Expert: PAPAJACK - 11/5/2007

Question
I have 4 1921 Morgan silver dollars and 1 1922 Morgan silver dollar.  I know that they are pretty common but i am curious to know how to determine the value if any value on them.  I have acquired them through family and I got them from my great grandmother.  Please let me know if there is any advise you can give me. thank you very much.  
Sincerely,
Dana

Answer
Hello Dana,                  

To get approximate values:
First look for a mint mark letter they were made at three mints. Philadelphia has no mint mark but the New Orleans and San Francisco Minted coins show a mint mark below the eagle (above and between the letters "D" and "O" in the word DOLLAR).
And without seeing the coin I can only supply you with a range of values. Let me also note that you should never clean your coins. This removes the surface protection and cuts the value from 40% to 90%!

Coins are valued on a scale from 1 to 70. And on how rare a coin is. With no or little experience it is sometimes easier letting another collector look at them, and even most coin shops will help for free on one or two pieces.
 
In each series of coin type like "Morgan Dollar" there are some quick reference points of wear to be seen on the high points that are known to show wear first.

Most of these are covered in the RED BOOK titled - A GUIDE BOOK of UNITED STATES COINS - by R. S. Yeoman.  It is for all USA coins. (01, 05, 10, 25 & 50 cents)

If you can borrow a copy it will help. The grading details it describes at the start of each coin series is taken from the American Numismatic Association Standard. And uses the 1 to 70 scale recognized by all professionals since the 1970's.

Most circulated coins range from Good (grade-G4) to Almost Uncirculated (grade-AU50) on the scale.

Here's a quick wear/Grading guideline:

GOOD or Grade 4 :
Letters and date clear no feathers on reverse but no wear to the outside rim from letters.

VERY GOOD or Grade 8:
Normal wear, flat looking, very little sharpness remains but all major details visible.

FINE or Grade 12:
All details strong and definition remains on some high areas of the coin.  

VERY FINE or Grade 20:   
Two thirds of hairlines show. Ear is well defined. Feathers on eagles’ breast worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. Only slight wear on eagles’ breast and wing tips. Some Original Mint Luster shows.

MINT STATE Grades 60 TO 70 :
STRICTLY NEVER CIRCULATED.  NO TRACE OF WEAR. Nice luster on coin.

The Morgan and Peace Type silver dollars are 90% silver. This makes the value of an extremely worn coin still worth 8 or 9 times its face value just due to the precious metal content. Depending on the state of preservation (or Grade) and the Mint Mark (if any) they can vary greatly in value. Common issue dates in circulated condition are plentiful.

And if the coin is Uncirculated or has very little wear there would be a demand for it and the price can vary greatly.
If truly a MINT STATE GRADE it can be worth a good amount.

The coins dated 1922 would be Peace Dollars not Morgan, and are not that rare they do get about the same values as 1921 morgan dollars though.

Thank You and Good Luck

PapaJack