The 1889 Morgan silver dollar is a captivating piece of American numismatic history that continues to intrigue collectors and investors alike. As we delve into the depths of this iconic coin's value, we'll uncover the factors that influence its worth, from its rich history to its varying conditions and rare varieties.
A Journey Through Time: The Morgan Dollar's History
The Morgan silver dollar, named after its talented designer George T. Morgan, holds a special place in the annals of U.S. coinage. Minted from 1878 to 1904 and again in 1921, these coins emerged during a period of significant silver discoveries in the American West.
The 1889 Minting
In 1889, four U.S. Mint facilities were producing Morgan dollars:
- Philadelphia (no mint mark): 21,726,000 coins
- San Francisco (S): 700,000 coins
- New Orleans (O): 11,875,000 coins
- Carson City (CC): 350,000 coins
The total mintage of 34,651,811 coins in 1889 reflects the abundance of silver during this era, a result of the Comstock Lode discovery and the Bland-Allison Act of 1878.
Anatomy of an 1889 Morgan Silver Dollar
Before we assess value, let's examine the physical characteristics of this numismatic treasure:
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams (412.5 grains)
- Diameter: 38.1 mm (1.5 inches)
- Edge: Reeded
- Designer: George T. Morgan
Obverse Design
- Liberty's head facing left
- "E PLURIBUS UNUM" above
- Date below
- 13 stars around the rim
Reverse Design
- Eagle with spread wings
- "UNITED STATES OF AMERICA" above
- "ONE DOLLAR" below
- "IN GOD WE TRUST" in banner above eagle
Factors Influencing the Value of an 1889 Morgan Dollar
Several key elements determine the worth of these historic coins:
- Mint Mark: Carson City (CC) coins are typically the most valuable due to their lower mintage.
- Condition: Better-preserved specimens command higher prices.
- Rarity: Certain varieties or error coins can be exceptionally valuable.
- Silver Content: The intrinsic metal value provides a baseline worth.
- Historical Significance: The coin's role in American economic history adds to its appeal.
1889 Morgan Dollar Values: A Detailed Breakdown
Let's explore the potential values of 1889 Morgan dollars, focusing on the Philadelphia (no mint mark) issue:
Circulated Condition Values
| Grade | Value Range |
|---|---|
| Good (G-4) | $48 – $52 |
| Very Good (VG-8) | $50 – $55 |
| Fine (F-12) | $54 – $58 |
| Very Fine (VF-20) | $60 – $65 |
| Extremely Fine (EF-40) | $66 – $72 |
| About Uncirculated (AU-50) | $70 – $80 |
Uncirculated Condition Values
| Grade | Value Range |
|---|---|
| MS-60 | $82 – $90 |
| MS-61 | $85 – $95 |
| MS-62 | $90 – $100 |
| MS-63 | $100 – $120 |
| MS-64 | $150 – $200 |
| MS-65 | $314 – $350 |
| MS-66 | $750 – $900 |
| MS-67 | $15,500+ |
Proof Coin Values
With only 811 proof coins minted in 1889, these specimens are particularly rare and valuable:
| Grade | Value Range |
|---|---|
| PR-63 | $4,500 – $5,000 |
| PR-64 | $5,500 – $6,500 |
| PR-65 | $7,000 – $8,000 |
| PR-66 | $10,000 – $12,000 |
| PR-67 | $20,000 – $25,000 |
| PR-68 | $50,000+ |
Understanding Coin Grades
Grading is crucial for determining a coin's value. The Sheldon Scale, used by professional grading services, ranges from 1 (poor) to 70 (perfect):
- Good (G-4 to G-6): Heavy wear, but major features still visible.
- Very Good (VG-8 to VG-10): Wear is evident, but all major features are clear.
- Fine (F-12 to F-15): Moderate wear, all major features clear, some minor details visible.
- Very Fine (VF-20 to VF-35): Light wear on high points, most fine details visible.
- Extremely Fine (EF-40 to EF-45): Slight wear on high points, all fine details clear.
- About Uncirculated (AU-50 to AU-58): Minimal wear, some luster remaining.
- Mint State (MS-60 to MS-70): No wear from circulation, graded on strike, luster, and surface marks.
Rare Varieties and Errors
Some 1889 Morgan dollars command significant premiums due to unique characteristics:
- VAM-1A "Bar Wing": Shows a distinct die break on the eagle's wing.
- Doubled Die Obverse: Visible doubling on date or lettering.
- Repunched Mint Mark: Seen on some CC, O, and S mint coins.
- Off-Center Strike: Part of the design is off the edge of the coin.
These varieties can increase a coin's value by 50% to 500% or more, depending on rarity and condition.
The Impact of Silver Prices
The intrinsic value of an 1889 Morgan dollar is tied to its silver content. With 0.7734 troy ounces of pure silver, the coin's melt value fluctuates with the silver market. As of [current date], with silver at $[current silver price] per ounce, the melt value is approximately $[calculated melt value].
Tips for Collectors and Investors
- Research Thoroughly: Familiarize yourself with Morgan dollar varieties and grading standards.
- Use Magnification: A 7x to 10x loupe can reveal important details and potential varieties.
- Consider Professional Grading: For coins potentially worth over $100, professional certification can be valuable.
- Stay Informed: Keep up with market trends and price guides like the "Red Book" or online resources.
- Buy from Reputable Sources: Ensure authenticity by purchasing from established dealers or certified coins from major grading services.
Preservation and Care
To maintain your 1889 Morgan dollar's condition and value:
- Store in a cool, dry environment
- Use non-PVC holders or albums
- Handle by the edges, using cotton gloves if possible
- Avoid cleaning, as improper techniques can damage the coin's surface
The Historical Significance of the 1889 Morgan Dollar
The 1889 Morgan dollar represents more than just its silver content or numismatic value. It's a tangible link to a pivotal era in American history:
- The Gilded Age: A period of rapid economic growth and industrialization
- Western Expansion: The ongoing settlement of the American frontier
- Silver Politics: Debates over bimetallism and the "Free Silver" movement
Owning an 1889 Morgan dollar connects you to these historical currents, making it a fascinating conversation piece and educational tool.
Conclusion: The Enduring Appeal of the 1889 Morgan Dollar
The 1889 Morgan silver dollar, with its rich history and varying degrees of rarity, continues to captivate collectors and investors. Whether you're drawn to its historical significance, its potential for value appreciation, or simply its classic design, this coin offers something for everyone in the numismatic world.
For the average collector, an 1889 Philadelphia mint Morgan in circulated condition provides an accessible entry point to this iconic series. For the advanced numismatist, high-grade specimens and rare varieties offer the thrill of the hunt and the potential for significant value.
As you explore the world of 1889 Morgan dollars, remember that each coin tells a story—of the miners who extracted the silver, the mint workers who struck the coins, and the countless hands through which these dollars passed in commerce. By collecting and preserving these pieces of history, we ensure that their stories and the legacy of American coinage continue for generations to come.
