The item referenced is a United States silver dollar minted in 1879 at the New Orleans Mint. Identified by the “O” mint mark on the reverse side, it is a specific variety of the Morgan silver dollar, a coin series that was produced from 1878 to 1904, and again in 1921. These coins contain approximately 0.7734 troy ounces of silver.
This particular coin holds importance for collectors and numismatists due to its historical context, silver content, and the distinctive characteristics of the New Orleans Mint’s output. The New Orleans Mint, one of several branches of the U.S. Mint, played a crucial role in producing coinage for the expanding nation, particularly during the late 19th century. Coins from this mint can exhibit unique striking qualities, adding to their desirability. The “O” mint mark signifies its origin and contributes significantly to its value and collectibility.
Understanding the significance of mint marks, silver content, and historical context is essential when appraising these coins. Factors such as condition, rarity, and the presence of errors contribute to the overall market value and desirability within the collecting community.
1. New Orleans Mint
The New Orleans Mint holds a significant position in the history of United States coinage, particularly regarding the 1879-O silver dollar. Its operations during the late 19th century directly impacted the production, distribution, and characteristics of this specific coin, making the mint a crucial element in understanding the coin’s historical and numismatic value.
-
Establishment and Function
Established in 1838, the New Orleans Mint served the Southern states, processing gold and silver resources into coinage. Its purpose was to facilitate commerce and support the growing economy. The mint’s existence and continued operation allowed for the large-scale production of silver dollars, including the 1879-O variety, which circulated widely throughout the country.
-
Coinage Production
The New Orleans Mint played a critical role in the production of Morgan silver dollars, including the 1879-O issue. Records indicate a substantial mintage for that year. These figures, along with the mint’s operating procedures, directly impacted the coin’s availability and its eventual rarity. Furthermore, the mint’s practices could sometimes result in variations or imperfections, which are now factors considered by collectors.
-
Mint Mark Significance
The “O” mint mark stamped on the reverse of the 1879 silver dollar serves as a direct identifier of its origin. This mark distinguishes it from coins produced at the Philadelphia, Carson City, or San Francisco Mints. The mint mark not only confirms its provenance but also influences its value. Coins from the New Orleans Mint often have a unique appeal due to historical associations and variations in striking quality.
-
Impact on Value and Collectibility
The New Orleans Mint’s association with the 1879-O silver dollar significantly affects its value and desirability among collectors. Factors such as the mint’s history, production numbers, and the condition of surviving coins all contribute to the coin’s market price. Coins with exceptional quality or unique characteristics related to the New Orleans Mint are often highly sought after by numismatists.
The New Orleans Mint’s role in producing the 1879-O silver dollar is inextricably linked to the coin’s historical significance and its value in the numismatic market. The mint mark serves as a constant reminder of its origin and the unique history associated with its production. Collectors consider this connection when assessing the coin’s overall appeal and potential investment value.
2. Morgan Dollar Series
The Morgan Dollar Series represents a significant era in United States coinage, and the 1879-O silver dollar occupies a specific place within that series. Understanding the broader context of the series is essential to fully appreciate the historical significance and numismatic value of this particular coin.
-
Historical Context and Legislation
The Morgan Dollar Series, authorized by the Bland-Allison Act of 1878, was a response to lobbying efforts by silver mining interests. The Act mandated the purchase of a substantial quantity of silver each month and its conversion into silver dollars. This legislative background directly influenced the minting of the 1879-O dollar, tying it to broader economic and political forces shaping the nation’s monetary policy.
-
Design and Production
The Morgan Dollar, designed by George T. Morgan, features Liberty on the obverse and an eagle on the reverse. The 1879-O dollar conforms to this design standard. Its production at the New Orleans Mint was part of the overall effort to fulfill the Act’s requirements. Variations in striking quality and die characteristics, often observed in New Orleans Mint coins, add to the diversity within the series, and affect the specific coin’s value to collectors.
