Proof coins are unique coins that represent a limited amount of precious metal. The first proof coins were produced in the United States in the early 1900s to prove the legitimacy of American coinage. Today, numismatists use proof coins as a gauge of quality and condition. There are a number of reasons why Morgan Silver Dollars are so popular. First, silver is an attractive metal that has many practical uses.
Coin Collecting
Also, if a coin is extremely fine, it will have a unique appeal. Another valuable grade is “uncirculated.” A silver dollar that is considered “uncirculated” has never been used in trade. Your coin should still seem brand new, with no evidence of wear. The hair at Liberty’s temple and coronet is typically where any worn metal first becomes visible in Morgan silver dollars. The 1885 S silver dollar is worth around $55 in very fine condition. In uncirculated condition the price is around $375 for coins with an MS 60 grade.
Assistant chief coin engraver, George Morgan, began drafting designs for the new silver coin in 1876, and by March of 1878, the coin’s production was already underway. At the suggestion of his friend, Morgan used Anna Willess Williams, a teacher of Philosophy, as the model on the coin’s obverse. The Sherman Silver Purchase Act of 1890 increased the amount of silver the Treasury could buy, but a stock market crisis caused the Act to be repealed in 1893. The Mint stopped making the silver dollar in 1904 when the stockpile decreased. Influential silver miners, looking for an immediate market for their bullion, urged the government to buy silver and produce unlimited coins. But Congress rejected this proposal and omitted silver coins from the authorized legal tender list, leading to a massive protest.
However, even without the packaging and just the certificate of authenticity, a GSA Hoard coin is more valuable than a regular 1885 silver dollar. The best way to know if you have a valuable 1885 silver dollar (or any coin) and to get that value out beaxy exchange review of it is to have it professionally certified. In 2011, Goldenberg Auctioneers sold what is believed to be the most expensive 1885 proof silver dollar.
The Coin’s Reverse Side
Nowadays, the 1885 silver dollar value is high due to the limited number on the market. In addition to being valuable, error coins are fun to collect because you can see something unexpected on each one you own. In this article, we will determine the value of the 1885 silver dollar and teach you everything you need to know about this coin. The 1885 Morgan Silver Dollar is part of the iconic Morgan Dollar series, which was minted from 1878 to 1904, and again in 1921.
Silver Dollar Value Guide
Strike-through errors are the most common coin error and equally the most desirable as you can identify them with unaided eyes. Examples in mint states will fetch more, with one graded MS65 bringing as much as $1,450, while an MS68 specimen is worth up to $80,000. Please check our grading guides to know your coin scale, It’s the necessary step to know the exact value of your coin. The words UNITED STATES OF AMERICA occupy the upper half of the coin’s inner rim on the reverse while the denomination, ONE DOLLAR, appears along the rim at the bottom. The motto E PLURIBUS UNUM appears at the top around the coin’s rim while the date, 1885, is imprinted at the bottom.
- The motto E PLURIBUS UNUM appears at the top around the coin’s rim while the date, 1885, is imprinted at the bottom.
- You can expect between $560 and $785 for 1885-CC circulated silver dollars.
- The coin has luster, but there may be a few stains, abrasions, or surface marks.
- It is important to understand the factors that affect the value of Morgan silver dollars.
PR 63 proof- This coin has reflective surfaces and only a few blemishes away from the major focal points. Very fine- About two thirds of Liberty’s hair lines from above her forehead her ear are visible. Curving underneath the eagle is a wreath tied in the center with a bow. A GSA Hoard coin with all the original packaging intact is worth more. The off-center direction is referred to as the position on a clock. For example, if it is off-center towards 12 o’clock, it means the design is shifted directly up.
Morgans were the first dollars containing silver after the Bland-Allison Act from 1873 that allowed purchasing silver. Therefore, the US Mint could start minting new coins created by George T. Morgan’s design. Pieces struck in 1885 were in a group of early date series with a low mintage, making these beautiful pieces precious for collectors. Elegant, shiny, and heavy Morgan (Liberty Head) silver dollars are unique US coins minted from 1878 to 1904 and later in 1921.
