This phrase refers to a United States silver dollar minted in 1887, specifically a Morgan silver dollar, and graded as Mint State 64 (MS64). The “1887” indicates the year of minting. “Morgan silver dollar” denotes the specific design and type of silver dollar produced from 1878 to 1904, and again in 1921. “MS64” is a grading standard assigned by professional numismatic grading services, signifying that the coin is uncirculated, exhibiting some minor imperfections such as contact marks or hairlines, but possessing above-average eye appeal for its grade.
The significance of a coin bearing this description lies in its collectibility and potential value. As an antique silver coin, it holds intrinsic value due to its silver content. Its numismatic value is derived from a combination of factors, including rarity, condition, and collector demand. The MS64 grade places it in a desirable range for collectors; it represents a well-preserved example of the coin that retains much of its original luster and detail. This particular mintage year is not considered extremely rare, but higher grades are always sought after. The Morgan silver dollar series itself holds historical importance, representing a significant period in American history and monetary policy.
Understanding the specific attributes of a coin designated by this description requires further exploration into the factors affecting its pricing, including mint marks, die varieties, and market trends. The coin’s condition, as determined by professional grading, directly impacts its desirability and subsequent value within the collector market. Scarcity, both in terms of the original mintage and the number of surviving examples in comparable condition, also contributes significantly to its overall worth.
1. Year of Minting
The “Year of Minting,” specifically 1887, is an integral component of the phrase “1887 Morgan Silver Dollar MS64” because it defines the specific year this particular coin was struck. This designation is not arbitrary; it dictates several key characteristics influencing its value and collectibility. The year determines the potential mint locations (Philadelphia, New Orleans, San Francisco, and Carson City) and consequently, the presence or absence of a mint mark, a critical factor in rarity. For instance, an 1887 Morgan Silver Dollar minted in Philadelphia (no mint mark) will have a different mintage figure and, therefore, a potentially different value compared to one minted in New Orleans (O mint mark). The year also situates the coin within a specific historical and economic context, reflecting the silver mining boom of the late 19th century and the government’s efforts to monetize silver through the Bland-Allison Act.
Furthermore, the year of minting contributes to the overall scarcity of the coin in a specific grade, such as MS64. While the 1887 Morgan Silver Dollar is not considered a key date in the series, its survival rate in uncirculated condition (MS60 and above) varies based on the mint location. Coins from certain mints might have been stored or handled differently, resulting in a smaller proportion surviving in higher grades. Therefore, even if two 1887 Morgan Silver Dollars, one from Philadelphia and one from New Orleans, were initially minted in similar quantities, the number of MS64 examples available to collectors today may differ significantly. This difference directly impacts market valuation.
In summary, the “Year of Minting,” 1887, is not simply a label but a foundational element that dictates the coin’s origin, potential rarity, and ultimately, its value. Understanding the significance of this year, in conjunction with other factors like mint mark and grade, is essential for numismatists and collectors when evaluating and appreciating an “1887 Morgan Silver Dollar MS64.” Challenges in authenticating and accurately grading these coins underscore the importance of relying on reputable grading services and expert knowledge.
2. Morgan Design
The “Morgan Design” is intrinsically linked to the phrase “1887 Morgan Silver Dollar MS64” as it denotes the specific artistic features of the coin. This design, created by United States Mint engraver George T. Morgan, is not merely decorative; it defines the coin’s identity as a Morgan Silver Dollar, distinguishing it from other silver dollar types. Without the Morgan Design, the coin could not be classified as such, rendering the phrase “1887 Morgan Silver Dollar MS64” meaningless. The design includes Liberty’s head on the obverse and a bald eagle clutching arrows and an olive branch on the reverse, elements that reflect the ideals of the era in which the coin was minted.
The “Morgan Design” impacts the coin’s desirability and market value. Collectors are drawn to the Morgan Silver Dollar series due to its historical significance and the artistry of its design. Elements such as strike quality and surface preservation, aspects directly related to the original design and minting process, heavily influence a coin’s grade. For instance, a poorly struck 1887 Morgan Silver Dollar, even if uncirculated, might not achieve an MS64 grade due to the incomplete rendering of the Morgan Design. Similarly, wear or damage to the design elements, such as Liberty’s hair or the eagle’s feathers, can significantly lower the grade and, consequently, its value. Variations within the Morgan Design, such as different die varieties, can also create rare and sought-after specimens within the series.