-
Circulation and Redemption
Morgan Dollars, including the 1879-O, circulated throughout the United States. They were used in everyday transactions but also accumulated in bank vaults. The widespread circulation contributed to wear and tear, impacting the condition of surviving examples. Later, large quantities of Morgan Dollars were melted down or redeemed, affecting the rarity of certain dates and mint marks, including the 1879-O.
-
Collectibility and Value
The Morgan Dollar Series is highly popular among collectors, and the 1879-O is one of the key dates. Factors influencing its value include condition, rarity, and the presence of any unique features or errors. The coin’s status within the broader series contributes to its desirability, with collectors often seeking to assemble complete sets or focus on specific mint marks or varieties. The historical and artistic significance, coupled with intrinsic silver value, make it a staple in numismatic collections.
The 1879-O silver dollar is not merely an isolated artifact; it is a representative example of the Morgan Dollar Series, reflecting the economic, political, and artistic landscape of its time. Its value and collectibility are intrinsically linked to its role within the series, making understanding the series essential for anyone interested in this particular coin.
3. “O” Mint Mark
The “O” mint mark is a critical component in identifying and valuing a specimen of the 1879 silver dollar. This single letter, located on the reverse of the coin below the wreath, denotes that the coin was struck at the New Orleans Mint. Its presence is the direct and defining characteristic differentiating this specific variety from Morgan dollars minted in Philadelphia (which carries no mint mark), Carson City (“CC”), or San Francisco (“S”). Without the “O,” the coin is not an “1879 silver dollar o”; it is simply an 1879 Morgan dollar from a different mint, or a proof issue. A real-world example is the valuation difference: an 1879 Morgan dollar in MS65 condition might be worth $75, but an 1879-O in the same grade could be worth significantly more, depending on market demand and specific sub-variety characteristics. The mint mark confirms its origin, impacting both its historical context and numismatic desirability.
The practical significance of understanding the “O” mint mark extends to coin authentication and investment. Counterfeiters often attempt to add or alter mint marks to increase the perceived value of a coin. Therefore, collectors and investors must be able to accurately identify and verify the authenticity of the mint mark. This involves examining its shape, size, and placement, as well as scrutinizing the coin’s surface for any signs of alteration. Professional grading services like PCGS and NGC specialize in this type of authentication, providing a reliable assessment of a coin’s authenticity and grade.
In summary, the “O” mint mark is not merely an inconsequential detail; it is an essential identifier that defines the “1879 silver dollar o” and differentiates it from other Morgan dollars. Its accurate identification is crucial for authentication, valuation, and understanding the coin’s historical context. While counterfeiting presents a challenge, careful examination and professional grading services provide avenues for collectors and investors to navigate the market with confidence. The presence of the “O” irrevocably links the coin to the New Orleans Mint, conferring a unique historical narrative and contributing to its overall numismatic appeal.
4. Silver Content
The silver content of an 1879-O silver dollar is intrinsically linked to its inherent value and historical significance. The Morgan dollar, including the 1879-O issue, contains approximately 0.7734 troy ounces of silver. This standardized silver content was a direct result of the Bland-Allison Act of 1878, which mandated the government’s purchase and coinage of specific quantities of silver. Therefore, the intrinsic value of the “1879 silver dollar o” is fundamentally determined by the prevailing market price of silver. For example, if silver trades at $25 per ounce, the melt value (or bullion value) of the coin, disregarding its numismatic premium, would be approximately $19.34. This base value provides a foundational element in its overall market appraisal, influencing both collector interest and investment potential.
Beyond its intrinsic value, the silver content also played a critical role in the coin’s historical function. As legal tender, the “1879 silver dollar o” was intended to facilitate commerce, and its standardized silver content guaranteed a specific level of intrinsic worth in everyday transactions. This tangible connection to a precious metal instilled confidence in the currency and contributed to its wide circulation during the late 19th century. However, the varying silver prices during this period also led to debate and policy changes regarding bimetallism, highlighting the direct relationship between the coin’s silver content and broader economic issues of the time. The Coinage Act of 1965 effectively removed silver from circulating coinage, further emphasizing the historical importance of the silver content within the 1879-O.
