Mintage: 880. The official mintage is not what creates rarity for the 1895 Morgan dollar, as that is a mintage consistent with other proof emissions of the era. Rather, the legendary reputation surrounding production, and the desire on the part of many collectors to have a single example from every possible date/mintmark combination, combine to create a coin of exceptionally high esteem. No circulation strikes are known to exist, leaving the limited supply of proof coins to satisfy the requirements for enthusiasts.
A few rapid-fire hairlines beneath the portrait probably offer the strongest contention for only the PF-63 numeric grade level, although PCGS may have augmented that to PF-63+ due to the remarkably clean cheek, as well as unexpectedly nice fields on the reverse. Perhaps as important, excellent cameo contrast develops from generous, consistent frosty texture upon the devices laying atop a beautifully mirrored backdrop. Liberal royal gold toning occupies the peripheral areas, settling more densely toward the rims while the central field areas feature medium patina. Although some subtle roller marks somehow remain over the ear, the strike is otherwise as expected of the era of well-produced proof dollars, featuring precisely struck details. The cataloger notes that what may be the remnant of a tiny spot removed from the field just right of arrow heads, and another just above the eagle's head, but these are trivial dalliances that may matter not at all to the collector eager to add the "King of Morgan Dollars" to his collection.