In conclusion, the “Morgan Design” is a foundational aspect of what makes the “1887 Morgan Silver Dollar MS64” identifiable, collectible, and valuable. Its artistic features, combined with the coin’s condition and historical context, collectively determine its worth in the numismatic market. Understanding the nuances of the Morgan Design, including its variations and potential imperfections, is essential for accurate grading and valuation. The challenges lie in discerning subtle differences in strike and preservation and in verifying the authenticity of design elements, reinforcing the need for expert analysis and reputable grading services.
3. Silver Composition
The “Silver Composition” of the “1887 Morgan Silver Dollar MS64” is not merely an incidental detail; it is a fundamental characteristic that underpins its intrinsic value and historical significance. The Morgan Silver Dollar, including the 1887 mintage, is composed of 90% silver and 10% copper. This specific alloy was mandated by legislation and directly impacts the coin’s weight and metallic content. The silver content provides a base value that fluctuates with the market price of silver, establishing a floor for the coin’s overall worth, even in circulated conditions. For example, a significant drop in silver prices could reduce the raw material value of an “1887 Morgan Silver Dollar MS64”, even though its numismatic value, influenced by grade and rarity, might remain stable or even increase. Conversely, a surge in silver prices increases its melt value, providing a hedge against potential losses in its collectable value. Therefore, “Silver Composition” is an essential baseline valuation.
The “Silver Composition” also plays a crucial role in the coin’s preservation and aesthetic properties, factors affecting its assigned grade. The presence of copper, while reducing the overall silver purity, enhances the coin’s durability. Pure silver is relatively soft and susceptible to damage; the addition of copper hardens the alloy, making the coin more resistant to wear and tear during circulation. However, the copper content can also contribute to toning and discoloration over time. The rate and type of toning, which can range from attractive iridescent hues to unsightly dark stains, significantly impact a coin’s eye appeal and, consequently, its assigned grade. An “1887 Morgan Silver Dollar” with aesthetically pleasing toning might receive a higher grade within the MS60-MS69 range than a similar coin with unattractive discoloration, thereby impacting its desirability and market value.
In conclusion, the “Silver Composition” of the “1887 Morgan Silver Dollar MS64” is an inextricable and critical aspect of its identity and value. It establishes a base intrinsic worth, influences its physical properties and preservation characteristics, and ultimately contributes to its desirability among collectors. Accurately determining the silver content and understanding its effects on the coin’s long-term stability are essential for proper valuation and preservation. The challenges stem from potential variations in alloy ratios during minting and from identifying deceptive toning or artificial alterations aimed at enhancing a coin’s perceived grade. Reliance on reputable grading services and in-depth knowledge of the coin’s material properties is thus paramount.
4. Mint State 64
The designation “Mint State 64” (MS64) when applied to an “1887 Morgan Silver Dollar MS64” represents a specific grade assigned by professional numismatic grading services. This grade indicates that the coin is in uncirculated condition, retaining its original mint luster, but exhibiting some minor imperfections. The MS64 grade is crucial in determining the coin’s value and desirability among collectors, placing it within a specific range of quality and rarity within the broader spectrum of Morgan Silver Dollars.
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Surface Preservation
Surface Preservation in an MS64 graded 1887 Morgan Silver Dollar refers to the degree to which the coin’s original mint surfaces have been maintained. An MS64 coin will exhibit complete mint luster, though it may show some minor contact marks, hairlines, or other imperfections resulting from the minting process or subsequent handling. These imperfections should not be significant enough to detract from the coin’s overall eye appeal. An example would be a few scattered light contact marks in the field of the coin. The implications are that while not flawless, the coin represents a well-preserved example of an uncirculated 1887 Morgan Silver Dollar.
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Strike Quality
Strike Quality pertains to the sharpness and completeness of the design details on the 1887 Morgan Silver Dollar. An MS64 coin will generally exhibit a good strike, meaning that most of the design elements are fully rendered and well-defined. However, some minor softness or weakness in certain areas may be present, particularly in high-relief areas of the design, such as Liberty’s hair or the eagle’s feathers. For instance, a coin might have a slightly soft strike on the eagle’s breast feathers. The implications are that the coin’s design is largely complete and well-defined, contributing to its overall aesthetic appeal and grade.
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Eye Appeal
Eye Appeal encompasses the overall visual attractiveness of the 1887 Morgan Silver Dollar. This subjective assessment considers factors such as luster, toning, and the absence of distracting marks or imperfections. An MS64 coin will typically possess above-average eye appeal for its grade, exhibiting attractive luster and minimal distracting flaws. The coin may display some toning, which can be either attractive (e.g., iridescent hues) or detracting (e.g., dark, uneven discoloration). As an example, a coin with light, even toning and vibrant luster would generally have higher eye appeal than one with dark, splotchy toning. The implications are that the coin presents a visually pleasing appearance that enhances its desirability among collectors.
