Morgan Silver Dollar Value Guide
The Morgan dollar is America's most collected silver coin. Minted from 1878-1921, these coins contain 0.7734 oz of pure silver. But here's what coin dealers won't tell you: common dates are often worth only a small premium over melt value, while key dates can fetch six figures.
Before You Sell: Check for Key Dates
Banks and pawn shops often buy Morgan dollars at melt value, regardless of date. An 1893-S in your collection could be worth $5,000 to $500,000+ depending on condition. Always verify your dates and mint marks before selling.
Morgan Dollar Value by Year and Condition
Values in USD. Melt value provides the floor for common dates. Key dates and high-grade specimens command significant premiums.
| Year | Mint | G-4 | VG-8 | F-12 | VF-20 | XF-40 | AU-50 | MS-60 | MS-65 | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1878 (8TF) | P | $60 | $75 | $90 | $120 | $180 | $250 | $350 | $1,200 | First year, 8 tail feathers |
| 1878 (7TF) | P | $35 | $40 | $50 | $65 | $90 | $130 | $180 | $600 | Revised 7 tail feathers |
| 1878 | CC | $120 | $150 | $180 | $220 | $280 | $380 | $550 | $2,500 | First Carson City |
| 1878 | S | $30 | $35 | $40 | $50 | $70 | $100 | $140 | $450 | Common |
| 1879 | P | $28 | $32 | $38 | $48 | $65 | $90 | $120 | $400 | Common |
| 1879 | CC | $350 | $500 | $800 | $1400 | $3000 | $5500 | $9,000 | $45,000 | Key date |
| 1879-O | O | $28 | $32 | $38 | $48 | $70 | $110 | $180 | $2,200 | Common |
| 1879-S | S | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $300 | Common, nice luster |
| 1880 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1880 | CC | $180 | $220 | $280 | $350 | $480 | $650 | $900 | $3,500 | Popular CC |
| 1881 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1881 | CC | $380 | $420 | $480 | $550 | $680 | $850 | $1,100 | $3,200 | Lower mintage |
| 1881-S | S | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $280 | Very common, nice |
| 1882 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1882 | CC | $110 | $130 | $150 | $180 | $220 | $300 | $420 | $1,400 | Popular CC |
| 1883 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1883 | CC | $110 | $130 | $150 | $180 | $220 | $300 | $420 | $1,200 | GSA hoard |
| 1884 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1884 | CC | $150 | $170 | $190 | $220 | $280 | $360 | $480 | $1,200 | GSA hoard |
| 1884-S | S | $35 | $55 | $120 | $350 | $1200 | $3500 | $8,000 | $85,000 | Semi-key |
| 1885 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $300 | Common |
| 1885 | CC | $650 | $720 | $780 | $850 | $950 | $1100 | $1,400 | $3,000 | Lower mintage |
| 1886 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $280 | Very common |
| 1887 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $280 | Very common |
| 1888 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $350 | Common |
| 1889 | P | $28 | $32 | $38 | $48 | $65 | $85 | $110 | $400 | Common |
| 1889 | CC | $800 | $1500 | $3500 | $8000 | $18000 | $35000 | $55,000 | $250,000 | Major key date |
| 1890 | P | $28 | $32 | $38 | $48 | $65 | $90 | $130 | $700 | Common |
| 1890 | CC | $100 | $120 | $140 | $180 | $280 | $450 | $750 | $6,500 | Popular |
| 1891 | P | $28 | $32 | $38 | $50 | $75 | $120 | $200 | $1,200 | Common |
| 1891 | CC | $100 | $120 | $145 | $200 | $320 | $500 | $850 | $7,500 | Last CC year |
| 1892 | P | $28 | $35 | $50 | $80 | $180 | $350 | $550 | $4,500 | Lower mintage |
| 1893 | P | $200 | $250 | $320 | $450 | $700 | $1100 | $2,000 | $12,000 | Key date |
| 1893 | CC | $700 | $1000 | $1600 | $2800 | $5500 | $9000 | $18,000 | $120,000 | Rare |
| 1893-O | O | $300 | $400 | $600 | $1000 | $2200 | $4500 | $9,000 | $90,000 | Key date |
| 1893-S | S | $5000 | $7000 | $12000 | $22000 | $45000 | $70000 | $110,000 | $500,000 | The King - rarest |
| 1894 | P | $100 | $150 | $280 | $550 | $1200 | $2200 | $3,800 | $25,000 | Low mintage |
| 1895 | P | - | - | - | - | - | - | $50,000 | $180,000 | Proof only - 880 struck |
| 1896 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $300 | Common |
| 1897 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $300 | Common |
| 1898 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $300 | Common |
| 1899 | P | $150 | $180 | $210 | $250 | $320 | $420 | $550 | $1,800 | Lower mintage |
| 1900 | P | $28 | $32 | $38 | $48 | $65 | $85 | $100 | $300 | Common |
| 1901 | P | $50 | $70 | $150 | $500 | $2500 | $6500 | $15,000 | $175,000 | Key in high grade |
| 1902 | P | $28 | $35 | $48 | $75 | $150 | $280 | $480 | $3,500 | Semi-key |
| 1903 | P | $50 | $55 | $65 | $80 | $110 | $150 | $210 | $700 | Lower mintage |
| 1904 | P | $28 | $35 | $48 | $75 | $180 | $380 | $700 | $5,500 | Semi-key |
| 1921 | P | $25 | $28 | $30 | $35 | $42 | $55 | $70 | $200 | Very common, last year |
| 1921 | D | $25 | $28 | $30 | $35 | $45 | $60 | $80 | $350 | Only Denver Morgans |
| 1921 | S | $25 | $28 | $30 | $35 | $42 | $55 | $75 | $800 | Common |
Values are approximate and fluctuate with market conditions. For valuable coins, professional grading is recommended.
