Morgan and Peace Dollars are the most popular U.S. coin series of all time. During the past 10 years, we have watched supplies of better date dollars continue to contract -- particularly those in any grade that would rate eye appeal 9 or 10 on my eye appeal scale. Surely those of you who attend coin shows experience the problem.

The tables below provide an interesting view of the price performance of Morgan and Peace Dollars between 1998 and 2007. The Morgan Dollar prices are broken into categories of grade and value per coin; Peace Dollar prices include all dates and mints.

Shrinking supply has created good price increases for MS-63 and MS-64 Morgan and Peace Dollars. The numbers illustrate that both MS-63 Morgan and Peace Dollars experienced steady upward movement, except for a lull during 2001 and 2002. MS-64s followed a similar pattern with a longer respite, from 2001 to 2004. Overall gains of MS-64s were not as substantial as MS-63s.

MS-65s, on the other hand, have shown less increase than the lower grades. Why this is so is not completely clear, and often discussed among dealers. We suspect price makes a set of MS-65 Dollars daunting for many collectors who may choose MS-65 in more common (and affordable) issues, adjusting their sights downward when seeking better dates.

Morgan Dollars All prices listed are at "Gray Sheet" bid.
Grade	1998	2001	2003	2007
MS-63 Bid $17 to $7,9001	$46,622	$47,344	$51,046	$71,578
MS-63 Bid $,8000 and up2	$160,100	$182,000	$188,500	$266,700
MS-64 Bid $25 to $10,0001	$75,210	$56,475	$61,405	$97,411
MS-64 Bid $10,000 and up3	$402,750	$413,700	$463,000	$535,450
MS-65 All dates & mints4	$1,529,055	$1,601,330	$1,698,334	$1,797,894
1Dates do not include 1879-CC Cap Die, 1882-O/S, 1887/6, 1887-O/6, 1895 Proof, 1900-O/CC 2Issues in this category include 1884-S, 1889-CC, 1892-S, 1893-S, 1895-O, 1901 3Issues in this category include 1884-S, 1889-CC, 1892-S, 1893-O, 1893-S, 1895-O, 1896-O, 1897-O, 1901 41886-O calculated at MS-64 bid

Peace Dollars All prices listed are at "Gray Sheet" bid.
Grade	1998	2001	2003	2007
MS-63 1921 to 1935	$4,046	$4,476	$5,399	$7,267
MS-64 1921 to 1935	$10,397	$8,631	$9,998	$14,704
MS-65 1921 to 1935	$78,536	$74,427	$77,490	$77,554

Overall the Morgan and Peace Dollar market looks very solid, poised for additional price gains over the next 5 years. Supply of nice coins is expected to be a continuous problem, and we expect demand to remain strong.