Sep 23, 2025

1895 Morgan Dollar: Guide To The King Of Morgans

by Jeff Jackson

Key Takeaways On The 1895 Morgan Dollar

Philadelphia is proof only in 1895, about 880 proofs were struck and far fewer survive.
Branch mint totals were 450,000 for 1895-O and 400,000 for 1895-S, both scarce in higher grades and often weakly struck.
Standard silver dollar specs apply: 90 percent silver, 10 percent copper, 26.73 g, 38.1 mm, reeded edge.
Prices range from thousands to six figures, with spreads driven by authenticity, strike, eye appeal, and provenance.

Why The 1895 Morgan Dollar Is Rare

The series ran from 1878 to 1904 and again in 1921, born from legislation that mandated heavy silver coinage. Large melts under the Pittman Act of 1918 reduced supplies across dates. In 1895 the Philadelphia issue was made for presentation and collectors, not circulation, while the O and S mintages were modest and many pieces saw real use. That combination leaves few coins with the luster and surface quality advanced collectors want.

1895 Morgan Dollar Values And Market Context

Treat published prices as ranges. Sound examples start in the thousands. Well-struck, original 1895-O and 1895-S coins rise quickly with each grade step. Philadelphia proofs dominate the top of the market and elite pieces bring six figures. Two coins in the same numeric grade can trade far apart because strike and eye appeal are the quiet variables that move big numbers.

Grading The 1895 Morgan Dollar

Mint State: no wear, full mint luster, widest price spreads.
Extremely Fine: light friction on Liberty’s hair and the eagle’s breast and wings.
Fine: moderate, even wear with major details remaining.
Good: heavy wear with soft legends and outlines.
Proofs use the same 70-point scale, with designations for cameo and deep cameo when contrast is strong.

1895 Morgan Dollar Design And Specifications

George T. Morgan’s obverse shows Liberty in classical profile. The reverse presents a spread-winged eagle with olive branch and arrows inside a laurel wreath. Proofs display mirrored fields and frosted devices, sometimes with deep cameo contrast. Specifications are 26.73 g, 38.1 mm, reeded edge, 0.900 silver.

1895 Morgan Dollar Varieties, Strike Quality, And Why It Matters

Collectors watch for re-punched mintmarks, occasional strikethroughs, and cameo strength on proofs. Many 1895-O pieces are weakly struck; hair detail on Liberty and a bold eagle’s breast are worth premiums. The 1895-S is desirable in all grades and notably tough in higher mint state.

How To Authenticate An 1895 Morgan Dollar

Measurements: about 26.73 g and 38.1 mm with a reeded edge. Outliers are a warning sign.
Metal and magnet: silver is non-magnetic. Specific gravity should be near 10.49.
Look and sound: a clean silver ring on the ping test, sharp denticles and letter points from a struck coin rather than porous casting.
Design accuracy: verify portrait, stars, date style, and mintmark placement against known diagnostics.
Certification: for meaningful sums, use third-party grading such as PCGS or NGC. CAC approval can support quality within grade.

Collecting The 1895 Morgan Dollar

Focused type: choose an attractive 1895-O or 1895-S with original skin and solid strike.
Proof trophy: for Philadelphia, prioritize eye appeal and contrast, then the number on the label.
Set building: assembling P proof, O, and S is a sophisticated goal; upgrade patiently when superior pieces appear.

What Drives 1895 Morgan Dollar Value: Mint, Mintage, And Condition

Value is a function of three forces. Mint determines baseline scarcity, with Philadelphia proof only in 1895. Mintage and survival tighten supply, especially after melts and circulation wear. Condition multiplies value at every step from VF to MS, and superior eye appeal often outruns the grade.

Final Word On The 1895 Morgan Dollar

The 1895 Morgan Dollar is rare for structural reasons tied to policy, production, and survival. Approach it like any high-value tangible asset: authenticate, verify strike and surfaces, and buy the specific coin that tells the strongest story. That is how you balance numismatic satisfaction with sound financial judgment on the King of Morgans.