Expert: PAPAJACK - 2/24/2009

Question
I just came across an coin dated 1882, on the front of the coin it has E pluribus unum  1882, back has United States of America One dollar...does this coin have much value?  thanks for your time.  Mark

Answer
Hello Mark,          

Collectors AND DEALERS USE a numerical grading system for coins. The scale goes from 1 to 70. With 1 being so worn that is barely identifiable as a coin and 70 being the imaginary perfect coin.

Coins taken from circulation usually fall between grade 8-VG (very Good) and grade 50 (AU Almost Un-circulated).   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 a few 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 titled - A GUIDE BOOK of UNITED STATES COINS - by R. S. Yeoman. 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.  

So a grade of "Good" or 4 out of a possible 70 is a low grade, a grade of "Extremely Fine" or 40 out of 70 is a more collectable coin.

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.

Almost Un-circulated or grade-50:
Slight trace of wear. Most mint luster is present although marred by bag marks.

MINT STATE Grades 60 TO 70:
STRICTLY NEVER CIRCULATED.  NO TRACE OF WEAR. Nice luster on coin.

The silver coins made before 1965 contain 90% silver. This makes the value of an extremely worn coin still worth 8 or 9 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.

Let me also note that you should never clean your coins. This removes the surface protection and cuts the value from 40% to 90%!

Here is a rough price range depending on the grade and any damage to the coins (like having been cleaned, nicked, dented scratched etc.) here are some ranges of value:

For common date and mint marks on Morgan Dollars:
Very Good (Grade-8) = $11 to $16
Fine (grade-12) = $17.00
Very Fine (grade-20) = $18.00
Extremely Fine (grade-40) = $19.00
Almost Un-circulated (grade-50) = $21.00

For the Morgan type look for any mint mark on the back of the coin between the D and O in DOLLAR below the eagle.

Also note that most of these coin dates were produced in the MILLIONS and are still readily available for collectors in all grades, thus the low prices for all the circulated specimens.  

The CC and many S mint mark coins are valued higher than the O and no mint mark coins but there are many exceptions.

If the coins are Un-circulated (Mint State grades 63 to 70) they sell for more.

If you need to locate a coin shop in your area write me back, give me the nearest large Cities, some postal zip codes and telephone area codes. I will refer you to an expert in your area.

I hope this information helps. Feel free to ask another question about US Coins.

Good Luck

PapaJack