The value of a Morgan Dollar, like other coins, is heavily influenced by its condition, which is assessed using a standardized grading system called the Sheldon Scale. This scale, ranging from 1 (poor) to 70 (perfect), helps numismatists and collectors categorize a coin’s wear, preserving and accurately determine its market value.
Here’s a breakdown of common Morgan Dollar grades and their associated characteristics:
- Circulated Grades (1-58): These coins show varying degrees of wear from use in circulation.
– About Good (AG-3): Heavily worn with only the basic outlines of Liberty’s head visible. Details are smooth, but the date remains readable. Parts of the rim may blend into the lettering.
– Good (G-4 to G-6): Major design elements are visible, but details are flattened due to heavy wear. The rim is mostly complete, not blending with the letters.
– Very Good (VG-8 to VG-10): Well-worn, but the design is clear and some elements are defined. The rim is full and clearly separated from the field. Partial hair detail and complete lettering are visible.
– Fine (F-12 to F-15): Moderate, even wear across the surface, with bold major design elements and clear lettering. The hairline is fully visible, and cotton bolls show two clear lines.
– Very Fine (VF-20 to VF-35): Moderate to minor wear, primarily on the highest points of the design, which may appear slightly flat. Overall, the coin is attractive. Hair details are evident, and cotton leaves and wheat grains are clearly defined.
– Extremely Fine (EF-40 to EF-45): Only the slightest wear on the highest points, with sharp details and well-defined design elements. Traces of mint luster may be present, along with some bag marks or abrasions.
– About Uncirculated (AU-50 to AU-58): Very minor traces of wear are visible only on the highest points. Mint luster is nearly complete, and surfaces are well-preserved. Significant nicks or bag marks should be minimal. Identifying AU coins can be tricky, as they can sometimes be misidentified as Mint State.
- Mint State Grades (60-70): These coins never entered circulation, but their quality varies based on factors like contact marks and strike quality.
– MS-60 to MS-62: Technically uncirculated, but often display heavy bag marks and potentially weak strikes.
– MS-63: Uncirculated with noticeable contact marks or minor blemishes, even in prime focal areas, but possess good luster. Considered the benchmark “average” Mint State grade for Morgan Dollars.
– MS-64: Uncirculated with full, attractive mint luster. May have light scattered marks, potentially in prime focal areas, but the overall eye appeal is pleasing.
– MS-65: High-quality, undisturbed mint luster across the surface. Few and small contact marks, with none detracting in prime focal areas. Well-struck, with few hairlines. Has brilliant, above-average eye appeal.
– MS-66: Similar to MS-65 but with even fewer and smaller marks. Above average and fully original luster with superior eye appeal.
– MS-67 and Higher: Virtually flawless with only very minor imperfections. Fully lustrous with exceptional eye appeal. Grades above MS-67 are rare.
Several elements contribute to a Morgan Dollar’s assigned grade:
- Wear: The most important factor, with less wear correlating to a higher grade.
- Integrity of detail: The presence and clarity of fine details like Liberty’s hair strands or the eagle’s feathers.
- Damage: Scratches, dents, and other defects can significantly lower the grade.
- Luster and Patina: Original luster and natural patina can enhance a coin’s value and contribute to a higher grade.
- Strike Quality: Morgan dollars can have weak strikes, particularly those from the New Orleans mint, [according to Coinage Magazine] . This can affect the apparent detail and be mistaken for wear.
Reputable services like [Numismatic Guaranty Corporation (NGC)] and PCGS (Professional Coin Grading Service) provide authentication, grading, and encapsulation services for coins like Morgan Dollars. This offers buyers assurance of the coin’s authenticity, condition, and potentially, its value.
What is the grading scale for Morgan Dollars?
The scale grades coins from 1 to 70, but the widest part is for circulated specimens. You can place your used silver dollar anywhere between P 1 and EF 49. The first three ranks (Poor, Fair, and About Good) describe heavily worn-out, non-collectible coins.
Are Morgans 90% silver?
House Bill 6192 (2021 Silver Dollar Coin Anniversary Act) allows production of Morgan and Silver dollars at 26.73g and no less than 90% silver (24.057 g = 0.7735 ozt).
What is the order of coin grading?
This changed to the letter grading system beginning with the lowest grade – Basal State (also Poor (PO)), then continuing Fair (Fr), About or Almost Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), Almost or About Uncirculated (AU), Uncirculated (Unc) and up to Brilliant Uncirculated …