Coin Values Moving with Precious Metals: Up-Dated 11/30/2020: Gold $1777 | Silver $22.16


Morgan Silver Dollar Values

Popular and always in demand, minimum Morgan silver dollar values begin at $20.22 for a heavily worn example. Many date and mintmark combination are worth well above minimum value. A step by step approach identities key dates, mintmarks, and helps judge collector quality condition.

Morgan Silver Dollar Representing the Series

Steps Leading to Value:

  • Step 1: Date and Mintmark Variety - Many dates are common, many are scarce to rare, mintmarks are also identified.
  • Step 2: Grading Condition - Higher value follows higher condition. Images, video, and descriptions help narrow grade range.
  • Step 3: Special Qualities - Collector quality is highly prized. Separate coins trading at silver value from higher demand examples.

Collected today by date and mintmark, collectors form sets including each year and mint. Each combination is valued separately because of availability, many are highly valued. Further judgement of condition and surface preservation is needed to narrow how much a Morgan silver dollar is worth. Step 1 follows the value chart.

Morgan Silver Dollar Values
1878 to 1921
 Condition of Coin
DateGoodFineExtremely
Fine
Mint
State
  Morgan Silver Dollar Values 11/30/2020
1878 8TF $28.80 $32.68 $35.08 $183
1878 7/8TF $27.14 $28.80 $32.68 $154
1878 7TF $23.26 $28.80 $30.56 $60.29
1878 CC $90 $102 $124 $316
1878 S $23.26 $24.37 $30.56 $54.81
1879 $20.96 $20.96 $23.26 $46.24
1879 CC $118 $158 $670 $3,449
1879 O $23.26 $24.37 $28.80 $74.01
1879 S $20.96 $20.96 $23.26 $43.73
1880 $20.96 $22.25 $24.37 $46.24
1880 CC $115 $144 $210 $441
1880 O $22.25 $23.26 $25.66 $74.01
1880 S $20.96 $20.96 $23.26 $42.62
1881 $20.96 $20.96 $23.26 $43.73
1881 CC $245 $291 $300 $374
1881 O $22.25 $22.25 $24.37 $42.62
1881 S $20.96 $20.96 $23.26 $42.62
1882 $20.96 $20.96 $23.26 $43.73
1882 CC $80 $83 $115 $164
1882 O $22.25 $22.25 $24.37 $43.73
1882 S $20.96 $20.96 $23.26 $43.73
1883 $20.96 $20.96 $23.26 $42.62
1883 CC $74 $84 $106 $163
1883 O $22.25 $23.26 $25.66 $42.62
1883 S $20.96 $24.37 $32.68 $685
1884 $20.96 $20.96 $23.26 $42.62
1884 CC $101 $119 $126 $172
1884 O $22.25 $22.25 $24.37 $42.62
1884 S $20.96 $24.37 $42.10 Rare
1885 $20.96 $20.96 $23.26 $42.62
1885 CC $356 $399 $442 $569
1885 O $22.25 $22.25 $24.37 $42.62
1885 S $20.96 $24.37 $42.10 $224
1886 $20.96 $20.96 $23.26 $42.62
1886 O $22.25 $23.26 $32.68 $947
1886 S $30.56 $42.10 $102 $282
1887 $20.96 $20.96 $23.26 $42.62
1887 O $20.96 $24.37 $27.14 $60.29
1887 S $20.96 $24.37 $28.80 $133
1888 $20.96 $22.25 $24.37 $43.73
1888 O $22.25 $23.26 $24.37 $46.24
1888 S $82 $97 $122 $259
1889 $20.96 $24.37 $27.14 $42.62
1889 CC $400 $629 $1,718 Rare
1889 O $20.96 $24.37 $27.14 $186
1889 S $28.80 $42.10 $86 $191
1890 $20.96 $24.37 $27.14 $43.73
1890 CC $71 $86 $114 $386
1890 O $20.96 $24.37 $27.14 $65.30
1890 S $20.96 $24.37 $27.14 $54.81
1891 $20.96 $24.37 $27.14 $54.81
1891 CC $74 $87 $131 $397
1891 O $20.96 $24.37 $27.14 $182
1891 S $20.96 $24.37 $27.14 $60.29
1892 $25.66 $27.14 $35.08 $247
1892 CC $121 $160 $355 $1,135
1892 O $20.96 $25.66 $30.56 $244
1892 S $24.37 $30.56 $220 Rare
1893 $144 $152 $200 $701
1893 CC $203 $262 $910 $3,783
1893 O $128 $182 $404 $2,704
1893 S $1,420 $2,415 $6,205 Rare
1894 $494 $522 $608 $1,893
1894 O $28.80 $35.08 $78 $1,103
1894 S $32.68 $42.10 $132 $680
1895 O $172 $224 $363 Rare
1895 S $215 $329 $691 $2,769
1896 $20.96 $20.96 $23.26 $42.62
1896 O $25.66 $27.14 $32.68 $988
1896 S $25.66 $27.14 $197 $2,108
1897 $20.96 $20.96 $23.26 $42.62
1897 O $20.96 $24.37 $32.68 $670
1897 S $20.96 $24.37 $27.14 $54.81
1898 $20.96 $20.96 $23.26 $42.62
1898 O $20.96 $20.96 $23.26 $42.62
1898 S $23.26 $27.14 $35.08 $234
1899 $99 $130 $133 $196
1899 O $20.96 $20.96 $23.26 $42.62
1899 S $25.66 $27.14 $42.10 $338
1900 $20.96 $20.96 $23.26 $42.62
1900 O $20.96 $20.96 $23.26 $42.62
1900 S $23.26 $27.14 $35.08 $214
1901 $23.26 $28.80 $90 $1,773
1901 O $22.25 $23.26 $24.37 $42.62
1901 S $24.37 $27.14 $42.10 $397
1902 $22.25 $25.66 $30.56 $46.24
1902 O $22.25 $22.25 $24.37 $43.73
1902 S $42.10 $89 $141 $331
1903 $27.14 $30.56 $32.68 $60.29
1903 O $212 $247 $256 $314
1903 S $42.10 $92 $325 $3,768
1904 $23.26 $25.66 $30.56 $74.01
1904 O $22.25 $25.66 $28.80 $43.73
1904 S $25.66 $30.56 $180 $1,981
1921 $20.22 $20.96 $23.26 $37.23
1921 D $20.22 $20.96 $23.26 $40.77
1921 S $20.22 $20.96 $23.26 $40.77

