Deep Mirror Proof-Like Dollars
Undervalued & In Demand

By Don Rinkor (September 10, 2004)

Collecting Morgan Silver Dollars is a passion for many. No one would dispute that the Morgan Dollar series is, by far, one of the most collected series in Numismatics. With over 100 different dates and Mint marks, and thousands of die varieties, it is easy to get lost if you don't have a specific area of focus.

Within the Morgan Dollar series, there is an area of focus that represents not only great value, but also one of the most beautiful coins ever made. DMPL Dollars, or "Deep Mirror Proof Like", represent the highest quality level available for standard business strikes. Proof coins are made with very specific intentions to produce a high-quality collector coin, but coins struck for general circulation are not made with the same objective. They were struck, dropped in a bucket, bagged, piled, and tossed around without any concern for the condition of the final product. The fact that such coins exist in high quality, much less with pristine proof-like surfaces, is quite amazing. DMPL Dollars are the first coins struck from new standard production dies or from freshly polished dies. Each strike removes a bit of the highly polished surfaces which causes the subsequent Dollars to have less reflective surfaces. This results in most Dollars having a frosted or brilliant surface depending on the life of the die and the number of coins struck. Only the first several hundred coins will have proof-like surfaces and even fewer will have truly DMPL fields.

Certified Dollars that have been designated as PL (proof like) or DMPL command very high premiums over standard Mint State coins in all grades. As you would expect, DMPL Dollars will command much higher prices than PL's. There are several dates that are almost impossible to find certified as DMPL and in this case a high-quality PL would be a rare find. Some of the rare dates arc the 1883-S, 1892-S, 1893-Р, 1893-CC, 1897-0, 1900-Р, 1902-S, 1903-Р, 1904-P, and 1921-D. There are several dates that have no DMPL Dollars graded at any level based on the totals found in the latest PCGS population report. These dates are 1879-S reverse of 78, 1884-S, 1893-S, 1902-Р, 1903-S, 1904-S, and 1921-S. Any PL Dollar in these dates would be an incredible find.

Within any grade and even within PL and DMPL designations, you will find a variety of quality levels. Some PL Dollars will look very much like DMPLs and some DMPL Dollars will appear closer to PL. Grading is subjective and so is the designation of PL or DMPL. Grading services consider this designation based on how clearly the reflection of the fields appear and the distance with which you can read standard newsprint or something similar as a gauge of measurement. Often a coin will be designated as a PL when one side of the coin is less reflective than the other. Both the obverse and reverse of the coin must meet the required degree of reflectivity to qualify for the grade. Some Dollars that appear to be PL may not be designated as such because they are single-sided proof likes. Significant die polishing may result in some Dollars being certified as PL rather than DMPL. Several dates display significant die polishing lines on the reverse. This is common on many San Francisco Mint issues including: 1878, 1879, 1881, 1882, 1885, 1886, 1887, 1891, and 1897. Even though you would consider several of these dates to be somewhat common in DMPL, because of the die polishing, many of these dates will only grade PL. The 1878-S, 1879-S. 1881-S, and the 1882-S will all trade well above an 1880-S. Only 15 MS65 DMPL 1878-S Dollars and 29 MS65 DMPL 1882-S Dollars have been graded by PCGS compared to nearly 600 dated 1880-S in the same grade. The 1878-S and 1882-S are examples of super rare dates in high grade DMPL. Die polishing lines do not always restrict a coin to PL status. Die polishing lines are visible on almost all DMPL Dollars, but if they significantly limit the reflectability of the fields, you will likely have a Dollar that would only be certified as PL.

The "Encyclopedia of Morgan and Peace Dollars," written by Leroy Van Allen and George Mallis indicates that to receive a PL designation, the Silver Dollar would need to have between 2 and 4 inches of clear reflection. 4 to 8 inches of clear reflectivity would be the requirement for the Silver Dollar to achieve a DMPL grade. This requirement is for both the obverse and reverse of the coin. Some Dollars will possess mirrors that seem nearly infinite. These are considered Ultra deep and are very rare. Possibly as few as 3-5% of all certified DMPL Dollars would be considered Ultra DMPL. As you would expect, ultra deep mirrored Dollars will often command the highest prices, and you will seldom see one sitting in a dealer's display case for more than a few hours at any coin show.

Eye appeal is everything when you collect DMPL Dollars. The eye appeal is not based entirely on the level of reflectiveness, but mostly on the cameo effect that is created by the deeply mirrored fields contrasting with the frosted devices or raised portion of the coin. Cameo contrast is quite striking and very appealing to a collector of DMPL Dollars. Huge premiums are paid to purchase Dollars with intense contrast. The term "Black & White" is often used to describe coins that possess Ultra deep mirrors and frosty white devices. These are considered the Holy Grail to DMPL Dollar collectors. When the fields are so deep that they appear black, and the frosty white devices look like they are floating on water.... You have a "Black & White" DMPL Dollar.

