The Silver Dollar was a mainstay of American currency since shortly after the US Mint was founded in the late 1700s. Upon its inception, the Silver Dollar was an incredibly rare coin to use because the value of $1 back in the 1700s was far greater than what it is today. The first editions of the Silver Dollar were generally bland in their appearance, but that all changed upon the release of the Morgan Silver Dollar towards the end of the 19th century.
These new coins boasted an incredibly intricate design never before seen on a Silver Dollar. Nowadays, though no longer being produced, these coins are incredibly popular amongst collectors from both the US and abroad.
For coins that are more than a century old, the first and only goal of collectors is to find pieces that have been extremely well-preserved. Unfortunately, thanks to the age of these coins and how heavily they have been circulated over the years, their condition is never guaranteed. For this reason, collectors of all types will carefully analyze the surfaces of a coin in order to spot even the smallest signs of wear and tear.
Normally, a person who is looking to find out more about the condition of a coin will have that piece sent away for grading at the hands of a professional company. Knowing that not everyone can afford to have their coins sent away, we have provided below a listing of the popular coin grades.
Uncirculated: If your Morgan Silver Dollar is determined to be Uncirculated, this means that the piece in question was never exchanged on the open market. Thanks to this, the coin will have preserved its overall texture and will appear as though it was just recently minted. For collectors, these coins are far and away the most desirable.
Extremely Fine: A coin graded as being Extremely Fine is one that spent only a short period of time being exchanged. These coins will show some extremely light signs of wear and tear, but these will only be able to be made out under close inspection. Being a bit more affordable and still in excellent condition, these coins are also quite desirable in the eyes of collectors.
Fine: A coin that is graded as being Fine is one that was in circulation for an extended period of time, but managed to avoid most of the physical pitfalls often encountered by coins that have been so heavily circulated. For the price, you would be hard-pressed to find a coin that is in better condition.
Good: Good is the grade reserved for coins that have left their better days behind them. Coins of this grade are home to plenty of wear, most of which is quite noticeable. All in all, you can expect that these coins will be chipped, bent, or otherwise heavily damaged.
Determining a price for the Morgan Silver Dollar is simple so long as you aptly take into consideration a few different factors. For one, the fact that the coin had multiple types minted every year means that the type you own will play into the asking price. Beyond that, collectors are so concerned with the condition of the coin that the better-preserved a coin is, the higher the asking price will be. Listed below is a chart aimed at giving you a better idea of what you might ask to be paid for an 1888 Morgan Silver Dollar given its type and condition.
1888 Morgan Dollar
|1888 Morgan Dollar||N/A||N/A||$39||$41|
|1888 Morgan Dollar (O)||N/A||N/A||$39||$41|
|1888 Morgan Dollar (S)||N/A||N/A||$185||$205||Source: Red Book|