For more than 80 years, Americans carried the Morgan silver dollar coin in their pockets as legal tender. Its beginnings can be traced back to the Coinage Act of 1873, which approved the production of silver coin dollars for everyday use by the populace. Morgan T. George, a well-known coin engraver, won the hearts of the officials with the coin’s flawless design.
Even though the face value of an 1887 Morgan silver dollar is $1, its pawnshop value is $21.45, and its melt value is $18.11. It contains 0.7734 troy ounces of silver and is 90% silver and 10% copper.
In this article, we take a close look at this coin, discussing its fascinating past, characteristics, and various values. Keep reading for information on your 1887 silver dollar coin’s melt value, grading scale, and pawn shop value.
What Is the 1887 Silver Dollar Coin?
The Morgan dollar is a silver coin minted in the US between 1887 and 1904. Like other Morgan dollar coins, the coin had several features, including a face value of one US dollar. Like the other series, this coin had a diameter of 38.1 mm and a thickness of 2.4 mm and weighed about 26.73 grams.
Like the other series, this magnificent coin is made of 90% silver and 10% copper. The mint mark was not present on the 1887 Morgan silver dollar because it was produced at the Philadelphia Mint. Denver D, San Francisco S, New Orleans O, and Carson City CC are the rarest of all the Morgan Series counterparts.
In addition, the Philadelphian mint is not rare, as millions of these coins are available in the market.
Brief Summary Of The 1887 Silver Dollar Coin
- Name of Coin: 1887 Morgan Silver Dollar
- Series of coins: Morgan Silver Dollar
- Portrait: Liberty’s head
- Main Reverse Feature: An eagle holds an olive branch and arrows in its outstretched wings. In a center motif, a laurel partially encircles the eagle.
- Pawnshop Value: $21.45 (depending on the condition)
- Denomination: One Dollar
- Metal Composition: 10% Copper, 90% Silver
- Mass / Weight: 73g
- Diameter:1 mm
- Mint: Philadelphia ( no mark)
- Mintage Number: 20,290,000
- Designer: George T. Morgan
George T. Morgan, a US Mint engraver, was the source of the Morgan dollar’s name. The 1887 silver dollar coin was one of many dollar coin editions created by Morgan while working with William Barber. The Morgan dollar silver coin was created between 1878 and 1904.
In 1921, millions of coins were minted across the various US states in repeated production. The 1887 series of the Morgan silver dollar has one of the highest mintages, with a total of 20,290,000 coins produced.
The treasury distributed many 1887 silver dollar coins from storage in the late 1930s, flooding the coin market. The pattern persisted into the 1960s.
This coin stands out from the rest of the Morgan series. Its appearance is striking, and its features are not crowded. The coin’s reverse features an eagle with wings outstretched and its claws grasping arrows, while the obverse features a liberty head. The figure of a bird has an olive branch underneath it. The coin also features several slogans on the obverse and reverse.
Reason For Minting
George T. Morgan’s coin design aimed to create an aesthetically pleasing and robust currency that all Americans could use daily. That eventually happened, and America used this coin for almost a century as its standard form of payment for daily trade.
The coin continues to appeal to investors and collectors alike. It is still a well-known silver dollar with an obvious Philadelphia Mint feature: no mint mark.
The 1887 silver dollar coin was minted in Philadelphia, United States, and a stunning 20,290,000 pieces of this coin were produced. Even though there are many coins today, don’t panic if you give someone several 1887 silver coins.
They remain valuable today, just like all early coins. Surprisingly, the 1887 Morgan silver dollar’s value is rising along with the price of silver globally.
Features Of the 1887 Morgan Silver Dollar Coin
The observe of the 1887 silver dollar coin features a picture of Lady Liberty, and the reverse side features an eagle with spread wings.
Obverse (Head) Features
An image of Lady Liberty is depicted in the head of an 1887 Morgan silver coin. In his design, George T. Morgan compares his girlfriend, Anna Willess Williams, to the Liberty head. She has a Phrygian cap on her head and a hairband in her hair, and she is facing left.
Liberty is the slogan on the cap, and E Pluribus Unum is the motto on the edges of the hairband. And that’s not all—the thirteen tiny stars are the original colonies of America. The issue date (1887) is listed beneath the stars.
Reverse (Tail) Features
The coin’s reverse depicts a bald eagle holding an olive branch and a bundle of arrows. The eagle and the national motto, “In God We Trust,” are partially encircled by a laurel wreath. The eagle and the laurel are encircled by the words “One Dollar” and “United States of America.”
The two slogans are separated by two stars, one after “Trust” and “America” and another between “United” and “In.” There are no mint marks on the 1887 silver dollar coin’s tail from the Philadelphia Mint.
