How to Grade Morgan Dollars

How to accurately grade Morgan dollars

Grading Morgan dollars (1878-1904 and 1921) is a skill that takes even the most experienced coin collector years to perfect. This grading guide will get you started. Remember that coin grading is the expression of an opinion that describes the condition of an individual coin that most dealers and collectors would agree with. Grading Morgan Dollars is not an exact science where a formula can be applied and everyone comes out with the same result. Over time, numismatists and coin grading services h...MOREave agreed upon certain definitions, descriptions and Sheldon's numeric values that help all coin collectors describe their coins accurately (to a certain extent). This guide will help you understand those terms and descriptions so you can accurately grade your Morgan dollars.

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    Understanding Grades for Morgan Dollars

    Design High Points on the U.S. Morgan Dollar
    Design high points on the Morgan dollar. Teletrade Coin Auctions, Teletrade and James Bucki

    Morgan Dollars are large and heavy coins that are made out of silver. While silver is relatively soft and malleable, the large size of the Morgan dollar makes it difficult to strike up the design fully. When grading mint state or uncirculated coins, the hair that covers the upper half of Lady Liberty's ear sometimes does not strike up fully and you may confuse this with wear from circulation. Look closely at the other high points for signs of wear before determining if the coin is...MORE uncirculated or not. The photo at the left illustrates the highest points on the Morgan Dollars design (indicated by the color red).

    Clicking on the photo will open a new window with a larger version of the image.

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    About Good-3 (AG3 or AG-3)

    Morgan Dollar Graded About Good-3 (AG03)
    Morgan dollar graded about Good-3 (AG03). Teletrade Coin Auctions, www.teletrade.com

    Summary: The coin is very heavily worn and barely legible. Some of the devices, lettering, legends and date may be worn smooth, but the date is readable. Portions of the rim blend into the lettering.
    Obverse: Liberty's head is almost flat with only the elementary details visible. The stars are flat and the rim is blending into the field.
    Reverse: The eagle is just an outline with a few feathers showing. The rim is blending into the field and the letters.

    Tip: Click on the photos at the left to...MORE view a larger and more detailed image.

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    Good-4 (G4 or G-4)

    Morgan Dollar Graded Good-4 (G04)
    Morgan dollar graded Good-4 (G04). Teletrade Coin Auctions, www.teletrade.com

    Summary: The coin is heavily worn overall. The devices, lettering, legends, and date are readable but may have some faintness in a few areas. All major features are visible in at least outline form and the rim is almost complete but may be incomplete in a few spots.
    Obverse: The rim is mostly complete. Some details in Liberty's cap are starting to appear. Her hairline is barely visible and blends mostly with her face. The stars and lettering are flat but distinct.
    Reverse: The eagle is mostly...MORE flat but well defined. Some detail in the arrows is visible. All lettering is separate from the rim.

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    Very Good-8 (VG8 or VG-8)

    Morgan Dollar Graded Very Good-8 (VG08)
    Morgan dollar graded Very Good-8 (VG08). Teletrade Coin Auctions, www.teletrade.com

    Summary: The coin is well-worn. The design is clear and major elements are defined but are flat and lacking in detail.
    Obverse: The hair is well-worn and ​two-thirds of the hairline is defined. The cotton bolls are flat and outlined. Details in the hair by the neck are starting to be defined.
    Reverse: Half to two-thirds of the eagle's feathers are defined. Details in the leaves of the wreath are starting to appear. The higher points on the leaves are flat.

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    Fine-12 (F12 or F-12)

    Morgan Dollar Graded Fine-12 (F12)
    Morgan Dollar Graded Fine-12 (F12). Photo courtesy of Teletrade Coin Auctions, www.teletrade.com

    Summary: The coin shows moderate even wear over the entire surface of the coin. The major design elements are bold and all lettering, legends, and date are clear and readable.
    Obverse: The hairline along the face is fully visible. The two lines in each of the cotton bolls show clearly. The two cotton leaves are flat but separate from the details in the cap.
    Reverse: Three-quarters of the detail in the eagle's wings are now showing. The eagle's head, neck, and breast are flat with no fine...MORE details showing. The leaves in the wreath are beginning to show more detail.

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    Very Fine-20 (VF20 or VF-20)

    Morgan Dollar Graded Very Fine-20 (VF20)
    Morgan dollar graded Very Fine-20 (VF20). Teletrade Coin Auctions, www.teletrade.com

    Summary: Moderate to minor wear exists only on the highest parts of the design where a slight flatness is beginning to show. The overall condition of the coin is pleasing and attractive.
    Obverse: Details in the hair are evident with the highest spots showing obvious flatness. Cotton leaves and wheat grains show wear but are clearly defined.
    Reverse: Almost all of the feathers on the wings are distinct but worn. Feathers on the breast are worn smooth and a few details on the head and neck are...MORE beginning to show. The leaves on the wreath are worn but well defined.

