Collectors And Coin Dealers Article Of The WeekHistory of the Morgan Silver Dollar
By Jay Villaverde
Morgan silver dollarsr were minted in an attempt to keep the price of silver stabilized after an enormous silver strike in Colorado caused a sudden crash in the price of silver. This dollar was minted from 1878 through 1904, then stopped because silver suddenly increased in price, and then minted for one more year in 1921.
In addition, it was minted in several locations: Carson City, Denver, San Francisco, New Orleans, and Philadelphia; only Denver and Philadelphia are mint locations today. The value of a Morgan silver dollar depends on its year, the mint that created it, and the quality of its preservation.
Morgan silver dollars have the head of Lady Liberty on the front and a wing-spread eagle holding arrows and an olive branch on the back; you'll recognize the reverse as being very similar to that of a quarter. This coin is the first of our minted coins to use the slogan E Pluribus Unum. It's a large coin, about the same size as a half-dollar in use today or just a little bigger, and it has a silver fineness of .900, or 90% silver, so silver content by weight is just over 24 grams. The remaining metal is copper.
Morgan silver dollars, unlike many of the coins minted over a hundred years ago, have a top grade of DMPL, or Deep Mirror Proof Like; these coins have extremely heavily frosted images and devices, so that these parts show up matte, while the background is polished silver. Early Morgan silver dollars are more likely to follow this format than later ones, making the later DMPL dollars worth more.
The other grades for this dollar are Proof, Uncirculated, Good, Fair, and Poor. The degree of wear determines what level the coin is at. A sealed, perfect coin that has never been touched is a Proof; a perfect or near-perfect coin that has been used is Uncirculated; a near-perfect coin with a couple of flaws is Good; a coin that has seen some wear is Fair; and a coin that is very worn, with the edges worn smooth, is Poor, the lowest grade.
Of these grades, the Poor Morgan silver dollars are generally worth very little, though there are a few exceptions. Look also for the mint mark, a dash and letter next to the year of minting. Mint marks may be S (San Francisco), P (Philadelphia), O (New Orleans), D (Denver) and CC (Carson City). Of these, the Carson City coins tend to be worth the most.
There are also several short runs that are worth significantly more due to their rareness: 1889-CC, 1893-S, and1895 Proof are the most valuable by far. The last of these in theory only had 880 coins released into circulation, and probably fewer exist today; its value is calculated to be about $66,000. The Proof coin should not have a mintmark; attempts to forge it have been made by filing away the proofmark on another Morgan dollar released that year, but a coin expert should be able to spot this immediately.
For a coin collector, a Morgan silver dollar is a must-have: its history, its beauty, and its often low cost all make this an attractive coin for starting, or adding to, your collection.
About The Author
Jay Villaverde is the owner of http://www.MorganSilverDollarStore.net A site dedicated to preserving the beauty and history of the Morgan Silver Dollar. If you're looking to start or add to your coin collection, this is a great coin to obtain and this is a great place to get them.
Additional Numismatists Information
Throughout time, from the Greek and Roman ages to more modern times, civilizations flourished with sound money. The gold coin has proved to be the time-tested answer for societies desiring economic prosperity. The alternative, fiat currency, has resulted in the demise of prosperous civilizations since Roman times. The word "fiat" means by government edict. It is simply impossible for a government to magically proclaim sound money and reliable purchasing power of wealth with paper currency. This fact prompts Americans to consider investing in gold coins.
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One of the most common hobbies is collecting money. Many people have enjoyed this activity for decades and money collecting is thriving even today. As a hobby, collecting money means collecting old money. Otherwise, we are all trying to collect money before the bills come. However, do you know how many people collect old money, antique notes and coins from previous decades and even centuries?
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Most U.S. $2 Federal Reserve Notes from 1976 and 1995 are worth no more than face value. Original packs from the Bureau of Engraving and Printing carry a premium, as do Star Notes which typically sell for $10 to $20 in Uncirculated condition for the common district banks. Star Notes from the Kansas City and Minneapolis district banks (I-* and J-* notes) are very scarce, and sell for more than $100 in Uncirculated condition.
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The most effective way to get paper money is not through general circulation, but through dealers, collectors, auctions, and shows. About once a week someone posts a message asking for people to trade/buy/sell paper money. Even with the large audience of rec.collecting.coins, you don't reach many collectors. But this is still one way many people get notes.
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One of the biggest problems buying collectible gold coins is grading. Your idea of an MS65 may be different than the dealer's. Many coins have a huge gap in value between grades. Avoid the issue by buying only certified gold coins that have been graded by a third party grading service. Make sure that you only accept the major services (ANACS, NCG, PCGS, NCS, ICG) grading, there are some lesser known grading services whose grading may be suspect.
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