How to Sell Morgan Silver Dollars Like a Coin Dealer

At publication, The purpose of this 2020 article was to share insight typically known by coin dealers, so readers could sell Morgan silver dollars like a professional. The explanation was meant to put practical dealer knowledge in the hands of people preparing to sell. Atlanta Gold & Coin understood that publicizing these details might not make the company popular with others in the industry. Still, it considered the information important to explain. This was not only because Atlanta Gold & Coin valued complete transparency, but also because the guidance could help people obtain more for Morgan silver dollar coins, wherever they lived and whichever business they chose to work with.

A key point is that Morgan silver dollars do not all carry the same significance or value. Some are scarce or lower-mintage dates, while others are widely available common-date coins. Condition can also matter greatly, even for a common date. A Morgan dollar in exceptional condition may bring a meaningful premium when coins from that mint and year were often made with weaker quality, leaving comparatively few attractive examples.

For historical context, Morgan Silver Dollars are 90% silver coins created by George T Morgan. They were struck from 1878 – 1904, then again in 1921, at several mint facilities, including San Francisco, New Orleans, Denver, Carson City, and Philadelphia.

You can determine the mint location by looking for a “mint mark” at the bottom of the coin’s reverse. San Francisco issues carry an “S” mint mark, New Orleans uses an “O,” Denver uses “D” and Carson City uses “CC.” Philadelphia coins have no mint mark.

The following discussion provides background on Morgan dollars from each of those mints. It begins with Carson City dollars, which, when this article was originally published, were among the market’s best-known and most widely sought Morgan silver dollars.

Carson City Morgan Silver Dollars

Every coin struck at the Carson City Mint is a lower-mintage issue and generally carries a premium. The smallest-mintage Carson City issues, and therefore the most valuable silver dollars, were minted in 1885, 1889, and 1893. At the time of publication, rare Morgan dollars from these dates could sell for as much as $1,000 in high-end condition. Careful preservation was important because the reported prices were closely tied to each coin’s condition.

The Carson City Mint produced coins through 1893, then served as an assay office until 1933, after which it was sold to the State of Nevada. The original article noted that it operated as a museum and had become a popular destination for visitors.

Among the most popular and frequently collected Carson City coins are GSA Carson City Morgan silver dollars. These uncirculated Morgan dollars were discovered as a hoard at the New York Federal Reserve. The government authorized their public sale in 1970, and the coins were later auctioned from 1972 – 1974.

New Orleans Silver Dollars

Most Morgan dollars minted in New Orleans are common-date coins, apart from those struck in 1893, 1895, and 1903. In general, they are less valuable than Carson City coins, though high-end examples could sell for hundreds of dollars at the time this article was published. As with Carson City dollars, condition drives value, so appropriate handling and preservation remain important considerations.

The New Orleans Mint, like the Carson City Mint, is no longer operating. It was decommissioned in 1911 and serves as a museum. The original article stated that the other mints discussed in the piece were still active.

San Francisco Morgan Silver Dollars

The San Francisco Mint was known for striking fewer silver dollars than the New Orleans, Denver, and Philadelphia mints. As a result, several years had mintages of 1.5 million coins or fewer. At the time of publication, the article explained that all such lower-production coins could sell at some premium because fewer examples had been made.

San Francisco Morgan dollar years with mintages of 1,500,000 or fewer include: 1886, 1888, 1889, 1892, 1893, 1894, 1895, 1902 and 1903.

The 1893-S Morgan silver dollar is the second-lowest-mintage Morgan dollar, with just 100,000 coins produced. The article accordingly described it as the series’ second most valuable coin. At the time of publication, values could exceed $1,000 even for coins in poor condition.

Philadelphia Silver Dollars

Philadelphia generally struck more silver dollars than the other mints, which is why many Morgan dollars have no mint mark. Even so, as with the mints already discussed, Philadelphia produced certain lower-mintage and key-date coins that could command premiums. A missing mint mark alone does not settle a coin’s importance; the date and condition still matter.

Lower-mintage Philadelphia silver dollars include: 1893, 1894, 1895 and 1899. Although Philadelphia has only a small number of key-date Morgan dollars, it is also the home of the most valuable Morgan silver dollar in existence.

The 1895 Morgan silver dollar is a proof issue and the lowest-mintage Morgan dollar, with only 880 coins made. When this article was originally published, even lower-condition examples could sell for $10,000 or more. Because these coins are valuable and susceptible to counterfeiting, the original guidance was to consider only graded examples of this well-known issue.

Denver Silver Dollars

Denver was the final mint to produce Morgan silver dollars, and it did not begin striking them until 1921. More than twenty million Morgan dollars were produced there in 1921, making it one of the series’ highest-mintage issues. At the time of publication, these coins generally traded at silver bullion rates and brought a premium only when they were uncirculated.

Values can rise when coins are certified by a respected independent grading service such as NGC or PCGS. In particular, the original article noted that San Francisco and Denver coins can be difficult to locate in higher-end condition. At the time it was published, coins graded MS65 or higher could sell for hundreds of dollars.

In Summary

At publication, To conclude the discussion, some high-mintage coins can still bring a substantial premium in uncirculated condition because strikes from their particular year were often poor. Examples include the 1883-S, 1884-S, 1886-O, 1896-O, 1896-S, 1897-O, 1898-S, 1899-S, 1900-S, 1901, 1901-S and 1904-S. This illustrates the San Francisco Mint’s reputation for producing some less-than-stellar Morgan dollar examples.

Many of the principles discussed for Morgan dollars also apply to Peace dollars. The distinction is that Peace dollars were struck at only three mints: Philadelphia, Denver, and San Francisco.

When this article was originally published, Atlanta Gold & Coin hoped its discussion of selling Morgan silver dollars like a coin dealer would offer useful perspective for owners seeking to receive more for their coins. The article described Atlanta Gold & Coin Buyers as a knowledgeable Morgan silver dollar buyer and seller and stated that it welcomed the chance to earn readers’ business. Readers were invited at publication to contact us with any questions they had.

At the time of publication, readers were invited to call Atlanta Gold & Coin at404-236-9744!