MS63 vs MS64 Morgans: A Gold Coin Dealer’s Take
When it comes to collecting and investing in historic American coinage, few coins are as iconic and enduring as the Morgan Silver Dollar. Minted between 1878 and 1904, and again in 1921, this coin remains a favorite among collectors, investors, and gold coin dealers alike. Its size, silver content, and rich history make it a must-have in any serious collection.
At SpringHillCoinShop.com, two of our most popular certified Morgans are those graded MS63 and MS64 by NGC or PCGS, the top two third-party grading services. But for many buyers, especially those new to numismatics, the difference between these two grades isn’t immediately clear. More importantly, which grade represents better value and investment potential?
As trusted gold coin dealers, here’s our take on MS63 Morgan Dollars vs MS64 Morgan Dollars—what sets them apart, what they cost, and which one might be the smarter buy depending on your goals.
What Are Morgan Silver Dollars?
Before diving into the grades, let’s quickly review what makes the Morgan Silver Dollar so special.
Named after its designer, George T. Morgan, the coin features a profile of Lady Liberty on the obverse and a heraldic eagle on the reverse. Each coin contains 0.7734 troy ounces of silver, making it not only a historical artifact but also a tangible piece of bullion-backed wealth.
Because of their silver content, historical significance, and the wide range of conditions in which they exist, Morgan Dollars have long served a dual purpose: as collector’s items and as precious metal investments.
Understanding Coin Grading: MS63 vs MS64
The Basics of MS Grading
MS stands for Mint State, meaning the coin has never been in circulation. Mint State coins are graded on a scale from MS60 (lowest) to MS70 (perfect).
- MS63: This grade indicates a coin with average to above-average strike and luster, but noticeable contact marks or blemishes. These imperfections may be visible without magnification.
- MS64: A step higher in quality, MS64 coins have fewer and smaller contact marks, a sharper strike, and better overall eye appeal than MS63 examples.
Though only one point apart on the grading scale, the price and perceived value between MS63 and MS64 Morgans can vary significantly.
Price Comparison: MS63 vs MS64 Morgans
As of mid-2025, here’s a general pricing range for common date certified Morgans:
- MS63 (Common Date): $55–$95
- MS64 (Common Date): $100–$125
Premiums vary depending on date, mint mark, and demand, but the difference between MS63 and MS64 often represents a 20–40% price increase.
Which Grade Offers Better Value?
This is where things get interesting. As experienced gold and silver coin dealers, we’ve observed that:
- MS63 Morgans are more affordable and provide better access for new collectors or investors looking to build volume.
- MS64 Morgans, while more expensive, offer better eye appeal, are scarcer in high population years, and may perform slightly better in the long-term investment space due to demand from condition-focused collectors.
So, which is better for you?
For Collectors: Eye Appeal and Long-Term Scarcity
If your primary interest is numismatic value and you appreciate a higher-quality coin, the MS64 Morgan is often the better choice. The jump in grade may be slight on paper, but visually, the improvement in surface quality, luster, and overall appearance can be significant.
Also, in some mint years and locations (like Carson City or New Orleans), the number of surviving MS64 examples can be drastically lower, driving up demand.
In short:
- MS64 = Better long-term appreciation, especially for date/mint rarities.
For Investors: Stackability and Liquidity
If your goal is to accumulate silver-based wealth in a historically significant form, MS63 Morgans offer a compelling blend of affordability and intrinsic value.
At roughly $20–$30 less per coin, investors can acquire more ounces of silver or a greater number of coins for the same budget. Plus, MS63 coins are more liquid—there’s always a market for lower-premium certified Morgans.
In short:
- MS63 = Lower entry cost, easier to stack in quantity.
Historical Performance: What the Market Tells Us
The Morgan Dollar market has proven resilient through ups and downs in the broader economy. While bullion-based silver products rise and fall with spot prices, certified Morgans—especially MS63 and MS64 grades—tend to hold or increase in value steadily over time due to collector demand.
- In the past 10 years, MS64s have outpaced MS63s in percentage growth, particularly for semi-key and scarcer date coins.
- However, during silver bull runs, MS63s can outperform in volume-based sales, especially among bullion buyers seeking certified options.
Authentication and Trust: Why NGC & PCGS Matter
All of Spring Hill Coin Shop’s Morgan Dollars are certified by NGC (Numismatic Guaranty Company) or PCGS (Professional Coin Grading Service). These third-party graders are industry standards, providing:
- Guaranteed authenticity
- Secure tamper-proof holders
- Accurate and consistent grading
- Long-term market trust
When comparing MS63 and MS64 coins, reliability in grading is critical, as misgraded or “raw” coins could misrepresent value.
Final Thoughts: Which One Should You Buy?
At SpringHillCoinShop.com, we stock both MS63 and MS64 Morgans because each serves a different purpose.
Choose MS63 Morgans if:
- You’re stacking silver with a historical twist.
- You want more coins for your budget.
- You prioritize affordability and liquidity.
Choose MS64 Morgans if:
- You care about aesthetics and premium condition.
- You’re building a collection with potential for long-term growth.
- You’re interested in numismatics, not just silver content.
Shop with Confidence
Whether you’re a seasoned collector or new to coin investing, our team at SpringHillCoinShop.com is here to help you make informed decisions. All of our Morgans are authentic, graded, and competitively priced. We’re proud to be your trusted gold coin dealer, offering both historical silver coins and modern bullion like the 1/10 oz American Gold Eagle. If you are local check out our Florida coin shop, Vermillion Enterprises in Spring Hill
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