The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993)
Coinage Context
A new source of silver: The Act of March 3, 1891 directed the secretary of the Treasury to, "as soon as practicable, coin into standard silver dollars the trade dollar bullion and trade dollars now in the Treasury, the expense thereof to be charged to the silver profit fund."!
Conversion of trade dollar bullion to Morgan dollars took place at the Philadelphia and New Orleans mints. Under the Summary of Characteristics listings for 1891 and 1891-O, the specific numbers for mintages under various acts are given.
The Annual Report showed that 1,543,856 1891 Philadelphia Mint dollars and 3,534,6161891-O dollars were struck from reclaimed trade dollar bullion, totaling 5,078,472. These were not specifically identified as to varieties and were mixed with 1891 and 1891-O coinage struck from metal purchased under the Sherman Silver Purchase Act of 1890.
Numismatic Information
Hoard coins: The Federal Reserve released many bags of these in 1954-1955 and again in the late 1950s and very early 1960s (before the massive releases of 1962-1964). There were so many that Harry J. Forman reported that virtually every bank in Philadelphia was loaded with them, and that they were by far the most common dollar date available. The 1891 dollar was not represented in quantity among the dollars released in 1962-1964. By that time, most had been dispersed. Many had acquired light wear and had slipped into the "slider" category. By the mid-1960s the supply had been absorbed by the public and by investors, and the 1891 was no longer considered to be among the most common dates. (The ability of the American public to absorb vast quantities of collectibles has never ceased to amaze me• witness the countless millions of limited-edition silver medals sold by the Franklin Mint in the late 1960s and 1970s.)
Circulated grades: In worn grades the 1891 dollar is not among the commonest dates in the Morgan series, but it is still quite plentiful.
Mint State grades: Striking of 1891 Philadelphia Mint dollars varies from flatly struck to excellent, with the typical coin being in the poorly struck category. While sharply struck, frosty, lustrous coins exist, these are few and far between, especially in higher levels. Some coins have poorly struck obverses and sharp reverses; others have sharp obverses and weak reverses. Most coins have average to below average lustre. As so many die pairs were used to strike 1891 dollars, no single rule applies to all coins. Cherrypicking is strongly advised.
In 1982, Wayne Miller wrote this: "A mediocre bag from a Pennsylvania hoard was sold to one investor in 1979. This date is unpopular at all Mint State levels short of superb gem." John Highfill estimated that the Redfield hoard contained one or more bags of MS-60 and MS-61 coins.
In the late 1980s, Boston dealer Lee J. Bellisario told me that he liked this date, considered it to be a sleeper, and in several months of looking had not been able to find many high-grade pieces. Indeed, the elusive quality of truly high-grade 1891 dollars, such as MS-65, is borne out by high market listings.
Varieties
Circulation strikes:
1. Normal date: Breen-5619. Some obverses have closed 9; others (date heavily repolished or die lightly logotyped) open 9.
2. Doubled Ear: Breen-5620, VAM-2. Originally considered to be scarce by VAM, the variety is now considered to be fairly plentiful; late state, VAM-2A, break below nose, is scarcer.
Dies prepared: Obverse: Unknown; Reverse: Unknown
Product Identifiers
Designer
George T. Morgan
eBay Product ID (ePID)
170429076
Product Key Features
Strike Type
Business
Mint Location
Philadelphia, Pennsylvania, Philadelphia
Composition
90% Silver, 10% Copper
Year
1891
Dimensions
Weight
26.73g
Additional Product Features
Mintage
8693556
EDGE
Reeded
Mint
Philadelphia
Denomination
$1
PCGS Number
7204
Diameter
38.1mm
Mint Mark
P
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