The above are wholesale Morgan Silver Dollar Values. Computed from dealer's price lists with various mark-up factors figured in. They reflect closely the value you would expect to receive when selling.

Variations in value do occur subject to subtle grading points, collector demands and dealer needs.

Although these are wholesale Morgan silver dollar values, realize your coins are very popular and in strong demand.

Step 1: | Date and Mintmark Variety are Identified

One of the features of the Morgan dollar is the fine detail throughout the design. Liberty is adorned with a Liberty cap and band with "Liberty" inscribed. Above the band are wheat heads with easily recognizable grains and leaves. Cotton bolls and cotton leaves within the design, are also well detailed. A standing eagle on the reverse with wings upright is a strong symbol of national pride and National bird. A preference for peace is represented by an olive branch and ability to defend is noted by the eagle holding three arrows.

Mints and Mintmarks of the Morgan Silver Dollar Series

Morgan silver dollars enjoy a large following of collectors. Sets of the coins typically include each date and mintmark variety. Five mints were involved in production of the series over the years 1878 to 1921. Each mint variety is valued by demand on supplies and condition of the coin. Mintmarks were used by the branch mints to indicate their production, and are key to Morgan silver dollar values.

"CC" Mintmark: Carson City Mint Struck the Coin

Carson City Mint Morgan Silver Dollar Variety

Carson City Morgan dollars are both very popular with collectors and are the scarce mintmark variety. Minted in only 13 years of the series, the mint's total production was 13.8 million coins, lowest of all mints. Each Carson City dollar is a premium coin in all grades. Lowest coinage years 1881, 1885, and 1889 are very scarce. High condition examples are closely judged and graded.

Carson City mint used a "CC" mintmark to identify its production. On the reverse under the bow tying the olive wreath a "CC" mintmark is a Carson City silver dollar.

"S" Mintmark: San Francisco Mint Struck the Coin

San Francisco Mint Morgan Silver Dollar Variety

San Francisco is the only mint that struck coins for circulation every year of the Morgan Dollar series. A complete date run of San Francisco variety dollars is a popular sub-collection. To complete the collection an 1893-S dollar is needed, the key high value coin to the series. 100,000 were minted, lowest mintage of any variety, all are highly sought.

San Francisco mint placed a small "S" mintmark on coins. On the reverse, under the bow a "S" mark confirms the San Francisco mint struck the coin.

"O" Mintmark: New Orleans Mint Struck the Coin

New Orleans Mint Morgan Silver Dollar Variety

New Orleans mint was also a great contributor to the Morgan dollar series. Striking coins in all but two years, its coinage total was second of the mints. Striking millions of silver dollars most years, just over 186 million coins were produced. Two dates standout as very scarce and valuable, 1893 a low of 300,000 coins minted and 1895 another unusually low 450,000 coined. Both are avidly sought and demand on the limited numbers show in premium values on the chart.

