Morgan Silver Dollars were not designed for general circulation. Millions of these coins have been preserved in Treasury Department vaults and Federal Reserve banks since their main objective was to aid the American silver mining sector.
The discovery of bags of mint-condition Morgan dollars by collectors in the late 1950s led to their growing popularity by 1964. Since there are still a lot of uncirculated coins in circulation today, knowing how to grade them is important for accurately determining their value and condition.
Grading Standards Morgan Silver Dollars
Using the popular Sheldon grading system, grading Morgan Silver Dollars might be challenging for novices. To make easier the procedure, begin by completely classifying the coin into one of three groups according to its condition: Circulated Coins – Includes heavily worn non-collectible and collectible coins in lower grades.
- About Uncirculated (AU) Coins – Coins that show minimal wear and still retain much of their original appearance.
- Mint State (MS) Coins – Uncirculated coins that never entered circulation, graded between MS 60 and MS 70 depending on their quality.
Coins in circulation are rated using the Sheldon scale, which ranges from 1 to 70, from Poor (P 1) to Extremely Fine (EF 49). Coins that are not collectible usually have grades of Poor, Fair, or About Good. The majority of collectors favor examples in AU 50 or above grades, even though coins in Good condition (G 4) are collectible.
Morgan dollars in the Mint State range are uncirculated, meaning they have never been used in circulation. The highest grade for these coins is MS 70, which is determined by how they appear, including strike quality and surface condition.
Key Points to Consider
Morgan Silver Dollars are large, heavy coins made of 90% silver and 10% copper. This alloy made the coins more durable but also led to challenges during minting. Some coins, even in uncirculated condition, show incomplete designs, such as Liberty’s hair above her ear, due to strike issues. Evaluating the strike quality and checking for signs of wear are crucial steps when grading these coins.
If you are unsure about grading or pricing your coins, professional appraisal services can provide accurate evaluations.
Detailed Grading Guide Morgan Silver Dollars
About Good (AG 3)
- Obverse: Lady Liberty’s head is outlined, but details are almost completely flat and worn. Stars and inscriptions are faint, blending into the rim. The date is visible but heavily worn.
- Reverse: The eagle’s body is flat, with no feather details. Lettering is faint and merges with the rim.
Good (G 4)
- Obverse: Lettering is complete and distinct, but the rim is partially preserved with visible scratches. Liberty’s ear and eye are faint, and her hairlines are nearly invisible.
- Reverse: The eagle is outlined, with faint feather details on the lower wings. Arrows and lettering are present but worn.
Very Good (VG 8 – VG 10)
- Obverse: More details in Liberty’s hair and cap are visible, with about two-thirds of the hairline defined. The word “LIBERTY” is legible.
- Reverse: Half to two-thirds of the feathers on the eagle’s wings are visible. Wreath leaves show some detail, but the highest points are smooth.
Fine (F 12 – F 15)
- Obverse: Liberty’s hair shows more definition, and the cap and cotton bolls have noticeable lines. The date, rim, and lettering are bold and clear.
- Reverse: Three-quarters of the feathers on the eagle’s wings are visible, though the breast and neck remain flat. Wreath leaves show moderate detail.
Very Fine (VF 20 – VF 35)
- Obverse: Hair strands above Liberty’s ear and behind her neck are distinct but slightly worn. Wheat grains and cotton bolls are well-defined but flattened.
- Reverse: Wing feathers are sharp, though the tips are slightly smooth. Details on the eagle’s breast and claws are faint but visible.
Extra Fine (EF 40 – EF 45)
- Obverse: Minimal wear is visible on Liberty’s forehead, cheek, and hair. Cotton blossoms and leaves are detailed but slightly worn. Mint luster is present, except on the cheek.
- Reverse: Wing feathers are well-defined, with slight smoothness on the neck and claws. Wreath details are mostly intact.
About Uncirculated (AU 50 – AU 58)
- Obverse: Slight wear is visible on Liberty’s forehead, cheek, and hair curls. The cotton leaves and blossoms show light flattening. Most mint luster remains.
- Reverse: Feather details on the eagle’s breast and head are slightly worn. Wreath details are complete, with minimal abrasions and bag marks.
Mint State (MS 60 – MS 70)
- These coins are in perfect uncirculated condition, with no signs of wear. Minor contact marks or bag marks may be present but do not affect the luster or overall appearance. Strike quality is crucial, with sharp details in Liberty’s hair and the eagle’s feathers. MS 70 coins have no imperfections and exhibit full mint brilliance.
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Bottom Line:
Morgan Silver Dollars have a long history and are highly collectible coins. Millions remain in uncirculated form, but their value depends on factors like quality, rarity, and preservation. Accurately assessing their worth involves understanding grading criteria. To ensure the best appraisal of your collection, consider using a Coin Value Checker or professional appraisal services for a precise evaluation.”