How Much is a 1881 Morgan Silver Dollar Worth? (Price Chart)

Four mints produced Morgan silver dollars in 1881, including Philadelphia, San Francisco, New Orleans, and Carson City. Like other Morgans, this coin also contains 90% silver and 10% copper. Its total weight is 0.8594 troy ounces (26.73 g), while silver content is standard 0.77344 troy ounces (24 g) per coin.

Even though the current silver bullion value is $18.42, you can expect to get more money for your coin. Basically, the 1881 Morgan silver dollar value is always higher since it carries a significant piece of American history.

1881 Morgan Silver Dollars

Four mins produced 27,927,000 Morgan silver dollars in 1881, including those from:

  • Philadelphia – Dollars without a mint mark
  • San Francisco – Dollars with an S mint mark
  • New Orleans – Dollars with an O mint mark
  • Carson City – Dollars with a CC mint mark

You can check the mint mark below the wreath on the coin reverse side.

This dollar contains 0.7735 troy ounces (24 g) of 900 fine silver and copper for a coin’s total net weight of 0.86 troy ounces (26.7 g). That means you can sell each of these coins in the circulated condition for at least silver value.

1881 Morgan silver dollar

Location Year Minted Value
Philadelphia 1881 9,163,000 $35
Philadelphia 1881 proof 984 $500
San Francisco 1881 S 12,760,000 $35
New Orleans 1881 O 5,708,000 $35
Carson City 1881 CC 296,000 $3,250
Total 1881 27,927,984 /

If you know that the silver spot price per 1 troy ounce (31.1) on September 15, 2021, is $23.81, ​you can quickly calculate that the melt value for this coin is $18.42.

Thanks to its historical value, you can always get at least $30 to $45 for the coin in very fine condition. Keep in mind that the price of the 1881 CC Morgan silver dollar in the same grade is approximately $450.

1881 Morgan Silver Dollar Grading

1881 Morgan Silver Dollar Grading

Determining the 1881 Morgan silver dollar condition can be pretty daunting since they can range from well-preserved to severely damaged. You need to know what to check before buying one or leave the analysis to the professionals.

Uncirculated 1881 Morgan silver dollar

Those coins have never been on the open exchange market, so they are in an excellent mint state. Most collectors prefer finding such a piece without signs of wear.

Extremely fine 1881 Morgan silver dollar

This coin was in use for only a short period, so it has almost no signs of wear and tear. Many collectors prefer these pieces since they look fantastic but are less expensive. You need to examine it in detail to spot slight wear of design, mainly on the top of the highest points.

Fine 1881 Morgan silver dollar

This coin was circulated for some time but is not severely damaged. You can notice some scratching, lack of inner detail, while the coin’s texture is a bit worn off.

Good 1881 Morgan silver dollar

It is the worst grade a coin can get. Such a dollar spent a long time in heavy circulation so that you can notice ample signs of damage and a lack of crucial details. Sometimes collectors choose even such coins when they are rare, but most of those who are prepared to spend more money avoid such pieces.

1881 Morgan Silver Dollar Types

1881 Morgan silver dollar without a mint mark

1881 Morgan silver dollar without a mint mark
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Thanks to a significant number of 9,163,000 Morgan silver dollars produced in Philadelphia in 1881, this coin is pretty common nowadays. You can find some of them in decent condition for less than $30.

On the other hand, top-quality coins are attractive to most collectors, so you can sell one in MS 65 grade for almost $780. However, you can expect its value to slightly increase, making this particular coin an excellent investment.

1881 Morgan silver dollar value by USA Coin book

Quality 1881 1881 S 1881 O 1881 CC
Good $27 $27 $27 $341
Very good $33 $33 $33 $380
Fine $39 $39 $39 $415
Very fine $45 $45 $45 $450
Extra fine $47 $47 $47 $476
About uncirculated $51 $50 $50 $480
Mint state 60 $63 $60 $60 $551
Mint state 65 $772 $200 $1,497 $1,010
Proof 63 $3,329 / / /

1881 proof Morgan silver dollar

1881 proof Morgan silver dollar
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As you have probably known, only the Philadelphia mint produced Morgan proof dollars in 1881. Since they minted only 984 coins, they are considered scarce nowadays. When ​you include Cameo presence, this dollar is rare, particularly in the mint state.

