1. Condition: The condition of the coin plays a significant role in determining its value. Coins in mint condition (also known as "Mint State" or MS) with no visible signs of wear and tear are generally more valuable than those that have been circulated and show signs of wear, such as scratches or dents.
2. Rarity: The mintage of an 1886 silver dollar also affects its rarity and value. Some dates and mint marks are rarer than others, and these can command higher prices. For example, the 1886-S Morgan dollar (minted in the San Francisco Mint) is considered scarcer than the 1886-P Morgan dollar (minted in the Philadelphia Mint).
3. Variety: There are different varieties of 1886 silver dollars, such as the "VAM-1" and "VAM-2" varieties. These varieties have subtle differences in design or die characteristics, and some collectors may be willing to pay more for specific varieties.
4. Eye appeal: The aesthetic appeal of a coin is also important. A coin with pleasing toning (the natural colors that develop on the surface over time) and good eye appeal can be more desirable and valuable to collectors.
5. Current market trends: The coin collecting market is influenced by various factors such as economic conditions, supply and demand, and investor sentiment. The value of an 1886 silver dollar can fluctuate over time based on these market trends.
To determine the exact value of your 1886 silver dollar, it's recommended to consult with a reputable coin dealer or an expert in numismatics (the study of coins). They can assess the coin's condition, rarity, variety, and current market trends to provide an accurate valuation.