Most Morgan silver dollars produced for circulation have had a tough life. They were stored in massive bags, often traveled long distances, and frequently were banged around. Add to that the design of the coin: Liberty’s flat cheeks, and broad fields that show all marks fairly clearly.

Thankfully, there are plenty of Mint State 65 and even MS-66 Morgan dollars. Mint State 67 examples are tougher to find, but a solid one can be found for $700 or so. In MS-68 the herd thins, and these survivors are rare.

The three included in this week's Market Analysis series are in MS-68+ and were sold in Legend’s June 25 Regency XII sale in Las Vegas, Nev.

The Coin 

1885 Morgan dollar, MS-68+ CAC

The Price

$39,950

The Story 

This 1885 Morgan dollar graded Professional Coin Grading Service MS-68+ with a green Certified Acceptance Corp. sticker sold for a healthy $39,950. It is the only one graded MS-68 (or MS-68+ for that matter) and is considered the finest known of a massive mintage of more than 17 million coins.

As the lot description pointed out, “There isn’t even a single microscopic issue to be found on this borderline MS69,” adding, “gorgeous, cascading, iridescent rainbow crescent covers one third of the obverse, while the balance of the coin is a heart pounding creamy white.”

As Legend points out, when differentiating between Mint State 68 and Mint State 69 grades, the smallest marks and imperfections matter.

The same dollar was previously offered in a 2013 Heritage auction where, simply offered as a PCGS MS-68 CAC, it sold for $21,150.

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