The holy grail of Morgan dollars is none other than the 1895 proof, a coin that represents the only known Philadelphia-minted issues of the year. While 12,000 circulation strikes were reported, none have been accounted for. Thus, any coin collector who wants a truly complete collection of Morgan dollars must fork over tens of thousands of dollars (sometimes many tens of thousands of dollars) to buy a proof 1895 Morgan dollar. Some of these coins were spent as money, and thus it is possible to buy a more affordable 1895 proof Morgan – one that still costs much more than virtually any other circulated example in the series.

Several dozen example are certified in the better circulated grades, though the vast majority are uncirculated proofs. Most 1895 proof Morgan dollars do not boast cameo contrast, though a fairly large number do. DCAMs are rare but are notably more numerous for this issue than for many others. The vast majority grade between PR60-64, with a decent share in the PR65 and better grades. Those grading PR67 or higher are extremely rare.