Morgan Dollars 1894-98

The 1895 Morgan Dollar is known as the "King of the Morgan Dollars" because it is the rarest and most valuable of the entire Morgan Dollar series. PF-68 specimens of this rare coin have sold for upwards of $120,000 at auction.

According to U.S. Mint records, there were 12,000 regular circulation Morgan Dollars struck for 1895, and 880 Proof specimens struck. However, only 75 to 80 of the 1895 Morgans have been accounted for, all of them Proofs. Where did 12,000 plus coins go?