Morgan Silver Dollar Values
How Much Is My Morgan Silver Dollar (1878-1904 & 1921) Worth?
By James Bucki, About.com Guide
This guide is intended to give you an idea of how much your Morgan silver dollar coins minted from 1878 to 1904, and once more in 1921, is worth. The table listed below provides average coin values based upon the condition of the coin. If the coin shows evidence of wear on it due to being used in commerce, it considered "circulated." If it was never used, then it is classified as "uncirculated." The pictures below illustrate examples of each condition. Some coins are very valuable even in well worn condition, BUT REMEMBER, you cannot increase a coin's value by cleaning it. In fact, cleaned coins are worth considerable less and coin dealers can spot a cleaned coin immediately. Therefore, never, never, never clean your coins.
Introduction to Coin Values
There are many factors that go into determining the value of your coins. First of all you must understand how the coin market works. If your coin dealer runs out of 1895 Morgan Silver Dollars , he cannot just call the mint and order more of them because the mint does not make coins dated 1895 anymore. The coin dealer must replenish his inventory by buying coins from other dealers or people that come into his store. What he pays you for that coin is known as the "wholesale price" or "value." If you want to buy that 1895 Morgan Silver Dollar from the coin dealer, that is known as the "retail price" or "price."
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Market Analysis
Historically, Morgan silver dollars have always performed well. The average uncirculated coin has increased in value almost 400% since 1970. These coins are made out of 90% silver and 10% copper and contain exactly 0.77344 troy ounces of pure silver. As of this writing, the spot price of silver is $27.00 per troy ounce. Therefore, each coin contains $20.88 worth of silver. But don't expect to walk in to a coin shop with a bag of coins and have the coin dealer dig through them to pull out the expensive ones and nice ones for you. If you want top dollar for your coins, you need to sort them and organize them so the dealer can quickly see what you have.
Key Dates, Rarities and Varieties
The Morgan silver dollars listed below are worth considerably more in any condition than common Morgan dollars. As such, these coins are frequently counterfeit or altered from common Morgan dollars. Therefore, before you start celebrating your early retirement with your new found fortune, have the coin authenticated by a reputable coin dealer or third party grading service.
- 1881 CC
- 1885 CC
- 1889 CC
- 1893 CC
- 1893 S
- 1895 Proof
- 1895 S
Although not extremely rare, the 1878 Morgan silver dollar was minted with two different reverse dies. The first die created had an eagle on the reverse with eight tail feathers. But after some research, the people at the mint realized that the American bald eagle only has seven tail feathers. Therefore they created a new die with a bald eagle with only seven tail feathers. The photos below illustrate the difference between these two different coins.
1878 with 8 Tail Feathers (8 TF) |
1878 with 7 Tail Feathers (7 TF) |
Images Courtesy of: Heritage Auction Galleries,
Ha.com
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Condition or Grade Examples
Circulated
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Uncirculated
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Click on the photos above for a larger image. Photos courtesy of Teletrade Coin Auctions, www.teletrade.com Quick Links: |
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Mint Marks
Morgan silver dollars were produced at five different mints: Philadelphia (no mint mark), Carson City Nevada (CC), New Orleans (O), Denver (D) and San Francisco (S). Not all coins were produced at all mints in all years. As illustrated in the picture below, the mint mark is located on the reverse of the coin, just below the the bow in the wreath.
 Mint Mark Location |
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| Image Courtesy of: Heritage Auction Galleries, Ha.com | |
Average Circulated and Uncirculated Values
The following table lists the value (what you can expect a dealer to pay you) for your Morgan dollar. The first column lists the date and mint mark (small letter below the wreath, if there is one) followed by the value of an average circulated coin and the average value for an uncirculated one. These are approximate values and the actual offer that you will receive from a particular dealer will vary depending on the actual grade of the dollar and a number of other factors.
