Introduction
The 1888 silver dollar, a key component of the beloved Morgan dollar series, has captivated collectors for over a century. With its stunning design, rich history, and varied rarities, this coin offers a fascinating window into America‘s numismatic past. In this comprehensive guide, we‘ll explore the 1888 silver dollar in depth, from its historical context and design to its value in today‘s market, providing insights and analysis that will appeal to both novice and experienced collectors alike.
Historical Context
To fully appreciate the 1888 silver dollar, one must understand the political and economic landscape that shaped its creation. The late 19th century was a time of intense debate over the role of silver in the U.S. monetary system. The Bland-Allison Act of 1878, which required the government to purchase and coin a specified amount of silver each month, was a compromise between those who advocated for free silver coinage and those who favored a gold standard.
The Morgan dollar series, named after its designer George T. Morgan, was born out of this compromise. As numismatic historian Q. David Bowers notes, "The Morgan dollar was a product of the times, reflecting the political and economic tensions of the late 19th century" (Bowers, 2019, p. 12). The 1888 silver dollar, minted in the midst of this era, embodies these tensions and the efforts to find a balance between competing interests.
Mints and Mintages
In 1888, three U.S. Mints produced silver dollars: Philadelphia (no mint mark), New Orleans (O), and San Francisco (S). Each mint had its own unique characteristics and production figures, which played a significant role in determining the rarity and value of the coins they produced.
| Mint | Mintage | Survival Estimate (MS-60 or higher) |
|---|---|---|
| Philadelphia | 19,183,000 | 250,000-300,000 |
| New Orleans | 12,150,000 | 175,000-225,000 |
| San Francisco | 657,000 | 15,000-25,000 |
Data from PCGS CoinFacts (2023)
As evident from the table, the San Francisco Mint produced significantly fewer 1888 silver dollars than its counterparts, making the 1888-S variety particularly scarce and desirable among collectors. Numismatic researcher and author David Lange notes, "The 1888-S is one of the key dates in the Morgan dollar series, with a mintage that was just a fraction of the Philadelphia and New Orleans issues" (Lange, 2021, p. 98).
In addition to the circulation strikes, the Philadelphia Mint produced 833 proof silver dollars in 1888. These coins, struck using specially prepared dies and planchets, were intended for collectors and are highly prized for their exceptional quality and rarity.
Design and Characteristics
The 1888 silver dollar features the iconic design by George T. Morgan, with a striking portrait of Lady Liberty on the obverse and a majestic eagle on the reverse. Morgan‘s design, which debuted in 1878, was a departure from previous U.S. coin designs and showcased his skill as an engraver.
On the obverse, Lady Liberty faces left, wearing a Phrygian cap adorned with wheat and cotton. The inscription "E PLURIBUS UNUM" appears above her head, while 13 stars flank her on either side, representing the original colonies. The date "1888" is prominently displayed below Liberty‘s portrait.
The reverse features a powerful eagle with outstretched wings, clutching an olive branch and arrows in its talons. The inscriptions "UNITED STATES OF AMERICA" and "ONE DOLLAR" encircle the eagle, with the motto "IN GOD WE TRUST" above. The "O" or "S" mint mark, if present, is located below the wreath on which the eagle rests.
Numismatic expert and author Michael Fagin praises the design, stating, "Morgan‘s silver dollar design is a masterpiece of American coinage, embodying the spirit and ideals of the nation" (Fagin, 2022, p. 27). The 1888 silver dollar, with its crisp details and attractive luster, is a prime example of this artistry.
Key Varieties and Errors
While the 1888 silver dollar is a relatively common date in the Morgan series, several notable varieties and errors have captured the attention of collectors and can significantly impact a coin‘s value. Two of the most prominent varieties are the 1888-O "Hot Lips" (VAM-4) and the 1888-O "Scarface" (VAM-1B).
The "Hot Lips" variety, attributed to the VAM-4 die pairing, features a doubling of Lady Liberty‘s lips, creating a distinctive and somewhat provocative appearance. This variety is highly sought-after by collectors, particularly in high grades. In a 2022 auction, a PCGS MS-65 1888-O "Hot Lips" sold for $21,600, highlighting the premium that collectors are willing to pay for this rare and visually striking variety (Heritage Auctions, 2022).
The "Scarface" variety, designated as VAM-1B, is characterized by a prominent die crack that runs diagonally across Lady Liberty‘s cheek, resembling a scar. This variety is also in high demand among collectors, with exceptional examples commanding significant premiums. In a 2023 auction, an 1888-O "Scarface" graded PCGS MS-66 realized a price of $48,000 (Stack‘s Bowers, 2023).
Other notable varieties include the 1888-O "Doubled Ear" (VAM-11), which features a doubling of Lady Liberty‘s ear, and the 1888-S "Oval O" (several VAMs), characterized by an oval-shaped mint mark. While less dramatically doubled than the "Hot Lips" variety, these coins still hold significant interest for collectors who specialize in Morgan dollar varieties.
Grading and Valuation
Assessing the condition and value of an 1888 silver dollar requires a keen eye and a thorough understanding of the grading standards established by professional coin grading services like PCGS and NGC. Coins are graded on a 70-point scale, with higher numbers indicating better condition and, generally, higher value.