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Contact Marks and Imperfections
Contact Marks and Imperfections are inevitable aspects of the minting and handling process for any coin. An MS64 graded 1887 Morgan Silver Dollar will exhibit some minor contact marks, hairlines, or other surface imperfections. These marks are typically small and scattered, not significantly detracting from the coin’s overall appearance. Examples might include a few faint hairlines in the fields or a small contact mark on Liberty’s cheek. The implications are that while not flawless, the coin is in excellent condition for its age, and the presence of minor imperfections is acceptable within the parameters of the MS64 grade.
In summation, the “Mint State 64” designation provides a standardized assessment of the “1887 Morgan Silver Dollar’s” condition, encompassing surface preservation, strike quality, eye appeal, and the presence of minor imperfections. This grade represents a desirable balance between preservation and affordability, making it a popular choice for collectors seeking high-quality examples of this iconic coin. Understanding the specific attributes associated with the MS64 grade is crucial for accurately valuing and appreciating the “1887 Morgan Silver Dollar” in the numismatic market.
5. Collector Demand
Collector demand exerts a significant influence on the market valuation of an “1887 Morgan Silver Dollar MS64”. This demand stems from various factors, including the coin’s historical context, aesthetic appeal, perceived rarity, and overall popularity within the numismatic community. Fluctuations in collector interest directly impact the price individuals are willing to pay for a coin of this specific year, type, and grade.
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Historical Significance and Nostalgia
The Morgan Silver Dollar represents a tangible link to the late 19th-century United States, a period of significant economic and social change. The coin’s design, featuring Liberty and the American eagle, evokes a sense of national pride and nostalgia. This historical connection appeals to collectors interested in American history, thereby increasing demand for specimens in well-preserved condition, such as those graded MS64. For example, a surge in interest in the Wild West era might disproportionately increase demand for Morgan Silver Dollars minted during that period, influencing their market value. The implication is that coins with strong historical associations tend to maintain a consistent level of collector interest.
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Grade Rarity and Population Reports
While the 1887 Morgan Silver Dollar is not inherently rare as a mintage, the number of surviving examples graded MS64 is finite. Professional grading services publish population reports indicating the number of coins they have graded at each level. A relatively low population figure for the MS64 grade can increase demand, particularly if collectors perceive it as a challenging grade to obtain. For instance, if the population report indicates that only a small percentage of 1887 Morgan Silver Dollars have been graded MS64, this scarcity can drive up prices, as collectors compete to acquire a certified example. This illustrates that rarity within a specific grade band, rather than the overall mintage, significantly influences market value.
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Design Aesthetics and Eye Appeal
The Morgan Silver Dollar’s design is widely admired for its classical beauty and intricate details. Collectors often seek examples with strong strikes, minimal imperfections, and attractive toning. An “1887 Morgan Silver Dollar MS64” that exhibits exceptional eye appeal, such as vibrant luster or aesthetically pleasing toning, will typically command a premium price. The perception of beauty is subjective, but coins that are visually appealing tend to attract greater interest from collectors. For example, a coin with iridescent toning might be preferred over a coin with dull, unattractive toning, even if both are graded MS64. The implication is that aesthetic factors significantly impact collector demand and market value.
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Investment Potential and Market Sentiment
Some collectors view Morgan Silver Dollars as an investment, anticipating that their value will appreciate over time. Market sentiment, influenced by economic conditions, precious metals prices, and general investor confidence, can significantly impact demand. During periods of economic uncertainty, investors may turn to precious metals and tangible assets, such as rare coins, as a hedge against inflation. This increased demand can drive up prices for coins like the “1887 Morgan Silver Dollar MS64”. Conversely, periods of economic prosperity may lead to decreased interest in alternative investments, potentially reducing demand. The implication is that broader economic trends play a role in shaping collector demand and market value.
These factors collectively illustrate that collector demand is a multifaceted force that significantly influences the valuation of an “1887 Morgan Silver Dollar MS64”. Understanding these dynamics is crucial for collectors and investors seeking to acquire or sell this iconic American coin. Furthermore, fluctuations in these factors can create opportunities and challenges in the numismatic market, highlighting the importance of ongoing research and expert knowledge.
6. Market Valuation
The “Market Valuation” of an “1887 Morgan Silver Dollar MS64” represents its exchange value within the numismatic market. This valuation is not static; it is a dynamic figure influenced by a complex interplay of factors, each contributing to the price a willing buyer will pay to a willing seller. Understanding these factors is crucial for both collectors and investors seeking to accurately assess the value of this specific coin.
