- The Morgan Silver Dollar was established by the Bland-Allison Act of 1878. The coins then went into production from 1878 until 1904 and then were briefly reproduced in 1921. Since then they have become the quintessential part of any coin collectors' collection. When deciding value on these coins they are put through a grading process. This process values the coin by its condition ranging from good to uncirculated.
- A good-grade-level Morgan Silver Dollar is one that is heavily worn. The design is visible but hard to make out in places. A very-good-level piece is when the design is easily visible but lacks the contour and detail from being worn down flat.
- A fine-grade-level Morgan Silver Dollar is one that has pretty heavy wear on the surface but the image is clear and legible. A fine piece will have the hairline along the face more easily defined. A very fine piece has moderately light wear on the surface and all the main features on the coin are visible. However, the detailed hair and strands show little to none at all. An extremely fine piece will show very little wear, and most of the hair detail is sharp and well established. The rest of the dollar will also show great detail with only a little bit of wear on the eagle's breast, and in some cases the edges of the cotton leaves.
- To get a grade of barely circulated or "about circulated" the coin will have little to no traces of wear on the surface. It should also still contain much of its luster, except for on the cheeks, which may have lost some luster. An uncirculated coin is one that is in pristine condition. There is no wear on any of the surface on both sides, the details are all clear, and the shine and luster of the coin is still like a brand new Morgan Silver Dollar.
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