Morgan Silver Dollar Value

Jump to: Factors Affecting Morgan Dollar Values | Design | Mint Mark | Rarity and Scarcity | Modern Morgan Silver Dollars | Historical Significance and Collectibility | Silver Content | Morgan Silver Dollars Price Guide | Key dates and varieties

Key Takeaways

• Due to their historical significance, Silver Morgan Dollars have collectible appeal and eye appeal, and their silver composition makes them great investment options. Morgan dollars from 1878 to 1904 usually range at least $80-$100 in uncirculated condition.
• The Morgan dollar, originally minted from 1878 to 1904, resumed production in 1921, preceded the peace dollar, and has since become a highly desired collectible. Bullion versions of these coins are available, dated from 2021 and 2023.
• Key dates in this series include 1889-CC, 1893-S, and 1895 (Proof only). Additional dates like 1895-O are condition rarities, prevalent in low grades but very rare in high grades.
• The coin went through a change in the reverse. The bald eagle has seven Tail Feathers, but early in 1878, the wing had eight. This mistake was corrected later in the same year, but nearly three-quarters of a million dollars were already minted. 

The Morgan dollar stands as one of the most iconic pieces of American coinage. Produced in a time of history in which silver was still used in coin mintage, this amazing issue remains a desirable collectible item among numismatic experts.

Uncover the historical significance of Silver Morgan dollars and analyze the various factors involved in assessing their value.

Our comprehensive price guide includes listings for all errors and varieties found within the series.

Factors Affecting Morgan Silver Dollar Values

Design

The obverse depicts a profile of Lady Liberty, a national symbol and maybe the most famous ones. She is the embodiment of the American spirit, symbolizing freedom, inspiration, and hope.

On the reverse, the national animal, the bald eagle, has spread wings, grips arrows, and holds an olive branch framed by a wreath. The edge of the coin is reeded, with counts ranging from about 180 to 190 reeds.

She wears a cap on her head with a floral adornment and a crown inscribed with the word “LIBERTY,” surrounded by 13 stars, the phrase “E PLURIBUS UNUM,” and the date of issue. Such strong symbolism makes this coin highly desirable among coin collectors.

Mint Mark

Morgan Dollars were minted at various U.S. Mint branch mints across the country, including the Philadelphia, New Orleans, San Francisco, Denver, and Carson City Mints.

For all mints except Philadelphia, mintmarks were typically located on the reverse side of the coins, positioned just beneath the ribbon bow of the wreath.

Mintmark plays a significant part in Morgan's dollar value because it tells us where a coin is from. This allows the collector to recognize if the coin belongs to a scarce variety or not.

Rarity and Scarcity

Morgan dollars are notable for their rarity and scarcity. Between 1878 and 1921, 657 million were minted. However, the government's decision to melt down some of these coins under the Pittman Act adds to their scarcity.

The Denver Mint produced a relatively smaller number, with only 20,520,000 Morgan Dollars struck in 1921 and 2021 combined. In contrast, the Philadelphia Mint produced a significantly higher quantity, striking 306,244,979 coins between 1878 and 1904 and then again in 1921, 2021, and 2023.

Notably, the 1893-S Morgan Dollar stands out for its extreme rarity, with only 100,000 coins ever minted, making it the lowest mintage of any Morgan Dollar.

In 2018, a Mint State coin graded 65 was sold for $735,000 at Sotheby's.

Modern Morgan Silver Dollars

In 2021, to celebrate 100 years of the last official strike of the circulating Morgan Silver Dollars, the US Mint released a commemorative bullion version of the design. They are composed of .859 oz of .999 fine silver and are mainly produced for investment purposes.

Modern Morgan Silver Dollar Produced at the Philadelphia Mint

These coins are also IRA-approved. A precious metal IRA functions similarly to a traditional IRA (Individual Retirement Account), but instead of holding paper assets like stocks or bonds, it holds physical precious metals such as gold, silver, platinum, or palladium.

Historical Significance and Collectibility

To help the economy in the 1870s and keep Western silver suppliers happy, Congress passed the Bland-Allison Act in 1878. This Act required the US government to buy large amounts of silver and turn them into silver dollars.

This brought back the dollar in the form of the Morgan dollar, named after its designer, George T. Morgan.

Precious Metal Content in Troy Ounces

The composition of precious metals is one of the main reasons Morgan dollars are valuable.

