in the secondary market, but prices could certainly go higher.
I consider the value of a coin to be more than just rarity. It's the beauty in the design, the history associated with it, and of course the feeling you get from seeing/holding it in your hands. Price can sometimes be no object, but even price itself needs to be justified somehow. My opinion (feel free to judge) is that a new release with a possible unconfirmed mintage is not worth more than the $85 (USD) that the US Mint has set for them. I justify this based on older Morgan dollars. Minted 1878-1904, & 1921: 175,000 would represent a low mintage of that time. Even less still would grade in the eye appealing MS63/64 or Gem grade MS65 or higher. The lack of high grade MS coins would justify such high prices on older Morgan dollars. I want to point out the obvious here, these 2021 Morgans and Peace dollar are all going to be some form of high quality MS68/69/70 because they will be uncirculated and unhandled. 
In closing, supply and demand solves price. High demand mixed with low supply will keep the prices of these coins high. If the US Mint were to increase the mintage limit beyond the stated product limit of 175,000 (Morgans) & 200,000 (Peace), then the prices could cool down as a rise in supply will meet the frenzy demand we have been seeing in the secondary market. Is it worth the risk? You decide for yourself. Each collector will think differently of the situation.

2021 Morgan & Peace Dollars
By: Jordan Graveline
 
When it comes to the newest addition to the coin collecting family, the 2021 Morgan and Peace dollars are really hyped up. If you are reading this post the odds are you already know the hype is real. But what about the price of these coins? Is it really worth it to buy them? If you glance at the date this was written, it's probably wise to think long and hard about it. This post is being written days after the last release of the 2021 Morgan (P) and the only release of the 2021 Peace (P). Initial offering of the various mint/privy marked Morgans as well as the only Peace dollar were released at $85 (USD) per coin. Considering that nothing is done these days to operate at a loss (or break even for that matter), then the cost of silver planchets plus the dies does not put the initial price offering of $85 USD as unreasonable. In the secondary market however, the price has exploded beyond comprehension.
Not only are these coins selling like hotcakes, they aren't even in the hands of the secondary sellers yet! The US mint called their offering a pre-sale of these coins which will be shipping out in October of 2021. So selling a coin that is already under pre-sale is considered a pre-pre-sale? Sounds absurd right? Either way, the various Morgans are selling anywhere from $150 (USD) for a Morgan minted in Philadelphia to $600 (USD) for a Morgan bearing the CC privy mark. There are some outliers both high and low. Don't even get me started on the sales of a complete set (Morgan CC privy, O privy, S mint, D mint, P mint & Peace dollar:  six coins in all). But for your own curiosity, they range from $1500-2500 (USD). So is it worth the money to grab any or all of these coins in the secondary market? That greatly depends on the buyer and his/her intentions. 
If you want to buy these coins to hold and treasure for a coin collection, then you may consider it. I myself am a lover of the Morgan dollar and assembled a modest year set (mixed mints and grades) for under the price of the complete set of 2021 Morgans/Peace dollar set. The one thing that would deter myself from spending the money in the secondary market has to do with an 'uncertainty' listed on the US Mint's website itself. Product limit for the five different Morgan dollars is 175,000 for each and 200,000 for the Peace dollar. However, the mintage limit for all six coins is not listed. Does this mean the US mint could produce more of these coins if demand for them was high enough? Maybe. If so, would that not flood the markets with all the necessary supply for those who want one, two, or all six coins? Maybe. Should this come to pass, prices in the secondary market could go down from where they are now. The risk goes both ways. Prices could come down if you buy the 'pre-pre-sale' in the secondary market, but prices could certainly go higher.
I consider the value of a coin to be more than just rarity. It's the beauty in the design, the history associated with it, and of course the feeling you get from seeing/holding it in your hands. Price can sometimes be no object, but even price itself needs to be justified somehow. My opinion (feel free to judge) is that a new release with a possible unconfirmed mintage is not worth more than the $85 (USD) that the US Mint has set for them. I justify this based on older Morgan dollars. Minted 1878-1904, & 1921: 175,000 would represent a low mintage of that time. Even less still would grade in the eye appealing MS63/64 or Gem grade MS65 or higher. The lack of high grade MS coins would justify such high prices on older Morgan dollars. I want to point out the obvious here, these 2021 Morgans and Peace dollar are all going to be some form of high quality MS68/69/70 because they will be uncirculated and unhandled. 
In closing, supply and demand solves price. High demand mixed with low supply will keep the prices of these coins high. If the US Mint were to increase the mintage limit beyond the stated product limit of 175,000 (Morgans) & 200,000 (Peace), then the prices could cool down as a rise in supply will meet the frenzy demand we have been seeing in the secondary market. Is it worth the risk? You decide for yourself. Each collector will think differently of the situation.

