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

The Thrill of the Hunt

There’s nothing quite like the rush of discovering a hidden gem yourself. Forget relying solely on dealers – the real magic happens when you uncover exceptional Morgan Dollars in circulation, bulk lots, or estate sales. With a trained eye and solid knowledge of what to seek, you can build an impressive collection while saving money and savoring every moment of the hunt.

Understanding Morgan Dollar Basics

Minted from 1878 to 1921, Morgan Dollars are composed of 90% silver and 10% copper, weighing 26.73 grams with a diameter of 38.1mm. These coins were struck at five different mints: Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D) – though Denver only produced them in 1921. Mastering these fundamentals is essential for any serious collector.

Key Dates and Rarities

Certain Morgan Dollars command premium prices due to their scarcity. The 1889-CC, 1893-S, and 1895 are considered the “King of Morgans” and are highly sought after. However, don’t overlook common dates in exceptional condition – these can sometimes be found in circulation or bulk lots at face value or slightly above, offering tremendous numismatic value for the savvy collector.

Grading and Condition

Morgan Dollars are graded on a scale from Poor (P-1) to Perfect Mint State (MS-70). When examining potential acquisitions, pay close attention to:

• Luster quality and completeness – that original cartwheel effect is key
• Surface marks and bag impressions that can detract from eye appeal
• Strike quality, especially on the eagle’s breast feathers
• Any signs of cleaning or damage that would diminish collectibility

Spotting Toning and Its Impact

Natural toning can dramatically affect a Morgan Dollar’s appearance and value. Look for:

• Rainbow toning on both obverse and reverse – the more vibrant, the better
• Even, attractive coloration that enhances the coin’s overall eye appeal
• Avoid coins with dark, mottled, or artificial-looking toning that screams “doctored”

“I prefer the cleaner cheek on Ms. Liberty on the first toned example. But the gorgeous reverse toning on the second coin trumps that – I’ll take it, please.” – MFeld

Authentication and Certification

Many collectors prefer ANACS photo certificates for their Morgans. These provide authentication without the need to crack coins out of holders. When building a collection:

• Store certificates in acid-free photo albums to preserve them
• Keep coins and certificates together for reference and provenance
• Consider third-party grading for valuable specimens to maximize their numismatic value

Cherry Picking Strategies

Successful cherry picking requires patience and knowledge. Here are proven strategies:

Bulk Lots and Estate Sales

These can be goldmines for finding undervalued Morgans. Look for:

• Unsearched rolls from banks – the ultimate treasure hunt
• Accumulated collections from estates where the owner may not have known what they had
• Online auctions with poor photography where details are hidden

Identifying Key Markers

Develop an eye for spotting:

• Full bell lines on Franklin halves (if mixed in) – another collector’s dream
• Key date pennies or other coins that might be mixed in with Morgans
• Coins with exceptional luster or toning that catch the light just right

Storage and Preservation

Proper storage is crucial for maintaining your collection’s value:

• Use acid-free holders and albums to prevent damage
• Avoid PVC-containing materials that can cause unsightly toning
• Store in a cool, dry place away from direct sunlight to preserve mint condition

Building Your Collection

When assembling a date set, consider:

• Personal preferences for luster and toning – beauty is in the eye of the beholder
• Condition rarity versus common dates in gem condition – sometimes the latter offers better value
• Budget constraints and investment potential – balance passion with practicality

Common Pitfalls to Avoid

Be aware of these potential issues:

• Slide marks from improper album storage – a telltale sign of careless handling
• Artificial toning or cleaning that can ruin a coin’s numismatic value
• Counterfeit coins, especially for rare dates – always authenticate before buying

Conclusion

Building a Morgan Dollar collection through roll hunting and cherry picking is both challenging and rewarding. By understanding what to look for, where to search, and how to properly evaluate potential acquisitions, you can create a collection that brings both personal satisfaction and potential financial returns. Remember, the hunt is half the fun – happy collecting!

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