An "O" mintmark was used by the New Orleans mint on its coinage. This mintmark is found on the reverse, below the ribbon tying the wreath.

"D" Mintmark: Denver Mint Struck the Coin

Denver Mint Morgan Silver Dollar Variety

The Denver mint was called upon to strike silver dollars in one year of the series, 1921. Carson City and New Orleans mints were both closed and Denver contributed over 20 million 1921 silver dollars. These coins represent a unique one-year only variety with a strong demand. With the large supply, values are affordable, placing the coin on want lists of most collectors.

Denver mint used a "D" mintmark to indicate its production. On the reverse under the ribbon tying the wreath, look for the "D" mintmark of the Denver mint.

No Mintmark: Philadelphia Mint Struck the Coin

Philadelphia Mint Morgan Silver Dollar Variety

Philadelphia struck just over 305 million Morgan silver dollars of the total 657 million struck from all mints combined. These huge numbers are reflected in affordable values on the chart for most dates. Most years Philadelphia struck multi-million silver dollars, many years, tens of millions of coins. 1893, 1894, and 1899 are the scare issues matching low mintage years. Philadelphia issues are judge carefully to recognize high grade examples that break away from bullion value to collector premium values.

Philadelphia continued the trend of no mintmark on its coinage with the Morgan silver dollar series. In the space below the ribbons tying the bow, and just above the "DO" of "Dollar", no mintmark confirms the Philadelphia mint struck the coin.

Step 2: | Judging Condition | Identify Grade | Determine Value

These old dollars are inspected closely and evaluated for wear and overall condition. The process is known as "Grading" a coin. The condition of a coin and the resulting grade have a large impact on Morgan silver dollar values.

Morgan Silver Dollar Values are Conditional

Compare your coins to the grading images below. Inspect both obverse and reverse to judge an overall condition. For the obverse; focus on the hair above the forehead, wear presents there first. On the reverse feather details wear quickly and are a key factor to grade.

A single light source such as a table/desk lamp is ideal to help cast a light brining out subtle details. Along with a magnifying glass to get in close and recognize finer details separating grades.

Grading Set Morgan Silver Dollars Mint State, Extremely Fine, Fine, and Good Condition

Mint State Grade: Morgan Silver Dollar

Obverse View: Mint State Grade Morgan Silver Dollar

Obverse: Features Identifying Mint State Grade: Absence of wear to the surface defines the Mint State grade. Minting of coins imparts a luster to the surface and is what gives a Morgan dollar its shine. Rotating and tilting under a light causes the luster to move across the surface. Any breaks in luster - due to wear - causes a dullness to the surface.

Judge Liberty's cheek, a mint state coin is lustrous across all areas.

Just above her forehead, fine strands of hair are high in relief. These waves of hair remain fully covered in the fine texture imparted during the minting process. All parts of the hair remain without dulling to the high points.

Cotton leaves, blossoms, and wheat grains form a wreath above the hair and all fine edges of the design are without any signs of smoothing due to wear.

Reverse View: Mint State Grade Morgan Silver Dollar

Reverse: Features Identifying Mint State Grade: Delicate areas are inspected to identify absence of wear. Many small high relief points are part of the design of the eagle and leaves in the wreath, all are inspected.

Feathers on the Eagle's neck are centrally located, prone to first wear. Look close to confirm original mint luster and texture remains.

Tips of both wings on a mint state coin are rounded in profile with no flat spots, especially towards the ends.

Leaves in the wreath have fine edges and small contoured designs, forming high and low areas. All parts of the leaves are without any dulling and smooth spots.

Extremely Fine Grade: Morgan Silver Dollar

Obverse View: Extremely Fine Grade Morgan Silver Dollar

Obverse: Features Identifying Extremely Fine Grade: Wear has begun to smooth and flatten the very tops of design details. Most luster is gone.

Hair above Liberty's forehead is showing a few flat areas. Along the tops of the waves are areas where the fine lines have merged. Waves remain with a high profile.

Just in front of the ear, hair is raised and separated form cheek.

Cotton leaves are smooth along the edges but are well defined from the cap.

Reverse View: Extremely Fine Grade Morgan Silver Dollar

Reverse: Features Identifying Extremely Fine Grade: Light wear is causing small disconnected flat areas over the feathers and leaves.

Neck feathers are will defined. Flatness is on tops of feathers and little evidence of merging is noted.

Wing feathers are slightly flattened on upper edges only. Each feather is bold and separated form the next. View along the top edge of wings, feather detail show.

All leaves of the wreath are bold with central line detail. No merging of individual leaves, wear is confined to just upper edges.

