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The 1889 silver dollar, also known as the Morgan dollar, is one of the most popular and widely collected coins in American numismatic history. Named after its designer, George T. Morgan, this coin holds significant historical value and is highly sought after by collectors. Understanding the value of an 1889 silver dollar involves examining several factors, including its condition, mint mark, and rarity. This comprehensive guide will delve into these aspects, providing everything you need to know about the 1889 silver dollar’s value.
Historical Background
The Morgan Dollar Series
The Morgan dollar series was minted from 1878 to 1904 and then again in 1921. These coins were produced following the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase large quantities of silver and convert it into coinage. George T. Morgan, an English-born engraver, was tasked with designing the new dollar coin. His design features a profile portrait of Lady Liberty on the obverse and an eagle with outstretched wings on the reverse.
The 1889 Minting
The year 1889 is notable in the history of Morgan dollars due to its relatively high mintage and the presence of coins from multiple mints. The 1889 Morgan dollars were struck in Philadelphia, New Orleans, and Carson City. Each mint produced coins with distinct characteristics that impact their value today.
Factors Influencing Value
Condition (Grade)
The condition or grade of a coin is a crucial factor in determining its value. Grading is typically done on a scale from 1 to 70, with higher numbers indicating better condition. Common grades include Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extremely Fine (EF), About Uncirculated (AU), and Mint State (MS). A coin in MS condition is uncirculated and has no signs of wear, making it significantly more valuable than a heavily circulated coin.
Grading Details
Good (G-4): Major details are worn, with the outline of the design still visible.
Very Good (VG-8): Moderate wear with more details visible, but significant areas are still worn.
Fine (F-12): Moderate to heavy wear on the high points, but more details are clear.
Very Fine (VF-20): Light to moderate wear on high points, with significant details visible.
Extremely Fine (EF-40): Light wear on the highest points, with all details clear and distinct.
About Uncirculated (AU-50): Slight wear on high points, but most details are sharp.
Mint State (MS-60 to MS-70): No wear, with original mint luster. The higher the number, the fewer the blemishes and marks.
Mint Marks
Mint marks indicate the mint where a coin was produced. The 1889 Morgan dollars were struck at three different mints: Philadelphia (no mint mark), New Orleans (O), and Carson City (CC). The presence and location of a mint mark can significantly affect a coin’s value.
Philadelphia (no mint mark): The Philadelphia mint produced the highest number of 1889 Morgan dollars, making these coins generally more common and less valuable.
New Orleans (O): The New Orleans mint had a lower mintage than Philadelphia, making these coins more valuable.
Carson City (CC): The Carson City mint produced the fewest 1889 Morgan dollars, making these coins the most valuable among the 1889 series.
Rarity and Demand
Rarity and demand are crucial in determining a coin’s value. The rarity is often influenced by the mintage numbers and the number of surviving coins in good condition. High demand for a specific coin can drive up its value, especially if it is rare. Carson City Morgan dollars, due to their low mintage and high demand, are among the most sought-after coins.
Valuation of 1889 Morgan Dollars
Common 1889 Morgan Dollar Values
For 1889 Morgan dollars without a mint mark (Philadelphia), the value ranges widely based on the condition:
Good (G-4): $20-$30
Very Fine (VF-20): $40-$50
Extremely Fine (EF-40): $50-$70
About Uncirculated (AU-50): $100-$150
Mint State (MS-60 to MS-63): $200-$300
High Grade (MS-64 to MS-66): $400-$1,500
New Orleans Mint (O) Values
For 1889 Morgan dollars with an “O” mint mark:
Good (G-4): $30-$40
Very Fine (VF-20): $60-$80
Extremely Fine (EF-40): $80-$100
About Uncirculated (AU-50): $150-$200
Mint State (MS-60 to MS-63): $300-$500
High Grade (MS-64 to MS-66): $1,000-$3,000
Carson City Mint (CC) Values
For 1889 Morgan dollars with a “CC” mint mark:
Good (G-4): $400-$600
Very Fine (VF-20): $800-$1,200
Extremely Fine (EF-40): $1,500-$2,000
About Uncirculated (AU-50): $2,500-$3,500
Mint State (MS-60 to MS-63): $5,000-$10,000
High Grade (MS-64 to MS-66): $15,000-$50,000
Special Varieties and Errors
VAM Varieties
VAM varieties are Morgan and Peace dollar die varieties named after Leroy Van Allen and A. George Mallis, who documented them. These varieties can add value to the coin due to their uniqueness. Collectors often seek out specific VAM varieties, and some 1889 Morgan dollars may feature distinctive die characteristics that increase their value.
Error Coins
Error coins can occur due to minting mistakes and can be quite valuable. Common errors include off-center strikes, double strikes, and planchet errors. An 1889 Morgan dollar with a notable error can fetch a significantly higher price than a standard coin.
Collecting and Investing Tips
Authentication and Grading Services
When buying or selling valuable coins, it’s crucial to use reputable authentication and grading services. The two most respected organizations are the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC). These services provide an unbiased assessment of a coin’s condition and authenticity, which can help in accurately determining its value.
Storage and Care
Proper storage and care of your coins can preserve their condition and value. Coins should be stored in a cool, dry place, away from direct sunlight and extreme temperatures. Using acid-free holders, such as coin flips or slabs, can prevent damage. Avoid handling coins with bare hands; instead, use cotton gloves to prevent oils and dirt from transferring to the coin’s surface.
Market Trends
Staying informed about market trends is essential for both collectors and investors. The value of Morgan dollars can fluctuate based on changes in the silver market, economic conditions, and collector interest. Joining numismatic clubs, subscribing to coin magazines, and participating in online forums can help you stay updated on market trends.
See also: The Prediction for USD in 2025
Conclusion
The 1889 silver dollar is a fascinating and valuable coin with a rich history. Its value is influenced by several factors, including condition, mint mark, rarity, and demand. By understanding these factors and staying informed about the market, collectors and investors can make informed decisions about buying, selling, and preserving these historic coins. Whether you are a seasoned numismatist or a novice collector, the 1889 Morgan dollar is a worthy addition to any collection.
