Morgan Silver Dollar (VG-EF mixed)
VG is the contraction for the denotation "Very Good". "EF" is the contraction for the denotation "Extremely Fine". These grades are part of the Sheldon coin grading scale. This scale was invented in 1949 by Dr. W. Herbert Sheldon. The scale begins with 1 on the low end and tops out at 70 on the high end. VG coins begin at 8 and Extremely Fine coins range up to and include 45. In-between VG and VF is the "F" grade, which means "Fine" in the numismatic world.
Specifics of the Grade
Morgan Dollars in the grades between 8 and 45 will have great variances in appearance. The coins on the low end will have very worn details and the silver in the coin may be heavily tarnished. Conversely, Morgan Dollars in the 40-45 range will exhibit full details and only the highest points of the obverse and reverse designs will show any significant wear. "Common Date" Morgan Dollars that range between VG and EF are most often held for their intrinsic silver value.
Why Hold Old Silver Morgan Dollars?
One distinct advantage that comes with holding old Morgan Silver Dollars over new silver bullion rounds is their easily recognized authenticity or "Provenance". Counterfeiting a Morgan Dollar that is not highly desirable for it's rarity factor proves to be very laborious but of no financial gain. Also, "Aging" a counterfeit coin to look more than 100 years old is a losing proposition for a counterfeiter. When it comes to barter-ability, or exchanging silver coins for goods or services to a private individual, and old Morgan Dollar is visually verifiable, whereas a new bullion silver coin will require chemical authentication of it's metallic makeup to prove real.