One of America’s most enduring and famous coins, the Morgan silver dollar, was produced between 1878 and 1904, with a final workday in 1921. These coins are valuable to collectors and investors for many reasons.
First, and most obviously, they are rich in history. Second, they contain silver; each coin has a net bullion value that fluctuates based on the price of silver. Finally, few coins in American history have such a lovely, intricate, and meaningful design. If you’re considering purchasing of genuine Morgan Dollars, read this guide first.
Familiarize Yourself with the Basics of these Coins
The Morgan Dollar was designed by George T. Morgan and features Lady Liberty on the front, while the rear depicts an eagle with outstretched wings. The composition of the coin is 90% silver and 10% copper. Therefore, it is a secure investment in precious metals.
When checking out the coin’s authenticity, it is essential to have a grasp of some of its basic but key attributes, like the weight (26.73 grams), diameter (38.1mm), and the amount of silver contained within it (0.77344 troy ounces).
Know the Key Dates and Mint Marks
This historic coin was produced in different places, including Philadelphia (where no mark was used), New Orleans (where an O was used), and several other locations that used other marks, like Carson City (CC). Key dates (1893-S, Morgan; 1901, 1889-CC) are key not just because they represent certain years the coin was made but because they are especially rare.
Knowing your mint marks and your key dates can help you better assess the potential value of your coins or available coins you come across.
Learn How to Identify Counterfeits
Like any item of value, the Morgan silver dollar can and has been counterfeited. The first step in ensuring a coin’s authenticity is to determine its weight and dimensions. All Morgans should meet the same specifications. Next, closely inspect the design. Morgan Dollar forgers have come a long way since the early 20th century, when they would create moldy looking cast copies.
Still, if you’re not seeing what you should clearly see – especially with Lady Liberty’s hair or the eagle’s feathers – you might actually be looking at a really good copy. One surefire way to detect a counterfeit is to check the coin with a magnet.
Purchase from Trustworthy Outlets
When searching for Morgans, buying from reliable sources becomes paramount. Renowned dealers, coin shops that have been certified, and online marketplaces that offer robust buyer protections can all serve as good venues for making purchases.
When trying to find reputable providers, keep a lookout for those accredited by the Professional Numismatists Guild (PNG or the American Numismatic Association (ANA).
The Morgan Silver Dollar Is a Fine Piece to Add to or Start Your Collection
When buying Morgan Dollars, whether you’re an experienced collector or just starting out, it’s crucial to know what you’re looking at and to whom you should be paying for it. These 19th and 20th century coins might not be as readily available as they once were, but the still-holding value of their place in both numismatic and American history makes them worthwhile.