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Supply and Demand Dynamics
Supply and demand are fundamental economic forces that directly influence the market valuation. The supply of “1887 Morgan Silver Dollars” graded MS64 is finite, determined by the original mintage figures and the subsequent survival rate in that specific grade. Demand, on the other hand, is driven by collector interest, historical significance, and investment potential. A surge in demand, coupled with a limited supply, will invariably drive up prices. Conversely, decreased interest or an increase in available coins can lead to a decline in valuation. Auction results, dealer listings, and price guides serve as indicators of these fluctuating dynamics, with real-world examples showing price increases during periods of heightened collector enthusiasm and corrections during market downturns. These fluctuations highlight the importance of market awareness when determining a fair valuation.
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Grading Service and Certification
The grading service that assigns the MS64 grade significantly impacts market valuation. Coins graded by reputable, industry-recognized services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) generally command higher prices than those graded by lesser-known or less trusted services. This is due to the perceived consistency and accuracy of these services. Certification by these entities provides assurance to buyers that the coin is genuine and accurately graded, reducing the risk of purchasing counterfeits or overgraded examples. Consequently, an “1887 Morgan Silver Dollar” certified MS64 by PCGS or NGC will typically fetch a premium compared to an uncertified coin or one certified by a less reputable service. The market places a premium on trust and reliability in assessing a coin’s condition.
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Silver Spot Price Influence
While the numismatic value primarily drives the price of an “1887 Morgan Silver Dollar MS64,” the spot price of silver also exerts an influence. These coins contain approximately 0.7734 troy ounces of silver. When silver prices rise significantly, the intrinsic metal value of the coin increases, setting a floor below which its price is unlikely to fall. This floor provides a degree of downside protection, particularly during periods of decreased collector interest. However, it is crucial to recognize that the numismatic value generally far exceeds the silver melt value, meaning that changes in the silver spot price typically have a less dramatic impact on the overall market valuation than factors such as grade rarity or collector demand. Despite this, it remains a factor, however subordinate, that can influence a coin’s worth.
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Market Trends and Economic Conditions
Broader market trends and economic conditions also play a role in shaping the market valuation. During periods of economic uncertainty, investors may seek safe-haven assets, including rare coins, potentially driving up demand and prices. Conversely, economic downturns can lead to decreased disposable income and reduced collector spending, resulting in lower valuations. Furthermore, evolving collector preferences and changing demographics can also influence market trends. For example, an increase in interest in specific mint marks or die varieties within the Morgan Silver Dollar series can disproportionately impact the valuation of those coins. Tracking these broader market forces is essential for understanding the overall context within which an “1887 Morgan Silver Dollar MS64” is valued.
In conclusion, the “Market Valuation” of an “1887 Morgan Silver Dollar MS64” is a multifaceted construct determined by the interaction of supply and demand, grading service credibility, silver spot price, and overarching market trends. Accurately assessing this valuation requires careful consideration of all these factors, highlighting the importance of informed decision-making for both buyers and sellers in the numismatic market. Continuous monitoring of these factors, coupled with expert consultation, is essential for navigating the dynamic and often unpredictable world of rare coin valuation.
Frequently Asked Questions
The following questions address common inquiries and misconceptions regarding the 1887 Morgan Silver Dollar graded as Mint State 64 (MS64). The information is intended to provide a clear and concise understanding of this specific coin and its attributes.
Question 1: Is an 1887 Morgan Silver Dollar MS64 considered rare?
While the 1887 Morgan Silver Dollar is not inherently a rare date in the series, its rarity in the MS64 grade depends on the specific mint mark and the population reports from reputable grading services. A coin graded MS64 represents a well-preserved, uncirculated example, and the number of surviving coins in this condition is finite. Coins with certain mint marks may be scarcer in this grade, thereby increasing their value.
Question 2: What factors primarily influence the value of an 1887 Morgan Silver Dollar MS64?
The value is determined by a combination of factors, including the coin’s grade (MS64), the presence and location of a mint mark (indicating its origin), the condition of the strike, surface preservation, eye appeal, and overall market demand. Coins graded by reputable services, such as PCGS and NGC, typically command higher prices due to their perceived accuracy and consistency.
Question 3: How does the silver content affect the price of an 1887 Morgan Silver Dollar MS64?
The silver content, consisting of 90% silver, provides a base intrinsic value that fluctuates with the spot price of silver. While the numismatic value typically far exceeds the melt value, significant changes in silver prices can influence the overall valuation of the coin.
