If you’ve inherited a collection, found a roll of Morgan dollars at the bank, or are buying your first silver dollar, you’ve probably run into these two terms and wondered what they actually mean — and why the price difference between them can be significant.
Here’s a straightforward breakdown, the same way we’d walk you through it at the counter.
The Short Answer
AU (About Uncirculated) means the coin shows a small amount of wear from limited handling or circulation. BU (Brilliant Uncirculated) — also called Mint State — means the coin shows no wear at all. It left the mint, went into a bag or roll, and never circulated in commerce.
The difference sounds simple, but telling them apart takes a trained eye, because the line between “almost no wear” and “no wear” is thin.
Where to Look First: Liberty’s Cheek
On the obverse (front) of a Morgan dollar, the first place we check is Liberty’s cheek. This is the highest point of relief on the coin’s design, which means it’s the first spot to show friction from handling.
- BU coin: The cheek has a smooth, frosty, unbroken luster across the entire surface.
- AU coin: You’ll see a flattening or dulling in the luster right on the cheek — a break in that frosty shine where the coin rubbed against other coins.
Second Check: The Eagle’s Breast Feathers
Flip the coin over. On the reverse, the eagle’s breast feathers are the next highest point of relief and the second place wear typically shows up.
- BU coin: Feather detail is crisp and the luster flows unbroken across the breast.
- AU coin: Slight flattening or graying on the highest feather tips.
Third Check: The Hair Curls Above the Ear
Back to the obverse — look at Liberty’s hair, specifically the curls just above and in front of her ear. This is a classic friction point on Morgan dollars.
- BU coin: Curls show full, rounded detail with luster intact in the recesses.
- AU coin: The highest curl will show light flattening, almost like it’s been gently brushed.
The Trick Most Beginners Miss: Strike Weakness vs. Wear
This is the part that trips up a lot of new collectors, and it’s worth knowing before you grade anything yourself.
Some Morgan dollars left the mint with weak strikes — areas where the design simply didn’t fill in completely due to die pressure or wear on the dies themselves. The 1921 Philadelphia issue and most San Francisco mint Peace dollars are notorious for this. A weakly struck coin can look like it has wear in the same spots described above — even though it never circulated.
Here’s the test: Tilt the coin under a single light source and watch how the luster behaves.
- If the luster flows continuously and unbroken across a flat or “soft” area, it’s a weak strike — the coin can still be Mint State.
- If the luster breaks and turns dull or gray in that area, that’s actual wear from circulation — the coin is AU or lower.
This distinction matters because a weakly struck Mint State coin and a worn AU coin can look deceptively similar to an untrained eye, but they are priced very differently.
Why This Difference Matters for Value
A coin’s grade is one of the biggest drivers of its price, sometimes more than the date or mint mark. For common-date Morgans, the jump from AU58 to MS60 — technically just one grade point — can mean a meaningful price difference. Interestingly, a well-preserved AU58 with great eye appeal sometimes looks better and is more desirable than a baggy, marked-up MS60, even though MS60 is technically the higher grade.
This is why professional grading from PCGS or NGC exists — and why, if you’re buying or selling anything beyond a basic bullion-value coin, getting a second opinion from someone who looks at hundreds of these a week is worth it.
Bring It In — We’ll Look at It With You
Reading about grading is a good start, but nothing replaces looking at a coin in hand under the right light. If you have Morgan or Peace dollars you’re trying to understand the value of — whether it’s one coin or an inherited collection — bring them by Herb’s Coins. We’ll walk you through exactly what we’re seeing and why, no pressure to sell.
Herb’s Coins has been serving Charlotte County for over 50 years. Stop in or give us a call with any questions about your collection.