One side note as well, I have in my collection a fake 1893-CC Morgan. I purposely bought this coin to assist in spotting other fakes before I buy my Morgans. I would suggest keeping one of the better fakes and study the discrepancies of that coin so it doesn't happen in the future.   :)

Hey guys,
Not that I am a Morgan Dollar specialist (or any coin for that matter), but I am a physics and chemistry major. Keeping that in mind, different metals will have different densities. Silver's density is 10.49g/cm3 (pure). For a fake coin to weigh the same as a real Morgan, it would normally be larger by dimensions since the metal used will have a lesser density than silver. This is an almost too obvious flaw in a fake coin and most collectors would spot the size difference immediately. So a better option (for a forgery) is to create the same size coin and risk the weight slightly under the true coin in hopes of tricking an unsuspecting buyer.
Do not feel bad because most novice collectors would rarely detect a Morgan missing a couple grams worth of weight unless they have handled dozens of Morgans to know the difference. A well circulated Morgan can be missing up to a gram +/- if the coin is in poor condition. But average circulation coins should be fairly close to the weight of the original. If the coin measures exactly what the Morgan is supposed to be and many of the details are still visible, then the weight should not be off by three, two, or even one gram. It is probably a forgery.

Hey Guys,
Thank you so much for reading my article/the results of my experiment. I'm glad this post wasn't just my own curiosity written down and that others have seen this perhaps seeking out answers of their own. 
To answer, @sovereignsteve I have heard of “Morgan Silver Dollars” by Q David Bowers, but I have never read his work aside from a footnote quote from others. I should very much like to get a copy and see what an expert has to say on the various mintages remaining. The experiment I ran was 90% computer generated results using algorithms to figure out possible remaining quantities. The only manual information that needed to be gathered was the population reports from the third party graders and any adjustments in the algorithms to assist in the explanation of a high mintage coin with a seemingly low survival rate. Aside from that, the computers did all the testing.
Anyway, thanks for your interest and for reading my post.
- Junior

Morgan Dollars: How Many Have Survived the Silver Melting Pot?
 
By: Jordan Graveline
07/18/21
 
The following is an experiment used to determine approximately how many Morgan Dollars have survived 100 years after the last Morgan Dollars were minted. Using a computer program, three different sets of data were normalized against one another, creating an approximation of the number of coins destroyed and the number of coins remaining. The computer program utilized various algorithms to compare the data of known certified quantities, against the prices of standard grades of MS63, AU50, XF40, & VF25, against the overall mintages of each year/mint mark. The program was run a total of three times to flag and isolate any discrepancies for manual review.
 
The first data set used comes from the population reports of the third party grading services of PCGS, NGC, ICG, and ANACS. This data set was used to provide a probable base in the number of coins that have survived having been graded and verified by these companies.
 
The second data set used was the average price for particular years/mint marks at the standard grades of MS63, AU50, XF40, & VF25. This data was used to estimate the rarity of a coin based on exponential price increases between grades. The price algorithm would search for rarity of low mintages or low survival rates based on the results of any exponential price increases and flag them.
 
The third and final data set used was the percent change of a particular year/mint mark. To accomplish this, the computer program compared a coin’s original mintage for a particular year/mint mark and the total mintage for that same year across all mint marks vs. the number of certified coins of that same year/mint mark over the total number of certified coins of that same year across all mint marks. This is again using data from the top four third party grading services of PCGS, NGC, ICG, and ANACS.
 
