Collecting Morgan Silver Dollars: A Beginner’s Guide to Building Your Collection
The Morgan Dollar is one of the most sought-after coins in U.S. coinage and has become a valuable asset among collectors due to its history and beauty. Coined between 1878 to 1904 and 1921, these silver dollars represent one of the most significant events in American history.
These coins, designed by George T. Morgan, feature a Liberty profile on the obverse and an eagle with outstretched wings on the reverse. They were minted in five locations: Philadelphia, New Orleans, San Francisco, Carson City, and Denver.
Every mint has its features and scarcities, making searching for specific mints, such as the 1921 Morgan silver dollar, very adventurous and challenging. This article provides collectors with the information they need to pursue the most valuable and satisfying collection of the Morgan dollar.
Set Your Goals
Define what kind of Morgan Dollar set you want to build. Popular approaches include a date set, which involves one coin from each year of production. Some collectors focus on high-grade sets, prioritizing coins in Mint State (MS) grades. Setting clear goals will guide your purchasing decisions and help you focus on your objectives.
Focus on Quality
When building a high-quality set, the focus should be on obtaining certified coins in the best possible condition. The coins are numerically rated from 1 to 70, and the Mint State (MS) comprises MS60 to MS70.
Circulating coins of higher grades, such as the 1921 Morgan silver dollar, cost more but accrue more value. It is vital to buy coins from certified dealers as this will guarantee their authenticity and quality.
Diversify Your Sources
Diversifying the places from where you buy your coins means that you are likely to get good deals. It is advisable to attend coin shows for physical experience and interaction with dealers. While there are many auctions online, visiting a local shop is vital as you can get more individualized assistance. Experienced numismatic dealers offer advice on accredited coins and consultation on the quality of the products they obtain.
Keep Detailed Records
Keeping proper records of your collection is critical to managing it effectively. List all the coins you own, their grades, the prices you bought them at, and the current market price. This documentation allows you to evaluate the collection’s total worth and helps you make sound purchasing decisions. It also clearly indicates how far you have gone towards reaching your set.
Stay Patient and Persistent
Collecting the best Morgan Dollar coins, like the 1921 Morgan silver dollar, takes time and effort. Do not be in a hurry to buy; instead, be patient and look for the right coins. Searching for the right coin is as exhilarating as possessing the coin itself. Engage with the numismatic community, attend events, and continually educate yourself to enhance your collecting experience and make it more enjoyable.
Summary
Building the ultimate Morgan Dollar set is an adventure of historical enlightenment and numismatic thrill. It just takes education, goal setting, quality assessment, and patience to accumulate such a valuable and personally rewarding collection.
