1878 Morgan Silver Dollar. 7 Tailfeathers. Reverse of 1878. Proof-64 Cameo (PCGS).
This is an outstanding Choice Cameo Proof Morgan dollar from an often overlooked issue. Both sides have razor sharp striking detail and softly frosted design elements. The fields, on the other hand, are set apart with a deeply mirrored finish. The entire package is framed in lovely iridescent peripheral toning of reddish-gold. This lovely specimen represents an important bidding opportunity for astute Morgan dollar enthusiasts. This is a challenging issue from the first year of the design type. The 1878 7 Tailfeathers, Reverse of 1878 is the second variant of Proof Morgan dollar struck, although Mint records are not clear on exactly how many pieces were produced. The Guide Book follows conventional numismatic wisdom and provides a mintage figure of 250 coins for the Proof 1878 7 Tailfeathers. That figure, derived from combining the 200 Proofs struck on March 26, 1878 with the 50 Proofs delivered on November 8, 1878, includes both the Reverse of 1878 and Reverse of 1879 hub varieties. Based on the relative rarity of the two varieties, many numismatists have accepted a neat division of this mintage into 200 coins for the Proof Reverse of 1878 and 50 coins for the Proof Reverse of 1879. Writing in the 1993 reference Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia, Q. David Bowers observes, "However, the number of extant specimens [for the Proof Reverse of 1878] is sufficiently high that I believe the mintage was at least 250 to 300, which means that the March 26 delivery would not have sufficed." Earlier authors on the subject agreed, Wayne Miller ( The Morgan and Peace Dollar Textbook ) estimating that 450 to 475 Proofs of this variety were produced. The Reverse of 1879 is certainly far rarer than the Reverse of 1878 in this format, so whatever the actual mintage may have been - a portion of which does not seem to have been recorded by Mint personnel at the time - it is obvious that the majority of Proof 1878 7 Tailfeathers dollars struck were of the latter variety. This is still a scarce issue by Proof Morgan dollar standards, although that fact is not widely recognized. The Proof 1878 7 Tailfeathers, Reverse of 1878 is rarer than the 1878 8 Tailfeathers in this format, and it is far rarer than the 1895 which, as a Proof-only issue, garners more attention among collectors. For astute numismatists specializing in Proof Morgan dollars, this coin would be a highlight in any cabinet.
PCGS# 87312. NGC ID: 2573.
PCGS Population: 10; 10 finer in this category (Proof-66+ Cameo finest).

Estimate: $12400