The 1878-S Morgan has a mintage of 9,774,000 and is valuable in higher grades, but a small detail on an otherwise even silver melt coin is a coveted variety. It’s called “Long Nock.”
Let’s define “Nock,” an uncommon word, except for archers, whose definition is a notch at either end of a bow for holding the string.
So right off the word leads us to the quiver of arrows held by the eagle on the reverse.
Morgan 1878-S “Long Nock” coin refers an extended length of the arrow shaft (the “nock”) in the eagle’s talon. This variety is a result of a design variation used on the first set of dies delivered to the San Francisco Mint.
Let’s compare a regular 1878-S reverse with a “long nock” one with this photo from PCGS CoinFacts:
The “long nock” feature extends the tip of the central arrow.
This variety has several specific variations in the VAM directory (named after the directory compiled by Leroy Van Allen and A. George Mallis):
These varieties happened because of an urgent need to produce Morgan dollars at various mints in 1878. The first 10 pairs of dies for the San Francisco Mint had the “long nock” design. When the US Mint asked engraver George T. Morgan to revise the design, reducing the relatively high relief (shortening die life), the nock was shortened and the number of tail feathers on the eagle were reduced from eight to seven.
Value for this variety is high but few ever exceed almost uncirculated levels. The top pop at PCGS is AU53.
At Very Fine 20, the coin retails for $275 and increases by about $100 each Sheldon grade higher up until AU53.
Nevertheless, you will find 1878-S Morgans everywhere–even in slabbed coins–with the owner or holdering company missing the variety. (If you submit a coin without identifying and paying for a variety, that designation will not be on the label.)
Happy hunting!
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