The following chart has been derived from the analysis of the above data in order to estimate how many Morgan Dollars and which years and mint marks have potentially survived. The data used does not take into consideration the different varieties within any given year/mint mark or proof strikes of the Morgan Dollar, but rather only the business strikes intended for circulation.
 
Year/Mint Mark
 
No Mark - Philadelphia
S - San Francisco
O - New Orleans
CC - Carson City
D - Denver
Total Mintage
Approximate Number of Coins Destroyed
Approximate Number of Coins Remaining
1878
10,508,800
9,204,915
1,303,885
1878-S
9,774,000
8,185,840
1,588,160
1878-CC
2,212,000
1,711,804
500,196
1879
14,806,000
13,016,337
1,789,663
1879-S
9,110,000
4,070,899
5,039,101
1879-O
2,887,000
1,318,794
1,568,206
1879-CC
756,000
344,956
411,044
1880
12,600,000
10,546,256
2,053,744
1880-S
8,900,000
4,372,039
4,527,961
1880-O
5,305,000
3,397,317
1,907,683
1880-CC
591,000
182,501
408,499
1881
9,163,000
7,898,396
1,264,604
1881-S
12,760,000
5,362,331
7,397,669
1881-O
5,708,000
3,841,145
1,866,855
1881-CC
296,000
17,938
278,062
1882
11,100,000
9,833,956
1,266,044
1882-S
9,250,000
4,167,377
5,082,623
1882-O
6,090,000
4,567,034
1,522,966
1882-CC
1,133,000
510,948
622,052
1883
12,290,000
8,714,382
3,575,618
1883-S
6,250,000
5,258,136
991,864
1883-O
8,725,000
3,289,077
5,435,923
1883-CC
1,204,000
595,148
608,852
1884
14,070,000
12,168,416
1,901,584
1884-S
3,200,000
2,304,709
895,291
1884-O
9,730,000
4,727,355
5,002,645
1884-CC
1,136,000
546,515
589,485
1885
17,787,000
15,637,230
2,149,770
1885-S
1,497,000
1,075,690
421,310
1885-O
9,185,000
3,746,894
5,438,106
1885-CC
238,000
102,047
135,953
1886
19,963,000
14,711,985
5,251,015
1886-S
750,000
211,379
538,621
1886-O
10,710,000
9,980,457
729,543
1887
20,290,000
14,383,404
5,906,596
1887-S
1,771,000
1,062,971
708,029
1887-O
11,550,000
9,931,205
1,618,795
1888
19,183,000
16,419,891
2,763,109
1888-S
657,000
182,679
474,321
1888-O
12,150,000
10,531,020
1,618,980
1889
21,726,000
12,185,473
9,540,527
1889-S
700,000
231,583
468,417
1889-O
11,875,000
7,886,394
3,988,606
1889-CC
350,000
315,791
34,209
1890
16,802,000
12,961,580
3,840,420
1890-S
8,230,373
5,845,077
2,385,296
1890-O
10,701,000
8,279,552
2,421,448
1890-CC
2,309,041
1,623,163
685,878
1891
8,693,556
6,592,889
2,100,667
1891-S
5,296,000
3,088,967
2,207,033
1891-O
7,954,529
6,240,453
1,714,076
1891-CC
1,618,000
947,283
670,717
1892
1,036,000
261,060
774,940
1892-S
1,200,000
847,797
352,203
1892-O
2,744,000
1,606,755
1,137,245
1892-CC
1,352,000
1,111,202
240,798
1893
378,000
55,682
322,318
1893-S
100,000
70,809
29,191
1893-O
300,000
88,598
211,402
1893-CC
677,000
628,777
48,223
1894
110,000
44,976
65,024
1894-S
1,260,000
682,693
577,307
1894-O
1,723,000
1,138,762
584,238
1895-S
400,000
342,459
57,541
1895-O
450,000
268,489
181,511
1896
9,976,000
3,194,483
6,781,517
1896-S
5,000,000
4,243,528
756,472
1896-O
4,900,000
3,523,473
1,376,527
1897
2,822,000
1,406,207
1,415,793
1897-S
5,825,000
4,040,129
1,784,871
1897-O
4,004,000
2,262,022
1,741,978
1898
5,884,000
4,236,033
1,647,967
1898-S
4,102,000
3,231,534
870,466
1898-O
4,440,000
1,988,803
2,451,197
1899
330,000
53,205
276,795
1899-S
2,562,000
1,528,007
1,033,993
1899-O
12,290,000
8,072,414
4,217,586
1900
8,830,000
5,620,780
3,209,220
1900-S
3,540,000
2,470,112
1,069,888
1900-O
12,590,000
7,902,297
4,687,703
1901
6,962,000
6,178,362
783,638
1901-S
2,284,000
1,407,651
876,349
1901-O
13,320,000
9,176,294
4,143,706
1902
7,994,000
6,763,568
1,230,432
1902-S
1,530,000
1,041,300
488,700
1902-O
8,636,000
3,735,298
4,900,702
1903
4,652,000
2,825,769
1,826,231
1903-S
1,241,000
933,662
307,338
1903-O
4,450,000
4,162,487
287,513
1904
2,788,000
1,859,225
928,775
1904-S
2,304,000
1,840,819
463,181
1904-O
3,720,000
1,858,154
1,861,846
1921
44,690,000
24,809,062
19,880,938
1921-S
21,695,000
15,836,713
5,858,287
1921-D
20,345,000
13,988,554
6,356,446
Total
656,977,299
451,667,582
205,309,717
Data for original mintages sourced from: https://morgandollars.net/morgan-dollar-mintage/
 
