Whether you are an avid collector or have simply come across a box of old coins that belonged to a relative, then you are encouraged to pay more attention to what you have. To be specific, in case you happen to have an 1886 Morgan Dollar, then you may be hotter than you think. This American currency has been sold for as high as $9,000 at auctions provided that the condition is very good. Here is why this coin is of great importance and most importantly, how you can tell whether your 1886 Morgan Dollar is worth a lot of money.
What is an 1886 Morgan Dollar?
The Morgan Dollar, minted between 1878 and 1904, then again in 1921, is one of the most iconic silver dollars in U.S. history. Named after its designer, George T. Morgan, this large silver coin was made primarily of 90% silver and 10% copper. Collectors highly value these coins not only because of their silver content but also for their historical significance and beauty.
The 1886 Morgan Dollar is one of the more sought-after coins, particularly if it was minted in pristine condition. However, not all 1886 Morgan Dollars are worth thousands of dollars. Their value depends on several key factors that we will explore.
What makes the 1886 Morgan Dollar valuable?
The value of your 1886 Morgan Dollar can be determined by various elements:
- Mint mark: A small letter on the reverse side of the coin, positioned just above the ‘D’ in dollar indicating where the coin was minted from. In the case of the 1886 Morgan Dollar, the coins with ‘S’ mint mark (the coins that were minted in San Francisco) go for a particularly higher value. Such a coin in excellent condition with this mark can go for $9,000 and above.
- Condition (grade): The state, or “grade,” of your coin is perhaps one of the most crucial elements which affects its value. Cracked and worn-out coins would be rated 1 while never circulated coins are rated 70 indicating a perfect mint condition. For instance, suppose your 1886 Morgan Dollar is of MS – 66 grade, which is Mint State 66. In this case, it would be worth approximately $9,000. A coin which is lower in grade may be worth only a few hundred dollars.
- Rarity: While many Morgan Dollars were produced, not every piece was maintained in its perfect condition. For instance, for the 1886 Morgan Dollar, certain mints, especially the San Francisco mint, are quite tougher to find in high grade, thus enhancing its worth.
How to check if you have a valuable 1886 Morgan Dollar
If you suspect that you have an 1886 Morgan Dollar, the first thing you should do is check for the mint mark and inspect the coin’s condition. Here is how you can determine its potential value:
- Examine the mint mark: Check the reverse side of the coin for a small “S” above the “D” in “Dollar.” If your coin has this “S” mint mark, it was minted in San Francisco and may be one of the more valuable versions.
- Assess the condition: If your coin shows little to no wear and appears almost flawless, it could be in Mint State (MS) condition. If it is heavily worn or has visible scratches, its value will be lower. You may want to consider having your coin professionally graded by an expert to get an accurate assessment.
How much is an 1886 Morgan Dollar worth?
Now, let us get to the numbers. An 1886 Morgan Dollar’s value can vary depending on its condition and mint mark:
- An 1886 Morgan Dollar in average circulated condition: This might be worth around $30 to $50.
- An 1886 Morgan Dollar with the “S” mint mark in MS-64 condition: This coin could be worth around $1,300.
- An 1886-S Morgan Dollar in MS-66 condition: This could be worth up to $9,000 or more, depending on the buyer.
Should you sell or Hold onto your 1886 Morgan Dollar?
If you find a valuable 1886 Morgan Dollar in your possession, you may be wondering if it is proper to sell the coin or keep it. The conditions in the coin market can change with time, however, demand for Morgan Dollars has been relatively steady in recent times. However, it is always a wise idea to seek the assistance of a coin dealer or an auction house to help you get a fair appraisal of the worth of your coins on the market before taking any action.
