If you are looking for a way to begin a coin collection, the Morgan silver dollar is an excellent entry into the field. Still at this point date the most popular coin among collectors, this silver dollar – originally designed by George T. Morgan – has a history that will get anyone new to collecting interested and wanting to find out more. The Morgan coins are unique because so many have survived in pristine condition, as they were never circulated. Here are 5 factors to consider when making purchases of the Morgan silver dollar.
1. Mint condition may not mean more valuable. One of the tricky things about the Morgan coin is that so many were stored without being circulated. Therefore, there are an astounding number of these coins in near-mint condition. Look for the other factors that signify value in this type of coin.
2. Several different date stamps are available. Since this coin was minted for over 4 decades (beginning in 1878 and ending in 1921), you have numerous options in dates: semi-date and key-date coins can be had, along with common-date dollars.
3. Proof coins are the most valuable. The Morgan silver dollar coins were only produced in proof form in certain years, making them far more valuable than the others that were being stored simply to meet the needs of mining magnates. To get into the upper echelon trading of Morgan dollars, look for the proofs.
4. The 1895 Philadelphia coin is the be-all, end-all Morgan coin. While many have struggled to find this coin over the years, few have come up with the prize. Issued in proof only, a 2005 sale of one these 1895 specimens went for over $300,000. Remember that searching for the top Morgan coins will mean that serious money is on the table.
5. Most dealers selling the lower echelon coins can get you access to the proofs. Starting out with a collection of Morgan dollars is a way to begin, but when you want to step into the big leagues of coin trading, ask around for the dealers selling the rare proofs. Contact with these coveted coins may only come around after a long search.
The fascinating history of the Morgan coin is in many ways the story of America itself, told in currency. Starting a coin collection here is one of the best ways to begin, as the Morgan coins are targeted by serious investors and novices alike.