 
***DISCLAIMER***
 
It cannot be known for certain which particular years and mint marks have escaped the melting pot and in what quantities. As the history of the Morgan Dollar goes, no records were ever kept of which Morgan Dollars were turned into silver bullion for Great Britain in 1918 or how many dollars were melted down in the great silver run of 1979-1980. This experiment is intended to show the normalization of three different types of data in order to give the best approximation of which Morgans remain and in what quantities.
 
***END OF DISCLAIMER***
 
While the quantities of the various Morgan Dollars will always be up for debate, the one thing that remains consistent is the dollars with low mintages are always in demand. Even if a high percentage of low mintage coins have escaped the melting pots of time, the majority of that mintage could have been placed into circulation. In considering this information, a high survival rate for a low mintage coin can still drive up the rarity of the coin in uncirculated conditions.
 
Even with 100 years having passed since the last Morgans were struck, a healthy stock still exists overall. Some years/mint marks remain unobtainable for most collectors, but a person could put together a collection of Morgans with one from each year without breaking the bank. Of the nearly 657 million coins that were struck, a possible 205 million coins still exist today. Based on the analysis of the data, the top rarest coins by surviving mintage only (rounded to the nearest 1,000) are as follows:

 
1893-S            ~29,000 1889-CC         ~34,000 1893-CC         ~48,000 1895-S            ~58,000 1894                ~65,000 1885-CC         ~136,000 1895-O            ~182,000 1893-O            ~211,000 1892-CC         ~241,000 1899                ~277,000 1881-CC          ~278,000 1903-O            ~288,000 1903-S             ~307,000 1893                ~322,000 1892-S             ~352,000

Morgan Dollars: How Many Have Survived the Silver Melting Pot?
 
By: Jordan Graveline
07/18/21
 
The following is an experiment used to determine approximately how many Morgan Dollars have survived 100 years after the last Morgan Dollars were minted. Using a computer program, three different sets of data were normalized against one another, creating an approximation of the number of coins destroyed and the number of coins remaining. The computer program utilized various algorithms to compare the data of known certified quantities, against the prices of standard grades of MS63, AU50, XF40, & VF25, against the overall mintages of each year/mint mark. The program was run a total of three times to flag and isolate any discrepancies for manual review.
 
