The Morgan Silver Dollar was by no means the first dollar coin produced by the US Mint, but is by far one of the most popular. Produced throughout the latter part of the 19th century, these coins were incredibly useful and, as such, were circulated quite a bit. Nowadays, these pieces are incredibly popular for collectors. As far as collecting these coins is concerned, doing such is by no means an impossible task, however fewer and fewer Morgans exist every year.
Though you may be able to find a Morgan Silver Dollar, finding them in great condition is no simple task. With that said, collectors are still going to strive to get their hands on Morgans in the utmost condition.
For coins that are well over 100 years old, the condition that that coin is in is a mystery. This is so because these pieces have been circulated for so many years that many of them have become damaged. For this reason, you will see collectors pay incredibly close attention to the condition the coin is in. Before ever making a purchase, the surfaces of the coin will be closely assessed in order to pick out any and all imperfections.
For most people, the logical option is to have a coin sent away for grading so that a professional can judge its condition. Understanding that this is not an option for everyone, we have provided an outline of the different coin grades and their characteristics below.
Uncirculated: If a coin is determined to be Uncirculated, this means that the coin in question will not have been circulated at all. As such, the surfaces of these coins will be well-preserved such that the piece looks as though it was just minted not too long ago. For collectors, these pieces are the most sought after, but are also some of the most expensive.
Extremely Fine: A coin that is graded as being Extremely Fine is one that spent barely any time at all in circulation. Under close inspection you will see that the surfaces of the coin have incurred some damage due to their time in circulation, but at first glance these coins will appear to be in perfect shape. All in all, these coins are an excellent addition to any collection new or old.
Fine: A Fine coin is a middle of the road piece that is not in perfect condition but not too heavily damaged either. When holding these coins, you will notice that the surfaces have been worn down a good bit thanks to the exchanging of hands over the years. You may also notice some light scratching. For collectors, these coins are in decent condition and are an affordable addition to a collection.
Good: A coin of Good grade is one that has spent a good bit of time in circulation. These coins will appear to be heavily worn and devoid of just about any texture. Even the images and inscriptions on these coins will be worn down over the years thanks to the changing of hands over the years.
When it comes to determining a price for a coin like the Morgan Silver Dollar, there are a few things you must pay attention to. First and foremost, because condition means everything to collectors the condition of the coin will be of the utmost importance when it comes to determining price. Secondly, the fact that there were multiple versions of the Morgan Dollar minted every year means that the exact type of coin you own will also play into the asking price. Below is a chart aimed at giving you a better idea of what you can expect to pay for a Morgan given its condition and type.
1898 Morgan Dollar
|1898 Morgan Dollar||N/A||N/A||$39||$41|
|1898 Morgan Dollar (O)||N/A||N/A||$39||$41|
|1898 Morgan Dollar (S)||N/A||N/A||$50||$100||Source: Red Book|