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M.F., Green Valley, AZ

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R.A., Green Valley, AZ

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D.R., Green Valley, AZ

EXPERT BLOG #1:

Morgan Silver Dollars: To many collectors, Morgan dollars are what coin collecting is all about. Years ago, back in the 1960’s, coin collectors in the US loved Lincoln cents. The highly popular Lincoln cents in those days were the 1909-S, 1909-SVDB, 1914-D, 1922 no D, 1931-S, and the 1955 double die cent.

Today, these wonderful coins have taken a back seat to the highly popular collecting of Morgan silver dollars. There are many popular dates in this large coin series. The 1893-S is the most popular and is the most expensive in higher circulated grades, except for the terribly expensive 1895 proof dollar, which costs upwards of $50,000, which only the wealthy can afford. And of course, all Carson City mint dollars (with CC mintmark) are highly popular with collectors of this series.

Morgan silver dollars were minted from 1878-1904 and then again in 1921. Many of these dates are readily available and can be purchased for about $50 or less at the current silver spot price of around $64 per ounce. All Morgan dollars are over 100 years old and many of them represent bargains because they are so old and contain 3/4 ounce of silver each. Since the price of silver has more than doubled in the past year, silver dollars have done well as an investment. Whether this will continue in the future is unknown.

The 1878 dollar is a rather complex issue. The eagle on the reverse sometimes has 8 tail feathers, sometimes 7, and sometimes 7 over 8 tail feathers. Since this was the first year of the newly designed Morgan dollar, it should not be surprising that some modification and experimentation took place with the 1878 issue. The 7 over 8 dollar is called a variety. There are scores of different varieties in the Morgan dollar series. Some are dramatic and readily noticeable, while others are more obscure and seen only with magnification. Some collectors attempt to assemble the more noticeable varieties, while others attempt to collect all varieties, even those that require significant magnification. In any case, in the year 1878, Morgan dollars were produced at Philadelphia, San Francisco, and Carson City. None of these issues is rare, and for that reason, they are very collectible. However, it should be noted that all CC mint dollars are scarcer than most of the dollars minted elsewhere.

The coins of 1879 are also quite collectible. Dollars were minted at Philadelphia, Carson City, New Orleans and San Francisco. Only the CC dollar could be considered even moderately scarce, but it is a nice, collectible coin. The other coins are common. There are some collectible varieties of the 1879 dollar. For example, the San Francisco coin has two different reverses, the reverse of 1879 and the reverse of 1878. Both coins are very affordable. By the way, Thomas Edison in 1879 made an electric light bulb filament with cotton thread and lampblack. It provided light for over 40 hours before it burnt out. The filament was enclosed in a vacuum.

1880 saw the minting of silver dollars with a CC mintmark, an O, an S, and no mintmark. The CC dollar is the scarcest. It has a net mintage of just under one-half million dollars, since many thousands of dollars were melted. The strike of this coin has a wide variation among the CC dollars minted. When collecting Morgan silver dollars, it is important to pay attention to strike quality. Look for a strong strike, since weak strikes also exist. Look at the hair above Liberty’s ear and the breast feathers on the eagle. If there is a lot of detail, that is an indication of a strong strike.

Here are some things that were happening in America in 1880. Some people actually had a telephone in 1880, about 50,000 people. The book “Ben Hur” was written. A young George Eastman was busy developing and improving the photographic process; he invented photographic dry plates this year.

Once again, the year 1881 saw the minting of morgan silver dollars at four mints: Philadelphia, Carson City, New Orleans and San Francisco. The CC coin is by far the scarcest and the most valuable coin in circulated condition, with a mintage of just 296,000. However, in MS-65 (a nice uncirculated grade), the O-mint coin rivals the CC coin in terms of value and probably also in scarcity.

In 1881, a famous outlaw was shot and killed. Who was it, you ask. If you know your Old West history, you would know that it was Billy the Kid. He now lies buried, or so most people think, in Old Fort Sumner Cemetary in Fort Sumner, New Mexico. There has been considerable debate about whether the body in the casket is actually Billy the Kid or someone else. Who knows for sure?

In 1882, once again the four mints produced silver dollars. The Carson City mintage was above one million, and it is not rare, but still a highly sought-after date for inclusion in a set of Morgan silver dollars. The other three mints produced silver dollars that were not scarce, except possibly in very high mint-state grades. Just as in 1881, another famous outlaw was shot and killed–Jesse James. This event made national headlines. People in the civilized Eastern states were absolutely fascinated by the stories coming from the Wild West, where law and order were often lacking.

So what happened in 1883? Some great books were written. ‘Treasure Island’ was written by Robert Louis Stevenson. ‘The Adventures of Pinocchio’ was written by Carlo Collodi. ‘Life on the Mississippi’ was written by Mark Twain. ‘The Merry Adventures of Robin Hood’ was written by Howard Pyle. What was life on the Mississippi like in 1883? For one, silver was likely transported down this large river, perhaps from silver mines in the midwest. Who knows where this silver was used? Perhaps some of it ended as silver dollars!

