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Morgan silver dollars are famous. It is a good item to have in any collection because of how it is designed and its history. However, not all the Morgan silver dollars are the same; some are rarer and more expensive than the others.
Collecting the rare Morgan silver dollars requires looking at a specific characteristic of the coin, including its mint mark, its mintage year and condition of the coin. Whether you are a beginner collector or this hobby is new to you, having an understanding of what to seek out helps you locate the most valuable, likely high ticket items.
Below, check out the most important concerns to keep in mind when searching for those a Morgan silver dollar and how you could begin to collect these coins.
Key Facts about Morgan Silver Dollars
It is pertinent to understand what makes the Morgan silver dollar rare before looking at how to identify the coins that value the most. These coins are made of 90% silver, 10% copper and have the insignia of George T. Morgan, the sculptor, who designed them. The front is engraved with Lady Liberty while the back is designed with an eagle spread out wings.
Several factors determine the value of a Morgan silver dollar: rarities, conditions, grading, mint marks, and its historical importance. These aspects are important when it comes to selection of exclusive and unique coins.
Key Mint Marks and Their Significance
The first thing that the collectors should look at with a view of identifying a rare Morgan silver dollar is to look at the mint mark. The mint mark shows which minting house minted the coin and can influence its scarcity greatly. The mint marks are traditionally located at the bottom of the coin below the eagle’s tail feathers. The primary mint marks to look for are:
a. No Mint Mark (Philadelphia Mint)
Philadelphia mint coins do not display a mint mark, and as with other coins, individual year/condition may increase rarity.
b. “CC” (Carson City Mint)
Carson City Mint Morgan silver dollars are some of the scarcest and sought after. One of the reasons why there are not many Carson City coins minted is because Carson City Mint was only open from 1870 to 1893.
c. “S” (San Francisco Mint)
The San Francisco Mint also minted Morgan Dollars, but they are not as scarce as those produced at Carson City.
d. “O” (New Orleans Mint)
Some of the coins with this mint mark may be more scarce than others depending on the year they were minted and as a result may fetch a better price.
e. “D” (Denver Mint, 1921 only)
The Denver mint also produced the Morgan silver dollars only in the year 1921 and this was the last year of production of this coin.
Low Mintage Years and Key Dates
Key dates that collectors often seek out include:
a. 1878
1878 is the first year of Morgan silver dollar minting which makes it famous among collectors and there are many mint variations of this coin.
b. 1893
This has been highlighted to be a great year especially due to the economic depression that occurred in the United States thus minimal coinage. The 1893-s is the type of Morgan silver dollar; this is the rarest of all the issues in the series.
c. 1889-CC
This is perhaps one of the most desirable pieces and was produced in 1889 in Carson City and is quite scarce because it was produced in very few quantities.
d. 1895
Regarded as the 1895 Morgan silver dollar, a Philadelphia Mint piece with a 5, the coin is very scarce, with only a few proofs minted.
These coins, in good condition, are definitely a collector’s item.
Condition and Coin Grading
Morgan silver dollar values depend on its condition as well as its year of issuance and mint mark. Coins are rated depending on the extent of circulation, and there are several rating systems, although the most famous one is the Sheldon Scale. This scale goes up to 70. Here’s a breakdown of the main grading categories:
a. Poor to Good (1-20)
These coins are significantly circulated and many of the features are eroded.
b. Fine to Very Fine (20-45)
The coins in this range will have moderate wear but the edges of the designs will still be visible.
c. Extremely Fine (45-50)
Most of these coins are in fairly good condition, although minor wear is noticeable and most of the details are still clear.
d. Almost Uncirculated (50-58)
Scratches observed at the extreme edges of the coin with relatively very little signs of wear.
e. Mint State (60-70)
Coins which have not been in circulation hence they have not suffered any wear and tear. Coins with the grade above 65 are especially rare and expensive.
Collectors always need to evaluate the condition of their Morgan silver dollar since the coin’s value increases significantly if it is in mint state.
Special Varieties and Errors
Other things that collectors should look for include special varieties or errors. These can make a Morgan silver dollar even more valuable.
Identification and Verification
If the possessed Morgan silver dollars are rare or valuable, it is essential to have the coin verified and evaluated by a third-party service, for instance, the PCGS or NGC. Know that certified coins may be more appealing to collectors because the grade is assured and gives the coin collector or someone who wants to sell the Morgan silver dollar a high level of confidence.
Conclusion
The collection of scarce precious coins like the Morgan Silver Dollars involves a consideration of aspects such as the mint mark, the year the coins was minted, its condition and the variety of each piece. It is by understanding these that collectors can improve on their collections while acquiring genuinely valuable and historically significant coins. No matter how long you have been collecting coins it is always advisable to do your background research and seek help from a professional when in doubt.
Happy collecting!
