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The 1878-S Morgan Silver Dollar holds a distinguished place in American numismatics as the first Morgan Dollar struck at the San Francisco Mint and one of the inaugural issues of the entire series. This specific example, certified MS64 by PCGS or NGC and approved by CAC (Certified Acceptance Corporation), represents a high-quality coin with both aesthetic beauty and historical importance. The San Francisco Mint had a long-standing reputation for producing coins of superior strike quality, and the 1878-S issue is no exception. As one of the earliest Morgan Dollars, the 1878-S is widely sought after by collectors pursuing either type sets, full Morgan date-mintmark sets, or examples of early, high-grade silver dollar artistry. Its CAC endorsement adds further desirability by verifying its superior eye appeal and technical quality within the assigned grade.
Designed by George T. Morgan, the Morgan Dollar series was first minted in 1878 following the passage of the Bland-Allison Act, which mandated the Treasury to purchase large amounts of silver and strike it into coinage. Morgan, an English engraver newly hired by the U.S. Mint, brought a fresh approach to American coin design. The obverse features a left-facing portrait of Liberty wearing a Phrygian cap adorned with cotton and wheat, symbolizing the agricultural strength of the nation. The inscriptions “E PLURIBUS UNUM” and “1878” circle the obverse, along with thirteen stars representing the original colonies. The reverse presents a heraldic eagle with wings outstretched, holding an olive branch and arrows in its talons. Above the eagle is the motto “IN GOD WE TRUST,” while “UNITED STATES OF AMERICA” and “ONE DOLLAR” encircle the reverse rim. The “S” mintmark, located below the wreath, denotes its origin at the San Francisco Mint.
The 1878-S Morgan Dollar had a mintage of 9,774,000 coins, making it one of the more widely available issues from the first year of the series. However, many of these coins entered immediate circulation and were subject to wear and mishandling. Surviving examples in higher Mint State grades, especially MS64 and above, are significantly scarcer. The San Francisco Mint was renowned for the consistency of its coinage, and 1878-S Morgans often exhibit strong strikes with excellent detail in Liberty’s hair and the eagle’s breast feathers. Despite the relatively high mintage, premium examples like this MS64 CAC-certified piece are highly sought after by collectors who appreciate both condition and provenance.
The MS64 grade, or Mint State 64, places this coin in the upper echelon of uncirculated condition. Coins graded MS64 display full mint luster, sharp design details, and only minor contact marks, typically visible in the fields or on the high points of the design. The surfaces of an MS64 coin retain their original brilliance and should exhibit attractive cartwheel luster when tilted under light. This level of preservation suggests the coin saw no circulation and has been stored carefully over the past 140+ years. Eye appeal plays a major role at this grade level, and MS64 coins are often selected by advanced collectors seeking coins that balance quality with relative affordability.
The CAC (Certified Acceptance Corporation) approval is an important and valuable addition to this coin's certification. CAC reviews previously graded coins and awards a green sticker only to those that meet or exceed the strictest standards for quality within their grade. An MS64 Morgan Dollar that earns the CAC green sticker must exhibit superior luster, minimal marks, and strong eye appeal—traits that distinguish it from average coins of the same numeric grade. The presence of a CAC sticker boosts the coin's marketability and value, as many collectors and dealers are willing to pay a premium for CAC-approved pieces due to the added assurance of excellence.
From a visual standpoint, the 1878-S Morgan Dollar in MS64 condition with CAC approval is expected to be a striking coin. The fields should be bright or softly frosted with vibrant cartwheel luster, and the devices should be sharply struck, particularly Liberty’s hair above the forehead and the eagle’s breast and wing tips. Toning may be present, ranging from light champagne hues to subtle blue and violet overtones around the rims—features that can greatly enhance a coin’s visual appeal. The coin’s surfaces should be largely free of significant abrasions or distractions, with only small, well-distributed marks permissible within this grade level.
In terms of strike quality, the 1878-S Morgan Dollar generally fares better than its Philadelphia and Carson City counterparts. San Francisco’s equipment and striking practices produced coins with better-defined details, making 1878-S issues a favorite among collectors for early type representatives. In MS64 condition, this coin will show those finer strike characteristics, with crisp delineation in the eagle’s wings and shield, as well as clarity in Liberty’s wreath and facial features. Coins from this mint are also less likely to suffer from die fatigue or weak center strikes, further elevating their status in the series.
The historical context of the 1878-S Morgan Dollar also adds depth to its numismatic appeal. The Morgan Dollar program began in response to Western mining interests and the political push to remonetize silver after its demonetization in the Coinage Act of 1873. The Bland-Allison Act of 1878 mandated the Treasury to purchase and coin large quantities of silver each month, much of which came from Nevada and other western mines. The San Francisco Mint, strategically located to serve this burgeoning silver supply, played a crucial role in producing the new silver dollars. The 1878-S issue represents the west’s early involvement in this significant coinage endeavor and remains a tangible link to the economic and political forces of the Gilded Age.
For collectors, the 1878-S Morgan Silver Dollar in MS64 with CAC approval represents an outstanding blend of history, condition, and desirability. It serves as both an early date and a branch mint issue, two factors that typically enhance long-term value. The coin’s superior preservation and eye appeal, coupled with CAC’s confirmation of its quality, ensure it stands out even among other Mint State examples. Collectors building Morgan Dollar date sets or pursuing only premium CAC-certified examples will find this coin a highly desirable addition. It is also well-suited for inclusion in type sets, 19th-century collections, or investment portfolios focused on historic U.S. silver coinage.
In conclusion, the Certified 1878-S Morgan Silver Dollar MS64 CAC is a top-tier representative of one of America’s most iconic coin series. It boasts a strong strike, excellent luster, minimal abrasions, and verified above-average quality for its grade. With its San Francisco origin, first-year status, and CAC endorsement, it checks every box for collectors seeking both beauty and historical resonance. Whether admired for its artistic merit, its condition, or its significance as a product of 19th-century America, this coin is a standout in any advanced Morgan Dollar or classic U.S. silver collection.