In summary, the silver content of the “1879 silver dollar o” is not merely a compositional detail, but rather a foundational element that influences its intrinsic value, historical function, and collectibility. The value of this silver, combined with factors like the coin’s condition and rarity, establishes its overall market price. The inherent silver, as well as the historical context regarding silver coinage, contribute to the ongoing fascination with and demand for the “1879 silver dollar o” amongst collectors and investors. Appreciating this link is critical for any individual seeking to understand or invest in this piece of American monetary history.
5. Date and Variety
The date and variety of an “1879 silver dollar o” are critical factors influencing its value and collectibility. These aspects extend beyond simply recognizing the year of minting and involve a deeper understanding of die variations, production techniques, and other nuanced characteristics specific to the New Orleans Mint in 1879. Subtle differences can lead to significant variations in rarity and, consequently, market value.
-
Die Varieties
Die varieties occur when the working dies used to strike the coins are different from each other, often due to minor changes or repairs. Examples include repunched mintmarks (RPMs) where the “O” mintmark may have been punched more than once, creating a doubling effect. These variations are identifiable under magnification and can dramatically increase a coin’s value. For instance, an 1879-O with a prominent RPM could be worth several times more than a standard example.
-
Hub Varieties
Hub varieties stem from differences in the master hubs used to create the working dies. In 1878, there were two different hubs and there were attempts to use some in 1879. There are 1879-O dollars with the 1878 reverse, there are two variants, one with the parallel top arrow feather and the other the slanted top arrow feather. They are the standard of die varieties that a collector would pay to find
-
Proof vs. Business Strike
While the “1879 silver dollar o” primarily refers to business strike coins intended for circulation, it’s crucial to differentiate them from proof coins. Proofs are specially minted with superior detail and finish. While the New Orleans Mint did not produce proof Morgan dollars, understanding the characteristics of proofs helps in identifying potential alterations or counterfeits claiming to be proof examples. The value difference is immense: a business strike in average condition might be worth $30, while a genuine proof would be worth hundreds or thousands of dollars.
-
Toning and Surface Conditions
While not strictly a variety, the way the coin has aged and toned impacts desirability. Original, attractive toning (the natural oxidation of the silver surface) can increase a coin’s appeal and value. Artificial or unattractive toning, however, can detract from its worth. Similarly, the surface condition, including marks, scratches, and evidence of cleaning, significantly affects its grade and value. A coin with exceptional toning and a pristine surface will command a higher premium than one with damage or artificial treatment.
The date and variety aspects of the “1879 silver dollar o” go beyond a simple identification of the year and mint. Minute differences in die characteristics, hub variations, and surface conditions contribute to its overall value and collectibility. A comprehensive understanding of these subtle yet significant details is essential for numismatists seeking to accurately assess and appreciate this coin’s place within the broader landscape of American coinage.
6. Coin Condition
The physical condition of an “1879 silver dollar o” is a primary determinant of its market value. The degree of preservation directly reflects the amount of wear, damage, and environmental impact sustained over its existence, and subsequently dictates its placement on a standardized grading scale. Coins exhibiting minimal wear, retaining original mint luster, and lacking significant imperfections command substantially higher prices than those with heavy wear or damage. For example, an “1879 silver dollar o” graded as Mint State 65 (MS65) by a reputable grading service such as PCGS or NGC can be worth hundreds or even thousands of dollars, while a coin in Good (G) condition might only be worth its silver melt value plus a small premium. This dramatic difference underscores the fundamental importance of condition in assessing the coin’s overall worth.
The grading process itself is a meticulous evaluation performed by trained numismatists. Grading considers factors such as the amount of detail remaining in the design, the presence of scratches or abrasions, the originality of the surface, and the overall eye appeal. A coin’s grade is assigned based on standardized scales developed by numismatic organizations, ranging from Poor (P) to Mint State (MS). Determining an accurate grade requires expertise and experience, as subtle nuances can significantly impact the final assessment. Improper cleaning, for instance, can remove original luster and leave microscopic scratches, lowering the grade and, consequently, the value of an otherwise well-preserved coin. Similarly, environmental factors like oxidation can lead to toning, which may be considered attractive if it enhances the coin’s visual appeal, but can detract from its value if it’s uneven or disfiguring.
