Do Morgan silver dollars classify as bullion or numismatic?

Morgan silver dollars, initially minted between 1878 and 1904 (then again in 1921), are one of the most widely collected types of U.S. coins. However, their classification as bullion or numismatic depends on various factors. The term 'bullion' refers to precious metals in bulk form, often sold by weight and usually in the form of bars or ingots. When a coin is considered bullion, its value is largely tied to its precious metal content - in this case, the silver content of the Morgan silver dollar. This value can fluctuate with the market price of silver. 

On the other hand, a numismatic coin is one whose value exceeds its precious metal content, typically due to rarity, condition, or historical significance. Morgan silver dollars, particularly those in high grades or from specific years and mints, can command prices far above their intrinsic silver value due to their numismatic appeal. Collectors value these coins for their design, historical significance, and the quality of their strike, among other factors. 

Modern Morgan silver dollars, minted as tributes to the original coins, fall squarely into the numismatic category. While they may contain a significant amount of silver, their primary value is not as bullion but as collectibles. These tribute coins are appreciated for their design and the historical resonance they carry, and their value is often determined more by their mintage, condition, and demand among collectors than by the price of silver.

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