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Morgan Supports Silver Price

August 1, 2012 – Buying the best grade you can afford may be very good advice in terms of rare coins. For Morgan dollars, it may be important to also insist you have fun in the process, which is a great attraction for Morgan dollars.

In the best possible grades, the Morgan dollar is not always something that many collectors can afford. For some dates, the price rises faster than the grade.

The 1886-O is $690 in MS-60 but in MS-65 it is $190,000. The Professional Coin Grading Service has only seen three examples of this higher priced grade, however. An MS-65 with deep mirror proof-like surfaces is $300,000, but neither the PCGS nor the Numismatic Guaranty Corp. has seen one.

That type of scale variation is not unusual with Morgan dollars, though many of them are around the $50 level. Considering the popularity of the series and the reasonably high quality of the grade, it is an appreciable price for a coin that in most cases is over a hundred years old.

For the more unusual Morgan silver dollars, such as the 1895-O, which lists for $15,500 in MS-60, the coin is valued very highly even though it is not the lowest mintage date.

In the early days of America, the Mint could not obtain enough silver to supply commercial demand for Morgan silver dollars and other silver coins. Foreign coins were used, along with silverware and even silver teeth.

Silver was discovered in Nevada in the late 1850s and the Comstock Lode was announced in 1859, making the South and West, where in California was recently discovered to have stores of gold, some of the newest and most profitable mining territory in the world.

The Mint was then able to obtain the supplies of silver and gold it needed without resorting to old coins and silverware. A Mint actually opened in Carson City, Nevada, highlighting the strategic importance of the area for precious metals. The “CC” mintmark can still be seen on coins.

While gold could be panned out of rivers in California, silver required strenuous labor in order to mine it out of the hills of Nevada, making the discovery less glamorous and less noteworthy to the public.

Average prices in the annual Mint report showed silver at $1.27195 in 1874 and $1,23883 in 1875. The silver in a Trade dollar was worth 90.91 cents at the 1878 average price.

Morgan silver dollars are a great way to capitalize on silver prices, to appreciate America’s history, and to have fun.

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