Morgan Silver Dollars, with their rich history and iconic design, hold a special place in the hearts of coin collectors. As a seasoned numismatist specializing in US coinage, I've spent decades studying and grading these beautiful pieces of American history. In this comprehensive guide, we'll delve deep into the intricacies of grading Morgan Dollars, providing you with expert insights and practical tips to assess your coins with confidence and precision.
Understanding the Fundamentals of Coin Grading
Before we dive into the specifics of Morgan Dollar grading, it's crucial to grasp the basic concepts that underpin all coin grading:
The Sheldon Scale
The cornerstone of modern coin grading is the Sheldon Scale, a 70-point system developed by Dr. William Sheldon in 1949. This scale ranges from Poor (P-1) to Perfect Mint State (MS-70), providing a standardized method for describing a coin's condition.
Key Areas of Wear
Certain parts of a coin, known as "high points," wear faster than others due to handling and circulation. For Morgan Dollars, these areas are particularly important in determining the grade.
Overall Preservation
Beyond wear, factors such as luster, strike quality, and surface marks play significant roles in a coin's grade and overall desirability.
The Morgan Dollar: A Brief History and Overview
Designed by George T. Morgan and minted from 1878 to 1904, and again in 1921, the Morgan Silver Dollar is a true American numismatic icon. These coins are composed of 90% silver and 10% copper, weighing 26.73 grams with a diameter of 38.1 mm.
Key Statistics:
- Total Mintage: Over 657 million
- Mints: Philadelphia, New Orleans, San Francisco, Carson City, Denver
- Rarest Date/Mintmark: 1895 (Philadelphia), with only 880 proof coins known to exist
The Step-by-Step Process of Grading Morgan Silver Dollars
Step 1: Determine the General Condition
Begin by placing your Morgan Dollar into one of three broad categories:
- Circulated (G-1 to AU-58)
- About Uncirculated (AU-50 to AU-58)
- Mint State (MS-60 to MS-70)
Step 2: Examine the High Points
For Morgan Dollars, focus on these key areas:
-
Obverse:
- Liberty's cheek
- Hair above the ear
- Hairline near the forehead
-
Reverse:
- Eagle's breast
- Wing feathers
Step 3: Assess Specific Grade Characteristics
Let's break down the characteristics of each grade range in detail:
Circulated Grades (G-1 to AU-58)
Good (G-4) to Very Good (VG-8)
- Obverse: Basic outline of Liberty's profile visible, most hair details worn smooth
- Reverse: Eagle's body outline clear, but most feather details are gone
- Lettering: Legible but worn
Fine (F-12) to Very Fine (VF-20)
- Obverse: More hair details visible, especially behind the neck
- Reverse: Some feather details return, particularly on the wings
- Rim: Full and distinct from the fields
Extremely Fine (EF-40 to EF-45)
- Obverse: Most hair strands visible, slight wear on high points
- Reverse: Most feathers distinct, some breast feather detail
- Luster: Some original mint luster may remain in protected areas
About Uncirculated (AU-50 to AU-58)
- Obverse: Full hair detail with slight wear on highest points
- Reverse: All feathers visible with minimal wear
- Luster: Significant original mint luster present
Mint State Grades (MS-60 to MS-70)
MS-60 to MS-62
- No wear, but numerous bag marks or contact marks
- Luster may be slightly impaired
MS-63 to MS-64
- Fewer and less severe bag marks
- Strong luster, though may be slightly diminished in areas
MS-65 to MS-66
- Minimal bag marks, generally only visible under magnification
- Full, vibrant luster
MS-67 to MS-70
- Nearly perfect to perfect coins
- Exceptional strike and luster
- Virtually no imperfections visible to the naked eye
Step 4: Consider Strike Quality
Morgan Dollars can vary significantly in strike quality. A well-struck coin will have:
- Sharp details on Liberty's hair
- Clearly defined feathers on the eagle
- Crisp lettering and date
Weakly struck coins may have mushy details, even in high grades. This is particularly common in certain years and mints, such as 1878-CC and some New Orleans issues.
