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The Certified 1884-S Morgan Silver Dollar graded XF45 by NGC is a highly collectible and historically significant example from one of the most elusive issues in the entire Morgan dollar series. Though this San Francisco Mint coin had a moderately high mintage, its extreme rarity in Mint State and scarcity even in higher circulated grades makes it a standout in any collection. The XF45 designation from NGC confirms that the coin has moderate wear consistent with its grade, yet still retains sharp details, strong visual appeal, and original surfaces, making it an excellent representative of a key conditional rarity within the Morgan series.
The Morgan dollar, designed by George T. Morgan, was produced from 1878 to 1904 and again briefly in 1921. The series features a classical left-facing bust of Liberty on the obverse, adorned with a Phrygian cap, a headband inscribed “LIBERTY,” and agricultural elements like wheat and cotton. The reverse shows a heraldic eagle with wings spread, clutching arrows and an olive branch, and surrounded by a laurel wreath. “UNITED STATES OF AMERICA,” “IN GOD WE TRUST,” and “ONE DOLLAR” are inscribed around the design. The 1884-S fits within the earlier period of Morgan production and was struck at the San Francisco Mint, identified by the “S” mintmark below the wreath on the reverse.
The obverse of this 1884-S example in XF45 condition retains much of its original detail despite showing light wear on the high points. Liberty’s facial features, hair, and cap are still well-defined, and the word “LIBERTY” on the headband remains legible. The fields show light smoothing from circulation, but there is no heavy wear, damage, or cleaning, and NGC’s certification confirms the coin’s originality. Rims are complete, and the denticles are mostly intact, while the fields exhibit a subdued but pleasing silver-gray tone consistent with careful handling over time.
The reverse displays the spread-winged eagle with ample feather detail still visible on the wings, legs, and tail. Wear is moderate on the breast and high points of the wreath, but the talons and arrow shafts remain clearly outlined. The motto “IN GOD WE TRUST” is fully legible above the eagle, and the “S” mintmark is crisp and unaltered. Overall, the reverse retains strong definition and balances well with the obverse, making this coin particularly attractive within its grade tier. Collectors value XF45 coins for this combination of completeness and affordability, especially when original surfaces and a lack of cleaning are confirmed by a respected third-party grader like NGC.
The 1884-S Morgan dollar had a recorded mintage of 3,200,000 coins, which was not unusually low for the series. However, the vast majority of these coins entered circulation and were heavily used, especially in the western United States, where silver dollars remained a primary medium of exchange. Very few were set aside in mint bags, and as a result, Mint State examples are exceedingly rare. In fact, the 1884-S is considered one of the greatest conditional rarities in the Morgan dollar series—far scarcer in Mint State than even famous key dates like the 1893-S. Only a tiny number of uncirculated pieces exist, and even AU examples command significant premiums.
For collectors unable or unwilling to pursue the extremely costly Mint State or About Uncirculated examples, XF45 represents a highly desirable compromise. At this level, the coin still shows most of its original design elements, along with natural wear that reflects honest circulation. The coin remains attractive and collectible, free from the deep abrasions or distracting flaws found on lower-grade specimens. XF45 is also a logical target for those building a complete date-and-mintmark Morgan dollar set, as the 1884-S must be included but often stretches collector budgets when found in higher grades.
NGC’s certification assures the coin’s authenticity and grade, and its encapsulation provides long-term protection and added market confidence. As one of the top two grading services globally, NGC’s XF45 grade ensures the coin falls just below the threshold of About Uncirculated, with full rims, bold legends, and strong eye appeal. The coin may exhibit soft toning or a light silver patina, depending on its storage history. Some XF coins also show faint traces of luster in protected areas, especially around the devices, which adds further appeal.
While not a major VAM (Van Allen–Mallis) variety, the 1884-S is heavily pursued by Morgan specialists due to its conditional rarity. Collectors who focus on San Francisco Mint coins also seek this issue, given the mint’s reputation for producing high-quality coins in other years. The scarcity of high-grade survivors from 1884 makes this issue a linchpin in both regional and complete sets. In XF45, it’s a coin that can be appreciated both for its beauty and for the story it tells about 19th-century coinage and commerce in the American West.
Because the 1884-S is such a key conditional rarity, it sees demand from all corners of the hobby—type collectors, Morgan dollar enthusiasts, and investment-minded buyers alike. Even as market conditions fluctuate, the coin holds strong long-term value, particularly in original, certified examples like this one. Collectors appreciate the opportunity to acquire the date in a certified, problem-free XF grade, as many raw coins on the market may be cleaned, damaged, or misattributed. NGC’s holder eliminates that uncertainty and affirms the coin’s legitimacy and stability as part of any collection.
The Certified 1884-S Morgan Silver Dollar graded XF45 by NGC is an outstanding mid-grade representation of one of the most conditionally rare and important issues in the Morgan dollar series. With sharp remaining detail, attractive toning, and verified originality, it offers an ideal solution for collectors seeking this date without venturing into the extreme costs of AU or Mint State territory. Whether part of a full Morgan set, a San Francisco Mint collection, or a cabinet of key conditional rarities, this coin holds lasting value and undeniable appeal.