1891

The 1891 Philadelphia, at 8,694,206 pieces, ran the first full year under the Sherman Silver Purchase Act of July 1890 that had replaced the Bland-Allison Act. Treasury was now purchasing 4.5 million ounces of silver monthly and converting much of it into dollar coins, and Philadelphia's 1891 production reflects the standard share of the new expanded mint output. The 1891-P carries the standard Reverse of 1879 hub configuration with no major sub-varieties anchoring the year's specialist collecting. The mintage figure sits between the abundant late-1880s P-mint output and the lower-mintage 1892-1893 issues that followed.

Strike quality on the 1891 Philadelphia is consistent with early-1890s P-mint work. Liberty's hair detail and the eagle's central feathers come up cleanly on most coins from early die states. Most surviving examples grade MS62 to MS64 from broken Treasury bag releases, with PCGS, the Professional Coin Grading Service, and NGC populations clustering at MS63 and MS64. MS65 is available and MS66 is condition-scarce, with the 1891-P sitting between the abundant late-1880s P-mint output and the lower-mintage 1892-1893 issues that followed in the post-Sherman wind-down. The certified-pop distribution is moderately deep at MS63 and MS64.

The 1891 Philadelphia is a regular common date and a standard entry-grade Morgan Dollar pickup. Pricing has held flat for two decades at small premiums above the 1885-P through 1889-P baseline that defined the late-1880s common-date stretch. The 1891-P pairs naturally with the 1890-P and 1892-P at the entry-grade level for the early-1890s Philadelphia transition. Mid-grade Philadelphia Morgan demand has held a flat pricing structure across two decades, with PCGS and NGC certified-pop distributions skewed heavily to the MS63 through MS65 range reflecting Treasury-release survival rather than pre-1950 preservation. Eye appeal at MS65 typically depends on early-die-state strike characteristics rather than the more common later-die-state features. For the Sherman Silver Purchase Act regulatory context and the broader 1890-1893 series history, see the Morgan Dollar series history.