Expert: PAPAJACK - 2/25/2008

Question
i have several 1885 morgan silver dollars and they are in bu conditiona look practically brand new.  they appear to have been minted in phila as there is no letter showing otherwise.  could you give me a ballpark on the approx. value?  thanx.

Answer
Hello Bill,                                     

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 your "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. 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.

To help you see how it is valued here is 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 eagle’s breast worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. Only slight wear on eagle’s 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 Type silver dollars are 90% silver. This makes the value of an extremely worn coin still worth 9 or 10 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.

1885 Philadelphia issue is a common issue date in circulated condition are plentiful.

Here are approximate values for common date and mints circulated coins. These are approximate since the coins have to be seen to be properly estimated.

Very Good (Grade-8) = $16.00
Fine (grade-12) = $17.00  
Very Fine (grade-20) = $18.00
Extremely Fine (grade-40) = $20
Almost Uncirculated (grade-50) = $22.00

If your coins are truly in an Uncirculated MINT STATE GRADE and never cleaned or mishandled they can be worth a good amount.  It is worth having an experienced dealer look at the coins for an opinion since the value jumps from one grade to the next highest.  

That said the 1885 Morgan prices realized as listed by one service follows for the mint state uncalculated Philadelphia issue:

MS60=$36,   MS63=$48,   MS64=$58, MS65=$165

These are approximate values. For coins with no problems. If you need help grading your coin feel free write me again.

Please remember to go to the experts site to rate this answer.

Thank You and Good Luck

PapaJack