A.K. asks: Are Morgan dollars worth collecting? I’ve seen them recommended on the Internet as the best coin to collect. Can u tell me more about it.
Morgan dollars are certainly worth collecting. They span the years from 1878-1904 and then again in 1921. The big, heavy silver coin has always been a favorite among coin collectors. The common date issues, many more than a century old, are inexpensive, even in uncirculated condition, because only a small percentage of the mintage was ever really used by the public. In the Eastern United States, they were thought of as being less than convenient. The coin owes its existence to the Silver Lobby that convinced Congress in 1878, to mandate the minting of silver dollars as a method of propping up the market price of silver.
Many Morgan dollars were stored in government vaults in Washington until they were released to all takers in the 1960’s. Original uncirculated bags of 1000 coins were sold at face value. The best condition coins were removed and the remainder were sold at small premiums or even returned to banks to be redeemed at face value. Some dates and mint marks were never found to be in the government’s possession. Some dates were melted at various times when the government needed the silver for other purposes, that’s why the 1893 issues are scarce or rare
Today most uncirculated Morgan Dollars are encapsulated and graded by either PCGS, NGC or ANACS. A market has developed that prices these coins according to the grade listed on the holder. Some dates, 1884-S for example, are so difficult to find in uncirculated condition that small increments in the numerical grade can command vastly different prices.
It surprises many people that many Morgan dollar dates can be found in nice condition. Some of the scarcer dates can be found fairly easily in circulated condition as well.