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Choice Uncirculated
Choice Uncirculated is a hard-to-find top-notch grade in which the coin has few noticeable surface marks, no trace of wear and shows a full mint luster. Most 1897 Morgan silver dollars in this condition go for $55, but some mint marks carry premiums. The San Francisco version, denoted by the S below the word "One" on the reverse, can sell for $120. The New Orleans coinage, which is denoted by an O on the reverse, is extremely hard to find in this condition and is valued at $4,000 to $6,000.
Uncirculated
An Uncirculated coin is also in very good shape, but it can have a few scuff marks or abrasions. Prices for this coin average from $40 to $70. The New Orleans mint mark can sell for $700.
About Uncirculated
A coin in the About Uncirculated grade can have a small amount of wear on the hair above the forehead of Liberty and on parts of the eagle's wings. Most versions sell for $30 to $35, but the New Orleans mint mark is valued at about $150.
Extremely Fine
Silver dollars in Extremely Fine condition begin to show more wear, especially on the reverse. You can still plainly see the feathers of the eagle, but there can be some wear on the breast and tips of the wings. Liberty's hair lines must still be bold. The 1897 coin in this shape is valued at $22 to $30.
Very Fine
Some of Liberty's hair lines can be worn, although the ear must still be well defined in Very Fine condition. The feathers on the eagle's breast are almost completely worn. Morgan dollars in this condition fetch $20 to $25.