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<h2>Q. David Bowers</h2>The following narrative, with minor editing, is from my "Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia" (Wolfeboro, NH: Bowers and Merena Galleries, Inc., 1993) Coinage Context A new hub: In 1900 a new reverse hub was introduced (called C-4 by Van Allen and Mallis), replacing the old style (C-3). For 1900, both types of hubs were used. Although when coins from the two hubs are examined side by side, the difference is obvious, in practice only dedicated VAM collectors have pursued the varieties. Most numismatists are content with just a single 1900 Philadelphia Mint dollar, never mind which variety it may be. On C-3 the junction of the wing and neck forms a narrow V, and the stars are slightly smaller. On C-4, the junction of the wing and neck forms a wider U and stars are larger. The eagle's breast feathers are somewhat indistinct in comparison to C-3. Doubled reverse dies show impressions from both hubs (a situation akin to the 18788 over other tail feathers, which was also made from two hubs), and have a double olive. Numismatic Information Hoard coins: Bags of 1900 dollars were released on the East Coast in the 1950s, and the issue came to be recognized as a common date. By the time of the massive Treasury release of 1962-1964, extending to March 1964, most had been paid out; few bags were distributed at this time. In terms of Treasury dispersals and of surviving coins, certain parallels can be drawn between Philadelphia Mint 1900 dollars and those dated 1896. Further, both were issued in years in which "free silver" was a ringing political cry, and silver dollar designs and emblems were featured in the presidential campaigns. Circulated grades: The 1900 dollar is readily available in worn grades and sells for a "type" price, although specimens are not as plentiful as might be expected from a circulation strike mintage of nearly nine million coins. Probably, millions went to the melting pot under the 1918 Pittman Act. Many EF and AU coins remain. Mint State grades: 1900 dollars are among the most common of Morgan dollars. As noted, relatively few were in the 1962-1964 Treasury release, and many of the bags issued before then had been assimilated into the hands of collectors by that time. Thus, although the issue is common, more are held by the public than by numismatists. The same is true of most other issues of various dates distributed in quantity before the massive 1962-1964 dispersals. As recently as 1980, groups of Mint State 1900 dollars were scarce in dealers' stocks. Most specimens are in lower grade ranges such as MS-60 through 62 or 63. My population estimates follow: MS-60 to 62, 400,000 to 800,000 coins-in other words,extremely common; MS-63, 80,000 to 150,000-sufficiently numerous that just about every serious collector can own one; MS-64, 30,000 to 60,000-still plentiful; and MS-65 or finer, 12,500 to 20,000-common in the context of other MS-65 coins in the Morgan series. Here, indeed, is a dollar of the people, a coin which just about anyone can afford. The striking quality of 1900 dollars varies widely, as does the quality of lustre. Here is a variety for which cherrypicking will pay dividends. Prooflike coins: Prooflike 1900 Morgan dollars exist in quantity, probably to the extent of several thousand pieces. When encountered,' they are apt to be one-sided and to have low contrast and be poorly struck. Some show rough die polish lines. In a phrase, prooflike 1900 dollars are not winners. DMPL coins, per certification data, are about 50 times harder to find, but when encountered have a good chance of being MS-65 or better. Varieties OLD REVERSE HUB: NARROW WING/NECK SPACE, SMALL STARS. VAM C-3 REVERSE Circulation strikes: 1. 1900 Closed 9. Breen-5665, VAM-1, 4, 6, 7, positional varieties