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    Extra Fine-40 (EF40, XF40 EF-40 or XF-40)

    Morgan Dollar Graded Extra Fine-40 (EF40/XF40)
    Morgan dollar graded Extra Fine-40 (EF40/XF40). Teletrade Coin Auctions, www.teletrade.com

    Summary: Has only the slightest wear on the very highest points of the coin. All details are sharp and all design elements are well defined. Some traces of mint luster may still exist.
    Obverse: Wear is evident on the hair by the neck, the forehead, and ear. The details in the hair are defined with only the high points showing some flatness. The cheek shows a small amount of abrasion.
    Reverse: Finer details in the feathers on the wings are well defined. Neck feathers are evident but flat. Breast...MORE feathers are worn smooth. Talons are defined, but flat. Only the very highest spots on the wreath's leaves are flat; the rest of the leaves show finer details.

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    About Uncirculated-55 (AU55 or AU-55)

    Morgan Dollar Graded About Uncirculated-55 (AU55)
    Morgan dollar graded about Uncirculated-55 (AU55). Teletrade Coin Auctions, www.teletrade.com

    Summary: Very minor traces of wear or abrasions are visible on only the highest points on the coin. Mint luster is almost complete and the surfaces of the coin are well preserved.
    Obverse: Slight wear is evident on only the highest points (see section above): forehead, eye, ear, cheek and curls by the neck. Mint luster on the cheek is gone and slight rub from circulation is evident.
    Reverse: Details in the feathers on the breast are plain. The eagle's head, tops of legs and talons only show...MORE the slightest of wear. All finer details on the wreath are obvious.

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    Mint State-63 (MS63 or MS-63)

    Morgan Dollar Graded Mint State-63 (MS63)
    Morgan dollar graded Mint State-63 (MS63). Teletrade Coin Auctions, www.teletrade.com

    Summary: No traces of wear from circulation exist. Mint luster is complete but shows minor impairments. Many contact marks, bag marks, and hairline scratches exist on the coin's field and major design elements and are visible without magnification. Overall, the coin has an attractive eye appeal.
    Obverse: There are distracting contact marks on the cheek and fields. Finer details on the highest point are unmistakable. Mint luster is full and complete.
    Reverse: Finer details in the breast...MORE feathers are evident. Major contact marks distract from the overall appearance of the coin.

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    Mint State-65 (MS65 or MS-65)

    Morgan Dollar Graded Mint State-65 (MS65)
    Morgan dollar graded Mint State-65 (MS65). Teletrade Coin Auctions, www.teletrade.com

    Summary: A high quality of mint luster completely covers the surfaces of the coin and is undisturbed. Contact marks and bag marks are few and small. The coin is well struck and a few hairlines may be seen under a magnifying glass. Overall the coin is brilliant and has an above average eye appeal.
    Obverse: A few contact marks will be evident on the cheek and the field in front of the face. There are no major abrasions or deep contact marks. The overall appearance will be pleasing.
    Reverse: Friction...MORE from contact with other coins may be evident on the breast. There are few bag marks and none of them are major and detract from the overall appearance.

    Up Next:

    • High Grade Morgan Dollars (MS-67) and Books on Coin Grading
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    Mint State-67 (MS67 or MS-67)

    Morgan Dollar Graded Mint State-67 (MS67)
    Morgan dollar graded Mint State-67 (MS67). Teletrade Coin Auctions, www.teletrade.com

    Summary: The original mint luster is complete and almost perfect. There are only three or four very small and unnoticeable contact marks. Overall, the coin has an extraordinary eye appeal that is hardly ever seen. A few minor hairlines can be found only with magnification.
    Obverse: No traces of wear are evident anywhere on the coin. There are no distracting marks and the mint luster is above average.
    Reverse: All details of the coin are present even on the highest points of the coin and the eye...MORE appeal is superb.

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    Author's Note

    Having been a coin collector for a majority of my life, I have witnessed firsthand the evolution of coin grading standards over the last 40 years. Most recently, I have studied coin grading with professional coin graders from NGC and PCGS. I have read many books and worked with many coin dealers to sharpen my skill of grading coins. Coin grading is an opinion that one person believes reflects and describes the condition of a given coin. The information presented in this article is my opinion on...MORE how to interpret the many coin grading standards that you will encounter. This is not a universal, absolute and definitive definition on how this particular coinage series should be graded.

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