The first data set used comes from the population reports of the third party grading services of PCGS, NGC, ICG, and ANACS. This data set was used to provide a probable base in the number of coins that have survived having been graded and verified by these companies.
 
The second data set used was the average price for particular years/mint marks at the standard grades of MS63, AU50, XF40, & VF25. This data was used to estimate the rarity of a coin based on exponential price increases between grades. The price algorithm would search for rarity of low mintages or low survival rates based on the results of any exponential price increases and flag them.
 
The third and final data set used was the percent change of a particular year/mint mark. To accomplish this, the computer program compared a coin’s original mintage for a particular year/mint mark and the total mintage for that same year across all mint marks vs. the number of certified coins of that same year/mint mark over the total number of certified coins of that same year across all mint marks. This is again using data from the top four third party grading services of PCGS, NGC, ICG, and ANACS.
 
The following chart has been derived from the analysis of the above data in order to estimate how many Morgan Dollars and which years and mint marks have potentially survived. The data used does not take into consideration the different varieties within any given year/mint mark or proof strikes of the Morgan Dollar, but rather only the business strikes intended for circulation.
 
Year/Mint Mark
 
No Mark - Philadelphia
S - San Francisco
O - New Orleans
CC - Carson City
D - Denver
Total Mintage
Approximate Number of Coins Destroyed
Approximate Number of Coins Remaining
1878
10,508,800
9,204,915
1,303,885
1878-S
9,774,000
8,185,840
1,588,160
1878-CC
2,212,000
1,711,804
500,196
1879
14,806,000
13,016,337
1,789,663
1879-S
9,110,000
4,070,899
5,039,101
1879-O
2,887,000
1,318,794
1,568,206
1879-CC
756,000
344,956
411,044
1880
12,600,000
10,546,256
2,053,744
1880-S
8,900,000
4,372,039
4,527,961
1880-O
5,305,000
3,397,317
1,907,683
1880-CC
591,000
182,501
408,499
1881
9,163,000
7,898,396
1,264,604
1881-S
12,760,000
5,362,331
7,397,669
1881-O
5,708,000
3,841,145
1,866,855
1881-CC
296,000
17,938
278,062
1882
11,100,000
9,833,956
1,266,044
1882-S
9,250,000
4,167,377
5,082,623
1882-O
6,090,000
4,567,034
1,522,966
1882-CC
1,133,000
510,948
622,052
1883
12,290,000
8,714,382
3,575,618
1883-S
6,250,000
5,258,136
991,864
1883-O
8,725,000
3,289,077
5,435,923
1883-CC
1,204,000
595,148
608,852
1884
14,070,000
12,168,416
1,901,584
1884-S
3,200,000
2,304,709
895,291
1884-O
9,730,000
4,727,355
5,002,645
1884-CC
1,136,000
546,515
589,485
1885
17,787,000
15,637,230
2,149,770
1885-S
1,497,000
1,075,690
421,310
1885-O
9,185,000
3,746,894
5,438,106
1885-CC
238,000
102,047
135,953
1886
19,963,000
14,711,985
5,251,015
1886-S
750,000
211,379
538,621
1886-O
10,710,000
9,980,457
729,543
1887
20,290,000
14,383,404
5,906,596
1887-S
1,771,000
1,062,971
708,029
1887-O
11,550,000
9,931,205
1,618,795
1888
19,183,000
16,419,891
2,763,109
1888-S
657,000
182,679
474,321
1888-O
12,150,000
10,531,020
1,618,980
1889
21,726,000
12,185,473
9,540,527
1889-S
700,000
231,583
468,417
1889-O
11,875,000
7,886,394
3,988,606
1889-CC
350,000
315,791
34,209
1890
16,802,000
12,961,580
3,840,420
1890-S
8,230,373
5,845,077
2,385,296
1890-O
10,701,000
8,279,552
2,421,448
1890-CC
2,309,041
1,623,163
685,878
1891
8,693,556
6,592,889
2,100,667
1891-S
5,296,000
3,088,967
2,207,033
1891-O
7,954,529
6,240,453
1,714,076
1891-CC
1,618,000
947,283
670,717
1892
1,036,000
261,060
774,940
1892-S
1,200,000
847,797
352,203
1892-O
2,744,000
1,606,755
1,137,245
1892-CC
1,352,000
1,111,202
240,798
1893
378,000
55,682
322,318
1893-S
100,000
70,809
29,191
1893-O
300,000
88,598
211,402
1893-CC
677,000
628,777
48,223
1894
110,000
44,976
65,024
1894-S
1,260,000
682,693
577,307
1894-O
1,723,000
1,138,762
584,238
1895-S
400,000
342,459
57,541
1895-O
450,000
268,489
181,511
1896
9,976,000
3,194,483
6,781,517
1896-S
5,000,000
4,243,528
756,472
1896-O
4,900,000
3,523,473
1,376,527
1897
2,822,000
1,406,207
1,415,793
1897-S
5,825,000
4,040,129
1,784,871
1897-O
4,004,000
2,262,022
1,741,978
1898
5,884,000
4,236,033
1,647,967
1898-S
4,102,000
3,231,534
870,466
1898-O
4,440,000
1,988,803
2,451,197
1899
330,000
53,205
276,795
1899-S
2,562,000
1,528,007
1,033,993
1899-O
12,290,000
8,072,414
4,217,586
1900
8,830,000
5,620,780
3,209,220
1900-S
3,540,000
2,470,112
1,069,888
1900-O
12,590,000
7,902,297
4,687,703
1901
6,962,000
6,178,362
783,638
1901-S
2,284,000
1,407,651
876,349
1901-O
13,320,000
9,176,294
4,143,706
1902
7,994,000
6,763,568
1,230,432
1902-S
1,530,000
1,041,300
488,700
1902-O
8,636,000
3,735,298
4,900,702
1903
4,652,000
2,825,769
1,826,231
1903-S
1,241,000
933,662
307,338
1903-O
4,450,000
4,162,487
287,513
1904
2,788,000
1,859,225
928,775
1904-S
2,304,000
1,840,819
463,181
1904-O
3,720,000
1,858,154
1,861,846
1921
44,690,000
24,809,062
19,880,938
1921-S
21,695,000
15,836,713
5,858,287
1921-D
20,345,000
13,988,554
6,356,446
Total
656,977,299
451,667,582
205,309,717
Data for original mintages sourced from: https://morgandollars.net/morgan-dollar-mintage/
 
