The morgan silver dollar was sculpted to retain the value of silver after a massive silver hit in Colorado that caused a rapid crash in the value of silver. These coins were engraved from 1878 to 1904, then the engraving stopped as the price of silver started increasing, and the engraving was again done for a year in 1921. It is the first coin sculpted after the passing of the coinage act 1873. The coin has got its name after the name of its designer George T. Morgan. One side of the coin is engraved with Lady Liberty, and the other side has an eagle with its wings outspread.
The value of a Morgan silver dollar depends on these factors:
- The year in which it was engraved.
- The country where the coin was created.
- The quality or the condition in which the coin is found.
Structure of coin
The coin is made of two metals, 90% silver and the rest is of copper. There’s a letter engraved in these coins beside the year in which the coin was engraved.
Those letters are:
- S – (San Francisco)
- P – (Philadelphia)
- O – (New Orleans)
- D – (Denver)
- CC – (Castro City)
The coin with CC engraved in it values the most.
There are different grades of Morgan silver dollar on which it is classified:
- DMPL (Deep mirror proof-like) – these coins had the engraving in matte silver whereas, the background was in polished silver.
- Proof – A sealed and untouched coins that have never been used is proof
- Uncirculated – A perfect coins that have been used are uncirculated
- Good – A perfect coin that has some deformations in it is good.
- Fair – A coin with deformations in it is fair.
- Poor – A coin that looks shabby both on the center and on the edges is poor.
Poor Morgan silver dollars are of the lowest values of all these grades. There was no engraving of mint on proof coins, but proof coins valued more so, the fraudsters used to remove the mint marks from any other coins made in the same year and sold it as proof coins, but this was easy for the coin experts to spot the forgery.