How to Buy Morgan Silver Dollars: A Beginner’s Guide to Rare Junk Silver

If you’re a collector or an investor in silver, you’ve probably heard about the famed Morgan silver dollar. These beautiful coins, minted from 1878 to 1904, and again in 1921, have long been cherished by enthusiasts. But why are they so popular, and how can you get your hands on some? If you’ve ever wondered about buying Morgan silver dollars or diving into the world of rare junk silver, this guide is for you. Let’s explore how to buy these classic pieces of history, what to look for, and tips for navigating the process.

What Are Morgan Silver Dollars?

Before we dive into where to buy them, let’s quickly go over what makes these silver dollars so special. The Morgan silver dollar was designed by George T. Morgan, the chief engraver at the U.S. Mint. Made primarily of 90% silver and 10% copper, each coin weighs approximately 26.73 grams. These coins were minted at several U.S. Mint locations, including Philadelphia, Carson City, San Francisco, and New Orleans.

What makes these coins particularly fascinating is their rich history. They were used extensively during the late 1800s and early 1900s, which means many of them have been circulated and passed down through generations. Today, they are considered both a piece of history and a valuable asset for investors.

Why Buy Morgan Silver Dollars?

There are two main reasons people buy Morgan silver dollars: for their historical value and as an investment. As rare junk silver coins, these dollars have the potential to appreciate over time, especially if you can find ones in excellent condition.

Moreover, some collectors seek specific editions, such as the 1889-CC or 1893-S Morgan silver dollars, which are much rarer than others. This rarity factor can drive up the value significantly. Even if you’re not interested in rare editions, just collecting Morgan silver dollars can be a fun hobby, and each coin tells a story from a different era.

How to Buy Morgan Silver Dollars: Tips for Beginners

Now that you understand what makes Morgan silver dollars special, you’re probably wondering, How do I buy them? It might seem like a daunting task at first, but with a few tips and a little knowledge, you’ll be well on your way to finding these rare junk silver treasures. Here’s a step-by-step guide to help you get started.

Do Your Research

Before making any purchase, it’s crucial to do some research on the Morgan silver dollar. There are many different years, mint marks, and conditions to consider. Some may be worth a lot more than others due to their rarity or condition. For example, an 1893-S Morgan silver dollar in good condition can fetch thousands of dollars, while a common year like 1921 may be less expensive.

Start by researching online and consulting books or guides that focus on the value and history of these coins. Understanding the market and what you’re buying will help you avoid making expensive mistakes.

Choose Your Buying Method

There are several ways to buy Morgan silver dollars, depending on what you’re looking for. Here are some common methods:

• Coin Shops: One of the most straightforward ways to buy Morgan silver dollars is through a local coin shop. These shops often have a selection of coins available, and you can examine the coins up close before making a purchase.
• Online Marketplaces: Websites like eBay, APMEX, and JM Bullion are popular places to find Morgan silver dollars. These platforms offer a wide range of coins, but it’s essential to check the seller’s reputation and return policy before making a purchase.
• Auction Houses: If you’re looking for rare junk silver or a specific year or mint mark, auction houses might be the place to go. Keep an eye out for auctions featuring Morgan silver dollars, but be prepared for bidding wars on rare pieces.

Examine the Coin’s Condition

The condition of the coin plays a huge role in its value. Morgan silver dollars come in various grades, ranging from “Good” to “Mint State.” If you’re buying for investment purposes, focus on coins that are in higher grades, as these will hold more value over time.

A coin’s grade is determined by its wear and tear, with “Mint State” coins being in pristine condition. However, even coins in lower grades, such as “Fine” or “Very Fine,” can still hold value, particularly if they are rare editions.

Check for Authenticity

Morgan silver dollars are popular targets for counterfeiters, so it’s vital to ensure that any coin you buy is authentic. When buying from a dealer or auction, always ask for a certificate of authenticity. If purchasing from an online marketplace, look for trusted sellers with good reviews and feedback.

You can also have the coin professionally graded by services like the Numismatic Guaranty Corporation (NGC) or the Professional Coin Grading Service (PCGS). These organizations specialize in evaluating and certifying the authenticity and condition of coins.

Consider Your Budget

While Morgan silver dollars can be valuable, they’re also available in a wide range of prices. Decide how much you’re willing to spend before you start shopping. Keep in mind that rare junk silver coins from specific years or with rare mint marks will cost more than common coins from later years.

It’s also a good idea to set a budget for your entire collection rather than purchasing coins on a whim. Having a budget in mind will help you avoid overspending and ensure you’re getting the best deals.

Buy in Small Lots

If you’re new to collecting, consider starting with a small lot of Morgan silver dollars rather than purchasing one high-priced coin. This way, you can gradually build your collection and get a feel for the market. Small lots often come from estate sales, and they can offer great value.

Final Thoughts

Buying Morgan silver dollars can be a rewarding experience, whether you’re collecting them as a hobby or as an investment in rare junk silver. By following the tips above—doing your research, buying from trusted sources, and paying attention to the coin’s condition—you can start your collection with confidence. And remember, part of the fun is learning and discovering new pieces of history as you go.

Happy collecting!