Penny worth Million: The Morgan Dollar is a timeless collectible coin with a rich history and fascinating variations. If you’re a coin enthusiast or collector, understanding the rare VAM (Van Allen-Mallis) varieties of Morgan Dollars can add significant value to your collection. In this blog post, we’ll explore the basics of Morgan Dollars, their historical significance, and some of the most desirable VAM varieties. Let’s dive in!
What Are Morgan Dollars?
Morgan Dollars were first minted in 1878 and continued production until 1904, with a one-year revival in 1921. Recently, in 2021, the U.S. Mint resumed production of these iconic coins. Composed of nearly 1 oz of 90% silver, Morgan Dollars owe their origin to the legendary Comstock Lode, a major silver discovery under the slopes of Mount Davidson in Virginia City, Nevada.
Understanding VAM Varieties
The term “VAM” originates from the last names of Leroy Van Allen and George Mallis, who cataloged these die varieties. VAMs are unique characteristics in the design or minting of coins caused by variations in the dies used. With thousands of VAMs cataloged, some are exceedingly rare and valuable, making them highly sought after by collectors.
Top Rare VAM Varieties of Morgan Dollars
1. 1878 “Wild Eye” VAM 14.11
This variety, also known as the “Doubled Eye,” features a distinctive doubled eyelid on the coin. Struck at the Philadelphia Mint, it is listed among the top 100 Morgan Dollar varieties. The rarity of this coin is highlighted by its value:
- MS67 Grade (Mint State): Estimated at $125,000.
- MS65 Grade: Sold for $20,000 at Heritage Auctions.
2. 1888 “Scarface” VAM 1B
The Scarface variety gets its name from a prominent scar-like die crack across the obverse. This variety is easy to identify with the naked eye and is highly coveted:
- MS64 Grade: Sold for $16,800 at Heritage Auctions.
3. 1878-S “Long Arrow Shaft” VAM 27
Struck at the San Francisco Mint, this variety is notable for a longer arrow shaft on the reverse and a broken “D” in “DOLLAR.”
- AU55 Grade (About Uncirculated): Sold for $3,175 recently.
Special Focus: 1890 Morgan Dollar Varieties
The 1890 Morgan Dollar, minted in New Orleans, features over 60 varieties due to its massive original mintage of over 10 million coins. Many of these coins were stored by the U.S. Treasury and later released, making them a fascinating area of study for collectors. Here are some standout varieties:
Comet VAM 10
This variety, discovered in 1977, is named for its comet-like die gouges near the date:
- MS65 Grade: Sold for $3,120.
Double Ear VAM 20
Featuring a distinct doubled ear, this variety also displays slanted date digits in some die stages:
- AU50 Grade: Sold for $900.
Doubled Reef VAM 18
This variety showcases slight doubling on the wreath and letters, with a high-set mint mark in certain die stages:
- XF (Extra Fine) Grade: Typically sells for $400–$500.
Investment Potential of Morgan Dollars
Even standard Morgan Dollars without any VAM varieties hold significant value. For instance:
- MS66 Grade (Mint State): A 1890 Morgan Dollar sold for $177,000 in December last year.
- Proof-like finishes and unique die markers further enhance the coin’s value and appeal.
Tips for Collectors
- Research: Use resources like the “Top 100 Morgan Dollar Varieties” guide to identify valuable coins.
- Inspect Closely: Pay attention to features like mint marks, doubling, and die cracks.
- Buy Smart: Attend reputable auctions and consult with coin experts to make informed purchases.
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Conclusion
Morgan Dollar VAM varieties offer an exciting avenue for collectors to explore rare and valuable coins. From the “Wild Eye” to the “Scarface” and beyond, these coins represent a rich history and a rewarding investment opportunity. Whether you’re a seasoned collector or just starting, the world of Morgan Dollars is one worth exploring.
Do you have any Morgan Dollars in your collection? Share your thoughts and experiences in the comments below. Don’t forget to subscribe to stay updated on the latest coin news and tips!