 
***DISCLAIMER***
 
It cannot be known for certain which particular years and mint marks have escaped the melting pot and in what quantities. As the history of the Morgan Dollar goes, no records were ever kept of which Morgan Dollars were turned into silver bullion for Great Britain in 1918 or how many dollars were melted down in the great silver run of 1979-1980. This experiment is intended to show the normalization of three different types of data in order to give the best approximation of which Morgans remain and in what quantities.
 
***END OF DISCLAIMER***
 
While the quantities of the various Morgan Dollars will always be up for debate, the one thing that remains consistent is the dollars with low mintages are always in demand. Even if a high percentage of low mintage coins have escaped the melting pots of time, the majority of that mintage could have been placed into circulation. In considering this information, a high survival rate for a low mintage coin can still drive up the rarity of the coin in uncirculated conditions.
 
Even with 100 years having passed since the last Morgans were struck, a healthy stock still exists overall. Some years/mint marks remain unobtainable for most collectors, but a person could put together a collection of Morgans with one from each year without breaking the bank. Of the nearly 657 million coins that were struck, a possible 205 million coins still exist today. Based on the analysis of the data, the top rarest coins by surviving mintage only (rounded to the nearest 1,000) are as follows:

 
1893-S            ~29,000 1889-CC         ~34,000 1893-CC         ~48,000 1895-S            ~58,000 1894                ~65,000 1885-CC         ~136,000 1895-O            ~182,000 1893-O            ~211,000 1892-CC         ~241,000 1899                ~277,000 1881-CC          ~278,000 1903-O            ~288,000 1903-S             ~307,000 1893                ~322,000 1892-S             ~352,000