Silver, like other noble metals such as gold and platinum, has an intrinsic value and relatively stable demand. In the precious metals market, this is usually measured by the price of the troy ounce, which is approximately 31.10 grams.

The value of the troy ounce of silver can change daily. The current price for buying or selling silver or other precious metals at the given moment is called the spot price.

See the example below:

As of April 2024, the troy ounce of silver fluctuates around $28,21. So, an American Silver Eagle will be worth, at the moment of speaking, $28,21 plus the premium over the manufacturing and selling costs.

Understanding how silver products are priced can help coin collectors predict a product's value and avoid being misled by claims of "silver at spot price."

We anticipate that purchasing silver and other precious metals at a spot price will be impossible due to the additional costs associated with manufacturing and transportation.

Coin Grading

Respectful coin grading services such as PCGS and NCG coin grading to classify coin conditions and certify their authenticity.

Coin grading involves assessing a coin's condition and assigning it a grade on a numerical scale. The Professional Coin Grading Service (PCGS) is a prominent authority in this field, utilizing the Sheldon Scale, developed by Dr. William Sheldon in 1948. This scale spans from 1 to 70, with 1 indicating significant wear and damage and 70 representing pristine mint condition.

Accurate coin grading is crucial for determining a coin's value, as collectors and dealers rely on graded coins to convey their condition reliably. Higher grades generally command greater value in the market, especially compared to circulated grades (1 to 50), due to their rarity and appeal to collectors.

Standardized grading provides a universally understood method for communicating a coin's condition, facilitating fair transactions, and promoting transparency in the marketplace.

Morgan Silver Dollars Price Guide

Values below refer to an average price in US dollar.

Morgan Silver Dollar - Regular Strike

Morgan Silver Dollar Proof Coins

Data From PCGS.

Key dates and varieties

Key dates in this series include 1889-CC, 1893-S, and 1895 (Proof only). Other dates (such as 1895-O) are considered condition-rarities (common in low grade but extremely rare in high grade).

1889-CC

Source

Renowned as the scarcest Carson City Morgan dollar, the 1889-CC stands out, competing closely only with the 1879-CC and the 1893-CC issues in lower Mint State conditions.

However, MS-64 and beyond can be even rarer.

The auction record price for an MS68 coin was in 2013, when it was purchased for $881,250 at Stack's Bowers.

1893-S

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Among Morgan dollars, the 1893-S is the rarest when in Mint State condition. Specimens MS65 or higher elevate its rarity to extraordinary levels.

Notably, a specimen achieved a remarkable price of $735,000 at Sotheby's auction on May 21, 2018.

1895 Proof

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The 1895 Morgan Dollar is special because only 880 were made. Unlike other years, no regular coins were made for this year, which makes it really popular among collectors.

PCGS considers this particular coin one of the best. It's amazing how it's stayed in such great condition for over 100 years. It looks perfect with its sharp details and shiny surfaces.

It achieved a noteworthy price of $269,500 at a David Lawrence Rare Coins auction on June 28, 2020.

1878 8 Tail Feathers

Other varieties of the 1878 coin feature different numbers of tail feathers on the eagle.

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The differences are usually represented by the letters "TF."

The initial release of Morgan Dollars featured a visible error: they bore 8 Wing Feathers, a discrepancy in relation to previous depictions of the bald eagle which is usually portrayed with an odd number of feathers.

This was corrected later in the year, but not before nearly three-quarters of a million dollars were minted with the 8 Tail Feathers reverse.

While this issue is relatively common and can often be found in average Uncirculated grades, it becomes scarce in Gem condition. Prooflike examples constitute a small portion of the surviving population, and Deep Mirror Prooflikes are even rarer.

Despite their relative accessibility, locating DMPL 1878 8TF dollars in MS-64 or better conditions is exceptionally rare.

An 1878 8TF coin is worth around 110,000 and is in nearly perfect condition, according to the PCGS price guide.

Final Words

In this article, we aimed to discuss the various factors affecting the Silver Morgan Dollar value.

You learned that the prices of silver morgan dollars, as well as rarity, condition, variety, and other specifications, play a significant role when assessing a coin's numismatic value, whether you decide to sell or invest in it as a precious metal asset or as a collectible item.

We hope to have provided enough tools for coin collectors and numismatists, in general, to identify rarities and to make informed decisions when investing in Morgan dollars, whether as a collection piece or as a form of investment.