Expert: Ronald Fern - 4/22/2010

Question
QUESTION: Hello Ronald
I have recently received a gift of a silver dollar from my brother who lives over there. It is dated 1887. and in a good condition. I wanted to know is this a good year and what should i look for that might distinguish it from others.
thankyou for your assistance
james

ANSWER: Hi James:

Thank you for the opportunity to answer your question.

It is difficult to answer without photos or seeing the coin, but I'll try. If you want to ask a follow-up question by providing photos of the coin, I'll modify the answer, if required.

The value depends date, mint mark and condition. The date you state is considered somewhat common. The mint mark for the silver dollar is found on the reverse of the coin, and is directly below the eagle's tail feathers. The 1887 dollar has several different mint marks ( P, with no mint mark, O, and S). Your coin contains a little over three fourths an ounce of pure silver each. The dollars were struck in .900 fine silver. With silver at about $18.00 a troy ounce, your dollar has a melt value of about $14.

See Link for melt value: http://www.coinflation.com/silver_coin_values.html

To grade your coins: http://coinauctionshelp.com/How_To_Grade_Morgan_Dollars.html
         
For date and specs. see: http://coinauctionshelp.com/page44.html
         
Values and mintages: http://coinauctionshelp.com/Morgan_Dollar_Mintages_Price_Guide.html
         
Highly circulated coins are worth basically melt. Higher grade coins, Very Good condition and above would be worth about $20 to $75, depending on strike, luster, and surface marks. A coin with a "S" mint mark, which is a little rarer, would have a value of between $30 to $135.  You may want to check ebay listings under US coins in the Morgan dollar category to see what these coins are going for.

For dollar history and facts, see: http://en.wikipedia.org/wiki/Morgan_dollar
         
Hope this helps. Again, if you want to send a photos of your coin, I'll review and update my original reply, as required.

Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have.

Thank You and Good Luck in your collecting.

---------- FOLLOW-UP ----------

QUESTION: Hello Ronald
Thankyou for your response it was indeed very helpful. My coin does have a mint mark 's' on it so i attach a picture so that maybe you could tell what condition you think it is.
Thankyou very much again for your help
james    p.s ive tried to attach the photo but i couldnt attach both sides as i dont know how.

Answer
Hi Again James:

From your photo, the coin appears to be in very fine to extra fine condition. It would have a retail value of between $30 and $35.

Always try and get at least two opinions and try and deal with PNG dealers if possible. If you should decide to sell your coin to a dealer, remember they will offer about 50% to 60% of the retail value. Here's a link to find one in your area: http://www.pngdealers.com/dealersearch.php

Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have.

Thank You and again and continued Good Luck in your collecting.