The 1887-P Morgan Silver Dollar VAM-12, known as the Alligator Eye variety, is one of the most distinct and visually recognizable doubled die obverses within the Morgan series. Struck at the Philadelphia Mint, this variety belongs to the Top 100 VAMs—a list of the most significant Morgan Dollar die varieties compiled by Leroy Van Allen and A. George Mallis.​

The defining feature of the VAM-12 is the dramatic doubling in Lady Liberty’s eye, producing what appears to be a second eyelid. Collectors nicknamed it the “Alligator Eye” because the extra line resembles the nictitating membrane found in reptiles like alligators. This doubling is visible to the naked eye and gives the coin a distinctive look not easily confused with other doubled-eye varieties.​​

Apart from the doubled eye, the remainder of the obverse shows standard 1887 die work, though minor hub doubling may be detectable in the date and surrounding design. The reverse, bearing the eagle with outstretched wings, remains normal with no distinctive markers for this variety. The coin’s strike is typically sharp for a Philadelphia Morgan, and its surfaces often show strong luster and reflective brilliance when well preserved.​

In NGC MS-62, the coin represents a mint state example with moderate contact marks in fields and design high points but retains full mint luster. This grade allows the Alligator Eye doubling to stand out clearly, preserving the hallmark feature that defines the Top 100 listing. The Philadelphia Mint struck over 20 million 1887 Morgan Dollars, but only a small fraction exhibit this specific doubled-die anomaly.​

The 1887-P VAM-12 Alligator Eye is widely admired for its bold visual impact and collectibility. Its easily identifiable doubling makes it a favorite among both casual error enthusiasts and advanced VAM specialists, bridging historical minting variation and artistic appeal in one of the most iconic silver dollar series ever produced.