05/18/2026
What is a “key date” coin? And why are collectors always hunting for them? In most cases, the answer comes down to one thing: rarity.
Take this 1894 Morgan Silver Dollar, for example. With no mintmark, this piece was struck at the Philadelphia Mint; and with a mintage of just 110,000 coins, it’s considered one of the key dates of the Morgan Dollar series!
Why so few?
Following the repeal of the Sherman Silver Purchase Act and the economic fallout of the Panic of 1893, silver dollar production at the Philadelphia Mint dropped dramatically. The result was a coin that would later become a major rarity for collectors.
Every coin series has at least one key date hiding within it, which is why collectors pay such close attention to mintages, mintmarks, and small design details. Something as tiny as a single letter beneath the wreath can completely change a coin’s rarity and its value!
If you’re curious about your own collection, we always recommend checking out the latest “Red Book” or “Greysheet” as a great starting point for learning more about what you’ve got.
You never know what treasures might already be sitting in your collection!