1883 saw the minting of Morgan dollars at all four mints: Philadelphia, Carson City, New Orleans, and San Francisco. The CC coin is fairly plentiful in mint state, typically with a good strike and a lot of nice luster. It is affordably priced and so is often sought out by collectors when desiring a CC coin in an attractive, high grade. The other three mints saw high mintages, and so these coins are easy to obtain.

So in 1883, the Morgan dollar series had barely begun its existence. When gunfights were happening in the Wild West, these coins were being churned out in the very parts of the country that were shaped by gold, and perhaps more importantly, silver discoveries in the West. Clearly, without the silver mines in Virginia City and elsewhere, some of the lore of silver dollars–the ability to hold a piece of the Wild West in your hands–might never have happened.

1884. The San Francisco mint put out a coin that is now common in worn condition, but quite scare in uncirculated grades. An MS-63 costs over $30,000!! A Fine coin is basically just worth its silver value, well under $100. However, a coin in Fine is a nice collectible coin. A complete set of Morgan dollars in circulated grades would be a real treasure. So don’t give up just because other collectors are buying the expensive coins.

In 1884 “range wars” were happening in the Old West. Fencing and water rights were being fought over between cowboys and cattle barrons. Severe weather was also a serious problem in 1884, which aggravated everything. Cowboys had to strike because of their reduced wages and poor working conditions. The strikes continued into 1886. And in the city of Los Angeles, rain fell during the year to a total of 38 inches, an all-time record!

By 1885, the Wild West was–surprisingly–starting to close in. The open-range cattle industry was starting to end. Ranchers were beginning to take over the large open spaces. Major racial tensions were a problem in the West, with the Chinese in particular being persecuted. And the end of the wars with Native Americans was in sight as they were becoming increasingly confined to reservations.

In the history of Morgan dollars, 1885 was the last year (until 1889) of coinage from the Carson City mint. A new Democratic administration was determined to reduce the supply of silver and therefore closed down the mint from mid-1885 to late 1899. The other three mints, in 1885, produced what are now fairly common-date coins. The 1885-CC coin is now considered a moderately scarce date.

In the western states and territories in 1886, silver mining was still strong. True, some mines were being depleted of their silver, but other mines were just beginning to pay off, with the towns associated with them starting to grow larger. The winter of 1886/1887 was devastating for the cattle industry. The severe weather marked the end of the open range. Ranches now prevailed in the West for raising livestock. The era of gunfighters and vigilante justice was coming to an end. The west was becoming more civilized with railroads making their mark on the territories and courts ushering in law and order. No Carson City dollars were struck this year, but coins were struck at the other three mints. The San Francisco mint produced a limited mintage in 1886 and these coins are a bit less common and more valuable than most silver dollars of the era.

The three mints struck silver dollars in 1887, with San Francisco producing a more limited number, thus making the S-mint coin slightly more valuable. But what was happening in the Old West this year? In Fort Worth, Luke Short killed former marshall Jim Courtright in a gunfight. Because Courtright drew his pistol first, the court ruled that Short killed him in self-defense. Apparently, carrying a gun was still a necessary evil in the Old West in 1887.

By the 1887/1888 time frame, the Old West–as we know it to be–was coming to a rapid halt. The era of gunfights was ending, signalling the end of what many call the Wild West. Open ranges were nearing an end, being displaced by fenced-in ranches. Cowboys still had work to do, but that work was much tamer than it had be a decade or more earlier.

So, with the end of the Wild West, let’s turn the history clock to the first half of the twentieth century. Perhaps surprisingly, this was a time when silver dollars really had a chance to circulate among average Americans. As Dave Bowers has said, silver dollars were not used all that much in the Old West, where many of them were minted (Carson City, San Francisco). Instead, people use tiny gold dollars or quarter eagles ($2.50 gold piece).

Let’s start with Montana in the 1950’s. Silver dollars were used in rural areas and in small towns, not exclusively to paper money. But hard cash was definitely preferred over paper money by Montanans in that decade.

MERCURY DIMES!

Let’s talk about Mercury dimes.  As usual, I would encourage you to obtain copies of some of the books about these beautiful coins, such as David Lange’s “Complete Guide to Mercury Dimes.”  A person can never have too many reference books on any particular coin series.  “Knowledge is King,” as said by a prominent numismatist in the past.

In worn condition such as AG to G, Mercury dimes (with the exception of 7 different date/mintmarks; see below) are common.  Such common dimes are basically worth what their silver content will bring.  With silver at around $57 per ounce, a 90% silver dime, which includes all Mercury dimes, is worth $4.10 as silver.  Most worn Mercury dimes have a silver value in excess of their numismatic value. Here are the exceptions:  1916-D Genuinely scarce in F and better; 1921 Scarce in F and up; 1921-D  Scarce in F and up; 1926-S Scarce in VF and up; 1931-D Scarce in all circulated grades; 1942 42/41 Scarce in XF and up; 1942-D 42/41 Very scarce in circulated grades (Source: Lange, “Complete Guide to Mercury Dimes”).