Do you have an old collection of Morgan Silver Dollars? Want to know how much they're worth? With our comprehensive pricing guide, you'll have everything you need to make sure you get a fair price.
The Morgan Silver Dollar is a rare coin that has made its mark in American history. Silver dollars were the first silver coins to be minted. The U.S. Mint made Morgan Dollars from 1878 to 1904 and again in 1921, but no more are issued today. In addition to being legally traded, these coins have become a valuable investment due to their design and sheer rarity.
Knowing more about the value of your Morgan Silver Dollar may help you put your investment in a historical context and make it more appealing to potential buyers of your coinage. This article looks at how much your Morgan Silver Dollar is worth and the factors that will affect the price when it comes time for you to sell or trade them away. Read on!
Morgan Silver Dollar Value
The value of a Morgan Silver Dollar can range anywhere from a few dollars for a common coin in circulated condition, to tens of thousands of dollars for a rare, uncirculated example. A collector's market for these coins exists, with dedicated enthusiasts, dealers, and collectors willing to pay substantial sums for coins that meet their criteria.
The value of a Morgan Silver Dollar depends on several factors, including its rarity, condition, and demand. Some of the most valuable Morgan Silver Dollars are those that were minted in low quantities or have unique characteristics, such as double-struck errors. Coins that are in excellent condition and have a high level of preservation are also highly sought after and can command premium prices.
Overall, the Morgan Silver Dollar is considered an important piece of American numismatic history, and its value as both a collectible and an investment has only increased over time.
In August 2021, Great Collections auctioned an MS67 1893-S Morgan silver coin for an astonishing price of $2,086,875! This coin was graded PCGS MS67, the highest grade ever for this type of silver dollar.
History of the Morgan Silver Dollar
The Morgan silver dollar is a type of U.S. currency used from 1878–1904, designed by George T. Morgan; it differs from the standard silver dollars used during this period (by William Barber).
The Morgan dollar is named after its designer, George T. Morgan, who also designed the Seated Liberty half a dollar and the Walking Liberty half a dollar.
George Morgan was born in Birmingham, England. When the U.S. treasury requested a master engraver from the London Mint, they recommended Morgan to fill that position. He then traveled to America to begin his work with American currency designs before moving further west.
He helped establish branches of The United States Mint, initially based out of New Orleans, Louisiana, and Philadelphia, Pennsylvania, respectively, for copper planchettes and silver coinage.
Features Of The Morgan Silver Dollar
Here are the key features of this silver dollar:
The Obverse Of The Morgan Silver Dollar
The Morgan silver dollar was designed differently from traditional coinage and featured an American woman rather than the classic Greek depiction of Lady Liberty. The lady facing left is wearing a crown. The crown word “LIBERTY” is written on the crown. A Latin word, “E. PLURIBUS.UNUM,” is inscribed above the head of the portrait. Several stars round it with the date at the bottom of the coin.
The Reverse Of The Morgan Silver Dollar
Morgan placed an image of a bald eagle on the reverse side of his silver dollar, highlighting its magnificence. The words “UNITED STATES OF AMERICA” is inscribed around the coin from the left side. Just below it is the U.S. motto, “In God We Trust.” The coin is rounded with two beautiful stars. The term “ONE DOLLAR” is inscribed at the bottom of the coin.
Other Features Of The Morgan Silver Dollar
- Composition: The composition of the Morgan Silver Dollar consists of 90% silver and 10% copper. The silver content makes it relatively easy to melt down into bullion, which can be used in numismatic collectibles or jewelry making.
- Edge: The edge of a Morgan Silver Dollar is reeded. Reeding is filing small grooves into the edge of a coin to reduce friction when it is in circulation. This can help prevent wear and tear on coins traveling through machines.
- Weight and Size: The weight of the Morgan Silver Dollar is 26.73 grams, and its diameter is 1.5 inches. Each coin has a thickness of 0.09 inches.
- Mint Mark: The Mint Mark is the symbol of the United States Mint, and it appears on each coin of a certain series. It is placed on the reverse or tails side of the coin. The mint mark designates which branch of the U.S. Mint produced a particular coin.
Factors Determining The Value Of Morgan Silver Dollar
Below are factors in determining the value of this silver coin:
1. The Year Of The Mint
The first year a coin was minted is important because it is the date it was first put into circulation. The year it was produced makes a difference in determining its worth.
2. The Condition Of The Coin
Like any collectible item, Morgan silver dollars are not just about their intrinsic value; they also have a secondary value based on their condition. A Morgan dollar with good eye appeal will sell for more than one heavily circulated or worn away by time or handling.
3. The Mint Mark
Mint marks are found on all U.S. coins from 1792 until now. They indicate which branch of the U.S. Mint produced that particular coin and may also indicate the denomination of each coin (1/4 dollar has a “D” mint mark; a $2 coin has an “S”).
The error coinage of Morgan dollars is as rare as beautiful. Many of these coins, which include many varieties and errors, have been highly sought after by collectors for decades.
The scarcity of Morgan dollars far exceeds their mintage. Even at full melt, only about 200,000 were minted each year. Add the number that was melted to create new coins, and you can see how precious these coins are.
6. Investment Grade
These coins are very popular with collectors and investors because they have been graded as MS-65 and MS-66 by PCGS and NGC. This means they are in excellent condition and have not been minted in years past due to wear or damage. In addition, these grades are considered rarer than Proofs because they do not require extensive cleaning before grading.
How To Spot A Fake Morgan Silver Dollar Coin
If you're unsure where to start your investigation, here are some tips for spotting a fake:
Check The Date Of Manufacture
The date of manufacture is found on the bottom of each coin. If there's no date, this is an original coin from 1878. If there does appear to be a date, but it's incorrect, then it could be an altered coin (and, therefore, a fake).
Check For Wear
Authentic Morgan silver dollars are generally well-kept and show little wear over time. If you find a heavily worn coin, then it's likely fake.
Look At The Edge
Most fakes have smoothed edges (this makes them look more valuable than they are) and nicks in the metal around the edge. Fakes also often have scratches or dings on them (it looks like someone tried to polish them with sandpaper).
Ultimately, the value of your coin will depend on the market. If you are trying to sell your Morgan Dollar at auction, it is imperative that your coin is in top condition and has been graded by a reputable coin grading company.