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Specimen 1878-S Morgan slabbed by PCGS

In the first year of striking Morgan silver dollars, did the San Francisco Mint make special coins for dignitaries?

It looks like the answer is a strong “yes” from information provided by the Professional Coin Grading Service.

PCGS says it has authenticated and certified the only known specimen strike 1878-S silver dollar.

It is very well preserved.

It is graded SP65.

It is the VAM 58 variety.

“I knew it was special the moment I laid eyes on it,” said the coin’s owner, an East Coast collector who bought it in 2006 and wants to remain anonymous.

Every collector would agree the coin looks amazing.

In the words of PCGS’ Don Willis, “When this coin was submitted to us at the June Long Beach Expo, we instantly knew it was something special. After careful analysis, we are pleased to designate it as a Specimen!”

It is the earliest-known specially struck branch mint Morgan dollar, according to PCGS.

This alone makes the coin special.

But it is the historical background that helps make the case that it truly is a specimen strike.

PCGS said, “One of the dignitaries attending the April 1878 first strike ceremony for Morgan dollars at the San Francisco Mint was former California Governor Frederick Low, who was given the second coin struck.”

The Morgan dollar was authorized to help soak up surplus supplies of silver from Western mines.

Low would have been aware of the coin’s importance to the California and Nevada economies. It would have been a coin worth keeping.

He moved to Hawaii in 1882 and became a banker there.

This coin has an unbroken pedigree to the 1880s, PCGS said, when it was the property of Bishop & Co. Bank in Honolulu, Hawaii, and then acquired by Samuel Mills Damon of Honolulu, a partner in Bishop’s Bank.

It remained in the Damon estate for more than 120 years until it was offered at auction by Doyle New York in 2006.

It was described by the auction house as “1878-S, Morgan Dollar. Brilliant coin, possibly a presentation piece….”

Is this the Low coin?

“The forensics for this coin are overwhelming,” said Willis. “It has a medallic strike from fresh, new dies of the correct variety, it’s fully struck with square rims and with prooflike surfaces, there are no reeding marks, and no clash marks as found on other coins of this variety struck later.”

In other words, it is not some random “S” mint coin from the pocket of a sailor on shore leave.

The current owner’s thoughts in 2006 when he acquired the dollar coin were expressed this way:

“It looked like a zebra among horses. Just too well made, it was struck like a Philadelphia Mint proof, and had obviously been handled with kid gloves.”

One last bit of information supplied by PCGS is the San Francisco Mint “has a history of creating special strikes, such as a specimen 1854-S $20 gold coin and an 1855-S proof $3 gold coin, both of which marked the beginnings of minting those denominations in San Francisco.”

This mint had the means to do it again in 1878.

Does this make this beautiful 1878-S dollar the Low coin?

We will never have 100 percent certainty, but this PCGS research is good enough for me.

How about you?

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper “Numismatic News.”

 

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One Response to Specimen 1878-S Morgan slabbed by PCGS

  1. PBJ says:

    We will never have 100% certainty, and after speaking to most of my coin collecting friends, the consensus is that the PCGS determination is good enough for them too. But there are some big red flags and questions that I have that I would like answered before I accept this coin as what it is perported to be.
    So the story goes that this was the second Morgan dollar struck at the San Francisco Mint at a first strike ceremony where the coin was presented to former California Governor Low. So one would imagine that he would know how important and valuable the coin was. Low moves to Honolulu where the coin is said to, in the early 1880’s, have become the property of the Bishop & Co. Bank in Honolulu. A partner in the bank, Samuel Mills Damon obtains the coin and keeps it in his collection where it stays for 120 years. One would assume that he also understood the importance and value of the coin based on its history, and that information would be connected to the coin, and be known by Damon’s estate even after 120 years.
    So looking at the 2006 auction information for that coin from the Damon estate, viewable today on the Doyle.com website, this is what you will find:
    “Lot 2596
    1878 S, Morgan Dollar
    Brillant coin, possible a presentation piece, with light overall frosty gray tones and subtle reddish-orange hues.
    Choice UNC.
    Estimate: $300 – $400
    Unsold”
    How could a coin of that significance be listed as “a possible presentation piece” with an estimated sale price between $300 – $400, and then show as Unsold? Red flag one.
    If you look very carefully at the images of the coin in the auction, (although they are extremely poor), and compare them to the images of the PCGS certified coin, there are numerous notable differences. Although you may find points of comparison that are consistent, I found many more that are inconsistent and cannot be blamed on focus and lighting. Red flag two.
    If the purchaser, who is currently anonymous and cannot be determined by publicly available auction records, purchased the coin in 2006 and (his words) “knew it was special the moment I laid eyes on it”, why did he wait 12 years to have it graded? Red flag three.
    If I were forced to put money on whether or not PCGS got it right, I’d bet on PCGS.
    If the coin was the second coin struck, using a new die, then presented to the former Governor and changed hands only four times, why was it graded only 65? Red flag four?
    Although it would be interesting to know how the coin auctioned by Doyle’s in 2006 was confirmed to be the second struck Morgan given to Low. Why didn’t the pedigree follow the coin to auction? Was it absolutely confirmed that the coin in that auction was purchased by the person who presented it to PCGS? How was it determined that the coin presented to PCGS is the exact coin from the auction? All of these questions are probably easily answered, but it’s an odd story to just accept on face value.

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