1887 Morgan Silver Dollar (Proof)
Every year from 1878 through 1904, and again in 1921, the Philadelphia Mint struck a limited number of Proof Morgan Silver Dollars specifically for collectors. These were not coins intended to circulate; they were specially prepared specimens with mirror-like fields and frosted design elements, produced with care and sold through the Mint's Proof set program. The 1887 Proof Morgan Dollar is among the more available dates in the Proof series, with a mintage that makes it accessible to serious collectors, and its quality reflects the finest coining practices of the Gilded Age mint.
The Proof Production Process
The mint prepared Proof coins through several special steps that distinguish them from circulation strikes:
Die preparation: The dies used for Proof coinage were polished to a mirror finish, particularly in the field areas. The raised design elements were sometimes treated to create a "frosted" matte appearance that contrasts with the reflective fields.
Planchet preparation: Planchets for Proof coinage were specially selected, polished, and handled carefully to ensure surface quality before striking.
Multiple strikes: Proof coins were typically struck multiple times with the dies to ensure full detail and to develop the deepest possible mirror fields.
Careful handling: After striking, Proof coins were handled individually with cotton gloves and placed in tissue or protective packaging.
The result is a coin that looks fundamentally different from a mint state circulation strike: the mirror-like fields create a visual contrast with the design elements that is immediately apparent.
The 1887 Proof
The 1887 Proof Morgan Dollar was struck at Philadelphia in the standard Proof production run. The mintage was 710 pieces, which is a moderate production for this series. Some years had lower mintages; others had higher.
For context, common date Proof Morgans like the 1887 occupy the middle tier of the Proof series. They are available enough to acquire through patient collecting, but scarce enough to reward that patience with a genuinely distinctive coin.
Cameo and Deep Cameo Designations
PCSG and NGC both offer elevated designations for Proof Morgan Dollars where the contrast between the frosted device elements and the mirror fields is particularly strong:
Cameo (CAM): Visible frosting on the devices with good contrast against the mirror fields Deep Cameo (DCAM) / Ultra Cameo (UC): Exceptional, stark contrast between frosted devices and deeply mirrored fields
These designations add substantial value at any grade level. A PR65 Deep Cameo commands far more than a standard PR65.
Value Guide
| Grade | Estimated Value (Standard) | With Deep Cameo |
|---|---|---|
| PR-60 | $500-$700 | N/A |
| PR-62 | $700-$1,000 | N/A |
| PR-63 | $1,000-$1,500 | $1,500-$2,500 |
| PR-64 | $1,500-$3,000 | $3,000-$6,000 |
| PR-65 | $3,000-$6,000 | $6,000-$15,000 |
| PR-66 | $5,000-$10,000 | $12,000-$30,000 |
| PR-67 | $10,000-$20,000 | $25,000-$60,000 |
PCSG auction records show PR65 examples trading around $3,995-$5,750, confirming the value range for this grade tier.
Condition Factors
Proof coins are graded differently than circulation strikes, with specific attention to:
Hairlines: The polished mirror surfaces show hairlines from cleaning or improper wiping very clearly. Hairlines are the most common reason for grade reductions on Proof coins.
Contact marks: Any contact between the coin and other surfaces creates visible marks against the mirror field. Even minor handling leaves traces.
Cameo quality: The frosting on original 1887 Proof Morgans ranges from minimal to excellent. Finding examples with strong deep cameo contrast in high grades is genuinely challenging.
Cleaning history: Many old Proof coins were cleaned at some point, which creates subtle or obvious hairlines. PCGS and NGC do not grade harshly cleaned coins in standard holders.
Collecting Proof Morgans
Building a Proof Morgan Dollar collection by date is a meaningful long-term collecting project. The series spans 1878-1904 plus 1921, with some dates significantly rarer than others. The 1887 is a reasonable acquisition for a date set collector, available in PR-60 to PR-65 grades with relative regularity.
For type collectors, a single Proof Morgan in PR-63 to PR-65 represents a genuinely beautiful specimen coin that demonstrates nineteenth-century American coinage at its finest.
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