Fine Grade: Morgan Silver Dollar

Obverse View: Fine Grade Morgan Silver Dollar

Obverse: Features Identifying the Fine Grade: Flat areas are beginning to dominate the surface of a Morgan dollar in Fine grade.

Above Liberty's forehead many of the waves of hair are flat with only a few fine inner lines remaining. Hair directly above eye is well raised and separate of forehead.

Her ear is still bold in detail, however just above is a large flat area. Flatness continues towards the temple with hair blending with the cheek and temple.

Outlines of the two cotton blossoms and all leaves remain. Very faint but visible are the two lower cotton leaves.

Reverse View: Fine Grade Morgan Silver Dollar

Reverse: Features Identifying the Fine Grade: A bold eagle remains on the reverse with most of the feather detail still clear.

Neck feathers are now smooth in the center from head to chest. Legs of the eagle are also smooth with only slight details to sides of legs.

Wing feathers are complete over most of both wings. Some blending of feather lines is seen on the left wing, confined towards the top.

Leaves of the wreath are well detailed, merging of edges is minimal. Lower leaves within the groups are very bold.

Good Grade: Morgan Silver Dollar

Obverse View: Good Grade Morgan Silver Dollar

Obverse: Features Identifying the Good Grade: Once a silver dollar is worn to a mostly flat surface lacking detail to Liberty, a Good grade is assigned to its condition.

Some detail remains in the hair above the date. Liberty's portrait is well outline and somewhat bold from the field of the coin.

Lettering of the legend is complete and readable. Additionally, all stars are visible, raised above the field and separate of the rim.

Two cotton blossoms just below the letters of "Liberty" are recognizable.

Reverse View: Good Grade Morgan Silver Dollar

Reverse: Features Identifying the Good Grade: All major designs on the reverse are recognizable. An eagle is complete, lettering is readable and the wreath remains boldly outlined.

Tips to the eagle's wing are outlined and free of the rim. The right wing is often just touching the rim.

Feather details remain visible on the lower parts of wings. Tail feathers are clearly defined.

Many of the leaves of the wreath are flattened into groups but the wreath is complete in outline, no merging with the field.

Tops of lettering is free of the rim along most of the Legend. One or two slight connections of the letters to the rim are the result of striking weakness in the area. Note: Wide spread fading of the legend into the rim indicates a lower condition coin.

How to Video: Grading Morgan Silver Dollars

An accurate grade of silver dollars is needed to place an accurate value on the coin. How to grade Morgan silver dollars follows a process judging the surface of the coin, comparing it to the video, images and descriptions.


Video | Grading Morgan Silver Dollars


Step 3: | Special Qualities Enhancing Value

Coins falling in the $20.22 to $22.25 range on the above value chart are bullion quality silver dollars. These are priced and traded based on silver content of the coin. When minted Morgan dollars contain .773 ounces of silver. Quality of preservation is what separates most silver dollars from bullion to collector appeal and premium value.

A few key elements are easily recognized to help judge a premium collector Morgan dollar. Date and mintmark quickly determine base value. Next, aesthetics often decide value. Aesthetics and eye appeal are the evaluation of surface qualities and overall "look" of the coin.

Morgan Silver Dollar Representing the Series

Both of the imaged coins are Extremely Fine grade, the technical amount of wear to the surface. Differences in the appearance and eye appeal are now judged. Many collectors favor the soft grey-tan toning over the dark, mottled colors of the second dollar. Aesthetics now determine marketability of the dark coin, often lessening its appeal.

Also, easily to recognize are eye distracting marks. If a mark, scratch, or rim bruise is noticeable, it immediately lowers eye appeal.

Morgan Silver Dollar Representing the Series

Placing yourself in the eye of a collector, both examples are the same date, mintmark, and grade. Looking closely at the chest of the eagle, on the second coin a noticeable deep mark is clearly visible. Marks of this type are the deciding factor in eye appeal to collectors. Recognizing coins with outstanding aesthetics separates bullion from collector quality.

References

US Mint. 1948 US Mint Annual Report. https://nnp.wustl.edu/library/book/339
US Mint. Catalogue of Coins of the United States. https://nnp.wustl.edu/library/book/554591
US Mint. Symbols on Our Coins https://www.usmint.gov/learn/history/us-circulating-coins

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Date by Date
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Professional Coin Grading Services and Numismatic Guaranty Corporation are the top two services and both authenticate and grade your coin. Each place the coin in a special holder improving marketability. Coin Grading Services gives an insight to these services.

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Print the Coin Values Worksheet to list your Morgan silver dollars and record their values. Should you decide to sell... use the worksheet as an invoice and packing slip when sending coins through the mail to dealers. It indicates you have done your coin values homework.