| Date | Avg Circ | Avg Unc | Date | Avg Circ | Avg Unc | |
|---|---|---|---|---|---|---|
| 1878 8TF | $25.00 | $110.00 | 1891 | $27.00 | $80.00 | |
| 1878 7TF | $24.00 | $58.00 | 1891 CC | $63.00 | $360.00 | |
| 1878 CC | $55.00 | $200.00 | 1891 O | $23.00 | $150.00 | |
| 1878 S | $24.00 | $43.00 | 1891 S | $24.00 | $62.00 | |
| 1879 | $24.00 | $41.00 | 1892 | $26.00 | $190.00 | |
| 1879 CC | $190.00 | $5000.00 | 1892 CC | $170.00 | $1,100.00 | |
| 1879 O | $24.00 | $100.00 | 1892 O | $26.00 | $190.00 | |
| 1879 S | $24.00 | $36.00 | 1892 S | $80.00 | $45,000.00 | |
| 1880 | $24.00 | $41.00 | 1893 | $130.00 | $600.00 | |
| 1880 CC | $140.00 | $500.00 | 1893 CC * | $390.00 | $4,000.00 | |
| 1880 O | $24.00 | $140.00 | 1893 O | $200.00 | $3,000.00 | |
| 1880 S | $24.00 | $37.00 | 1893 S * | $4,000.00 | $100,000.00 | |
| 1881 | $24.00 | $42.00 | 1894 | $800.00 | $3,000.00 | |
| 1881 CC * | $290.00 | $450.00 | 1894 O | $40.00 | $1,000.00 | |
| 1881 O | $24.00 | $42.00 | 1894 S | $54.00 | $700.00 | |
| 1881 S | $24.00 | $35.00 | 1895 Proof * | $25,000.00 | $43,000.00 | |
| 1882 | $24.00 | $38.00 | 1895 O | $240.00 | $30,000.00 | |
| 1882 CC | $55.00 | $200.00 | 1895 S * | $440.00 | $4,000.00 | |
| 1882 O | $24.00 | $39.00 | 1896 | $24.00 | $37.00 | |
| 1882 S | $24.00 | $34.00 | 1896 O | $28.00 | $3,000.00 | |
| 1883 | $24.00 | $40.00 | 1896 S | $60.00 | $2,000.00 | |
| 1883 CC | $62.00 | $140.00 | 1897 | $24.00 | $50.00 | |
| 1883 O | $24.00 | $35.00 | 1897 O | $26.00 | $2,000.00 | |
| 1883 S | $26.00 | $2,000.00 | 1897 S | $25.00 | $60.00 | |
| 1884 | $24.00 | $37.00 | 1898 | $24.00 | $41.00 | |
| 1884 CC | $59.00 | $140.00 | 1898 O | $24.00 | $39.00 | |
| 1884 O | $24.00 | $37.00 | 1898 S | $26.00 | $240.00 | |
| 1884 S | $27.00 | $27,000.00 | 1899 | $90.00 | $200.00 | |
| 1885 | $24.00 | $37.00 | 1899 O | $24.00 | $36.00 | |
| 1885 CC * | $280.00 | $480.00 | 1899 S | $28.00 | $270.00 | |
| 1885 O | $24.00 | $38.00 | 1900 | $24.00 | $43.00 | |
| 1885 S | $29.00 | $190.00 | 1900 O | $24.00 | $36.00 | |
| 1886 | $24.00 | $38.00 | 1900 S | $26.00 | $250.00 | |
| 1886 O | $24.00 | $1,300.00 | 1901 | $35.00 | $7,000.00 | |
| 1886 S | $45.00 | $260.00 | 1901 O | $24.00 | $39.00 | |
| 1887 | $24.00 | $40.00 | 1901 S | $29.00 | $450.00 | |
| 1887 O | $24.00 | $63.00 | 1902 | $24.00 | $54.00 | |
| 1887 S | $27.00 | $130.00 | 1902 O | $24.00 | $40.00 | |
| 1888 | $24.00 | $39.00 | 1902 S | $70.00 | $350.00 | |
| 1888 O | $24.00 | $40.00 | 1903 | $25.00 | $53.00 | |
| 1888 S | $90.00 | $260.00 | 1903 O | $210.00 | $280.00 | |
| 1889 | $27.00 | $44.00 | 1903 S | $120.00 | $4,500.00 | |
| 1889 CC * | $900.00 | $30,000.00 | 1904 | $26.00 | $120.00 | |
| 1889 O | $27.00 | $170.00 | 1904 O | $24.00 | $33.00 | |
| 1889 S | $34.00 | $190.00 | 1904 S | $63.00 | $2,500.00 | |
| 1890 | $24.00 | $38.00 | 1921 | $24.00 | $38.00 | |
| 1890 CC | $70.00 | $430.00 | 1921 D | $24.00 | $41.00 | |
| 1890 O | $27.00 | $55.00 | 1921 S | $24.00 | $41.00 | |
| 1890 S | $24.00 | $55.00 |
*= See the section above "Key Dates, Rarities and Varieties" for more information on these coins.
These values have been compiled through my personal analysis of the coin market, referencing publications such as Numismatic News,
Coin World, "The Official Blue Book; Handbook of U.S. Coins," The Coin Dealer Newsletter,
published auction results and consulting with various coin dealers.
Read More About Morgan Dollars:
Learn How to Grade Morgan Dollars Before you Invest in Morgan Dollars How Do You Tell the Difference Between DMPL and Genuine Proof Morgan Dollars? Why Does My Morgan Dollar Have Two Eagles and No Lady? What Determines the Value and Price of Coins?
Read About Selling and Preserving Your Coins
Protecting, Preserving and Storing Your Coin Collection How to Sell Your Coins for the Most Money How to Find an Honest Coin Dealer How to Sell Coins on eBay Seven Ways to Ruin Your Coins
