The Morgan Silver Dollar was in production for more than 40 years and was used for the longest period. When the Morgan Silver Dollar was first introduced in 1878, it was hailed as having the best design of any Silver Dollar. The coin was produced until 1921, when it was replaced by an even more modern-looking but less popular design.
The Morgan Silver Dollar’s design is comparable to the Bust Silver Dollar in many ways, but it is noticeably more detailed.
The cost of a Morgan silver dollar can range from $20 to tens of thousands of dollars. It depends on various factors, including their condition and the date they were struck. Keep reading to learn more.
Popular Morgan Dollars
Your Morgan dollar will probably fetch a higher price if it’s a unique variety. These varieties are frequently referred to as VAMs; some have intriguing monikers. A few VAMs are visible without a magnifying glass, but most must be viewed under magnification.
Numismatists have even traced each VAM back to the dies used to strike these coins. The acronym stands for “Van Allen Mallis.” These are the names of the specialists who first identified the varieties. These VAM Morgan silver dollars are some of the most well-known examples.
1888-O Scarface
Image by @Alejandro Mendoza
One of the most recognizable Morgan dollar VAMs, known as “Scarface,” was produced by a die break. A noticeable raised line on Lady Liberty’s cheek was caused by a crack in the die used to strike these coins.
1888-O Hot Lips
Image by @David Miller Jr.
The “Hot Lips” VAM is unique due to a doubled die minting error. As a result, certain portions of the design appear doubled or overlapping. In this instance, Lady Liberty’s lips are where the effect is most noticeable. Although the Hot Lips example is not particularly rare, it is very collectible.
1878-S Funky Feather
Image by @ u/Dyl_Gribble
This type dates back to the initial year the Morgan dollar was produced. The eagle’s wings on the reverse design are noticeably rough, and small raised dots and a grainy appearance can be seen on a section of the wing. Other variations of the 1878 coin have an eagle with a different number of tail feathers.
Its distinguished pedigree will also affect the cost of a Morgan silver dollar. Who was the coin’s previous owner, in other words? Was it a part of a renowned hoard or collection? This is also known as the coin’s provenance.
Any silver coin with the “PL” designation also has more collectible appeal. This signifies proof-like, which means the coin has mirrored surfaces. These were once unknown but are now very popular among collectors.
How to Identify the Branch Mints
The United States Mint produced Morgan dollars in several locations. Knowing this is crucial because some mints produce fewer coins annually than others. Every branch has a corresponding mintmark. On the coin, there is a short abbreviation that identifies the region from which it originated:
- P (Philadelphia Mint)
- S (San Francisco Mint)
- D (Denver Mint)
- CC (Carson City Mint)
- O (New Orleans Mint)
The mintmark is not present on coins from the Philadelphia Mint, so “P” is not present on any part of the coin. You can tell your coin is from Philadelphia if there is no mintmark. These coins typically had higher mintages, consequently more affordable than equivalents from other mints.
How to Find the Mintmark
The mintmark is located toward the bottom of the design on the reverse of your Morgan.
Collectors prize the silver dollar coins made in Carson City, Nevada. This is because silver for the mint came from the famed Comstock Lode. But it was only in use for a short while.
SEE: 1776 To 1976 Half Dollar Value
Historical Relevance of the Silver Morgan Dollar
Two pieces of American legislation bookend the legacy of the Morgan dollar. These laws are the Sherman Silver Purchase Act and the Bland-Allison Act. The Morgan silver dollar was created as a result of the Bland-Allison Act. It was the country’s first $1 coin to be released in five years (after the “Trade dollar”).
However, there was little of a market for dollar coins. The Sherman Silver Purchase Act attempted to address this issue in 1890. The law mandated that the US government purchase $4 million in silver from miners in West America each month.
The coin bears the name of George T. Morgan, who created it. He based Lady Liberty’s design on Anna Willess Williams. At the time, she was a writer and teacher in Philadelphia.
The final coin in the series was the Morgan dollar from 1921. The Peace dollar was also introduced that year. The “peace” theme was chosen to commemorate the end of World War One.
