The Silver Dollar was first introduced in the United States during the very last stages of the 18th century, but it wasn’t until just prior to the dawn of the 20th century when the coins became extremely attractive and widespread in their use. Nowadays, our dollars most often come in paper form, which is why collectors are constantly trying to get their hands on the Morgan Silver Dollar.
Especially popular are early editions like the 1878 Silver Dollar, which were the first of their type. With an extravagant design, these coins were an instant hit and continue to be sought after by collectors everywhere even despite their age.
Grading the 1878 Morgan Silver Dollar
For coins from the 1800s, the most difficult task for collectors is finding a piece that has remained in decent condition through its 100+ year history. Though well-preserved pieces do exist, they are seldom easy to be found, and even more seldom found in decent condition. For this reason, you will see collectors carefully analyzing every facet of a coin prior to it being purchased.
Under normal circ*mstances, a coin that is having its condition called into question will be sent away to a professional organization for grading. Understanding that not everyone has the time and money set aside to send their coins away for grading, we have provided below an outline of the different characteristics of the most popular coin grades.
Uncirculated: A coin that is determined to be Uncirculated is one that spent very little time, and sometimes none whatsoever, in circulation. These Silver Dollars will have all of their imagery and inscriptions perfectly preserved such that the coin’s actual texture is no different than what it was the day it was first minted. For collectors, finding a Silver Dollar in Uncirculated condition is no simple task.
Extremely Fine: Extremely Fine is a coin grade given to pieces that were circulated, but not for very extended periods of time. These coins will show some light surface wear, but for the most part will appear to be in pristine condition. For collectors, these coins are often preferred over Uncirculated editions simply because they can often be acquired for a lesser price.
Fine: Fine is a middle of the road grade given to coins that have been circulated, but have not incurred the type of damage you would expect to find on a coin that was exchanged for so long. All in all, coins of Fine grade will have had their surface worn down a bit due to the changing of hands over the years, and consistent surface scratching will be able to be made out.
Good: Good is the worst grade a coin can receive, but is not all that uncommon for a piece that is well over one hundred years old. These coins exchanged hands for an extended period of time, and because of that have had ample opportunities to become damaged and worn. All in all, these coins are a great addition to any collection simply because they are so old and only becoming increasingly difficult to get ahold of.
Pricing the 1878 Morgan Silver Dollar
When it comes to trying to determine a price for a given 1878 Morgan Silver Dollar, there is no cut and dry way of doing so. Instead, you must first look at the type of coin you are buying. Because multiple different types of Morgan Silver Dollars were produced every year, the scarcity associated with the coin’s specific type will play into the asking price. Secondly, because collectors care so much about condition, the condition of the coin will also play into the asking price. Below is a chart aimed at giving you a better idea of what you might be asked to pay for a Morgan Silver Dollar given its condition and type.
1878 Morgan Dollar
| DATE | GOOD | FINE | EXTREMELY FINE | UNCIRCULATED |
|---|---|---|---|---|
| 1878 Morgan Dollar (8 Feathers) | N/A | N/A | $80 | $105 |
| 1878 Morgan Dollar (7 Feathers) | N/A | N/A | $55 | $75 |
| 1878 Morgan Dollar (CC) | N/A | N/A | $40 | $70 |
| 1878 Morgan Dollar (S) | N/A | N/A | $47 | $48 | Source: Red Book |
All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.
