As the Morgan dollar only seems to be increasing in popularity, value and demand, there are coin collectors and enthusiasts out there eagerly working to acquire the 1878 minted Morgan dollar coin. The silver composition, the high cost, the scarcity of most variations and the very pleasing and interesting aesthetics tend to be the primary reason that have earned the Morgan dollar a high reputation in the world of numismatics.
The coin is able to get stirring interest amongst many and thus if you are interested in coin collections, are an enthusiast, even if you are looking just to make an investment or if you have any interest in the world of numismatics, you should make yourselves comfortable with the Morgan dollar and know exactly what you are looking at before even thinking of making a purchase.
Morgan coins are very popular coins. One reason is their composition which is 90% silver and only 10% copper. This is why coins made of 20% silver are usually only worth their silver bullion value. Also, coins that were minted at Carson City are rare because of their relatively very low mintage and thus are extremely valuable and carry high worth. To check for the location of the mint of your coin, check on the reverse of the coin, under the wreath, right above the D and the O of the dollar. CC will indicate Carson City while D will indicate Denver, O will stand for New Orleans and S for San Francisco. No mint mark here means the coin was minted at the Philadelphia mint.
Of the 500 million Morgan dollars minted during 1878- 1904, 75% were melted due to wartime need for silver. There were further 45 million minted in 1921. However during the time in use, there were stock piles of the coins sitting in the vaults of the Treasury meaning they were never circulated and thus it is wise to look out for uncirculated coins that may come your way.
You should also be very cautious when it comes to the dealer you are dealing with. There are dealers who will give you false details or will try and convince you of a coin being of a value much higher and exaggerated than it really is. In its mint condition the Morgan dollar is very scarce but very popular and desirable so there may be various dealers out there who are eyeing your pocket over giving you and honest score on the coin.
Coins also vary in grades given to them by numismatics depending on their condition. A perfect score or the highest grading is given to Morgan dollars that have absolutely no blemishes, no scratches, no hits or no marks. However, a low grade coin is worth a lot less and is one in a worn out condition or even weak striking/ defects. Dishonesty may lead you to buy a coin ten times its worth and value.
You can also think of investing in the ‘Red book’ for information and guided research on coin collecting.
Lastly, once you have made the purchase of the Morgan, be sure that you keep it with yourself, in your own vault or your own safety deposit box. Do not trust dealers or other people who provide you with assurance of safekeeping. It is your property now and it is already of high value, with the value only increasing with time.