You can find only 70 1881 proof Morgan silver dollars graded at PR 60 CAM. The list of better-graded coins is short and includes:

  • Nine 1881 proof Morgan silver dollars graded PR 67 CAM
  • Three 1881 proof Morgan silver dollars graded MS 67+
  • One 1881 proof Morgan silver dollar graded MS 68
  • One 1881 proof Morgan silver dollar graded MS 69

An average 1881 proof Morgan silver dollar will cost you $3,329, but uncirculated, high-graded pieces are worth much more.

One PCGS-certified proof 67 Morgan silver dollar Cameos was sold for $17,625 at an auction. All previous pieces sold in the 21st century reached prices above $12,000. The 1881 Morgan Proof graded PCGS PR-67 CAM sold in August 2011 still holds an auction record of $46,000.

1881 Morgan silver dollar value by Gainesville coins

Quality 1881 1881 S 1881 O 1881 CC
Very fine $36 $36 $45 $442
Extra fine $46 $38 $46 $468
About uncirculated $53 $45 $47 $488
Mint state 61 $59 $59 $59 $552
Mint state 63 $81 $68 $74 $610
Mint state 65 $468 $156 $845 $780
Auction record $28,200

(MS 67)

$48,875

(MS 69)

$39,950

(MS 66)

$67,563

(MS 68)

1881 S Morgan silver dollar

1881 S Morgan silver dollar

The San Francisco mint produced 12,760,000 Morgan silver dollars in 1881. Therefore, you can find a decent number of mint state coins on the market.

This beautiful coin with excellent luster and sharp strikes is one of only four MS 69 Morgan dollar mintages, along with five 1880 S, one 1880 S PL, and one 1896 S, with such a high grade.

One technically perfect coin reached a price of $48,875 on an auction, but you can find a lovely MS 65 coin for not more than $200. If you prefer collecting coins in average condition, you can buy one 1881 S Morgan silver dollar for less than $30.

Keep in mind that the silver this coin contains is worth $18.45, so you can still sell it for $11.55 more than that, although you have one in poor condition.

1881 Morgan silver dollar value by JM Bullion

Coin Extra fine quality Uncirculated quality
1881 Morgan dollar $39 $42
1881 S Morgan dollar $39 $41
1881 O Morgan dollar $39 $41
1881 CC Morgan dollar $425 $440

1881 O Morgan silver dollar

1881 O Morgan silver dollar

After the Panic of 1873 and the economic recovery, the demand for currency increased, so the New Orleans mint needed to raise silver dollar production. Nowadays, these coins’ value depends on their survival rate, condition, and certification.

An average 1881 O Morgan silver dollar in fine condition will cost you less than $30. On the other hand, you need to set aside $60 for an MS 60 graded coin.

You shouldn’t be surprised when discovering that one MS 65 piece costs $850 to $1,500. The best graded, MS 66 1881 O Morgan silver dollar of 5,708,000 minted reached an auction record of  $39,950.

Be aware that counterfeits of this particular dollar are numerous, so it is crucial to be careful while buying one.

1881 Morgan silver dollar value by CoinStudy, 9/13/2021

Coin Quality
Good Fine Extra fine Uncirculated
1881 Morgan dollar $22.4 $22.4 $25 $46.7
1881 S Morgan dollar $22.4 $23.4 $25 $45.5
1881 O Morgan dollar $23.8 $23.8 $26 $45.5
1881 CC Morgan dollar $194 $232 $261 $330

1881 CC Morgan silver dollar

1881 CC Morgan silver dollar

As a result of the local silver bullion shortage, the Carson City mint produced only 296,000 Morgan silver dollars in 1881. The problem was the transportation price, so silver miners digging silver in the Comstock Lode sent this precious metal to San Francisco that year.

Paradoxically, you can find more mint state 1881 CC Morgan silver dollars than any other produced in Carson City. The reason is their storing in Treasury Department vaults.

Since nearly half (147,000) of 1881 CC Morgan silver dollars are preserved uncirculated, they are considered the most common Morgan dollars available in the mint state. Nowadays, these coins are pretty common until MS 66 but are scarce above this grade.

The finest known is 1881 CC Morgan silver dollar graded MS 68, and one of them was paid $67,563, making an auction record. On the other hand, you can find a decent coin in very fine condition for $450 or MS 65 one for a bit more than $1,000.

Summary

If you admire Morgan’s silver dollars, the coin minted in 1881 is a real piece of art. You can find five types of this coin minted in four mints, and their price will vary depending on the mintage, the place where it was produced, and their condition. It is on you to choose the best one that fits your taste and budget.

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