As a coin collector and expert, I‘ve always been fascinated by the 1885 Morgan silver dollar. This classic American coin, with its rich history and stunning design, has captured the hearts of numismatists for generations. In this comprehensive guide, we‘ll explore the factors that influence the 1885 silver dollar value, delve into its historical context, and provide up-to-date pricing information and expert tips to help you build a remarkable collection.
The History and Significance of the 1885 Morgan Silver Dollar
The Morgan silver dollar series, named after its designer George T. Morgan, was born out of the Bland-Allison Act of 1878. This legislation required the U.S. government to purchase large quantities of silver and mint it into silver dollars, ultimately leading to the creation of the Morgan dollar.
In the late 19th century, silver played a crucial role in American politics and economics. The "Free Silver" movement advocated for the unlimited coinage of silver to inflate the currency and help farmers and other debtors. This contentious issue divided the nation and shaped the political landscape of the time.
Against this backdrop, the 1885 Morgan silver dollar was minted at four different facilities: Philadelphia (no mint mark), New Orleans (O), San Francisco (S), and Carson City (CC). Each mint had its own unique characteristics and contributed to the overall story of the 1885 issue.
Philadelphia Mint (No Mint Mark)
The Philadelphia Mint, the nation‘s primary mint, produced the lion‘s share of 1885 Morgan silver dollars, with a mintage of 17,787,000 coins. As the workhorse of the U.S. Mint system, Philadelphia was known for its consistent quality and high output.
New Orleans Mint (O)
The New Orleans Mint, which had a storied history dating back to the antebellum period, struck 9,185,000 Morgan silver dollars in 1885. Coins from this southern branch mint often exhibit a distinctive appearance, with softer strikes and more muted luster than their Philadelphia counterparts.
San Francisco Mint (S)
The San Francisco Mint, established during the California Gold Rush, minted 1,497,000 Morgan silver dollars in 1885. Known for its high-quality strikes and attractive toning, the 1885-S is a favorite among collectors.
Carson City Mint (CC)
The Carson City Mint, located in Nevada, had the lowest mintage of the four facilities in 1885, with just 228,000 coins produced. The 1885-CC is considered the rarest issue of the year and is highly sought-after by collectors. The mint‘s proximity to the Comstock Lode silver mines and its relatively short period of operation (1870-1893) contribute to the allure of Carson City coins.
Grading and Its Impact on 1885 Silver Dollar Value
One of the most critical factors in determining the value of an 1885 Morgan silver dollar is its condition, as assessed by the coin grading scale. This scale, which ranges from Poor (P-1) to Perfect Uncirculated (MS-70), takes into account factors such as wear, luster, strikes, and overall eye appeal.
| Grade | Description |
|---|---|
| Poor (P-1) | Heavily worn, design barely visible |
| Fair (F-2) | Heavily worn, but major design elements visible |
| About Good (AG-3) | Heavily worn, but most lettering and major features visible |
| Good (G-4) | Heavily worn, but all major features visible |
| Very Good (VG-8) | Moderately worn, with some finer details visible |
| Fine (F-12) | Moderate to light wear, with most design details visible |
| Very Fine (VF-20) | Light wear, with most design details sharp |
| Extremely Fine (EF-40) | Slight wear on high points, with most design details sharp and original luster may be present |
| About Uncirculated (AU-50) | Slight wear on high points, with most luster intact |
| Mint State (MS-60 to MS-70) | No wear, with varying degrees of luster, strike, and eye appeal |
It‘s important to note that grading is a subjective process, and even experienced collectors and graders may have slightly different opinions on a coin‘s grade. Factors such as toning, strike sharpness, and eye appeal can also influence a coin‘s perceived value within a given grade.
When grading 1885 Morgan silver dollars, pay close attention to the high points of the design, such as Liberty‘s cheekbone, hairline, and the eagle‘s breast and wing tips. These areas are prone to wear and can help you determine the coin‘s grade.
