One of the most famous American coins is the Morgan silver dollar. The majority of 1886-dated coins are not particularly rare, so you can quickly and affordably complete your collection. Interestingly, the Carson City mint didn’t produce Morgans this year. As a result, San Francisco-minted coins are the highest-priced ones you can buy.
There is a notable price difference between coins in various classes, an unusual feature of the 1886 Morgan silver dollar value. The lower grades are reasonably priced, but those in mint condition are frequently very expensive.
Morgan Silver Dollar History
George T. Morgan designed the 1886 Morgan coin. The 1886 Morgan silver dollar, which measures 1.5 inches (38.1 mm) in diameter and has a reeded edge, is 90% silver like all other Morgan silver dollars. The coin’s weight is 0.85939 troy ounces (26.73 g), and the weight of the silver is precisely 0.77344 troy ounces (24 g).
The reverse of the Liberty dollar says, “United States of America; In God We Trust; One Dollar.” While the obverse of the silver dollar coin features a bust of a female wearing a cap and small crown, flowers tucked in her hair, and stars encircling the border. The obverse text on the Morgan dollar reads, “Liberty; E Pluribus Unum; 1886.” The Morgan Dollar’s reverse features an eagle with its wings spread in the middle and a wreath all around.
Knowing that the price of silver bullion is currently over $18, you can easily determine the silver content price. But if you have a piece in at least good condition, you can always sell it for more money because collectors value this coin.
| 1886 Morgan Silver Dollar | |||
| Location | Year | Minted | Value |
| Philadelphia | 1886 | 19,963,000 | $35+ |
| Philadelphia | 1886 proof | 886 | $3,000+ |
| San Francisco | 1886 S | 750,000 | $100+ |
| New Orleans | 1886 O | 10,710,000 | $35+ |
| Total | / | 31,423,886 | / |
In 1886, 31,423,886 silver dollars were produced by three mints, including:
- Philadelphia dollar coins without a mint mark
- Philadelphia Proof Silver Dollars
- Dollars from San Francisco with the S mint mark
- Dollars from New Orleans with the O mint mark
Even though the Pittman Act of 1918 melted these silver dollars, they are still among the most frequently bought and sold coins. Only proof examples made in Philadelphia are expensive because they are so scarce.
SEE: 1964 Kennedy Half Dollar Value
1886 Morgan Silver Dollar Condition
Uncirculated 1886 Silver Dollars
This coin should be flawless, have an excellent luster, be free of any blemishes, and have never even been in circulation. The best choice is the MS 65 gem uncirculated coin with a brilliant luster and a few unnoticeable light contact marks. Although the coin is in perfect condition (MS 60), there are a few scratch marks and smudges on its surface. Finally, a superb PR 63-proof 1886 silver dollar coin will have a shiny surface with very few minor flaws.
Extra Fine 1886 Silver Dollars
The hair on Liberty’s forehead and just behind her ear has begun to lose some of its finer details due to wear. The cap’s folds are now slightly flattened further behind the ear. On the reverse, the tops of the wings are lightly worn, and the breast and neck feathers clearly show wear. Silver dollars in “extremely fine” condition have minimal overall wear.
Only minor signs of wear and tear can be seen on the surface of an extremely fine graded coin because it hasn’t been in circulation for very long. Such a coin is consistently very collectible because the majority of collectors find its quality to be satisfactory.
Fine 1886 Silver Dollars
The grade has been lowered to “fine” condition due to Liberty’s once distinct and clearly defined features being diminished by moderate wear. The leaves that encircle the cotton blossoms are merely outlines without any inner detail. The finer hair has worn down to the point where it has combined into larger flattened areas. Your silver dollar appears to have some wear, but not too much.
A coin with a fine grade has been in use for a long time, so its surface has developed numerous minor surface flaws.
Good 1886 Silver Dollars
An 1886 Morgan dollar in “good” condition has significant wear and has lost most of the metal that formed the high reliefs of the design. Liberty’s forehead and cheek have merged into one and are connected by her hair and cap. The rim is almost completely gone, but the stars and lettering are still visible.
Large hair curls behind the neck and a complete “Liberty” in her coronet still give your coin character. The lowest grade a collectible coin can receive is good.
This piece has been in use for a long time and is severely damaged with smoothed details. But for budget-conscious collectors, such a coin is a great choice. Additionally, many fans select this piece to complete their Morgan sets.
| 1886 Morgan Silver Dollar Value By USA Coin Book | |||
| Quality | 1886 | 1886 S | 1886 O |
| Good | $27 | $74 | $30 |
| Very good | $33 | $77 | $37 |
| Fine | $38 | $86 | $42 |
| Very fine | $45 | $90 | $47 |
| Extra fine | $47 | $123 | $54 |
| About uncirculated | $50 | $172 | $87 |
| Mint state 60 | $60 | $396 | $1,009 |
| Mint state 65 | $200 | $3,415 | $204,915 |
| Proof 63 | $4,345 | / | / |
SEE: 1916-1945 Mercury Dime Value
1886 Silver Dollar Types
The value of the 1886 silver dollar has a direct relationship to the current silver price. For collectors, even coins in poor condition are still valuable. When you finally decide to purchase one, you should mainly look for a mint mark on the back, uniqueness, and state.
1886 Silver Dollar Without A Mint Mark
The large percentage of Philadelphia’s 1886 silver dollars are well-struck, but some are grainy and display metal flow lines. The overuse of the dies caused it, and such a lackluster luster will detract from their value.
The 886 minted proofs are also available but don’t anticipate them to be inexpensive. Look for a nice piece with a cameo contrast if your spending plan is tight enough.
1886 S Morgan Silver Dollar
In 1886, the San Francisco mint produced far fewer Morgan silver dollars (750,000) than the other two mints. Nearly all have exceptional eye appeal due to the above-average strike in this mintage.
Collectors frequently spend thousands of dollars on the best examples of these expensive coins with a sharp strike. Initially, only a tiny number of coins were used.
The remainder was put into circulation in the middle of the 1920s and between 1940 and 1960 after the Big Melt of the 1918 Pittman Act.
1886 O Morgan Silver Dollar
The 1886 silver dollar with an “O” mint mark is scarce and is regarded as a critical date when it is found in the mint state. Interestingly, New Orleans had the highest mintage of these coins, but most of them were melted due to the 1918 Pittman Act.
Because of this, the majority of the coins on the market are outdated and undesirable. Consequently, you can find a good piece for a reasonable price. However, the price difference between a piece in uncirculated condition and one in MS 60 state is quite significant.
Only one MS 65+ graded coin was sold at auction for $34,500, whereas two existing examples in MS 65 state are worth almost $20,000 combined. Remember that the San Francisco coin from this year can be found in the same condition for less money.
Unfortunately, stunning 1886 O silver dollars have long been in private collections, so it’s unlikely that any will come for sale. Most of the remaining pieces have lovely luster but a weak and ugly strike, preventing them from receiving a high grade.
The risk of counterfeiting extremely high-grade items is, however, significant. The most typical fraud method is embellishing a Philadelphia mint-produced Morgan with the letter O.
Conclusion
The 1886 Morgan silver dollars were produced in large quantities by the Philadelphia mint, shattering all previous records for this series. This coin is not particularly rare because it was produced by the San Francisco and New Orleans mints. Nevertheless, a few flawless pieces fetched ridiculous sums at auction.