Are Morgan Dollars a Good Investment? (2024)

Susan Headley is a well-respected coin collecting expert and writer with over 30 years of hands-on numismatic experience.She is a member of the American Numismatic Association (ANA) and holds several certifications. Susan also belongs to the American Numismatic Society (ANS) and CONECA (error and variety coins club).

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Morgan Dollars in General

As a rule, you must remember that common date Morgansilver dollars that grade below AU-50 is only worth their silverbullionvalue. Of course, there are a few exceptions, especially for Morgan Dollars minted at Carson City, but most Morgan dollars on the market today never circulated as regular coinage. The main reason is that the U.S. Mint produced hundreds of millions of Morgans during the 1800s than what was needed to meet the demands of commerce, so they sat in vaults for over 100 years.

Are Morgan Dollars a Good Investment? (1)

Most Morgan Dollars Never Circulated

The United States Mint made more thanhalf a billionMorgan Dollars between 1878 and 1904. Although nearly 3/4 of these were melted down before being issued, most Morgans in the marketplace today didn't even leave the U.S. Treasury vaults until 1960. So before investing in them, you should learn more about thehistory of the Morgan Dollar, which makes a fascinating story.

The bottom line is that Morgan Dollars in Uncirculated grades are extremely common, so be aware of this fact when you buy Morgan dollars. Unfortunately, some people try to increase the value of their Morgan dollars by cleaning them. Learn how to identify cleaned coins, so you don't end up buying a "lemon" for your collection.

Buy the Book Before You Buy the Coin

One thing that less-than-honest dealers might attempt to do is try to lead you to believe that just because the Morgan Dollar is 60 to 80 years old, the fact that it's inMint Statemakes it very valuable. The truth is that MS-63 specimens for about half the mint/date combinations sell for $35 to $70 each. Telemarketers are getting $350 to $700 for the same coins! Which is thebetter investment? Obviously, getting theRed Bookand learning the actual market values of Morgans is critical.

Invest in Only the Highest Grade Morgan Dollars

Because most of the Morgan dollar coins exist in higher grades than most other series, you should invest in only the highest grade specimens. If you can afford to buyProofMorgan silver dollars, you should do so because those have performed very well as investments. The following best investments are the very high grade, MS-65, or better coins. They are pricey compared to MS-60 to MS-63, but their incredible rarity in the age of encapsulated coins makes them a good investment.

Remember to Consider the Source

Another essential item to consider when investing in rare coins, including Morgan silver dollars, is to find who is providing the coin grade. The price difference between MS-63 and MS-65 is significant, and not all dealers andgrading serviceshave the samegrading standards. Coins inslabsfrom PCGS and NGC are worth more than coins in slabs from certain minorgrading services. This price difference is because PCGS and NGC have consistent, exacting, and largely non-subjective standards for grading.

Store Your Morgan Dollars in a Vault You Control

Finally, once you've made the informed decision to invest in a given Morgan silver dollar,always take delivery of your coins in person. Don't fall for dealer assurances that they will store your coins for you and keep them in a secure vault. Instead, find another dealer if the dealer cannot produce the coins you're buying in a leading third-party grading company slab.

If you don't have a proper built-in, fireproof vault to store your investments, put them in a safety deposit box. If you will keep your coins in a private residence, take necessary precautions to protect your investment. Your safe should be burglar resistant, fireproof, and permanently anchored to the floor. Additionally, your safe should be in an environmentally controlled area. Avoid basem*nts and attics where the changes in temperature and moisture can damage your coins. Finally, always remember that Morgan silver dollars can be your future retirement, so don't let them get stolen by a thief.

Edited by:James Bucki

As someone deeply entrenched in the world of coin collecting and numismatics, I can definitely delve into the intricate details of the article you've provided. Coin collecting, or numismatics, is a fascinating hobby that transcends mere monetary value. The article you shared touches on various critical aspects related to coin collecting, specifically focusing on Morgan silver dollars and their investment potential.

Let's break down the concepts mentioned in the article:

Morgan Dollars: These were minted between 1878 and 1904, with a subsequent issue in 1921. They are highly sought after by collectors due to their historical significance, beauty, and investment potential.
Investment Value: Morgan silver dollars are often seen as an investment vehicle due to their historical performance, but their value depends on factors like rarity, condition, and market demand.
Grading: The condition of coins greatly impacts their value. Grades like AU-50 (About Uncirculated), Mint State (MS), and Proof denote their condition, with higher grades typically fetching higher prices.
Commonality: Despite their age, many Morgan dollars didn't circulate widely, leading to a surplus that remained stored in U.S. Treasury vaults for decades. As a result, uncirculated specimens are relatively common.
Buying Considerations: Understanding market values, avoiding cleaned coins, and referencing guides like the Red Book (A Guide Book of United States Coins) are crucial before making purchases.
Quality Matters: Investing in the highest grade coins, particularly Proof and MS-65 or better, is advisable due to their rarity and potential for higher returns.
Grading Services: The credibility of the grading service matters. Services like PCGS and NGC are esteemed for their consistent and reliable grading standards, influencing the value of coins.
Storage: Proper storage is vital to protect your investment. Using a secure vault or safety deposit box with controlled environmental conditions ensures the preservation of coin quality and value.

Coin collecting involves a blend of historical knowledge, market understanding, and a keen eye for quality. It's a hobby that can be both enjoyable and financially rewarding when approached with the right expertise and caution.