Expert: PAPAJACK - 8/22/2008

Question
I have silver dollars that were circulated from the late 1800's into the 1950's. Most are 1900-1934. They are in good condition; past down from grandfather. But need to know true value:) Thanks

Answer
Hello Dee,

Evaluating a coin for a collection can be quite involved. Let’s go over the basics of valuing a Morgan Type Dollar first. The Silver dollars from 1921 to 1935 are Peace Dollars and most are common.

First look for a mint mark letter they were made at more than one mint.

Philadelphia has no mint mark but the New Orleans, Carson City and San Francisco Minted Morgan dollar coins show a mint mark below the eagle (above and between the letters "D" and "O" in the word DOLLAR).

Without seeing the coin I can only supply you with a range of values. Also there are some varieties that are worth more. These sell at higher prices.

IMPORTANT: 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 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 when you state to a coin person “They are in good condition” a grade of Good is 4 out of a possible 70 and 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 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 11 to 15 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.
For an example the 1888 Morgan
Very Good (Grade-8) = $16.00 for the Philadelphia and New Orleans issue and the San Francisco issue = $65

Fine (grade-12) = $15.00 for the Philadelphia and New Orleans issue but San Francisco issue = $120

Very Fine (grade-20) = $17.00 for the Philadelphia and New Orleans issue but San Francisco issue = $140

Extremely Fine (grade-40) = $19.00 for the Philadelphia and New Orleans issue but San Francisco issue = $190

Almost Uncirculated (grade-50) = $23.00 for the Philadelphia and New Orleans issue but San Francisco issue = $225

And if the coin is uncirculated or has very little wear there would be a high demand for it and the price can vary greatly.
If truly a MINT STATE GRADE it can be worth a good amount.
FOR THIS PRICE DIFFERENCE IT IS WORTH AT LEAST HAVING ANOTHER PROFESSIONAL LOOK AT THE COIN.

For example the 1888 Morgan prices realized as listed by one service follows:
For the Philadelphia and New Orleans issues:
MS60=$33,   MS63=$50,   MS63=$68, MS65=$400,  

For the San Francisco coin:
MS60=$300,   MS63=$480,   MS64=$650, MS65=$2400

As you see the price jump is a lot and a collector/Investor needs to be sure of its rarity. These are approximate values for coins with no problems. If you need help grading your coin feel free to ask me another question about a single item in the coin collecting section.

Thank You and Good Luck

PapaJack