Like with all United States Proof coins both PCGS and NGC differentiate between coins with Cameo & Deep Cameo contrast (called Ultra Cameo by NGC), and those that lack these features. Population reports are often influenced by numerous resubmissions of the same coins, in hopes of either a higher grade or a possible Cameo designation. This has to be taken into account when determining rarity and value of an 1895 Proof Morgan Dollar in any grade.
The absolute finest known 1895 Proof Morgan Dollar that has ever been graded by the grading companies is a single PR-69UCAM graded by NGC. That high-end and most amazing coin has not appeared at a public auction since it has been certified, and its value can only be considered to be vague guesswork at the best. The finest that have been graded with the Cameo designation by NGC are seven PR-68CAM’s, although the number of individual coins in this grade does not appear to be higher than four or five at the most. NGC has also graded three examples as PR-69.
The finest grade that has been awarded to a 1895 Morgan Dollar by PCGS is a single PR-68DCAM, one of only seventeen with the Deep-Cameo designation. The finest Cameo examples are five pieces graded by PCGS as PR-68CAM. Taking the total population (including resubmissions) at PCGS into account, only fifteen percent of all 1895 Morgan Dollars are with the cameo designation, while the population report at NGC shows a similar scheme. This indicates how rare this issue is in Cameo/Deep-Cameo.
The highest price that has ever been archived at public auction for this issue was for one of the PCGS PR-66DCAM’s, which sold for $ 120,500 in April of 2007.
An “uncirculated” Proof 1895 Morgan Dollar (60 or finer) sells for at least $25,000 and goes up from there. Gems are usually sold for at least $50,000 and often much more, depending on eye-appeal. A well circulated (Very Fine) Proof sells for anywhere between $15,000 to $20,000 and AU Proofs can even sell for more, depending on eye-appeal and the overall coin market. As such, it is needless to say that the acquisition of any 1895 Proof Morgan dollar, regardless of grade, is a true prize and often the highlight in a full set of Morgan silver dollars.