Finding Hidden Morgan Dollars in the Wild: A Cherry Picker’s Guide

The Thrill of the Hunt

You don’t always need a dealer to find this. Here is what to look for when searching through circulation or bulk lots.

As a dedicated roll hunter, I’ve discovered that some of the most rewarding Morgan Dollar finds come from unexpected places. While many collectors focus on certified specimens from dealers, there’s a special thrill in uncovering these historic coins yourself through circulation searches, bulk lots, and estate sales.

Historical Significance of Morgan Dollars

Morgan Dollars, minted from 1878 to 1904 and again in 1921, represent one of the most iconic series in American numismatics. Named after their designer, George T. Morgan, these silver dollars were produced at five different mints: Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D) – though the Denver mint only produced Morgans in 1921.

The series captures a fascinating period in American history, from the post-Civil War era through the early 20th century, including the Comstock Lode silver discoveries and the eventual transition away from silver coinage.

Key Dates and Rarities to Watch For

When searching through rolls or bulk lots, certain dates and mint marks should immediately catch your attention. The 1889-CC is particularly noteworthy – one collector recently shared their excitement about acquiring one through trade. Carson City Morgans in general command premium prices due to their lower mintages and the romantic association with the Old West.

Other key dates include the 1893-S, 1895 (Proof only), and 1903-O. However, don’t overlook more common dates in exceptional condition – an 1881-S in MS-63 recently sold for over $119,000 when it was a first-generation PCGS “rattler” holder with a low certification number (1080017).

Identifying Key Markers

When examining potential finds, pay close attention to several factors:

• Mint Marks: Check carefully under the wreath on the reverse. Carson City (CC) and New Orleans (O) marks are particularly desirable.
• Date Clarity: Ensure all digits are visible and match known varieties.
• Strike Quality: Look for well-defined details in Liberty’s hair and the eagle’s feathers.
• Surface Preservation: Check for excessive wear, scratches, or damage.

Understanding Toning and Its Impact

Several collectors in the discussion mentioned toning, with one noting they “won’t be the guy battling it out with the toning aficionados.” Toning can significantly affect value – natural, attractive toning often commands premiums, while artificial toning or unattractive toning can detract from value.

When searching, look for coins with original, even toning. Rainbow toning, particularly on silver dollars, can be especially desirable to collectors.

Slab Generations and Their Significance

One particularly interesting aspect that emerged from the discussion was the significance of early PCGS holders, known as “rattlers.” A collector asked how to identify low-number rattlers, and another explained that Generation 1.0 rattlers (white label, very early) began around serial number 1080001, while Generation 1.1 rattlers went up to around 1082378.

These early holders are collectible in their own right, with low-serial-number examples commanding significant premiums. The 1881-S PCGS MS-63 in a white label rattler holder mentioned earlier sold for over $119,000, demonstrating the premium these early slabs can command.

Where to Search for Hidden Treasures

Based on the experiences shared by collectors, here are the best places to search for Morgan Dollars:

• Circulation Rolls: While less common today, occasionally banks still have half-dollar rolls that might contain silver.
• Bulk Lots at Estate Sales: Family members often don’t realize the value of old coins and may sell them as part of larger lots.
• Online Auctions: Look for lots described as “silver dollars” without specific details – you might find a key date.
• Local Coin Shops: Build relationships with dealers who might let you search through their inventory.
• Coin Shows: Sometimes dealers have raw coins in their inventory that haven’t been fully evaluated.

Value Guide: What to Expect

Values for Morgan Dollars vary dramatically based on date, mint mark, condition, and whether they’re certified. Common dates in circulated condition might trade for bullion value (currently around $25-30), while key dates in high grades can sell for tens or hundreds of thousands.

The 1881-S mentioned earlier in MS-63 with CAC verification and a first-generation holder sold for over $119,000. Meanwhile, an 1889-CC in similar condition might trade for $10,000-30,000 depending on grade and eye appeal.

Authentication Tips for Raw Coins

When you find raw Morgans in circulation or bulk lots, here are key authentication points:

• Weight: Genuine Morgans should weigh 26.73 grams.
• Diameter: Should be 38.1mm (1.5 inches).
• Edge: Should be reeded with 178 reeds.
• Magnetic Test: Morgans are not magnetic – if it sticks, it’s fake.
• Details: Examine the fine details – many counterfeits have soft details or incorrect designs.

Building Your Collection Strategically

Several collectors mentioned building date sets or type sets. One noted they were “hanging out in the 63-64 range” for their date set. This is a smart approach – high-grade circulated coins often represent the best value, combining relative affordability with excellent eye appeal.

Another collector mentioned their 1900-O as part of a 20th century type set, while a 1921 was an “impulse buy.” Building a collection with a clear strategy helps focus your searches and budget.

Conclusion: The Ongoing Appeal of Morgan Dollar Hunting

The Morgan Dollar series continues to captivate collectors over a century after production ended. Whether you’re searching through rolls, bidding on bulk lots at estate sales, or carefully examining raw coins at shows, the possibility of discovering a key date or exceptional specimen makes the hunt exciting.

As one collector noted about their newest acquisition, “I won’t be the guy battling it out with the toning aficionados” – but that’s the beauty of this hobby. There’s room for every approach, from the casual collector enjoying the history to the serious investor seeking key dates and rarities.

The next great find could be waiting in a forgotten jar of coins, a neglected estate lot, or a dealer’s raw inventory. Happy hunting!

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