In conclusion, the condition of an “1879 silver dollar o” is not merely a superficial attribute but a critical factor influencing its market value and desirability among collectors. Professional grading provides a standardized assessment of condition, offering a degree of objectivity in a subjective market. Understanding the nuances of grading is essential for both collectors and investors seeking to acquire or sell these historic coins. While rarity and historical significance contribute to value, it is ultimately the physical condition that determines the coin’s placement within the numismatic hierarchy.
7. Rarity Factors
Several factors contribute to the rarity, and subsequently, the value, of an “1879 silver dollar o.” While the mintage figure provides an initial indication of scarcity, it is not the sole determinant. The number of coins surviving in various conditions, the presence of specific die variations, and the historical circumstances surrounding their distribution and preservation all play significant roles. For example, although millions of “1879 silver dollar o” coins were initially minted, large quantities were later melted down under the Pittman Act of 1918. This act reduced the number of surviving specimens, increasing the rarity, especially of higher-grade examples. The survival rate for coins from the New Orleans Mint is impacted by the quality of the Mint’s procedures at the time.
Furthermore, the specific variety of an “1879 silver dollar o” can greatly impact its rarity. As an example, the 1879-O Morgan Silver Dollar with the reverse of ’78. This is identified by the slanted arrow feather in the eagle’s tail, commands a significant premium over the regular business strike. Also impacted is the location of the mint mark. The effect of die variations on scarcity are due to the specific location of the mint mark. These factors contribute substantially to pricing. Understanding the specific varieties and their identifying characteristics is crucial for collectors and investors to accurately assess the potential value of a particular coin.
In summary, the rarity of an “1879 silver dollar o” is a multifaceted concept influenced by mintage figures, survival rates, historical events, and die varieties. Acknowledging these factors provides a more accurate understanding of a coin’s value and its place within the broader context of numismatics. The complexities involved necessitate careful study and often the expertise of professional numismatists for a reliable assessment of any individual specimen. These rarity factors ensure the long term value of coins.
8. Numismatic Value
The term “numismatic value” encapsulates the worth of an “1879 silver dollar o” beyond its intrinsic metal content. It is a complex valuation influenced by a confluence of historical, artistic, and market-driven factors. Understanding these factors is essential for collectors and investors seeking to assess the true value of this coin.
-
Grade and Condition
The coin’s physical state is paramount. An “1879 silver dollar o” in uncirculated condition with original mint luster will command a significantly higher numismatic value than a heavily worn example. Grading services like PCGS and NGC provide standardized assessments, and their assigned grades directly correlate with market prices. Minor imperfections, such as scratches or bag marks, can drastically reduce the numismatic value.
-
Rarity and Mintage Figures
The number of “1879 silver dollar o” coins initially produced, and the number estimated to survive today, are key determinants. Although millions were minted, many were later melted. Furthermore, specific die varieties, like the reverse of ’78, add to the complexity of assessing rarity and significantly impacting numismatic value. Scarcity drives demand, thereby increasing value.
-
Historical Significance
The “1879 silver dollar o” represents a specific period in United States monetary history. It was produced under the Bland-Allison Act, a politically charged law that mandated government purchases of silver. This historical context, coupled with the coin’s association with the New Orleans Mint, contributes to its numismatic value. The coin serves as a tangible link to the economic and political forces of the late 19th century.
-
Market Demand and Collector Interest
Numismatic value is ultimately determined by what collectors and investors are willing to pay. Demand fluctuates based on trends, collector preferences, and overall market sentiment. The Morgan dollar series, as a whole, enjoys considerable popularity, which supports the numismatic value of individual coins, including the “1879 silver dollar o.” Interest in completing sets, acquiring key dates, or owning examples from specific mints drives competition and, consequently, prices.
