Expert: PAPAJACK - 2/9/2007

Question
I have 8 dollar pieces but on stands out to me the most, its an 1884 silver dollar in really good condition. On the side with the words one dollar there is a very small s over top of the d and the o. What does that mean and does that change the value?

Answer
Hello,  

I had to check some numbers on your coin! I am surprised at the value of the 1884-S dollar in the higher grades. Sorry it took so long.
For the 1884-S San Francisco Morgan Dollar, In grades 40 (extra Fine) and higher the San Francisco coin is more valuable than the Philadelphia and New Orleans Issue.  An in grades 50 and higher even more than the Carson City issue coin.

The Mint Mark indeed can change the value.  Without seeing the coin I can only supply you with a range of values.

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.

On Morgan Dollars first look for a mint mark letter they were made at three 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).

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 eagles 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 8 or 9 times it's 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) = $16.00 for the Philadelphia and New Orleans issue and the San Francisco issue = $16
Fine (grade-12) = $17.00 for the Philadelphia and New Orleans issue but San Francisco issue = $17
Very Fine (grade-20) = $18.00 for the Philadelphia and New Orleans issue but San Francisco issue = $19

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

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 demand for it and the price can vary greatly.
If truly a MINT STATE GRADE it can be worth a good amount.
For price differences like this you need to know the grade, get a professional to look at the coin if you think it grades higher than 40.  

That said the 1884-S 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=$5,000,   MS63=$24,800,   MS64=$76,500,  MS65=$124,000 or more

If you need help grading your coin feel free to Papajack in the coin collecting section

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

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Thank You and Good Luck

PapaJack