Newbie2015, it's harshly polished. That doesn't mean it's not worth anything to a refinery, just that it's not worth a heck of a lot to collectors.
The coin, assuming the photos are indeed of the same, is both heavily worn and severely damaged (rev) due to a heavy polishing. This essentially puts it in the "junk silver" category, and while there is often a "dollar premium" on such coins, their value is based upon melt, and examples like this are usually avoided but by those who care only about the metal (and happen to be the least willing to pay the aforementioned premium). I realize this may not be what you were hoping to hear, but there is no reason to fluff over facts. As for a value, I must respectfully disagree with the estimates already given. $25-$30 for a cull Morgan is simply way too high, even with the excessively high retail premiums asked today.
I would like to take this price range back reason being I only looked at the obv and didn't even look at the rev (my bad) to see that it is polished which makes it a melt value coin at best. And I do agree with BooksB4Coins.
With my estimate of $25, I was explaining what it could sell for retail. If you look on ebay, even the slickest and most polished Morgans command a premium. However, when I was evaluating, I as well did not look at the reverse...
Ebay is a sucker's game, plain and simple. Just because one can find examples of fools overpaying, this does not mean whatever it is they purchased was or is "worth" it, nor should the OP wisely expect to receive a similar price if he wished to sell. Perhaps he too could find a buyer with more money than smarts, but this shouldn't be presented as a forgone conclusion. Unfortunately, the comparison to ebay foolishness, no matter how well-meaning, can give new collectors a false sense of realistic value that can come back to haunt them in the future. In a situation such as this, I respectfully believe it in his best interests to know that, generally speaking, if he tried to sell the coin without trying to snare a sucker, the most that should be expected is a very small premium over its melt value, and even this isn't guaranteed.
I have seen all kinds of prices for Morgans. A dealer would pay melt for the coin above but unsure what people would pay on Ebay. The big sellers are problem free MS coins. I am always outbid. The local PM shop where I have gotten many of deals charges $28 for Morgans in even the lowest grade. I do not know why that is. I bought a Morgan with some Christmas money. The 1896 is the best I could do for $28, I liked the reverse feathers. I think I have the 1922 but have to check and make sure that is just one I sold. I think your coin may sell for $20 tops with VF details --polished reverse.
