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This is the second prototype for the Morgan dollar with 3 leaves on the olive branch. This one is the so-called "Notched" wing variety as would later be used on the regular issue. The first variety J1550A-J1550B/P1723-P1726 has the wings shaped like a fan. Research of mint archives by Roger Burdette has shown that at least 50 pieces of J1550A and J1550 were struck between December 1, 1877 & January 2, 1878.
Examples are known as follows: For images of all that follow, click here.
Silver J1550/P1727 with 11 known from 2 obverse dies as illustrated below. On this obverse, the wheat ear is close to the "R" in "Pluribus", the third leaf virtually touches the "I" and the L in LIBERTY is full as on the illustration above courtesy of PCGS. Click on the thumbnail image to enlarge. So far, 7 are known from this die.

Silver J1550/P1728A. This is not in Pollock and was recently the subject of an article in the February 17th edition of Coin World.
According to Michael S. Fey, PhD., whose example is the one illustrated below, "It has a polished down wheat leaf below the R, polished L in LIBERTY on the head band, polished bottoms to several letters in PLURIBUS and UNUM, and doubled cotton blossoms and leaves."

In addition to this illustrated piece, 3 other examples are known including Bowers & Merena's 5/93 sale lot 2422, Bowers & Merena's 11/95 lot 2308 and StacksBowers 6/26 lot 2302.
Copper J1551/P1728 with 7 confirmed all from the first obverse die.
We have not yet confirmed any examples in copper from this obverse J1551/P1728B but account for its possible existence with this Pollock number.
Photo courtesy of Michael S. Fey, Ph.D.
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