Question 4: What are common imperfections found on an 1887 Morgan Silver Dollar MS64?
An MS64 graded coin may exhibit minor imperfections such as contact marks, hairlines, or slight toning. These imperfections are typical of coins handled and stored over time and do not significantly detract from the coin’s overall eye appeal. The presence and severity of these imperfections are considered during the grading process.
Question 5: How does the mint mark impact the value of an 1887 Morgan Silver Dollar MS64?
The mint mark, indicating where the coin was struck, significantly affects its value. The 1887 Morgan Silver Dollar was minted in Philadelphia (no mint mark), New Orleans (“O” mint mark), San Francisco (“S” mint mark), and Carson City (“CC” mint mark). Coins from the Carson City Mint are generally more valuable due to their lower mintages and historical significance. The “O” and “S” mint marks can also command premiums based on scarcity and condition.
Question 6: What is the best method to authenticate an 1887 Morgan Silver Dollar MS64?
Authentication is best achieved by submitting the coin to a reputable grading service, such as PCGS or NGC. These services employ experts who can verify the coin’s authenticity and assign an accurate grade. Reliance on professional grading services is the most reliable method to avoid purchasing counterfeit or altered coins.
In summary, acquiring and assessing an “1887 Morgan Silver Dollar MS64” requires careful consideration of various factors, including its grade, mint mark, silver content, and overall market demand. Seeking professional authentication and grading services is advisable to ensure accuracy and value.
The following section explores strategies for long-term preservation and storage of Morgan Silver Dollars.
Preservation and Storage Tips for an 1887 Morgan Silver Dollar MS64
Proper preservation and storage are essential for maintaining the condition and value of an 1887 Morgan Silver Dollar graded as Mint State 64 (MS64). Adhering to these guidelines will minimize the risk of damage and degradation over time.
Tip 1: Employ Archival-Quality Holders: The coin should be housed in a certified, inert plastic holder designed specifically for numismatic preservation. These holders, often provided by grading services like PCGS and NGC, offer protection from environmental contaminants and physical damage. Avoid PVC-based holders, as they can emit harmful chemicals that corrode the coin’s surface.
Tip 2: Maintain a Stable Environment: Store the coin in a location with a consistent temperature and low humidity. Fluctuations in temperature and humidity can accelerate toning and corrosion. Ideal storage conditions involve a temperature between 65-75F (18-24C) and relative humidity below 50%.
Tip 3: Minimize Handling: Excessive handling can introduce oils and contaminants to the coin’s surface, potentially leading to discoloration or damage. When handling the coin, use clean, lint-free cotton gloves to prevent direct contact with skin oils.
Tip 4: Avoid Harsh Cleaning Methods: Under no circumstances should harsh chemicals or abrasive cleaning methods be used on the coin. Such methods can irreversibly damage the surface and significantly reduce its numismatic value. If professional cleaning is deemed necessary, it should only be performed by a qualified numismatist.
Tip 5: Protect from Light Exposure: Prolonged exposure to direct sunlight or artificial light can accelerate toning and fade the coin’s original luster. Store the coin in a dark, shielded environment to prevent light-induced degradation.
Tip 6: Regular Inspection: Periodically inspect the coin for signs of deterioration, such as spots or corrosion. Early detection of potential problems allows for timely intervention, potentially preventing further damage.
Consistent adherence to these preservation and storage practices will safeguard the integrity and value of the 1887 Morgan Silver Dollar MS64, ensuring its long-term protection within a collection.
This concludes the discussion on the preservation and storage of this valuable coin. The following sections provide a comprehensive overview of the key factors impacting its long-term collectibility.
Concluding Observations on the 1887 Morgan Silver Dollar MS64
The preceding discussion has explored the multifaceted nature of the “1887 Morgan Silver Dollar MS64,” encompassing its historical context, design attributes, silver composition, grade-specific characteristics, and the market forces that dictate its valuation. The analysis has underscored the importance of recognizing the coin’s various dimensions, from its tangible silver content to the more subjective aspects of eye appeal and collector demand. Understanding these elements is essential for both novice and experienced numismatists seeking to appreciate or invest in this iconic piece of American history.
The “1887 Morgan Silver Dollar MS64” represents more than just a silver coin; it is a tangible artifact reflecting a specific era and embodying the ideals of American artistry and economic history. Continued research and careful evaluation are essential for navigating the complexities of the numismatic market and ensuring the long-term preservation of these historical treasures. Further investigation into die varieties, mint errors, and evolving collector preferences will undoubtedly offer deeper insights into the enduring allure of this significant coin.
