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Coin and Paper Money Collecting/1886 Morgan dollar no mint letter

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Expert: - 6/1/2008


Question

1886 Morgan front & ba
I've had this coin for 60 years. My father gave it to me.
It appears to have no wear marks. All the original detail seems to be there including the eagle's breast feathers.
I think it might have been in the family from when it was new. What might it's value be?

Answer
Hello Barbara,                                   

The 1886 Morgan Dollar is common here is a guideline for higher a grade coin;

This is the Morgan type dollar and there is a heraldic eagle on the reverse they were made at four 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.
IMPORTANT:. Tarnish is OK for collectors.  Do not clean the coin. No One should ever clean a coin. 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 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. See if you can borrow or use at your library a copy of the book it is titled "A Guide Book of U. S. Coins" by R. S. Yeoman, has pictures and descriptions showing the difference from grade to grade.  Using 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.

Very Good (Grade-8) = $14.00
Fine (grade-12) = $14.00 to $16.00
Very Fine (grade-20) = $16.00 to $21.00
Extremely Fine (grade-40) = $25.00 to $27.00 and
Almost Un-circulated (grade-50) = $35.00  

You will get $35 to $45 in mint state grade 60 to 63.
The coin will show the cartwheel luster it is know for in these grades.

Please feel free to ask me others about any USA Coin.

Thank You and Good Luck

PapaJack

PAPAJACK

Expertise

Knowledge of United States Coins from 1793 to date. Able to answer most common numismatic questions. Collected U.S. Coins from half cent to 50 dollar gold coins.

Experience

QUALITY CONTROL
United States Coin COLLECTOR/DEALER OVER 20 YEARS, U.S. COINS Worked trade shows,
EXPERT Consulting since 1990, Knowledge of all methods of fabrication used in the industry.
Hobbies:US notes, clocks, cars, computers, coins, leisure activity and crafts to name a few.

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