How to Determine the Value of Silver Dollars
If you have inherited or purchased a collection of Morgan silver dollars, you may find yourself wondering just what these coins might be worth. While there are certainly price guides available online, you are required to understand the condition of your coin in order to know what the real value is. Likewise, you will be required to know where the coin was minted in order to get a more accurate price. What follows are a few tips on determining the condition and minting of your Morgan dollar.
When it comes to learning where your silver dollar was minted, the answer will be found on the back of the coin just below the eagle and just above the D in dollar. The different possible mintmarks are CC for Carson City, S for San Francisco, O for New Orleans, and D for Denver. There coins were also minted in Philadelphia, but there was no mintmark used for these coins. Knowing where your coin was minted can have a significant impact on its value, as certain mints created only small runs during certain years, while others had a number of error coins that are quite rare finds as well.
When it comes to grading the condition of a coin, the best solution is always going to be to let a professional and nationally recognized grading company do the job for you. If you are just seeking to get a rough value estimate, however, there are a few things that can help you learn the approximate grade of your silver dollars. If the coins shows significant wear around the edges and on the coin face from changing hands, it is likely to be graded About Good or Good. In order to be graded Very Good, Fine, or Very Fine, the wear has to be extremely minimal, with the biggest damage to the coin being in the form of tarnish from the oils on the skin over time. A truly impeccable coin that has rarely, if ever, been handled will receive a grade of Extremely Fine (XF), About Uncirculated, or Uncirculated.
Once you know the approximate grade of your coin, you can better understand the approximate value it contains. The year of your coin, the mint location, and the condition are all that you will need to obtain an approximate value. These coins increase in value frequently, and keeping up to date with prices is important, but these tips should help you reach a very close estimate of the worth of your Morgan silver dollars.