Step 5: Evaluate Luster
Mint luster is crucial for determining Mint State grades:
- Cartwheel effect: Look for a spinning "cartwheel" of light when tilting the coin
- Consistency: Check for even luster across the entire surface
- Breaks: Note any breaks in the luster due to handling or cleaning
Step 6: Check for Cleaning or Alteration
Be wary of cleaned or altered coins:
- Unnatural shine or brightness
- Hairline scratches from harsh cleaning
- Artificial toning or altered surfaces
Common Challenges in Grading Morgan Dollars
1. Bag Marks
Morgan Dollars often have numerous bag marks from storage and handling. Distinguishing between acceptable levels of bag marks for each grade can be challenging. As a rule of thumb:
- MS-60 to MS-62: Numerous marks, some of which may be deep or in focal areas
- MS-63 to MS-64: Fewer marks, generally less severe
- MS-65 and above: Minimal marks, mostly confined to non-focal areas
2. Strike Variations
Some years and mints produced weaker strikes. Don't confuse a weakly struck coin with a worn one. Notable examples include:
- 1878-CC: Often weakly struck on the reverse
- New Orleans Mint issues: Generally softer strikes compared to other mints
3. Cleaning
Many Morgan Dollars have been cleaned over the years. Identifying light cleaning can be difficult but is crucial for accurate grading. Look for:
- Unnatural brightness
- Fine, parallel hairlines
- Loss of original luster
4. Toning
Natural toning can enhance a coin's appeal, but artificial toning is a detriment. Learning to distinguish between the two is an important skill. Natural toning typically:
- Follows a predictable color progression (silver → gold → red → blue)
- Is even and gradual
- Doesn't obscure underlying luster
Practical Tips for Grading Morgan Dollars
- Use proper lighting: Natural daylight or balanced artificial light is best
- Employ magnification: A 5x to 10x loupe is essential for detailed examination
- Compare to known examples: Use certified coins or high-quality images as references
- Be consistent: Develop a systematic approach to examining each coin
- Consider seeking professional grading for valuable or uncertain coins
The Impact of Grading on Morgan Dollar Values
Grading can significantly affect a Morgan Dollar's value. Here's a comparison table showing approximate values for a common date (1881-S) Morgan Dollar in different grades:
| Grade | Approximate Value (USD) |
|---|---|
| G-4 | $25 |
| VF-20 | $35 |
| EF-40 | $40 |
| AU-50 | $45 |
| MS-60 | $55 |
| MS-63 | $70 |
| MS-65 | $150 |
| MS-67 | $700 |
Note: These values are approximate and can fluctuate based on market conditions and specific coin characteristics.
Advanced Considerations for the Serious Collector
Die Varieties and VAMs
For the advanced collector, Morgan Dollars offer a wealth of die varieties to study. The most comprehensive catalog of these varieties is the VAM (Van Allen-Mallis) system. Some VAMs, like the 1878 8 Tail Feather and 7 Tail Feather varieties, can significantly impact a coin's value.
Prooflike and Deep Mirror Prooflike Morgans
Some Morgan Dollars exhibit exceptional reflectivity in their fields, earning the designations of Prooflike (PL) or Deep Mirror Prooflike (DMPL). These coins can command significant premiums, especially in high grades.
- PL: Reflective fields visible from 2-4 inches away
- DMPL: Mirror-like fields visible from 6 inches or more
Toned Morgans
While we discussed toning earlier, it's worth noting that beautifully toned Morgan Dollars can fetch substantial premiums. "Monster toners" with vibrant, rainbow-like colors are highly sought after by collectors.
Conclusion: The Ongoing Journey of Grading Morgan Dollars
Grading Morgan Silver Dollars is a skill that combines knowledge, experience, and a keen eye for detail. As you continue to study and handle these historic coins, your ability to accurately grade them will improve. Remember, even experienced numismatists occasionally disagree on the exact grade of a coin, especially when it falls on the border between two grade levels.
By understanding the nuances of the grading scale, focusing on key areas of the coin, and considering factors like strike quality and luster, you can become proficient in assessing these classic American coins. Whether you're a novice collector or a seasoned numismatist, the journey of grading Morgan Dollars is an ongoing and rewarding one.
As you build your collection, don't hesitate to seek out the opinions of fellow collectors or professional grading services, especially for valuable or uncertain specimens. The more you engage with the numismatic community, the more you'll learn and the more enjoyment you'll derive from this fascinating hobby.
Happy collecting, and may your Morgan Dollars always grade higher than you expect!