In summary, the numismatic value of an “1879 silver dollar o” is a multifaceted assessment that extends far beyond its silver content. It is a dynamic value, shaped by a complex interplay of condition, rarity, historical context, and market demand. Understanding these factors enables informed decisions for collectors and investors navigating the intricacies of the numismatic market.
9. Historical Context
The historical context surrounding the “1879 silver dollar o” provides crucial insights into its creation, distribution, and enduring value. Understanding the economic, political, and social factors influencing its production is essential for appreciating its significance within the broader narrative of United States history and numismatics.
-
The Bland-Allison Act of 1878
The Bland-Allison Act was pivotal in the creation of the “1879 silver dollar o.” Enacted in response to pressure from silver mining interests, the Act mandated the U.S. Treasury to purchase a substantial amount of silver each month and coin it into silver dollars. This legislation directly spurred the mass production of Morgan dollars, including the 1879-O variety. The political climate and lobbying efforts surrounding this Act directly shaped the existence and characteristics of the coin.
-
The Economic Impact of Silver Coinage
The large-scale silver coinage initiated by the Bland-Allison Act had significant economic repercussions. The influx of silver dollars into circulation impacted currency values and the balance between silver and gold standards. The “1879 silver dollar o” thus became a tangible representation of the economic debates and policies of the era. The coin’s role in facilitating commerce and its fluctuating value in relation to gold reflected broader economic trends and challenges.
-
The New Orleans Mint’s Role in Southern Economy
The New Orleans Mint, where the “1879 silver dollar o” was struck, played a vital role in the economy of the Southern states. The mint processed silver from Western mines and transformed it into coinage, facilitating commerce and economic development in the region. The presence of the “O” mint mark on the coin directly connects it to this specific regional history and the Mint’s influence on the Southern economy.
-
The Aftermath: Pittman Act and Melting
The historical context extends beyond the initial minting of the “1879 silver dollar o.” The Pittman Act of 1918 authorized the melting of millions of silver dollars, including many 1879-O examples, to provide silver for the war effort and stabilize currency. This event significantly reduced the number of surviving 1879-O coins, impacting their rarity and value. Understanding this later event is crucial for assessing the coin’s present-day scarcity and its status as a relic of a bygone era.
These historical facets, interconnected with the creation and subsequent fate of the “1879 silver dollar o,” provide a comprehensive framework for understanding its significance beyond its metal content. Its existence is inextricably linked to economic legislation, regional minting practices, and the evolving landscape of American monetary policy.
Frequently Asked Questions
The following questions address common inquiries regarding the 1879 silver dollar minted in New Orleans (designated as “1879 silver dollar o”). The responses aim to provide accurate and informative answers based on established numismatic knowledge.
Question 1: How can authenticity of an “1879 silver dollar o” be verified?
Authenticating an “1879 silver dollar o” requires a careful examination of several factors. The coin’s weight, diameter, and metallic composition should conform to established standards. The presence and clarity of the “O” mint mark, located on the reverse below the wreath, must be scrutinized. Suspect coins should be compared to known genuine examples and, if uncertainty persists, submitted to a reputable third-party grading service for professional authentication.
Question 2: What factors influence the value of an “1879 silver dollar o”?
The value of an “1879 silver dollar o” is determined by a combination of factors, including its condition (grade), rarity, and the prevailing market price of silver. Coins in higher grades (e.g., Mint State) command significantly higher premiums than those in circulated condition. Specific die varieties or errors can also impact value. Market demand and collector interest play a substantial role in shaping prices.
Question 3: What is the silver content of an “1879 silver dollar o”?
An “1879 silver dollar o” contains approximately 0.7734 troy ounces of silver. This standard silver content was mandated by the Bland-Allison Act of 1878, which authorized the mass production of silver dollars. The coin’s melt value is directly tied to the spot price of silver on the commodities market.
Question 4: What is the significance of the “O” mint mark on an “1879 silver dollar”?
The “O” mint mark indicates that the coin was struck at the New Orleans Mint. This distinction differentiates it from Morgan dollars produced at the Philadelphia (no mint mark), Carson City (“CC”), or San Francisco (“S”) Mints. The mint mark provides historical context and can influence the coin’s collectibility and value.
