The 1886 Morgan Dollar remains one of the most sought-after coins for collectors, not only for its historical significance but also for its intricate design and varying levels of rarity depending on the mint mark. This guide provides a comprehensive overview of the 1886 Morgan Dollar, including its history, design details, value, and tips for collectors.
History of the 1886 Morgan Dollar
The Morgan Dollar, named after its designer George T. Morgan, was first minted in 1878 and continued until 1904, with a final production in 1921. The 1886 Morgan Dollar was minted in three different locations: Philadelphia (no mint mark), New Orleans (O), and San Francisco (S). Each mint produced coins with slightly different characteristics, influencing their rarity and value.
- Philadelphia (P) Mint: 19,963,000 coins minted.
- New Orleans (O) Mint: 10,710,000 coins minted.
- San Francisco (S) Mint: 750,000 coins minted.
These mintage figures reflect the coin’s availability, with the Philadelphia issue being the most common and the San Francisco mint the most scarce, particularly in higher grades.
Design Features
The 1886 Morgan Dollar showcases the detailed craftsmanship of George T. Morgan. On the obverse, the coin features a profile of Lady Liberty wearing a Phrygian cap adorned with “LIBERTY” on a headband. Surrounding Liberty are 13 stars, representing the original American colonies, and the motto “E PLURIBUS UNUM” above her head.
The reverse features an American bald eagle clutching arrows and an olive branch, symbolizing preparedness for war and a desire for peace, respectively. The eagle is surrounded by the inscriptions “UNITED STATES OF AMERICA” and “ONE DOLLAR,” with “IN GOD WE TRUST” above the eagle’s head.
Value and Rarity
The value of an 1886 Morgan Dollar depends heavily on its condition, mint mark, and rarity. Here’s a breakdown of approximate values based on mint and grade:
| Grade | Philadelphia (P) | New Orleans (O) | San Francisco (S) |
|---|---|---|---|
| MS60-62 | $65 – $200+ | $85 – $300+ | $150 – $1,000+ |
| MS63 | $80 – $300+ | $100 – $500+ | $200 – $2,000+ |
| MS64 | $100 – $450+ | $150 – $700+ | $500 – $10,000+ |
| MS65 | $500 – $1,500+ | $1,000 – $10,000+ | $2,000 – $30,000+ |
- Philadelphia Mint: The most common, making it more affordable for collectors.
- New Orleans Mint: Notable for a weaker strike, often making high-grade examples more valuable.
- San Francisco Mint: The rarest, particularly in high grades, making it highly desirable among collectors.
Grading and Condition
Grading a Morgan Dollar can be complex, as it involves assessing several factors:
- Bagmarks: Due to the bulk storage of these coins in bags, many exhibit bagmarks, which can affect their grade.
- Luster: The quality of the coin’s luster is crucial. Frosty, undisturbed luster is preferred over dull surfaces.
- Strike Quality: The sharpness of the strike, particularly on Liberty’s hair and the eagle’s feathers, is an important grading factor.
- Eye Appeal: Toning and overall visual appeal also play a significant role in determining the coin’s grade.
Collecting Strategies
For new collectors, starting with a complete set of 1886 Morgan Dollars by mint mark (P, O, S) can be an achievable goal. Acquiring these coins in grades such as MS63 to MS65 is advisable for those looking to build a collection with both aesthetic and investment potential.
More advanced collectors might focus on acquiring high-grade examples from the San Francisco Mint or even rare VAM (Varieties and Minting errors) versions, which can be quite valuable.
Conclusion
The 1886 Morgan Dollar stands as a significant piece of American numismatic history, cherished by collectors for its intricate design, historical value, and varying levels of rarity across different mint marks.
Whether you’re a novice collector starting with more common Philadelphia issues or an advanced collector seeking rare San Francisco examples, the 1886 Morgan Dollar offers a range of opportunities to build a collection that can appreciate in both aesthetic value and financial worth.
Careful consideration of grading, condition, and market trends will ensure that your investment in this iconic coin remains both rewarding and enjoyable for years to come. As always, thorough research and purchasing from reputable dealers are key to making informed collecting decisions.
FAQs
1. Is the 1886 Morgan Dollar rare?
The 1886 Morgan Dollar is not rare overall, but the San Francisco mint version (1886-S) is particularly rare in higher grades.
2. How can I tell if my 1886 Morgan Dollar is valuable?
Value is determined by the coin’s mint mark, condition, and whether it has any unique characteristics like VAM varieties. Having it graded by a professional service can provide a clearer valuation.
3. What are VAM varieties in Morgan Dollars?
VAM varieties refer to specific die variations in the production process, often making these coins more valuable to collectors.
4. How should I store my 1886 Morgan Dollar?
Store in a cool, dry place, preferably in a coin holder or album that prevents contact with air and moisture, which can cause tarnishing.
5. Can I still find 1886 Morgan Dollars in circulation?
It is extremely rare to find Morgan Dollars in circulation today. Most are now in the hands of collectors or dealers.
References
- 33rd Square – 1886 Morgan Silver Dollar: The Ultimate Collector’s Guide
- Coins and Bills – 1886 Silver Dollar: The Ultimate Collector’s Guide
- PCGS CoinFacts – 1886 $1 (Regular Strike) Morgan Dollar
- CoinValues.com – 1886 Morgan Silver Dollar Values and Prices
- Greysheet – 1886 Morgan Dollar Pricing Guide
