Expert: PAPAJACK - 8/6/2008

Question
8-5-08

Papa Jack,
 I have some Morgan silver dollars. What is the best way to price and sell them? Thanks for your help.
                         Charlie in TN


Answer
Hello Charles,                 

The easiest way to sell them is to locate a good coin dealer in your area.
Let me add 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 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.

So remember a grade of Good or 4 out of a possible 70 is a low grade.

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 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 11 or 12 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. These are approximate values for common date and mints circulated coins. These are approximate since the coins have to be seen to be properly estimated.

If you write me back with specific date and mints include the approximate grade for each coin I can give you a more accurate range of value.
Or, if you want, write back with some local zip codes in your area, I can direct you to an AMERICAN NUMISMATIC ASSOCIATION MEMBER/DEALER near there. They are ethical and trustworthy.

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Thank You and Good Luck

PapaJack