Morgan Dollars minted in 1959 were not meant for public consumption, but rather were saved by the United States Mint for numismatic purposes. They were issued exclusively in prooflike condition and, as a result, a 1959 Morgan Dollar carries significant numismatic value.
The value of a 1959 Silver Dollar can vary based on various factors such as condition, rarity, and demand in the coin market. Some key details that influence its value include:
1. Mint State (MS) Grade: The condition of the coin is crucial. A coin graded MS-70 by credible grading companies like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) holds higher value compared to coins with lower grades that exhibit scratches or wear.
2. Rarity: The 1959 Morgan Dollar is relatively scarce compared to other Morgan Dollars minted in different years. The mintage figure for the 1959 Prooflike Dollars is estimated to be around 10,500 pieces. This scarcity adds to its value.
3. Silver Content: The 1959 Morgan Dollar contains 0.7734 troy ounces of pure silver. The current spot price of silver also influences the value of the coin, especially when melted for its metal content.
4. Eye Appeal: Collectors prefer coins with superior aesthetics. Factors such as luster, strike quality, and overall appearance contribute to the eye appeal of a 1959 Silver Dollar. Coins with exceptional eye appeal command higher premiums.
5. Numismatic Demand: The coin's numismatic demand plays a role in determining its value. Factors such as historical significance, popularity among collectors, and market demand all influence the desire for a 1959 Silver Dollar.
With these factors in mind, the value of a 1959 Silver Dollar can vary significantly. Generally, a coin in uncirculated MS-70 grade can range in value anywhere between several thousand dollars to tens of thousands of dollars. However, exceptionally rare and high-grade examples can fetch even higher prices at specialized coin auctions.
It is important to note that coin values are subject to market fluctuations and may change over time. If you're interested in acquiring or selling a 1959 Silver Dollar, it's recommended to consult with reputable coin dealers or reference reputable numismatic price guides for the most up-to-date market values.