Uncirculated Morgan Dollar Found In Drawer Now Valued At $150,000
A remarkable discovery has sent ripples through the numismatic community: an uncirculated Morgan silver dollar, tucked away in a drawer for decades, has been appraised at an astounding $150,000.
This unexpected find underscores the hidden treasures that may lie unnoticed in our homes and the enduring allure of rare coins.
The Discovery
The coin, a pristine 1893-S Morgan silver dollar, was found during a routine home decluttering. Its immaculate condition and rarity have positioned it among the most sought-after coins by collectors.
The 1893-S Morgan dollar is renowned for its low mintage and scarcity in uncirculated condition, making this find exceptionally valuable.
Understanding the Morgan Silver Dollar
Minted from 1878 to 1904 and again in 1921, the Morgan silver dollar is a staple in American numismatics. Designed by George T. Morgan, the coin features Lady Liberty on the obverse and an eagle with outstretched wings on the reverse.
Composed of 90% silver and 10% copper, each coin weighs 26.73 grams and has a diameter of 38.1 mm.
The Significance of the 1893-S Morgan Dollar
The 1893-S Morgan dollar holds a special place in coin collecting due to its limited production and survival rate. With only 100,000 coins minted at the San Francisco Mint, it has the lowest mintage of any business strike Morgan dollar. Many were lost to circulation or melted down, making uncirculated examples exceedingly rare.
Factors Contributing to the $150,000 Valuation
Several elements influence the high valuation of this coin:
- Rarity: The limited mintage and low survival rate in uncirculated condition elevate its desirability.
- Condition: The coin’s uncirculated status, with no signs of wear, significantly increases its value.
- Historical Significance: As a product of the economic turmoil during the Panic of 1893, it represents a pivotal moment in U.S. history.
Comparison of Morgan Dollar Values
| Year | Mint Mark | Condition | Estimated Value |
|---|---|---|---|
| 1893-S | S | Uncirculated | $150,000 |
| 1889-CC | CC | Uncirculated | $300,000 |
| 1895-O | O | Uncirculated | $650,000 |
| 1893-S | S | Circulated | $2,200 |
Note: Values are approximate and can vary based on market demand and coin grading.
The Importance of Coin Grading
Coin grading assesses a coin’s condition and authenticity, impacting its market value. Professional grading services, such as PCGS and NGC, provide standardized evaluations. A coin graded as MS-65 (Mint State 65) indicates a well-struck coin with strong luster and minimal marks, contributing to higher valuations.
Tips for Potential Coin Discoveries
- Inspect Storage Areas: Check old drawers, boxes, and safes where coins might have been stored.
- Handle with Care: Use gloves to prevent oils from damaging the coin’s surface.
- Seek Professional Appraisal: Consult reputable coin dealers or grading services for accurate assessments.
- Research: Educate yourself on coin values and market trends to make informed decisions.
The discovery of an uncirculated 1893-S Morgan silver dollar serves as a compelling reminder of the hidden treasures that may reside in our homes.
Its valuation at $150,000 reflects the coin’s rarity, condition, and historical significance. For collectors and enthusiasts, this find reinforces the enduring fascination with numismatics and the potential rewards of diligent exploration.
FAQs
How can I determine if my Morgan dollar is valuable?
Evaluate the coin’s year, mint mark, and condition. Rare dates like the 1893-S, especially in uncirculated condition, are highly valuable. Consulting a professional grading service can provide an accurate assessment.
What does “uncirculated” mean in coin collecting?
“Uncirculated” refers to coins that have never been used in everyday transactions and show no signs of wear. These coins retain their original mint luster and are often more valuable.
Where can I get my coin appraised?
Reputable coin dealers, auction houses, and professional grading services like PCGS and NGC offer appraisal services. Ensure the appraiser has credentials and experience in numismatics.