However, none of the former have ever been verified, leaving only the tiny supply of proofs to satisfy the intense demand from Morgan dollar collectors seeking an example for their sets.
Two theories have been proposed in recent years to account for the missing business-strike coins.
The first, based on research by Henry T. Hettger, stipulates that no regular-issue silver dollars were struck at the Philadelphia Mint in 1895.
The alternate theory was proposed by Roger W. Burdette, who concludes that the 12,000 business strikes must have been produced, as documented by the various Mint officials.
They may have been held in government storage and later destroyed, possibly under the provisions of the Pittman Act in 1918.
Whatever the truth may be, it is certain that no business-strike 1895 Morgan dollars have ever been available to numismatists and the rarity of the issue as a date has become legendary.
*Bid’s Opening at $200,000
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