The Most Sought-After Morgan Silver Dollars
The Morgan Silver Dollars that have endured the test of time without showing the numerous signs of wear and tear generally associated with coins this old are, without a doubt, the most prized. These well-preserved coins are the preferred addition to all collections. Since almost all of these coins were made more than a century ago, they frequently display signs of damage.
Collectors want to acquire the earliest Morgan Silver Dollars in addition to well-preserved coins. Being the oldest coins currently on the market, those made in 1878 and 1879 are particularly popular. The only Morgan Silver Dollars that consistently fetch higher prices are those that date from the 1870s and are in absolutely mint condition.
The specific type of coin will also affect how valuable the coin is to collectors because there were up to three or more different kinds of Morgan dollars produced yearly. The 1878CC, for example, is a rare and valuable version of the coin.
Morgan Silver Dollar Price Chart
The values of each Morgan dollar produced between 1878 and 1904, as well as in 1921, are listed below. Remember that these costs are merely a rough estimate. The actual market prices will be slightly different when you sell your coins. Once more, it will always depend on the coin’s precise condition. The most expensive coins are silver Morgan dollar coins in uncirculated condition.
| Date & Mintmark | Mintage | G | AU | MS |
| 1878 (7TF) | 9,759,300 | $40 | $60 | $150 |
| 1878 (8TF) | 750,000 | $50 | $140 | $250 |
| 1878-S | 9,774,000 | $30 | $50 | $80 |
| 1878-CC | 2,212,000 | $100 | $200 | $350 |
| 1879 | 14,807,100 | $20 | $50 | $75 |
| 1879-S | 9,110,000 | $20 | $50 | $70 |
| 1879-CC | 756,000 | $180 | $2,000 | $4,000 |
| 1879-O | 2,887,000 | $30 | $50 | $100 |
| 1880 | 12,601,335 | $20 | $40 | $60 |
| 1880-S | 8,900,000 | $20 | $40 | $60 |
| 1880-CC | 495,000 | $180 | $325 | $500 |
| 1880-O | 5,305,000 | $25 | $50 | $100 |
| 1881 | 9,163,975 | $20 | $40 | $60 |
| 1881-S | 12,760,000 | $20 | $40 | $60 |
| 1881-CC | 296,000 | $320 | $450 | $520 |
| 1881-O | 5,708,000 | $30 | $45 | $60 |
| 1882 | 11,101,100 | $20 | $40 | $60 |
| 1882-S | 9,250,000 | $20 | $40 | $60 |
| 1882-CC | 1,133,000 | $80 | $180 | $250 |
| 1882-O | 6,090,000 | $20 | $40 | $60 |
| 1883 | 12,291,039 | $20 | $40 | $60 |
| 1883-S | 6,250,000 | $30 | $120 | $1,000 |
| 1883-CC | 1,204,000 | $60 | $150 | $275 |
| 1883-O | 8,725,000 | $20 | $40 | $60 |
| 1884 | 14,070,875 | $20 | $40 | $55 |
| 1884-S | 3,200,000 | $25 | $250 | $9,000 |
| 1884-CC | 1,136,000 | $100 | $200 | $250 |
| 1884-O | 9,730,000 | $20 | $40 | $60 |
| 1885 | 17,787,767 | $20 | $40 | $60 |
| 1885-S | 1,497,000 | $35 | $110 | $350 |
| 1885-CC | 228,000 | $500 | $620 | $700 |
| 1885-O | 9,185,000 | $20 | $40 | $60 |
| 1886 | 19,963,886 | $20 | $40 | $60 |
| 1886-S | 750,000 | $50 | $150 | $375 |
| 1886-O | 10,710,000 | $30 | $45 | $60 |