The Importance of the Grading System While Determining the Value of Morgan Dollars
This melt value is calculated from the current silver spot price of $35.65 per ounce. In 1885, the New Orleans Mint minted no other coin but the Morgan silver dollar. The most popular coins of the GSA Hoard are the Morgan dollars minted in Carson City. While not always the case, most error coins tend to increase the coin’s value.
- The off-center direction is referred to as the position on a clock.
- The Philadelphia mint struck an estimated 17,786,837 silver dollars in 1885, making this the highest mintage that year.
- This coin in an MS 68+ grade was paid $135,125 at Legend Rare Coin Auctions in 2015.
- This coin has a total mass of 26.73 g, a diameter of 1.5 in, and a thickness of 2.4 mm.It’s edge is Reeded, and the coins are composed of 90.0% Silver & 10.0% Copper.
- The 1885-O silver dollar, minted in New Orleans, has the “O” mint mark in the same place.
- The Mint stopped making the silver dollar in 1904 when the stockpile decreased.
Their intrinsic value lies in their silver content, making them desirable among collectors. With so many mint state coins readily available, collectors typically focus on the scarce circulated grades, such as the 1885-CC and 1885 Proof silver dollars. With 17,787,000 produced Morgan silver dollars, Philadelphia had the highest mintage in 1885. Despite that, even pieces in good condition are valuable, and you should set aside about $30 for one.
What makes an 1885 Morgan silver dollar rare?
Coins in the mint state have different prices depending on the preservation level. Rare highly-preserved coins are expensive and collectible nowadays, and only serious collectors can afford some scarce pieces. Many rare and valuable dates and mintmark combinations are found throughout the entire 1878 through 1921 history of Morgan silver dollars. With a minimum value of $30.24 and rising from there, accurately determine how much your rare silver coins are worth. However, their rarity means their value is high, so if you do own one or want to buy one to resell, consider yourself a winner. The Philadelphia mint struck an estimated 17,786,837 silver dollars in 1885, making this the highest mintage that year.
Coins worth more to a collectors may be a better long term investment. If the metal prices drop you will still have a coin that a numismatic would want to buy. Because they are nordfx broker review relatively scarce and in demand, those interested in selling their 1885 Morgans can turn to online coin dealers like eBay. Some collectors have even paid hundreds of dollars for a single coin! So if you have an 1885 silver dollar, don’t hesitate to sell it now so you can enjoy the monetary benefits later on. However, if you have an 1885 silver dollar minted in Carson City (look for the “CC” mint mark), all the grades of this coin are very valuable.
Named after its designer, George T. Morgan, this coin played a crucial role in American commerce during the late 19th century. Always double-check the credibility of any site, their sellers, and coins for sale. Many sites do a thorough job ensuring the authenticity of their coins, but not all do. Be wary of any prices that look unusual or too good to be true. Around the rim of the 1885 silver dollar’s reverse side are the words “United States of America” at the top and “One Dollar” at the bottom.
Most surviving circulated examples are graded good to fine, but even these are worth good money. You can expect between $560 and $785 for 1885-CC circulated silver dollars. In its circulated condition, an 1885 no-mint mark dollar is worth between $32 and $70. These coins fetch more in their mint state, from $75 for a piece graded MS60 to $65,000 for gem-quality specimens graded MS69 and above. Morgan silver dollars were not needed for circulation; they were mainly struck as a subsidy to support the silver industry. As such, large quantities of these coins sat in bags at the Treasury vaults, most released in the 1960s.
Circulated grades from Carson City are the rarest of all circulation-strike Morgan silver dollars. Prooflike and Deep proof-like examples are accessible in the open market, with prices ranging from $110 to $5,000. Deep-proof like 1885-O silver dollars will fetch up to $12,500 for a PF67 specimen.
Circulated coins, on the other hand, will show unmistakable signs of wear on the high points. The details, high points and fields will be smooth on low-grade circulated examples and slightly more visible as you go up the grading scale. Discovering rare mintmarks and high condition all contributes to 1885 Morgan silver fxtm forex broker review dollar value.