Morgan Dollar Grading Guide

Have you ever wanted a simple, yet effective tool for grading Morgan Dollars?  Well, these are my favorite "markers" for calling the grade on circulated Morgans.  I have found these rules to be about 90% accurate.  There is ALWAYS an exception out there.  But given the coin has "normal" wear, and "normal" handling for the grade, with no adjustments for cleaning, rim dings, digs, etc., this guide should prove most useful.  EVEN IF the coin has problems, I will tell you to use your best judgment and subtract a grade for each offense it has and use the 3 strike rule--if the coin has more than 2 problems, don't buy it, period.

PO1 - Coin is basically slick.  You should be able to just identify the date and mint mark, and the outline of the head and eagle will be nominal.

FA2 - Coin shows an outline of the head.  The date and mint mark are readable, but may not be complete.  Lettering around the periphery may or may not be visible, but will certainly not be complete.

AG3 - LIBERTY will likely be complete.  Rims will be worn into the lettering on at least one side.  Obverse rim MAY be complete, but if so, the reverse will be obliterated and the letters will be worn.

G4 - Rims are complete.  JUST BARELY. For the most part this sets the grade. There should really be NO details in the cotton bolls or leaves at all.  Eagle's wingtips are just barely there. (AN ASIDE: On an uncirculated coin, each cotton boll has two vertical lines and one horizontal line in it.  The upper half will have bumpy detail above the horizontal line and the lower half will be split into 3 sections by the 2 vertical lines.  It is the amount of detail in the cotton bolls that will make grading circ. Morgans easier)

G6 - Rims are complete. All devices are nicely outlined.  Cotton bolls have an outline only.

VG8 - Rims are strong. The cotton bolls are outlined and may show just one or two tiny dots of detail in them. Wheat heads have some detail.

VG10 - The detail is beginning to show in the Cotton Bolls, just barely. Outline of the leaves below them is incomplete. Eagle's left wing (the right wing facing the coin) has maybe 50% detail.

F12 - Cotton Boll detail is very limited, but there is pretty much an outline of the lower leaves now. Eagle's left wing has about 70% of its detail.

F15 - Right cotton boll shows a vertical separation line.  There may be some parts of the horizontals showing, but the bolls are basically flat.  Eagle's left wing has about 90% of its detail

VF20 - Right cotton boll shows 2 vertical separation lines.  Parts of the horizontals will likely show as well.  Eagle's left wing is about 95% complete. Right wing is about 50%.complete.

VF25 - Detail is starting in the leaves below the cotton bolls and there is some separation between the hair and the face.  Eagle's Left wing basically complete and the right wing is about 70%.

VF30 - First leaf below the cotton bolls is mostly complete.  Hairline is separated from the cheek.  Line in eagle's right wing are about 80-90% complete, but the feathers are flat.

VF35 - Most of the detail in all of the leaves around the cotton bolls is there. Both of eagle's wings are basically complete, but not FULL..

XF40 - Cotton Bolls are now getting rounded. Recessed areas show bits of luster. Feather detail in the wings is basically complete, and the feathers are full.  The breast and the tops of the thighs are rounded but not showing feather detail.

XF45 - Obverse basically complete except high point rub and luster is less than 50%. Feather detail on the eagle's head and thighs is about 80% complete and the luster is < 50%.

AU50 - Obverse shows fully rounded cotton bolls and 50%+ luster.  Eagle's head has complete feathers with only very slight flattening.  Luster is 50%+. Breast may or MAY NOT show feather detail.

AU53 - Light abrasions in the fields and only slight flattening of the highest points is evident. 70% luster. Reverse showing 30-50% of breast feathers most of the time, 70% luster.

AU55 - Very light abrasions only on both sides of the coin, with 50-80% of the eagle's breast feathers intact on most coins.  80-100% of the original luster is present.

AU58 - Only the lightest high point rub is evident with possibly a bit of field abrasion. 90-100% luster on most specimens.  The eagle's breast will basically be as struck with just a few hairlines going in many directions.

MS60 - Strictly uncirculated with numerous large bagmarks in the focal areas. May have poor luster.

MS61 - Strictly uncirculated with a few large bagmarks OR some wispy hairlines in the fields. May have poor luster.

MS62 - Strictly uncirc. with one or two large bagmarks in the prime focal area. May have only  average luster

MS63- Uncirc. with several small marks  in prime focal areas.  May have average luster or fair strike.

MS64 - Uncirc with a couple small marks in prime focal areas OR may have almost no marks, but have a weak strike.

MS65 - only one or two small marks and full luster. Basically a clean cheek a good strike and nice luster.

MS66 -  Basically no marks in focal areas, excellent strike and luster.

MS67 - This is where it gets serious.  NO marks in the cheek. The luster should take on a very "special" creamy look that is mesmerizing.  Strike is exceptional.

MS68 - Only one or two marks on the entire coin.  Exemplary strike and mesmerizing, creamy luster with a "perfect" cheek  Possibly a couple luster breaks on the hair.

MS69 - Possibly 0-2 minor marks on the coin and only the tiniest luster breaks in the hair. Perfect strike and luster, per se.

MS70 - The perfect coin. Pop 0 in the Morgan series.

If you find this to be helpful please email me at ash @ ashmore.com

Ash Harrison
President, Ashmore Rare Coins
President, Society of Silver Dollar Collectors
Governor, National Silver Dollar Roundtable
ANA Instructor, US Coin Grading and Advanced Morgan Dollar Collecting