| 1887 | 20,290,710 | $20 | $40 | $60 |
| 1887-S | 1,771,000 | $25 | $55 | $160 |
| 1887-O | 11,550,000 | $20 | $50 | $100 |
| 1888 | 19,183,833 | $20 | $40 | $60 |
| 1888-S | 657,000 | $120 | $200 | $350 |
| 1888-O | 12,150,000 | $20 | $40 | $75 |
| 1889 | 21,726,811 | $20 | $40 | $60 |
| 1889-S | 700,000 | $40 | $110 | $290 |
| 1889-CC | 350,000 | $600 | $7,000 | $22,000 |
| 1889-O | 11,875,000 | $25 | $60 | $300 |
| 1890 | 16,802,590 | $20 | $40 | $60 |
| 1890-S | 8,230,373 | $20 | $40 | $100 |
| 1890-CC | 2,309,041 | $75 | $200 | $600 |
| 1890-O | 10,701,000 | $20 | $45 | $100 |
| 1891 | 8,694,206 | $25 | $50 | $100 |
| 1891-S | 5,296,000 | $25 | $50 | $140 |
| 1891-CC | 1,618,000 | $75 | $250 | $650 |
| 1891-O | 7,954,529 | $20 | $60 | $275 |
| 1892 | 1,037,245 | $30 | $100 | $400 |
| 1892-S | 1,200,000 | $50 | $1,400 | $55,000 |
| 1892-CC | 1,352,000 | $200 | $750 | $1,750 |
| 1892-O | 2,744,000 | $25 | $80 | $300 |
| 1893 | 378,792 | $200 | $400 | $1,400 |
| 1893-S | 100,000 | $2,500 | $20,000 | $225,000 |
| 1893-CC | 677,000 | $250 | $2,000 | $5,000 |
| 1893-O | 300,000 | $215 | $800 | $4,000 |
| 1894 | 110,972 | $800 | $1,500 | $3,500 |
| 1894-S | 1,260,000 | $65 | $470 | $1,000 |
| 1894-O | 1,723,000 | $50 | $180 | $1,800 |
| 1895 (proof only) | 880 | n/a | $40,000 | $52,500 |
| 1895-S | 400,000 | $300 | $1,600 | $4,000 |
| 1895-O | 450,000 | $225 | $1,200 | $15,000 |
| 1896 | 9,976,762 | $20 | $40 | $60 |
| 1896-S | 5,000,000 | $40 | $800 | $3,000 |
| 1896-O | 4,900,000 | $30 | $120 | $1,500 |
| 1897 | 2,822,731 | $20 | $40 | $60 |
| 1897-S | 5,825,000 | $20 | $45 | $100 |
| 1897-O | 4,004,000 | $20 | $100 | $1,250 |
| 1898 | 5,884,735 | $20 | $40 | $60 |
| 1898-S | 4,102,000 | $30 | $100 | $390 |
| 1898-O | 4,440,000 | $20 | $40 | $60 |
| 1899 | 330,846 | $125 | $200 | $290 |
| 1899-S | 2,562,000 | $35 | $150 | $500 |
| 1899-O | 12,290,000 | $20 | $40 | $60 |
| 1900 | 8,880,938 | $20 | $40 | $60 |
| 1900-S | 3,540,000 | $30 | $90 | $275 |
| 1900-O | 12,590,000 | $20 | $40 | $60 |
| 1901 | 6,962,813 | $40 | $300 | $3,000 |
| 1901-S | 2,284,000 | $35 | $200 | $500 |
| 1901-O | 13,320,000 | $20 | $40 | $60 |
| 1902 | 7,944,777 | $20 | $45 | $65 |
| 1902-S | 1,530,000 | $100 | $230 | $400 |
| 1902-O | 8,636,000 | $20 | $35 | $50 |
| 1903 | 4,652,755 | $35 | $50 | $65 |
| 1903-S | 1,241,000 | $80 | $1,600 | $4,500 |
| 1903-O | 4,450,000 | $275 | $325 | $400 |
| 1904 | 2,788,650 | $30 | $65 | $140 |
| 1904-S | 2,304,000 | $40 | $50 | $2,000 |
| 1904-O | 3,720,000 | $30 | $40 | $55 |
| 1921 | 44,690,000 | $20 | $30 | $40 |
| 1921-S | 21,695,000 | $20 | $40 | $50 |
| 1921-D | 20,345,000 | $20 | $40 | $50 |
The price guide does not include any particular varieties or proofs. The prices are obtained from USA CoinBook, PCGS Coin Facts, and NGC Coin Explorer. The above price chart is being made available for informational purposes only and shouldn’t be taken as investment advice or used in that way.