How to Grade a Morgan Dollar

Familiarize yourself with the grading levels. There's P for poor, FR for fair, AG for about good, G for good, VG for very good, F for fine, VF for very fine, EF for extremely fine, AU for almost uncirculated, MS for mint state and PR for proof. In addition, numbers are used to designated different degrees of each grade. G6, for instance, is better than G4, though the difference in the actual condition of the coin may be slight.

Place your Morgan dollar under ample lighting and use a magnifying glass and your fingers to begin determining the coin's grade. Examine the rim of the coin, the date on the front face of the coin, and Lady Liberty's hair and feathers. If these details are worn smooth and almost gone, or if the rim is worn so it is no longer raised, the coin is probably poor. This doesn't make the coin worthless, but its worth will be largely dependent upon the rarity of the mint date and will certainly not be worth as much as one in good condition.

Examine the tips of the eagle's wings on the back of the coin, along with the detail of the wreath surrounding the eagle. If these details are raised slightly, your coin may be considered good. High definition on these details, along with minimal definition on Lady Liberty's hair and a clear, legible date will elevate your coin to good, about good, or maybe even fine, depending upon the rarity.

Grade mint or proof only if complete detail is in place and the coin has no faded color. Uncirculated coins can only be graded as such if they have never been circulated. These guidelines can help you grade and put a value to your Morgan dollars, but since there can be some subjectivity to grading, you may want to consider visiting a coin dealer for verification of your findings.