Finding MS65 Gems in Circulation: Hunting 1886 Morgan Dollars

The Thrill of the Hunt: Finding MS65 1886 Morgan Dollars

There’s something magical about pulling a quality coin from a roll of ordinary pocket change or a dusty box of bulk lots. The 1886 Morgan Dollar represents one of those perfect targets for the patient cherry picker – a coin that appears with surprising regularity in circulation searches yet still holds genuine collector value when found in exceptional condition.

Historical Significance of the 1886 Morgan Dollar

The 1886 Morgan Dollar was struck at a time when silver production was booming in the American West. Philadelphia minted 19,963,886 pieces that year without a mint mark, while New Orleans produced 10,710,000 with an “O” mint mark, and San Francisco struck 750,000 with an “S” mark. This relatively high mintage means these coins circulated widely throughout the United States, making them excellent candidates for roll hunting.

The coin features George T. Morgan’s iconic design – Lady Liberty on the obverse wearing a Phrygian cap adorned with wheat and cotton, symbolizing America’s agricultural heritage. The reverse displays a heraldic eagle with outstretched wings, clutching arrows and an olive branch, representing America’s military strength and desire for peace.

Identifying Key Markers When Roll Hunting

When searching through rolls or bulk lots, focus on these critical areas:

• Date and Mint Mark Position: The 1886 date should be clearly visible at the bottom of the obverse. Philadelphia issues lack a mint mark, while New Orleans coins show an “O” below the wreath on the reverse, and San Francisco pieces display an “S” in the same location.
• Liberty’s Cheek: This is the primary focal point for grading. Look for coins with minimal marks or abrasions in this area. Even light chatter can drop a coin from MS66 to MS65.
• Reverse Fields: Check for scratches, especially near stars and within the wreath. A wide, shallow scrape by the right star, as noted in our example, can impact the final grade.
• Luster Quality: Original, undisturbed luster is crucial. Avoid coins with signs of cleaning or environmental damage.

Understanding the MS65 Grade

Our featured 1886 Morgan Dollar received an MS65 grade from NGC. This grade represents a coin with:

• Full Mint Luster: The coin retains its original surface shine
• Light Marks: Only minor contact marks visible under magnification
• Strong Strike: All design elements are well-defined
• Eye Appeal: Overall attractive appearance despite minor imperfections

The MS65 grade is particularly interesting because it demonstrates how subjective coin grading can be. In our forum discussion, opinions varied widely – some collectors believed the coin deserved MS66, while others thought MS64 was more appropriate. This variation highlights why cherry picking can be so rewarding.

Where to Find These Treasures

Circulation Rolls: Banks and credit unions remain excellent sources for unsearched rolls. Ask politely about half dollar rolls, as these often contain older coins that haven’t been examined closely.

Bulk Lots: Estate sales, coin shops, and online auctions frequently offer mixed lots of Morgan Dollars. These unsorted collections can contain hidden gems that previous owners overlooked.

Dealer Bargain Bins: Many dealers keep boxes of cull coins or “filler” pieces. These are often priced low enough that even a modest MS65 find represents excellent value.

Photography and Authentication Tips

When evaluating potential purchases online or documenting your finds:

• Use Multiple Angles: As demonstrated in our example, different lighting angles can reveal marks not visible in standard photos
• Check for Original Surfaces: Look for signs of cleaning, such as unnatural brightness or hairlines
• Verify Holder Authenticity: Older NGC holders, like the one in our example, can sometimes contain coins that would grade higher by today’s standards

Should You Submit for Crossover or CAC?

The economics of coin submission deserve careful consideration. For our MS65 1886 Morgan:

The question isn’t “Should I cross it…?” but instead “Should I try to cross it…?”

And I see no reason to try it. Any potential added value of a PCGS or CACG holder wouldn’t make up for the cost of submission. And even though it looks like a nice coin, I don’t think there’s any way it would receive a gold sticker from CAC.

This advice is particularly relevant for newer collectors. Submission costs can quickly exceed any potential profit, especially for common date Morgans in the MS65-66 range.

Market Considerations and Value

MS65 1886 Morgan Dollars typically trade in the $75-150 range, depending on the specific mint mark and overall eye appeal. The Philadelphia issue (no mint mark) is generally the most common, while the San Francisco “S” mint mark commands a premium due to its lower mintage.

When evaluating potential purchases, consider:

• Current Holder Premiums: NGC and PCGS holders may command slightly different prices
• CAC Sticker Value: A gold sticker can add 10-20% to the coin’s value
• Eye Appeal Premiums: Coins with exceptional luster or strike may exceed typical price guides

The Joy of Discovery

The 1886 Morgan Dollar in MS65 condition represents the perfect intersection of accessibility and collectibility. While not rare enough to be out of reach for most collectors, finding one with strong eye appeal requires patience, knowledge, and a bit of luck.

Whether you’re searching through bank rolls, browsing estate sale boxes, or carefully examining dealer inventory, remember that every coin has a story. That MS65 1886 Morgan you discover might have traveled across the country in someone’s pocket, sat forgotten in a drawer for decades, or been passed down through generations before finding its way to you.

The real value isn’t just in the grade or the price guide – it’s in the thrill of the hunt and the satisfaction of discovering something special in the most ordinary of places. Happy hunting!

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