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Morgan silver dollars were minted between 1878 and 1921 with a notable break between 1905 and 1920. 1921 versions of the Morgan dollar are the most common in circulation, although in rare cases ultra-high, pristine uncirculated grades of the Morgan dollar are traded by coins collectors. Morgan dollars are second only to Lincoln Cents in collector popularity. The large size, design and inexpensive nature of most dates of the Morgan dollar makes them highly popular. The coin is named after George T. Morgan, its designer. Some people collect Morgan dollars by "VAM" designation. The top 100 VAM varieties are highly collectable.
The mint mark is found on the reverse below the wreath, above the 'O' in 'Dollar'.
The king of the Morgan dollars is the proof only 1895 with no mint mark. These sell for $10,00 or more. Most CC mint marked coins are worth a premium. Other rare dates include 1893 O, 1894, 1895 O, 1895 S, and 1903 O coming in over $100 in circulated (very fine) condition. Many coins exceed $100 in uncirculated condition, but the majority do not. A common date in uncirculated can be found for around $12, and I buy them quite often for $5 circulated and $8 uncirculated.
All Morgan dollars in ultra high pristine uncirculated condition command high prices. Finest known pieces often fetch hundreds of thousands of dollars. If you hear of an 1878 Silver dollar selling for $100,000 that doesn't mean your average uncirculated dollar is worth that, it means that this "Finest Known" piece is going for that. This is a cause of concern for many people who think that they have a coin worth many thousands of dollars and dealers keep offering them only a few bucks. These are not unscrupulous dealers, it's just that these coins are very common.
High-grade Morgan dollars could be considered "investor" coins. That is because the price is very volatile, and the prices set for slabbed (certified) pieces are set on well established exchanges. Sight seen trading often exceeds these sight unseen prices, but the fact that the sight unseen prices are posted is seen as a boon to investors.
There are quite a few rare dates in the Morgan dollar history. The rarest is the 1895 without mint mark which was released as a proof only. These sell for over $10,000. Most of the early CC dates are worth a premium. Other premium dates include 1892 S, 1894, 1903 O, 1903 S, 1904 S, 1893 S, 1893, 1894 S, and 1902 S. There are other dates that are a little better than common, but most people won't pay much of a premium for these.
The Morgan Silver Dollar
Sources
Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars, ISBN: 0966016823External Links
Pictures of US Silver dollars
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