Several dates are attainable with "Black & White” contrast while other dates are nearly impossible to find. Many Carson City Dollars can be found with intense cameos and very deep mirrors. The 1881-CC, 1882-CС, 1884-CC, and 1885-CC Dollars will tend to offer the best cameo contrast. Along with the CC Dollars, other dates include 1878 8TF, 1880-S, 1879-O, 1881-O, 1884-О, 1885-Р, 1885-O, and the 1898-O. Other dates are possible but are much more difficult to find. The most common are obviously the 1880-S, 1884-О, 1885-Р, and the 1885-O. These coins will often bring double Greysheet DMPL Bid, or more, when fully "Black & White". The same applies to the Carson City Dollars. The greater the degree of contrast and the more striking the eye appeal the higher price they will command.

There is some tough Carson City Dollars to find with strong cameo contrast. The 1878-CС, 1880-СC, and the 1893-CC Dollar are very difficult. Almost all 1880-CC Dollars have a cloudy milky look to the mirrored fields. The exception is the 1880/79-CC Dollar which will often have a very strong contrast. The 1889-CC, 1890-CC, 1891-CC and 1892-CC Dollars can occasionally be found with significant contrast.

Dollars minted in the late 1890's and early 1900's seldom display any cameo contrast. The 1897-S, 1898-O, 1898-S, 1899-O, and the 1899-S will occasionally have nice cameos, but none of the "P" Mints or any post 1900 dates show contrast. Occasionally you will find a 1904-0 Dollar that will have a slight cameo, but this would be a rare find. These Dollars do not have the eye appeal that coins from the 1880's and early 1890's do, but most of these later date coins are extremely rare in DMPL at any grade level. Some dates have less than a dozen coins certified in any grade of DMPL. There are only about 3 dozen coins in all DMPL grades encompassing 12 different post 1900 dates.... Did I mention that these guys are very rare? From an investment standpoint, DMPL Dollars are very undervalued when you consider the population levels of many of the better dates and even common dates. Consider even the most common 1880-S Dollar in MS65 you will find that approximately 2% of all coins graded at that level are DMPL and yet they sell for only about 4 times a standard Mint State version. That may represent a terrific value, and the eye appeal is far superior!

Common dates that are not common in DMPL, based on the latest PCGS population report. Notice the quantity of 1880-S Dollars in MS65 and MS66 DMPL compared to the other dates. Also consider these figures compared to Mint State coins in the same grade.

If you pull out a population report and run down the list of DMPL Dollars, you will find that the population levels of all DMPL Dollars are a tiny fraction in any date. Superior eye appeal and superior value for both the collector and investor. Only recently has there been much attention to this specialized field. Years ago, you could casually find DMPL Dollars in most dealer's inventories. Today is a different story. Many dealers will not have even a single DMPL Dollar in stock. Those that do usually have only a few. Most of the rare date DMPL Dollars seldom are offered for sale and when they come up in an auction, strong competition is evident.

Posted bid levels for DMPL Dollars have been increasing over the past year, but they still lag their true rarity. Most dealers are willing to pay strong money for nice examples and especially if the coin has eye appeal. The popularity of DMPL Dollars combined with the very limited number of quality coins will likely result in prices continuing to increase. Since they aren't making any more of these guys, it is doubtful that there will be a major change in the population levels.

There are a few areas of concern regarding proof-like Dollars in general. Fingerprints that you see in the reflective fields will seldom be removable. Mishandling of PL and DMPL Dollars can cause hairlines, scuffs and fingerprints. Often a fingerprint can be removed from a standard Mint State Dollar with no evidence it was ever there, but on proof-like surfaces the fingerprint etches into the fragile mirrors. Attempted removal leaves behind a permanent hazy shadow of the print. You will also find some DMPL Dollars that display hazy or cloudy mirrors. While this cloudiness or haze may not restrict the coin from grading DMPL, it will certainly influence the eye appeal which will often lower its potential value. The clearer the mirrors, the deeper the reflection.

DMPL Dollars with toning can be very attractive. If you can find a coin with a ring of light peripheral toning surrounding the deeply mirrored surfaces and throw in a frosty white cameo, you will likely have a very stunning Morgan Dollar. Toning can be a detriment if it is drab, blotchy or unattractive. Consider how the toning affects the reflective fields. Too much toning may limit the depth of the mirrors. Silver tones quite easily and most silver Dollars will show some evidence of toning.

In my opinion, grading standards for DMPL Dollars have become a bit stricter in recent years. Consider carefully, coin in older holders, as there are some PL Dollars residing in DMPL holders. This applies to all grading services. If the fields appear to display a significant amount of cartwheel effect or a lot of die polishing, you are most likely looking at a PL Dollar. Remember DMPL Dollars with shallow fields will sell at lower levels and are not as much in demand. On the other side of the equation, there are very few certified PL Dollars that would possibly regrade DMPL by today's standards. Basically, you want to be sure that you are buying quality DMPL Dollars, and that they are true Deep Mirror Proof-Like. What more could a DMPL Dollar collector ask for... eye popping, heart pounding rare coins that are an excellent value their money. Got DMPL Dollars?

Rinkor Rare Coins, LLC
2600 Mendocino Avenue, Suite C
Santa Rosa, CA 95403
707-546-2575