The Hidden Value of the 1885-O Morgan “Belly Button” VAM-24: Market Analysis

Introduction: Beyond the Book Price

Determining the true value of this piece requires looking past the book price and understanding current market demand. The 1885-O Morgan Dollar with the distinctive “belly button” variety represents an intriguing case study in numismatic valuation, where collector interest, rarity, and condition all intersect to create a coin with significant potential value.

Historical Context and Production Background

The 1885-O Morgan Dollar was struck at the New Orleans Mint during a period when silver dollar production was primarily driven by the Bland-Allison Act of 1878. While millions of these coins were produced, the New Orleans Mint’s output was generally lower quality than Philadelphia or San Francisco issues. The “belly button” variety, technically identified as VAM-24, emerged from a specific die pair that developed a unique striking characteristic during the production run.

Identifying the “Belly Button” Variety

The defining characteristic of this variety is the recessed or dimpled area in the lowest portion of the eagle’s breast on the reverse. This feature, which gives the variety its colloquial name, appears consistently across all known examples of VAM-24. The die crack running from the left star to above the “U” in “PLURIBUS” serves as a reliable identifier, appearing on every specimen from this die pair. Additionally, the positioning of the “O” mint mark and the specific characteristics of the eagle’s breast feathers help confirm attribution.

Current Market Values and Auction Results

Recent auction data reveals interesting trends for the 1885-O “Belly Button” variety. In circulated grades (VF-XF), these coins typically trade between $40-75, representing only a modest premium over standard 1885-O Morgans. However, in Mint State grades, the premium becomes more substantial. MS-63 examples with the variety designation have sold for $150-250, while MS-64 specimens have realized prices between $300-500. The highest graded examples, MS-65 and above, have achieved prices ranging from $800-1,500 at major auctions.

The market for this variety shows particular strength in the MS-63 to MS-64 range, where collectors seek well-struck examples with original luster. Coins with attractive toning or exceptional eye appeal often command premiums of 20-30% above typical prices for their grade.

Investment Potential and Market Dynamics

The investment potential for the 1885-O “Belly Button” variety appears promising for several reasons. First, the variety remains relatively unknown to many collectors, creating opportunities for discovery and appreciation. Second, the consistent presence of the identifying die crack ensures authenticity can be verified, providing confidence for investors. Third, the variety’s association with the popular VAM (Van Allen-Mallis) cataloging system gives it credibility within the specialized collecting community.

Market factors driving value include the growing interest in die varieties and mint errors, the historical significance of New Orleans Mint issues, and the general strength of the Morgan Dollar market. The variety’s accessibility at lower grades makes it appealing to intermediate collectors, while high-grade specimens attract serious investors and variety specialists.

Factors Affecting Value

Several key factors influence the value of individual specimens:

• Grade and Strike Quality: Well-struck examples with full details command significant premiums, particularly in Mint State grades.
• Surface Preservation: Original surfaces with minimal marks or cleaning are highly valued.
• Toning: Attractive, natural toning can enhance value, especially on higher-grade specimens.
• Attribution: Proper identification through recognized services like PCGS or NGC adds credibility and value.
• Market Conditions: Overall demand for Morgan Dollars and die varieties affects pricing.

Authentication and Certification

Professional authentication is crucial for this variety. The consistent die characteristics, particularly the belly button feature and the die crack, make authentication straightforward for experienced graders. However, the variety’s relative obscurity means that some specimens may be incorrectly attributed or overlooked entirely. Certification from major grading services not only authenticates the coin but also documents the variety attribution, which can significantly impact value.

Comparison with Standard 1885-O Morgans

While standard 1885-O Morgans are common in circulated grades, the “Belly Button” variety shows distinct value characteristics. In lower grades (VF-XF), the premium is modest, typically 10-20% over standard values. However, in Mint State grades, the premium can range from 50-100% or more, reflecting the variety’s appeal to specialized collectors and its relative scarcity compared to the overall mintage.

Future Outlook and Collecting Strategy

The future outlook for the 1885-O “Belly Button” variety appears positive. As more collectors become aware of the variety and its characteristics, demand is likely to increase. The variety’s accessibility at lower grades makes it an excellent entry point for collectors interested in die varieties, while high-grade specimens offer investment potential.

For collectors considering acquisition, focus on obtaining well-struck examples with clear variety characteristics. In higher grades, prioritize coins with original surfaces and attractive toning. Consider the long-term potential of the variety as interest in die varieties continues to grow within the numismatic community.

Conclusion: A Hidden Gem in the Morgan Dollar Series

The 1885-O Morgan “Belly Button” VAM-24 represents an intriguing opportunity in the numismatic market. Its combination of relative affordability in lower grades, significant premiums in higher grades, and growing collector interest makes it an attractive option for both collectors and investors. As awareness of this variety continues to spread, its value proposition is likely to strengthen, making it a noteworthy addition to any Morgan Dollar collection or investment portfolio.

The key to success with this variety lies in proper identification, authentication, and acquisition of quality specimens. Whether you’re a specialist in die varieties or a general Morgan Dollar collector, the 1885-O “Belly Button” offers an interesting and potentially rewarding collecting experience.

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