★ What You Need to Know Before You Sell Morgan Silver Dollars

Morgan Dollars are named after their designer, George T. Morgan. He came over from England in 1876 at the request of the U.S. Treasury Department. In his position as an assistant engraver, he worked on a great many patterns for 1877 half dollars. The final basic design of the Morgan Silver Dollar, which was slightly modified through the years, features:

•On the obverse, Lady Liberty’s head, facing left. The word “Liberty” is on her hair band, and she is also wearing a Phyrgian cap and agricultural displays such as cotton, oak leaves, and wheat.

•On the reverse, a bald eagle with outstretched wings and a small surrounding wreath, the motto “In God We Trust” above, “One Dollar” below, and “United States of America” surrounding the eagle and the wreath.

The beauty of the Morgan Silver Dollar wasn’t widely appreciated in the early days. In fact, the coin was downright unpopular. Based on the shape of the eagle’s head and the bird’s overall scrawny appearance, it was derisively referred to as the “Buzzard Dollar.”

Several events through history caused the Morgan Silver Dollar to grow exponentially in popularity among coin collectors, including:

•Millions and millions of Morgan Silver Dollars were circulated due to the Bland-Allison Act of 1878, which required the U.S. government to buy between two million and four million ounces of silver monthly and convert it into silver dollars. Large amounts of newly minted coins remained in storage for a very long time. Around 1960 the U. S. Treasury began giving out, dollar for dollar, Morgan Dollars which were between 60 and 80 years old in exchange for silver certificates; and tens of millions were purchased until the practice was halted in 1964.

•What remained of the Morgan Silver Dollars in the U.S. Treasury in 1964 mostly consisted of rare Carson City issues, which were made available via auction beginning in 1972.

•In 1971, the Comprehensive Catalog and Encyclopedia of Peace and Morgan Silver Dollars” by Leroy Van Allen and George Mallis, (the VAM book) was published and awakened the understanding among collectors that Morgan Dollars are collectible not only by year but by many sub-categories, as well.

•A hoard of more than 400,000 Morgan Silver Dollars was discovered in the basement of LaVere Redfield, a miser who lived in Nevada and died in 1975; this ignited all-out Morgan-mania.

Most issues of the Morgan Dollar are in abundant supply and readily available. But some of the issues were limited in relatively small quantities. Collectors avidly seek uncirculated, low mintage and condition rarities of the coin. For instance, some of the coins have deep mirror proof-like surfaces; these command substantial premiums and are diligently sought by high-end coin collectors.

A 97-coin complete basic set of Morgan Silver Dollars, by date and mint mark, would be a major accomplishment for a coin collector, with coins of any grade.

If you want to sell Morgan Silver Dollars nowadays, you’ll find interest among local and online coin dealers. You could also sell to a jewelry store or possibly sell the coins via auction; although, you may be required to pay up to 20% of your sale price for auction fees. The bottom line is that finding a buyer for a Morgan Dollar is currently about as easy as flipping a silver coin.