1894 Morgan Silver Dollar: How To Authenticate And Identify
The 1894 is the second rarest key date of the Morgan Silver Dollar series (1878-1921). The mintage of 1894 is at 110,000 and this is only 10,000 more than the 1893-S Morgan Dollar. It's not known just how many different dies were used to strike the entire mintage but only two die varieties are known, one for the obverse and one for the reverse.
It's possible that only one set of dies was used to strike all 110,000 in 1894, and this possiblity is furthered by the fact that 1894 Morgan Dollars are known for a lot of die cracks. Die cracks on a coin signal a weakening of the die, so it's obvious the 1894 obverse and reverse dies were used when they were still in the process of breaking apart from stress. Making it entirely possible that the dies lasted just long enough to strike the entire mintage.
What's most important is the reverse of the 1894 can be authenticated by two key die markers. Because the 1894 dated Morgan Dollars were also struck at the New Orleans Mint (O) and the San Francisco Mint (S) and you must look closely on a 1894 no mint mark to make sure it's not a 1894-S or 1894-O with the mint mark removed. So an authentic 1894 must have the exact die markers or it's an altered coin.
The arrow points to a die line that resembles a "Y".
There's a die mark inside the opening created by the tail, leg and foot of the eagle.