What if We tell you that there is something more evergreen than Morgan Freeman himself? Surprisingly, they both share the same name. The Morgan silver dollar is among the most valuable creations of the US Mint and American coinage as a whole.
A story of greatness originating from the old Wild West, the morgan silver dollar was minted from 1878 to 1904, in 1921, and since 2021 as a collectible. During the 1878 to 1904 period, the dollar contained 90% silver, 10% copper, which is 0.7734 troy oz of pure silver.
Why 1889 specifically?
During the minting period, the 1889 release of the Morgan Silver Dollar became astonishingly valuable. Let’s get you acquainted with the factors and reasons that influence the 1889 silver dollar value.
The 1889 Morgan Silver Dollar value or any other rare coin value is generally influenced by these common factors. If you found a silver dollar in your Grandpa’s collection, you might want to know its value and sell it; thus, when negotiating, it is necessary to know these factors:
Designed by George Thomas Morgan, these silver dollars featured a single design throughout its mintage. The obverse features the effigy of Lady Liberty wearing a classic Phyragian cap and a “LIBERTY” headband. The inscriptions featured the US motto and issuing year as “E PLURIBUS UNUM. 1889.”
The reverse bears the heraldic eagle (American bald eagle) clenching on arrows and olive branches. The reverse bears the inscriptions of “UNITED STATES OF AMERICA. ONE DOLLAR. IN GOD WE TRUST,” representing the country, denomination, and the other US motto.
Conditions and Grade actually go hand-in-hand with each other. Here is a comprehensive table of the coin conditions and grading scale.
| # | Grade |
|---|---|
| 1 | Basal State-1 |
| 2 | Fair |
| 3 | Very Fair |
| 4, 5, 6 | Good |
| 7, 8, 10 | Very Good |
| 12, 15 | Fine |
| 20, 30 | Very Fine |
| 40 | Extremely Fine |
| 50 | About Uncirculated |
| 60 | Mint State |
| 65 | Mint State |
| 70 | Mint State |
What is Mint State and Circulated Grades?
Mint State (MS) is the coin condition that is never gone out of the mint. The Mint state condition corresponds with the grades from 60 to 70 (on the scale from 1 to 70). Whereas, the Circulated coins have/may have grades less than 60. In this case, the mint state coins fetch the most value.
What factors influence the Grading scale?
The main 3 factors/reasons that influence the grading scale are the coins’ wear, scratches, and toning. Make sure you get a proper grading done from the Grading services like NGC or PCGS. (whom we are officially associated with!)
The Mint mark refers to the initials of the US Mint facility that struck the 1889 Morgan Silver Dollar. Here is a table defining the mint and its respective mintage, that influence the 1889 morgan silver dollar value:
| Mint | MintMark | Mintage |
|---|---|---|
| Philadelphia | No Mintmark | 21,726,000 (811 - proof coins) |
| Carson City | “CC” | 350,000 |
| New Orleans | “O” | 11,875,000 |
| San Francisco | “S” | 700,000 |
Rarity of the Morgan Silver Dollar is limited to the Errors and proof coins, since the normal ones were struck more than enough. The 1889 morgan silver dollars have a list of errors that includes:
Furthermore, based on the condition and clarity, the normal circulated coin can also be worth hundreds of dollars. The 1889 Morgan Silver dollar value ranges from $38 to $22,500 based on the mint mark and condition. The proof morgan dollars can go as high as $50,000. This will make your jaw drop: the Carson City (CC) mintmark Silver dollars with a MS67 grades fetches a value of $850,000.
Now use the above factors and below processes to help determine the optimal value of your 1889 morgan silver dollar.
The Numismatic Guaranty Company (NGC) and the Professional Coin Grading Service (PCGS) are among the best coin grading services in America. Getting your coin graded from them, will give you the accurate grade and value, which can be easily sold.
These platforms store the best database and value guides, including historical auction data of the respective coin. These databases also provide a price guide that states the estimate prices for the designated condition and grade.
Everyone likes the easy way, don’t they? Consulting coin dealers and experts; a one day visit, and job’s done! However, always visit a trusted dealer for the best prices.
Before investing in the 1889 Silver dollars, you need to cope up with the contemporary market considering these below aspects:
As always, Investing comes with risks but they can be controlled with silver investment. For example, the current HMPV outbreak in China could alarm at a potential Pandemic and economic disruption. Such conditions and risks could impact the investment returns.
Investing in precious metals, in general, is a thing of patience. Silver has a great potential of value appreciation with increasing industrial needs, which is only applicable in long-term basis. Thus, as a clever investor, you need to have long-term investment strategy ready.
The 1889 morgan silver dollar is an exquisite coin from the vast US Mint coin collection and even from the Morgan Dollar series itself. Diversification in the coin collection is necessary that ensures proper asset segregation along with easy liquidity. Ultimately, your portfolio can easily to converted to cash.
Secrets have been revealed, its upon you how to use them! The 1889 Morgan Silver Dollar is easily among the Top 10 coins ever created from the American coinage. The other dates of the Morgan Dollar are also available at BOLD with exquisite grades and packaging from NGC and PCGS. Explore the wide silver collection with competitive prices based on the current silver spot price!
Happy Investing!
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