Why this issue matters
The first Morgan dollars ever struck — and already a variety. For roughly two weeks in March 1878, the eagle carried eight tail feathers before tradition (odd feather counts, always) forced a re-hubbing to seven. An 8TF coin is the series' opening sentence: the design as Morgan first shipped it, corrected almost immediately, collectible ever since.
Rarity & survival
Philadelphia struck 10,508,800 dollars in 1878 across all reverse types; the 8TF portion came only from those first weeks of production. Plenty survive — many were saved as first-year novelties — so this is an affordable entry into first-design collecting, with condition and variety attribution driving the price far more than absolute scarcity.
Collector values
We don't publish a price table for this issue yet — numismatic values require sourced market observations with provenance, and we won't invent them. The realized-market architecture (per-grade medians, ranges and trends from authorized sale data) is built and waiting on data; see methodology. Until then: the melt value above is the floor, and the rarity discussion tells you which side of "far above melt" this issue lives on.
Grading this issue
Check the tail: eight full feathers, boldly separate. Then apply normal Morgan rules — cheek, hair above the ear, breast feathers, cartwheel luster. Because 1878 dies were re-worked heavily, specialists also attribute by reverse hub; if you enjoy this coin, the 7/8TF ghost-feather varieties are your next stop.
Authentication
Low counterfeit pressure (the money is in the keys), but variety mis-attribution is common — a worn 7/8TF sold as an 8TF, or vice versa. Count feathers under magnification and buy attributed examples for a premium purchase.
History
The Bland–Allison Act became law over President Hayes' veto on February 28, 1878; the Mint was striking dollars within days. Speed shows: the eight-feather eagle went out the door before anyone with a naturalist's eye signed off, and the correction created three collectible reverse types in the space of one year — 8TF, 7/8TF, and 7TF.