Question 5: What is the typical grading scale used for assessing an “1879 silver dollar o”?
The grading of an “1879 silver dollar o” follows a standardized numismatic grading scale, ranging from Poor (P-1) to Mint State (MS-70). This scale assesses the coin’s condition based on factors such as wear, surface preservation, and eye appeal. Professional grading services assign grades based on these criteria, providing a reliable measure of the coin’s quality.
Question 6: How does the mintage figure of the “1879 silver dollar o” impact its value?
While the “1879 silver dollar o” had a substantial mintage, the number of surviving coins in various grades influences its value. Large-scale melting under the Pittman Act of 1918 reduced the overall supply. High-grade examples of the 1879-O are relatively scarce, leading to higher premiums for well-preserved specimens. Mintage figures are considered alongside condition and demand when evaluating value.
These FAQs provide a foundation for understanding key aspects of the “1879 silver dollar o.” Further research and consultation with numismatic experts is recommended for informed collecting or investing decisions.
The next section will delve into collecting strategies for “1879 silver dollar o.”
Collecting Strategies
Acquiring examples of the 1879 silver dollar minted in New Orleans (designated “1879 silver dollar o”) requires a structured approach. Due diligence and an understanding of market dynamics are essential for building a valuable collection.
Tip 1: Establish a Budget: Determine the financial resources allocated for acquiring “1879 silver dollar o” coins. This will constrain purchasing decisions and prevent overspending. The budget should account for grading fees, storage costs, and potential fluctuations in market values. A predetermined limit ensures responsible acquisition practices.
Tip 2: Focus on Specific Grades: Decide whether to pursue circulated, uncirculated, or prooflike examples. Mint State (MS) coins generally command higher prices, while circulated examples offer affordability. Prioritizing a specific grade range focuses the search and optimizes investment.
Tip 3: Utilize Reputable Grading Services: Submit potential acquisitions to PCGS or NGC for grading and authentication. These services provide objective assessments of a coin’s condition and veracity. Encapsulation by these services enhances liquidity and market acceptance.
Tip 4: Research Die Varieties: Investigate the existence of known die varieties within the “1879 silver dollar o” mintage. These variations, such as repunched mintmarks or doubled dies, can significantly increase a coin’s value and rarity. Thorough research identifies potential investment opportunities.
Tip 5: Monitor Auction Records: Track auction results for “1879 silver dollar o” coins to establish fair market values. Auction records provide data on recent sales, condition, and prices realized. This information informs bidding strategies and prevents overpayment.
Tip 6: Seek Expert Consultation: Consult with experienced numismatists or coin dealers before making significant purchases. Their expertise can provide valuable insights into grading nuances, market trends, and authentication practices. Professional guidance mitigates risks and enhances collecting outcomes.
Tip 7: Prioritize Eye Appeal: Regardless of grade, select “1879 silver dollar o” coins that exhibit strong visual appeal. Attractive toning, sharp strikes, and minimal imperfections enhance the coin’s desirability and potential for long-term appreciation. Aesthetics contribute to the overall value proposition.
Consistent application of these strategies will allow for the responsible and optimized building of collections. Combining financial planning, grading awareness, and diligent research is highly likely to result in a comprehensive set.
The next section will summarize the previous topics in this article.
Conclusion
The exploration of the “1879 silver dollar o” has revealed its multi-faceted nature. The analysis has encompassed historical context, mint-specific production characteristics, the impact of silver content, grading intricacies, the significance of die variations, and elements influencing numismatic worth. The New Orleans Mint’s historical circumstances contribute substantially to the collectibility and valuation of specific issues and varieties. Appreciation for the “1879 silver dollar o” necessitates acknowledging the complex intersection of historical, economic, and artistic influences.
Ongoing market analysis and diligent research remain crucial for informed engagement within the numismatic community. Recognizing the historical weight and market factors affecting the “1879 silver dollar o” serves as a fundamental premise for responsible collection building and investment. The long-term appreciation of numismatic collectibles benefits from a thorough evaluation and understanding.
