The Morgan dollar is considered to be a very popular investment vehicle for coin collectors as they sell for reasonable prices, and have performed very well as investments in the past. Other than that, a Morgan dollar is simply a beauty to behold. If you want to purchase your very own Morgan dollar, then it is important that you equip yourself with knowledge about the coins, to assure you that you don’t take a loss instead.
What is a Morgan Dollar?
The silver dollar Morgan is a US silver dollar coin minted from the years 1878 to 1904, and back again for another year during the year 1921. It was authorized by the Bland-Allison Act of 1878. The Morgan dollar’s obverse and reverse was designed by George T. Morgan. As the obverse, the Lady Liberty can be found. For the reverse, an eagle holding arrows and an olive branch was designed.
Descriptions
The silver dollar Morgan has a fineness of .900, meaning it has a total silver content of 24.057 grams or 0.77344 ounces per coin. Its total mass is 26.73 grams and diameter is 38.1 mm, with thickness of 3.1 mm. It is composed of 90% silver and 10% copper.
Now that you know some facts which will guide you in buying an authentic silver dollar Morgan, it’s time to discuss some tips.
Don’t be fooled by Uncirculated gradings
Although there were about half a billion Morgan dollars minted from the years 1878 to 1904, and nearly ¾ of these were melted before being issued, a bulk of the Morgan dollars in the market nowadays didn’t even leave the U.S. Mint until the year 1960. So, an Uncirculated grade for Morgan dollars is really not uncommon. If a dealer priced one very high because of it being Uncirculated, don’t be fooled. Uncirculated grades are very common.
Know which specimens to buy
Only buy the highest grade silver dollar Morgan. Proof Morgans, especially, have been performing very well for the past 15 years. If you can afford to invest in one, go for it. If not, you can go for the very high-grade, MS-65, or even better. Although they are more expensive compared to MS-60 up to MS-63, they are considered a very good investment because of its rarity in age of encapsulation.
Consider the Source
In buying a silver dollar Morgan, it is recommended that you consider the source of the grade. Not all dealers may have the same grading standards. Some dealers may price their coins higher compared to others even with the same grade, probably because they have more non-subjective, consistent and exacting grading standards. That is why, you should not only compare the grade and price, but also consider the source and grading standards.