For collectors, there are few US coins more desirable than the Morgan Silver Dollar. Not only was this coin a hit at the time it was minted, it remains a top collector item more than 100 years down the road. The reason for this particular coin’s extreme popularity can be found in the fact that it was the first Silver Dollar to boast a design that cannot be best-described as bland and unappealing. Unlike its predecessors, the Morgan Silver Dollar really hit home with Americans.
Nowadays, even though the coin is no longer being produced, it still remains a hot-ticket item for collectors from the US and abroad.
When it comes to coins that are well over 100 years old, a collector is often wary about purchasing simply because the condition of the coin can never be guaranteed. For this reason, you will notice collectors being particularly careful about judging the condition. Carefully analyzing every aspect of the coin, the diligent collector will be careful to pick out even the smallest signs of wear and tear.
For most, the best way to have the condition of a coin assessed is to send said piece away for grading at the hands of a professional company. Unfortunately, not everyone can afford to do this, so we have provided below a listing of the different coin grades as well as their characteristics.
Uncirculated: A coin that falls under the grade of being Uncirculated is one that spent absolutely no time being exchanged on the open market. Instead, these coins were taken from the production line and almost immediately placed into safekeeping. For collectors, the fact that these coins are almost 100 percent free of damage makes them extremely attractive.
Extremely Fine: For a coin to be given the grade of Extremely Fine, it will have only spent a short period of time on the open exchange market. While these pieces may appear to be in perfect shape, a closer look will reveal that some light signs of wear and tear are, in fact, noticeable. These coins are often a bit more affordable than Uncirculated editions.
Fine: If a coin is on the receiving end of a Fine grade, this means that the coin in question was circulated for an extended period of time, but managed to avoid incurring all that much damage along the way. While you will undoubtedly notice the smoothing of the coin’s faces, and a light layer of scratching, the overall condition of these pieces is nothing to scoff at.
Good: Good is the grade reserved for coins that have been in circulation for decades at a time. During their time exchanging hands, these coins will have suffered a lot of damage that one cannot help but notice. From deep scratching to the actual bending of the coin, these pieces have seen their better days.
When it comes to giving the Morgan Silver Dollar a price, one must not look any further than the type of Morgan they own and the condition it is in. Thanks to there being up to four different Morgan Silver Dollar types minted every year, the exact type you own and year it is will play into the asking price. Secondly, it goes without saying that collectors care so very much about the condition of the coin, so it is only right that those well-preserved pieces sell for prices higher than coins that have been heavily damaged. Below exists a chart aimed at giving you a better idea of what you might be asked to pay for one of these Morgan Silver Dollars given its condition and type.
1894 Morgan Dollar
|1894 Morgan Dollar||N/A||N/A||$1,350||$1,700|
|1894 Morgan Dollar (O)||N/A||N/A||$115||$260|
|1894 Morgan Dollar (S)||N/A||N/A||$150||$450||Source: Red Book|