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DMPL Dollars: An Ocean of Opportunity.  Learn to Swim Before Jumping In.  Drowning Danger is High.

By Silvano DiGenova, CEO Tangible Investments

“…for categories like DMPL, collectors are advised to seek the expertise of seasoned numismatists who can provide reliable assessments and help navigate the intricate coin market.”

In the realm of numismatics, Morgan Dollars rated as Deep Mirror Proof Like (DMPL) represent a particularly coveted segment and are frequently cited as some of the most undervalued in the entirety of U.S. coin collecting. These coins are distinguished by their deep, reflective surfaces that strongly resemble those of proof coins. This mirroring effect, combined with the sharp, well-defined contrasts, injects these coins with a unique aesthetic appeal that is highly prized among collectors.

The allure of DMPL Morgan Dollars is undeniable, not just for their visual appeal but also for the exceptional value they offer to collectors looking to add a unique piece to their collections. However, the pursuit of acquiring a genuine DMPL Morgan Dollar comes with its own set of challenges. The market is inundated with coins marked as DMPL but do not genuinely possess the deep, mirror-like qualities that define this prestigious classification. This discrepancy has led to a challenging environment where discerning the true DMPL coins from those inadequately labeled requires expertise and vigilance.

Silvano Degenova Portrait

A survey was conducted to assess the accuracy of DMPL designations in graded Morgan Dollars, focusing on the 1878 8TF, 1879, and 1879-O Morgan Dollars. This study aimed to provide a clearer picture of how often coins are mis-graded. The survey revealed that a significant portion of coins graded as DMPL did not exhibit the deep, reflective surfaces that define this designation.

For the 1878 8TF Morgan Dollars, PCGS auction records showed that out of nine coins graded MS-65 or better, two were excluded from the analysis because they were not pictured. Of the remaining seven coins, two did not meet the DMPL standards according to NGC’s grading, accounting for more than a quarter of the coins analyzed. This finding underscores the difficulty of finding genuine DMPL coins even among those graded as such.

Tangible Investments Has One of the Largest Inventories of DMPL Dollars in the Country

Navigating the world of DMPL Morgan Dollars can be rewarding yet complex. These coins, distinguished by their deep mirror proof-like finishes, are highly coveted by collectors and investors alike for their beauty and investment value. 

DMPL Morgan Dollar

The analysis extended to 1879 Morgan Dollars, where 28 appearances were recorded. After excluding five unpictured coins and accounting for seven duplicates, only 16 unique coins were evaluated. Among these, three were found not to meet the DMPL criteria, representing 18.75% of the population. Similarly, for the 1879-O Morgan Dollars, out of eight unique appearances, two were judged not to be DMPL, which is 25% of the population.

These findings highlight a broader issue within numismatic grading where coins often receive a higher grade than they merit, particularly in the DMPL category. This misgrading not only affects collectors’ decisions but also influences the market value of these coins, as non-DMPL coins generally appreciate less and are less desirable among collectors.

The importance of expert guidance in acquiring these coins cannot be overstated. Given the complexities and nuances of coin grading, particularly for categories like DMPL, collectors are advised to seek the expertise of seasoned numismatists who can provide reliable assessments and help navigate the intricate coin market.

The undervalued status of genuine DMPL Morgan Dollars becomes even more apparent when compared with other popular coin series such as Mercury Dimes with full split bands, Standing Liberty quarters, and Walking Liberty halves. Despite these series being more common and having a greater population date by date, they often fetch higher prices, highlighting market inefficiencies and potential for significant price corrections. The true gems within the DMPL category are rarer than often perceived, and while they are currently undervalued—sometimes 5 to 10 times more so than many coins in the aforementioned series—they hold immense potential for appreciation in value. Collectors and investors should remain vigilant and informed to recognize the true potential of these undervalued treasures.

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