US Coins

Almost $100k for Morgan dollar: Market Analysis

One of the finest known 1895 Morgan dollars, graded Proof 67 Ultra Cameo, approached a six-figure price at Heritage’s Jan. 6 FUN auction and led the Kling consignment.

Below is one of three segments from Steve Roach highlighting Proof coins from January's FUN auction:

In a general sense, the market has cooled recently for 19th century Proof type coins, though key issues remain popular with buyers. Heritage’s Jan. 6 to 11 auctions held during the Florida United Numismatists show in Tampa included an important collection of these generally gorgeous and low-mintage coins. The Kling Family Collection of Proof coins was put together over many years and here are three coins from that collection that showcase the diversity of the Kling Collection and the market for 19th century Proof coins.

The Coin:
1895 Morgan dollar, Proof 67 Ultra Cameo

The Price:

The Story:

The top lot of the Kling Collection was a top example of the rare Proof-only 1895 Morgan dollar. Graded Proof 67 Ultra Cameo by Numismatic Guaranty Corp., it sold for $96,937.50 on Jan. 6. The Proof 1895 Morgan dollar is definitely not a type coin, and instead is collected alongside circulation strike Morgan dollars since no Philadelphia Mint 1895 Morgan dollars are known. It’s likely that no 1895 dollars were struck for circulation, with a reported mintage of 12,000 being a possible accounting error referencing coins of a different date.

Just 880 Proof 1895 Morgan dollars were struck and many have since been damaged, spent or cleaned. On the Kling example, Heritage called it “unquestionably one of the finest 1895 dollars extant.” The brilliant and bright dollar had last sold at a 2011 Heritage auction for $89,125.

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