What is the value of a National Collectors Mint 1889 Morgan silver dollar with COPY on it?

Answer 1

The word COPY is a dead giveaway that your coin is a replica. As such it's probably only worth a few dollars unless the coin also indicates that it's made of precious metal. For example, if it carries wording such as "999 fine silver" or similar you'd know it's a bullion piece meant to look like a real silver dollar and can be sold for its metal content. Otherwise, it's probably some base metal with a silver-plated surface.

The word COPY is required on all "legitimate" replica collectible items by the Hobby Protection Act of 1973. There are many honest firms that make copies of rare collectibles; the HPA's aim is to prevent those copies from being re-sold as the genuine item which is a form of deception and/or counterfeiting. Of course it does nothing to prevent fakery by anyone whose intent is to deceive, but it protects the good name of legitimate firms as well as collectors who might not be aware that an item is a replica.

For example during the 1920s a number of firms made reproductions of Confederate paper money that were sold in gift shops or given as promotions. Many of these reproductions were extraordinarily accurate but didn't carry the word COPY. In the intervening years a lot of them found their way onto the open market where it was very difficult to tell them from the real thing, a problem that continues to affect collectors.