The Silver Dollar was a coin that revolutionized the way in which Americans did business when it was first introduced. Though many editions were produced over the years, few are more popular than the Morgan Silver Dollar. The Morgan was popular immediately from the day it was minted thanks to its beautiful design. Prior to the Morgan, Silver Dollars were generally bland in their appearance.
For collectors, the fact that the Morgan Silver Dollar is no longer being produced means that now is the best time to acquire them. This is so because as time moves forward, there are only going to be fewer and fewer of these coins available for purchase.
If you are talking about a coin that is more than 100 years old, you must first assess the condition of the coin. These coins, through their lifetime, have had ample opportunities to become damaged, and many of them have been extremely roughed up over the years. This is why you will see collectors carefully analyze the condition of a coin prior to ever making a purchase.
Normally, a coin that is having its condition called into question will be shipped away to a professional coin-grading company. Understanding that not everyone has the time and money to send their coins away for grading, we have provided below a listing of the different popular coin grades as well as their characteristics.
Uncirculated: A coin that is graded as being Uncirculated is one that has spent absolutely no time at all on the open exchange market. These coins have been extremely well-preserved throughout the years and will even boast the original luster as was applied by the US Mint at the time of minting. For collectors, these coins are far and away the most sought after.
Extremely Fine: A coin that is determined to be of Extremely Fine grade is one that only spent a short period of time being exchanged. These coins may appear to be in perfect condition at first glance, but upon closer inspection you will notice that some light wear is able to be seen. Collectors love these coins because they are in great shape but a bit more affordable than Uncirculated coins.
Fine: If a coin is of Fine grade, the coin in question was one that spent a good bit of time being circulated, but has mostly managed to avoid being overly damaged. These coins will play host to light scratching and you will be able to notice that the surface of the coin has been smoothed a bit thanks to the changing of hands over the years.
Good: Good is the worst grade a coin can receive and is usually indicative of a coin that has been circulated heavily. These coins will have had their surfaces worn down thanks to the changing of hands, and the imagery on the surfaces will have been worn down. All in all, these coins are in poor shape but are still sought after by collectors for various reasons, but mostly because they are inexpensive.
When it comes to a coin that is more than 100 years old, determining an accurate price is something that is not very difficult. By taking into consideration the condition of the coin, you will be able to determine an accurate price. Further, because multiple types of these coins were minted every year, the exact type of Morgan Silver Dollar you own will play into the asking price. Below is a chart aimed at giving you a better idea of what you might be asked to pay for a Morgan Silver Dollar given its condition and type.
1887 Morgan Dollar
|1887 Morgan Dollar||N/A||N/A||$39||$41|
|1887 Morgan Dollar (O)||N/A||N/A||$42||$55|
|1887 Morgan Dollar (S)||N/A||N/A||$45||$50||Source: Red Book|