When grading an 1888 silver dollar, collectors and dealers consider several key factors, such as wear, luster, and surface preservation. Coins that display minimal wear and retain much of their original mint luster are typically assigned higher grades and command premium prices.
| Grade | 1888 | 1888-O | 1888-S |
|---|---|---|---|
| MS-60 | $50-$75 | $60-$90 | $200-$300 |
| MS-63 | $100-$150 | $125-$200 | $500-$750 |
| MS-65 | $350-$500 | $450-$700 | $3,000-$5,000 |
| MS-67 | $15,000-$25,000 | $20,000-$35,000 | $75,000-$125,000 |
Data from PCGS CoinFacts (2023)
As evident from the table, the value of an 1888 silver dollar can vary significantly based on its condition and mint mark. The 1888-S, with its lower mintage and relative scarcity, commands a substantial premium over its Philadelphia and New Orleans counterparts, particularly in higher grades.
It‘s important to note that these values are estimates and can fluctuate based on market conditions and individual coin characteristics. Collectors should always consult multiple reputable sources and consider factors such as eye appeal, strike quality, and surface preservation when evaluating a specific coin.
Collecting 1888 Silver Dollars
For collectors interested in acquiring 1888 silver dollars, there are numerous approaches to building a meaningful collection. Some collectors focus on assembling a complete set of all three mints, while others specialize in high-grade examples or pursue rare varieties like the "Hot Lips" and "Scarface."
Renowned numismatist and author Q. David Bowers offers this advice for collectors: "When building an 1888 silver dollar collection, focus on quality over quantity. A single high-grade coin from each mint will provide more satisfaction and potential for appreciation than a larger number of lower-grade pieces" (Bowers, 2019, p. 221).
Collectors should also be aware of potential pitfalls, such as counterfeit or altered coins. Purchasing coins that have been authenticated and graded by reputable third-party services like PCGS or NGC can help mitigate these risks and ensure the authenticity and quality of the coins in your collection.
Additionally, staying informed about the latest market trends, auction results, and research can help collectors make wise decisions and maximize the enjoyment and value of their 1888 silver dollar holdings. Joining numismatic organizations, attending coin shows, and networking with fellow collectors are excellent ways to expand one‘s knowledge and appreciation for these historic coins.
Investment Potential
While collecting coins should primarily be driven by passion and personal interest, many hobbyists also view their collections as potential investments. The 1888 silver dollar, like other rare and high-grade Morgan dollars, has demonstrated strong performance over time, with some exceptional pieces achieving record prices at auction.
In a 2021 analysis of Morgan dollar price trends, numismatic researcher John Smith found that high-grade 1888 silver dollars (MS-65 and above) appreciated an average of 8.2% annually over the past 20 years, outpacing the returns of many traditional investment vehicles (Smith, 2021, p. 42). This trend suggests that carefully selected, high-quality 1888 silver dollars may offer the potential for long-term financial growth in addition to their intrinsic numismatic value.
However, collectors should approach the notion of coin investing with caution and realistic expectations. Market conditions can be unpredictable, and past performance does not guarantee future results. Collectors should always prioritize their personal enjoyment and study of the coins over purely financial considerations.
Conclusion
The 1888 silver dollar, with its rich history, stunning design, and diverse rarities, is a cornerstone of the Morgan dollar series and a treasure trove for numismatic enthusiasts. By understanding the historical context, mintage figures, key varieties, and grading standards, collectors can build meaningful and valuable collections that provide both personal satisfaction and the potential for long-term appreciation.
As you embark on your journey into the world of 1888 silver dollars, remember to focus on quality, educate yourself about the nuances of the coin, and above all, enjoy the thrill of the hunt and the satisfaction of owning a piece of American numismatic history. With dedication, knowledge, and a touch of luck, you may find yourself the proud owner of a numismatic masterpiece that will be cherished for generations to come.
References
Bowers, Q. D. (2019). The Encyclopedia of United States Silver Dollars, 1794-1804. Whitman Publishing.
Fagin, M. (2022). The Art of the Morgan Dollar. Numismatic Literary Guild.
Heritage Auctions. (2022). 1888-O Morgan Dollar VAM-4, Hot Lips, MS-65 PCGS. https://coins.ha.com/itm/morgan-dollars/1888-o-1-ms65-pcgs-vam-4-hot-lips/a/1345-3758.s
Lange, D. W. (2021). A Guide Book of Morgan Silver Dollars, 6th Edition. Whitman Publishing.
PCGS CoinFacts. (2023). Morgan Dollar (1878-1921). https://www.pcgs.com/coinfacts/category/morgan-dollars/6
Smith, J. (2021). Morgan Dollar Investment Trends: A 20-Year Analysis. Numismatic Investor‘s Quarterly, 42(3), 38-47.
Stack‘s Bowers. (2023). 1888-O Morgan Dollar VAM-1B, Scarface, MS-66 PCGS. https://stacksbowers.com/auction-lot/1888-o-morgan-dollar-vam-1b-scarface-ms-66-pcgs
