Ever since the Morgan Dollar was briefly revived in 2021, collectors have been looking to add one to their collection. But the older Morgan Dollars are likely even more valuable. Whether you’re looking to buy or sell a Morgan Dollar, you should make sure to visit a reputable pawn shop before buying or selling elsewhere. You may find a much better deal! Read on for what to know about buying and selling Morgan Dollars at a pawn shop.
What is a Morgan Dollar?
A Morgan Dollar is a silver U.S. $1 coin. Also called Morgan Silver Dollars, they were first minted in 1878. Morgan Silver Dollars were named after George T. Morgan, who designed the coin, and served as the chief engraver. The coin was used almost exclusively in the Western U.S. during the heyday of cowboys, despite being minted in New Orleans and Philadelphia, in addition to San Francisco and Carson City. All told, more than 657 million Morgan Silver Dollars were produced, with nearly 100 mint and date varieties.
To that end, collectors and numismatics equate owning a Morgan Silver Dollar, to owning a piece of 19th Century America. Today, Morgan Dollars are reported to be some of the most widely collected coins in the U.S.
Morgan Dollars, called cartwheels in some circles are made of 90% silver and 10% copper. They are a very heavy coin, weighing just under 27 grams. The front of the Morgan Dollar features Lady Liberty, with the reverse featuring an eagle.
Minted from 1878-1904, and then again in 1921, Morgan Dollars were thought to be lost to history until a discovery of more than $2.8 million worth of Morgan Dollars was found in the U.S. Treasury Vaults in 1960.
In 2021, to commemorate the 100th Anniversary of the last minting of Morgan Silver Dollars, the U.S. Mint revived the Morgan Dollar once again, as part of the Morgan and Peace Dollar Anniversary Coin Program. The newly minted, uncirculated Morgan Dollars were offered at $85. Approximately 175,000 uncirculated Morgan Dollars sold out swiftly.
Buying or Selling Morgan Dollars at a Pawn Shop
Because Morgan Dollars are so popular, if you happen to own one, you may be able to fetch a great price for it. Particularly if you sell it to a pawn shop that specializes in coins and currency. The price you may be offered for Morgan Dollar will be based on:
- Condition of the coin
- Year it was minted
- Scarcity of the coin
- Whether the pawn shop has other similar Morgan Dollars in its inventory.
To get the best price for your Morgan Dollar, it is vital that you know what type of coin you have. The five most valuable Morgan Dollars are:
- 1893-S Morgan Dollar Mint Condition, Uncirculated
- 1889-CC Morgan Silver Dollar Mint Condition, Uncirculated
- 1901 Unmarked Morgan Silver Dollar Mint Condition, Uncirculated
- 1886-O Morgan Silver Dollar, Mint Condition, Uncirculated
- 1884-S Morgan Silver Dollar, Mint Condition, Uncirculated
All of these may fetch more than $100,000 if you happen to inherit one, or own one in your collection.
If you’re hoping to add a Morgan Dollar to your collection, a pawn shop is a great place to track down these collector’s items. But before you go shopping it can help to do a bit of legwork to ensure you get what you want for a fair price.
- Decide the specific Morgan Dollars you would like to own
- Research the various values of Morgan Dollars
- Plan to pay for the Morgan Dollar in cash
- Set a budget so that you don’t overspend and regret the purchase
- Try your hand at negotiating with the pawn shop for a better price
- Shop from a variety of pawn shops
Why are Morgan Dollars So Popular?
Because Morgan Dollars are 90% silver, the silver itself has inherit value. Morgan Dollars, particularly rare coins in good conditions, can also be seen as a great investment. For the casual collector, owning a piece of history may also be rewarding. For the serious collector, and for American history buffs, Morgan Dollars represents an era when gold and silver, rather than paper backed our nation’s currency. They are fondly referred to as the King of Coins by those in the coin collecting business.
Is Coin Collecting Right for You?
If you’re considering collecting coins, you’re in good company. Coin collecting has recently surged in popularity. Why do people collect coins?
- Challenging hobby
- Build an investment
- Leave a legacy for family members
- Learn about the history of various coins
- Share the activity with a loved one
- Long lasting passion project
If you have decided you want to collect coins, you should determine what type of coins you want to collect and why. Do you want to collect coins from certain years only? Do you want to collect coins from certain Mints only? Is there a theme you’d like to collect? You should also understand that colleting coins is not an instant-gratification hobby. It can take time to track down the coins you want. You will make mistakes along the way. But for thousands of people, the search for a specific coin, and watching a collection come together can be incredibly rewarding.
Buy and Sell Rare & Vintage Coins in Azusa
Azusa Pawn is a five-star reviewed pawn shop serving Glendora, Covina, and surrounding areas from our shop located in Downtown Azusa. At Azusa Pawn, we buy and sell a variety of rare, antique, foreign, ancient, and collectable coins. To view our coins for sale, visit our shop seven days a week. You may also view some, but not all the coins we have for sale, in our online store. If you have any questions about the coins we have in stock, or coins we may be interested in buying, stop by our shop Monday -Sunday from 8:30 am -6:00 pm. We are located at 1028 West Gladstone Street, Azusa. You may also send us a message or call us with any questions: 626-334-2274