Expert: PAPAJACK - 9/13/2008

Question
I have a Coin. What is the value of a 1900 One Dollar coin. And I have a 1963 Two and Five Dollar bills. They register numbers are in red

Answer
Hello Harrison,               

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).

Without seeing the coin I can only supply you with a range of values.
IMPORTANT: Tarnish is OK for collectors.  Do not clean the coins. No One should ever clean 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 highest points of the design on the coin 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 termed “Good” in coin speak is only a grade 4 out of a possible 70 points 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. The Feathers on eagle’s breast are worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. There is only slight wear on eagle’s breast and wing tips. Some Original Mint Luster shows.

MINT STATE Grades 60 TO 70:
A Coin that is STRICTLY NEVER CIRCULATED and looks like it just left the mint.  NO TRACE OF WEAR. Nice luster on coin.

The Morgan Type silver dollars are 90% silver and were made at 5 mints over the years. This makes the value of an extremely worn coin still worth 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.

Very Good (Grade-8) = $12.00
Fine (grade-12) = $12.00 to $13.00
Very Fine (grade-20) = $14.00 to $28.00
Extremely Fine (grade-40) = $19.00 to $35.00 and
Almost Uncirculated (grade-50) = $30.00 to $55.00

For your “1963 Two and Five Dollar bills” with red seals;

These are United States Notes they were issued and used just as the Federal Reserve note and silver certificates were.

1963 $2 note perhaps 3 if worn and up to $10 in crisp condition, unless it has a star “*”  in the serial number.

1963 Five Dollar United States Note sells from $8 to $9 in lightly circulated grade. Up to $20 retail value in Crisp Un-Circulated condition.

These notes are readily available to collectors in mint state crisp uncirculated condition for about $10 and this keeps the price down on circulated specimens.

Good Luck

PapaJack.