1903 Morgan Silver Dollar Value
Finest Known: MS68 (NGC) MS67+ (PCGS)
Auction Record: $23,000 (MS68)
Image: USA CoinBook
The 1903 Morgan dollar from the Philadelphia Mint offers an excellent chance to pick up a late date Gem Uncirculated coin from this famous series. NGC has graded more than 3.200 1903 Morgan dollars at MS65 and above, while PCGS has graded more than 5,000 at the same grades!
The Value of A 1903 Morgan Dollar
The 1903 Morgan dollar was not an especially common coin in Mint State until 1955, when torrents of Mint State coins poured forth from Treasury vaults. Not only is this a readily available coin in Mint State, the 1903 Morgan dollar has been declared the best struck Morgan dollar ever produced at the main U.S. Mint in Philadelphia.
Many 1903 Morgan dollars that had escaped the melting pot in 1918 and 1942 were not as lucky in the 1970s, when the Hunt Brothers silver bubble was at its peak.
1903 Morgan Dollar Price Guide
|Very Fine 25||Extremely Fine 45||About Uncirculated 55|
|Mint State 61||Mint State 63||Mint State 65||Auction Record (MS68)|
The information on this page does not constitute an offer to buy or sell the coin(s) referred to. Statistics are for Mint State coins only. Proof and prooflike examples of this issue may have greater or lesser "finest known" and different record auction prices.
Uncirculated Morgan Dollars
Uncirculated coins are those that remained in sealed canvas Mint bags before being acquired by a coin collector. As a rule, these coins will have complete mint luster, and no "post-Mint" damage. However, when talking about Mint State coins, "uncirculated" does not mean "undamaged."
That last detail is important, because while Morgan dollars often were never paid out (people preferred paper silver certificates), they could still see substantial damage from being slung around in the giant canvas bags the same way bags of quarters, nickels, dimes, and cents were. The damage coins receive from banging into one another is called "bag marks."
No matter how beat up a Morgan dollar looks, if there is no circulation wear and it retains mint luster, it will grade as Mint State. This is why Mint State coins are graded from MS60 (worst) to MS70 (perfect). Because Morgan dollars were handled like any other circulation coin, there will never be a perfect MS70 Morgan dollar
Mint State 61
A MS61 Mint State Morgan dollar will have substantial mint damage. Much of this damage will be in prime focal areas (see "What Are The Prime Focal Areas On Morgan Dollars", above) Many large and small bag marks, and even gouges make this coin unattractive. It is readily apparent when a coin is going to grade as low as MS61. Coin collectors will not waste money having such a coin professionally graded, unless it is a rare mintage.
Mint State 63
Mint State MS63 (and MS64) Morgan dollars are more attractive than lower grades, with good strikes and mint luster. They will still have enough marks or scuffs to be distracting. Some of these will be in prime focal areas. None will be heavy or particularly detracting. MS63 and MS64 are the most popular grades of Morgan dollars. They're nicer than the MS60-MS62 coins, and not nearly as expensive as MS65 ones.
Mint State 65
A Mint State 65 Morgan dollar is also known as "Gem Uncirculated," with good reason. It will have a sharp strike, and full, attractive luster. It will show scattered light marks, with none in the prime focal areas. The eagle's breast or Liberty's cheek may display light friction from the time the coin spent in a bulk canvas bag in Treasury vaults The far higher attractiveness of a MS65 Morgan dollar explains the large difference in price when compared to a MS63 of the same date.
Mint State 66
MS66 Morgan dollars are rare, even when compared to a MS65. They will have a clean, sharp strike. The MS66 Morgan dollar boasts a pleasing, full original luster. It has very few, very light marks or imperfections that barely detract from the coin's very attractive appearance.