Morgan Dollar Key Dates
1893-S
Mintage: 100,000
$5,000-500,000+
The 'King of Morgans' - lowest mintage of regular strikes
1889-CC
Mintage: 350,000
$800-250,000+
Low mintage combined with heavy circulation loss
1879-CC
Mintage: 756,000
$350-45,000+
First 'Capped Die' CC, most heavily circulated
1893-CC
Mintage: 677,000
$700-120,000+
Last Carson City Morgan, always in demand
1895-P
Mintage: 880 (proof)
$50,000-180,000+
Proof only - no business strikes exist
1893-O
Mintage: 300,000
$300-90,000+
Second-lowest mintage after 1893-S
1884-S
Mintage: 3,200,000
$35-85,000+
Most survivors heavily circulated, rare in MS
1901-P
Mintage: 6,962,000
$50-175,000+
Common in low grades, extremely rare in MS-65+
How to Grade Morgan Dollars
Key Areas to Examine
- Hair Above Ear: First area to show wear. Look for fine lines and detail.
- Cheek of Liberty: Develops bag marks and contact marks from storage.
- Eagle's Breast: Feathers flatten with circulation. Check for full detail.
- Luster: Original mint luster should be unbroken on uncirculated coins.
Grading Red Flags
- XCleaning: Hairlines, unnatural shine, or dull surfaces indicate cleaning. Reduces value 50-90%.
- XWhizzing: Wire brushing to simulate luster. Look for directional lines under magnification.
- XTooling: Added or enhanced details. Common on key dates - always buy PCGS/NGC certified.
- XCounterfeits: Chinese fakes are common. Weight (26.73g) and sound test help identify.
Morgan Dollar Mint Marks
Mint marks appear on the reverse, below the wreath and above the "D" in DOLLAR.
Philadelphia
No mint mark. Highest total mintage.
Carson City
Most valuable. Minted 1878-1893.
New Orleans
Often weakly struck. Many survivors.
San Francisco
Known for sharp strikes and luster.
Denver
1921 only. Very common.
Frequently Asked Questions
What is a Morgan silver dollar worth?
Morgan silver dollar values range from $25-30 for common dates in Good condition to $100,000+ for rare key dates in mint state. The silver melt value provides a floor of approximately $19-20 based on 0.7734 oz silver content. Most circulated common dates sell for $30-50, while uncirculated specimens start around $40-60 and can reach hundreds or thousands depending on grade and mint mark.
Which Morgan dollars are worth the most?
The most valuable Morgan dollars include: 1893-S (rarest regular issue, $5,000-100,000+), 1889-CC ($1,000-50,000+), 1879-CC ($500-20,000+), 1893-O ($500-15,000+), and 1884-S ($200-10,000+). Carson City (CC) mint marks generally command the highest premiums. Proof specimens and high-grade MS-65+ coins of any date can also reach significant values.
How do I grade a Morgan dollar?
Key areas to examine on Morgan dollars: (1) Liberty's hair above the ear - shows wear first, (2) Eagle's breast feathers - flatten with circulation, (3) Cheek of Liberty - develops contact marks, (4) Overall luster - should be unbroken on uncirculated coins. Grades range from G-4 (heavily worn) to MS-70 (perfect). For valuable coins, professional grading from PCGS or NGC is recommended.
Are all Morgan dollars silver?
Yes, all genuine Morgan dollars are 90% silver and 10% copper, with a total weight of 26.73 grams (0.7734 troy oz of pure silver). There are no clad or copper-nickel Morgan dollars - any such specimens would be counterfeits. Modern commemorative versions exist but are clearly marked as reproductions.
Should I clean my Morgan dollar?
Never clean a Morgan dollar. Cleaning removes the natural patina (toning) that collectors value and leaves microscopic scratches visible under magnification. Cleaned coins are worth 50-90% less than original, uncleaned specimens. Even 'gentle' cleaning with soap and water can damage a coin's surfaces and destroy its numismatic value.
Own Silver in Your Retirement Account
Morgan dollars are beautiful collectors' items, but they're not IRA-eligible due to their 90% purity. Augusta Precious Metals can help you add .999 fine silver bullion to a tax-advantaged IRA. Learn how real money protects retirement.