1887 Morgan Silver Dollar Value
Fortunately for you, this coin has a significant amount of silver, making it worth more than its face value. To be detailed, we’ll examine the various values of coins in pawnshops, including melt value, face value, and even uncirculated condition.
Denominational Face Value
Because it contains silver and has a high melt value, this coin is more expensive than its face value. The amount written on the coin is its face value, and this coin has a $1 face value.
What Is The Metal In The 1887 Silver Dollar Coin Worth?
This coin is made up of 10% copper and 90% silver. Currently, the value of these two metals, particularly silver, is skyrocketing. The 1887 silver dollar is worth its weight in silver.
If it were melted, the coin’s value would be $18.11. This price fluctuates, just like any other metal, according to the spot price of silver. Silver costs $23.30 per ounce, and the spot price is the basis for our $18.11 calculation.
How Much Is The 1887 Silver Dollar Coin At The Pawn Shop?
This coin is easy to obtain if you want it. The final cost at a pawn shop will depend on the grade. It costs $30 and is in good condition. The price will rise to approximately $33 in Extremely Fine condition. However, if you’re fortunate enough to find one in uncirculated condition, you’ll pay between $50 (MS 60 grade) and $150. (MS 65)
Factors That Influence The 1887 Silver Dollar Value
Several factors determine the value of that 1887 silver dollar coin in your coinbox.
The standard value of an 1887 silver dollar coin is determined by its condition. In other words, a system for grading coins considers their physical condition. The same grading procedure determines your coin’s value.
The 1887 silver dollar coin is graded as uncirculated, Extremely Fine, Fine, and Good. The value of each of these four grades varies, with the Uncirculated coin having the highest value. Even though the Good grade coins are less expensive, they are still a wonderful treasure.
The coin has significant wear and has had its design pared down to just a few components. It has a clear rim, and the letters are flat and nearly level with the fields. The Liberty doesn’t have as many details as the eagle on the reverse, and a few feathers are visible on the eagle but only near the legs. Your 1887 silver dollar, in good condition, is only worth the silver price.
A coin of fine quality has a clearly defined Lady Liberty. The hair is on par with the other flattened areas because it lacks details on its strands. On the obverse and reverse, wear is, however, moderate.
These are excellent coins to own because the wear is minimal. Liberty’s hair above the brow and behind the neck has the most wear. The cap’s folds show signs of wear, which has taken away its roundness. But the coin is still attractive, precise, crunchy, and valuable.
Uncirculated coins retain all of the mint details. The only imperfections you’ll see are the usual nicks and abrasions from rubbing against one another, but there is no wear. The texture is excellent, and the coin-grade luster is consistent.
|1887 Morgan Dollar||N/A||N/A||$39||$41|
|1887 Morgan Dollar (O)||N/A||N/A||$42||$55|
|1887 Morgan Dollar (S)||N/A||N/A||$45||$50|
|Source: Red Book|
Because of the great circulation releases in the 1930s and 1960s, the 1887 silver dollar is not difficult to find. The value of this one-dollar coin has decreased since its release, but uncirculated coins are rarer and more expensive.
Mistruck Coin, Error Coin
When coins are incorrectly struck, they have flaws like extra or missing details. So, they are also referred to as error or mistruck coins. Errors in the minting process result in inaccurate coins, which go beyond the boundaries of acceptable tolerance. In numismatics, error coins are worth more than regular strikes. If you find the uncirculated category, your luck will be even better.
The Philadelphia 1887 silver dollar error consists of a seven minted over a six, an off-centre strike, a wrong, thick, or thin planchet, and a misprint on the stamp.
Interestingly, these rare errors increase the value of the 1887 Morgan silver dollar. In fine condition, the price might be around $50, and you can receive up to $80 for one in extremely fine condition. The coin is worth approximately $300 in MS 60 condition and approximately $2,500 in MS 65.
What Is The Scrap Value Of An 1887 Silver Dollar?
The 1887 silver dollar coin is worth $18.11 in scrap and melts value. This estimate is based on the silver content of this coin, which is 90% silver.
Should I invest in 1887 Silver Dollar Coin?
Finding and acquiring an 1887 Silver Dollar is completely worthwhile. The $1 coin is worth more than its face value, and you can earn up to $2500 for an error coin in the uncirculated MS 65 grade. Additionally, the coin has been used in all kinds of trade for almost a century as historical American money!
Wrapping Up: Is The 1887 Silver Dollar Value Valuable?
The face value of each 1887 silver dollar coin is one dollar, but its true value can be as high as $21.45! The condition, rarity, and mint flaws of this coin, among other things, all affect its value. A good grade currently has the lowest selling or buying price of around $21.45 and can sell for up to $43.62 if it is uncirculated. Better grades, such as the MS 65 (uncirculated), can cost up to $2500.