1885 Silver Dollar Value by Mint Mark and Grade
Now that we‘ve explored the historical context and importance of grading let‘s take a closer look at the current market value of 1885 Morgan silver dollars. The following table provides a comprehensive overview of prices for various grades and mint marks, based on recent auction results and dealer listings.
| Grade | 1885 (P) | 1885-O | 1885-S | 1885-CC |
|---|---|---|---|---|
| G-4 | $35 | $37 | $35 | $450 |
| VG-8 | $40 | $42 | $40 | $500 |
| F-12 | $45 | $48 | $45 | $600 |
| VF-20 | $60 | $65 | $60 | $800 |
| EF-40 | $80 | $85 | $80 | $1,200 |
| AU-50 | $100 | $110 | $150 | $1,800 |
| MS-60 | $140 | $150 | $400 | $2,500 |
| MS-63 | $200 | $220 | $600 | $4,000 |
| MS-65 | $400 | $450 | $3,000 | $10,000 |
| MS-67 | $2,000 | $2,500 | $15,000 | $50,000 |
As you can see, the value of an 1885 Morgan silver dollar can vary greatly depending on its condition and mint mark. The 1885-CC, with its low mintage and historical significance, commands the highest prices across all grades. The 1885-S, known for its quality and eye appeal, also fetches a premium, particularly in higher Mint State grades.
It‘s worth noting that these values are not set in stone and can fluctuate based on market conditions, supply and demand, and other factors. As a collector or investor, it‘s essential to stay informed about current trends and auction results to make informed decisions.
Notable Collections, Hoards, and Discoveries
Throughout the years, several notable collections, hoards, and discoveries have shaped the market for 1885 Morgan silver dollars and captured the imagination of collectors. Here are a few examples:
The GSA Hoard
In the 1960s and 1970s, the U.S. government sold millions of uncirculated Morgan silver dollars that had been sitting in Treasury vaults for decades. This event, known as the GSA (General Services Administration) Hoard, released a flood of high-quality coins into the market, including many 1885-CC dollars. These coins, which were sold in special GSA holders, remain popular with collectors today.
The Binion Hoard
In the 1940s and 1950s, Texas casino owner Ted Binion amassed a massive collection of silver dollars, including many 1885 Morgans. After his death, the hoard was dispersed through auctions and private sales, giving collectors a chance to acquire high-grade examples of this classic coin.
The Redfield Hoard
LaVere Redfield, a reclusive millionaire from Reno, Nevada, accumulated over 400,000 silver dollars during his lifetime. After his death in 1974, his hoard was discovered, which included many 1885 Morgan dollars from all four mints. The dispersal of the Redfield Hoard through auctions in the 1970s and 1980s had a significant impact on the market for these coins.
Collecting Strategies and Investment Potential
For those interested in collecting or investing in 1885 Morgan silver dollars, there are several strategies to consider:
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Date and Mint Set: Assemble a complete set of 1885 Morgan dollars from all four mints. This approach offers a challenging and rewarding goal for dedicated collectors.
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Type Set: Acquire a single high-grade example of an 1885 Morgan dollar to represent the type in your collection. This strategy is ideal for those with limited budgets or space.
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Condition Rarity: Focus on acquiring the highest-graded examples of each mint mark, particularly for the rarer issues like the 1885-CC and 1885-S. This approach can be expensive but offers the potential for significant long-term appreciation.
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Variety Collecting: Seek out rare or interesting varieties, such as the 1885-O "Oval O" or the 1885-CC "Broken CC" mintmark. These varieties can add depth and complexity to your collection.
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Investment Portfolio: Build a diverse portfolio of high-grade 1885 Morgan dollars, focusing on key dates and mint marks. Over time, these coins have shown the potential for steady appreciation, particularly in high Mint State grades.
When investing in 1885 Morgan silver dollars, it‘s essential to purchase from reputable dealers or auction houses and to have your coins authenticated and graded by trusted third-party grading services like PCGS or NGC. This will help ensure the authenticity and condition of your coins, protecting your investment.
Conclusion
The 1885 Morgan silver dollar is a fascinating and valuable piece of American numismatic history. By understanding the historical context, grading standards, and market trends, collectors and investors can make informed decisions and build meaningful collections.
Whether you‘re drawn to the rich history, stunning designs, or investment potential of these classic coins, the 1885 Morgan silver dollar offers a compelling addition to any numismatic portfolio. As you embark on your collecting journey, remember to educate yourself, seek out expert advice, and, above all, enjoy the thrill of the hunt for these timeless treasures.
