The Morgan silver dollar coin remained in the pockets of Americans as the legal currency for over 80 years. Its history dates back to the Coinage Act (1873), which authorized the minting of silver coin dollars for daily usage by the citizens. A famous coin engraver, Morgan T. George, won the officials’ minds with the coin’s flawless design. Get the value 1887 Morgan silver dollar right here on this guide!
Although the 1887 Morgan silver dollar value is $1 at face value, its pawnshop value is $21.45, while its melt value is $18.11. It has 90% silver and 10% and contains 0.7734 troy oz of silver.
In this post, we examine this coin in detail, including its rich history, features, and various values. Please keep reading to know how much your 1887 Morgan silver dollar coin is worth in a pawnshop, its melt value, and the grading system too.
What is the Morgan silver dollar coin?
Between 1887 and 1904, the United States minted a silver coin known as the Morgan dollar. Like other Morgan dollar coins, the coin came with several features, including the face value, which was 1 US dollar. With a diameter of 38.1 mm and a thickness of 2.4 mm, this coin’s mass was about 26.73 grams, similar to the other series.
This magnificent coin comes with a 90% silver and 10% copper metal composition like the other series. The 1887 Morgan silver dollar was struck at Philadelphia mint, so the mint mark was missing. All the other morgan series counterparts have Denver D, New Orleans O, San Francisco S, and the rarest of all, Carson City CC. In addition, the Philadelphian mint is not rare as millions of these coins are available in the market.
Brief Summary of the 1887 Morgan Silver Dollar coin
- Name of Coin: 1887 Morgan Silver Dollar
- Series of coins: Morgan Silver Dollar
- Portrait: Liberty head
- Main Reverse Feature: An eagle outstretching its wings and grasping arrows and an olive branch. A laurel partly encircles the eagle in a central design.
- Denomination: One Dollar
- Pawnshop Value: $21.45 (depending on the condition)
- Metal Composition: 10% Copper, 90% Silver
- Diameter:1 mm
- Mass / Weight: 73g
- Mint: Philadelphia ( no mark)
- Designer: George T. Morgan
- Mintage Number: 20,290,000
The Morgan dollar adopted its name from the US Mint engraver George T. Morgan. Morgan has worked under William Barber and made several dollar coin editions, including the 1887 Morgan silver dollar coin and many others.
The production of the Morgan dollar silver coin dates back between 1878 and 1904. A repeat production was seen again in 1921 where millions of coins were produced in the various US. The 1887 edition of the Morgan silver dollar mintage stands at 20,290,000, thus one of the highest mintages of the Morgan Silver dollar coins. In the late 1930s, the treasury released many 1887 Morgan silver dollar coins from storage, which flooded the coin market. The trend continued until the 1960s.
Among the Morgan coins, this coin is exceptional. It has a striking appearance and does not have overcrowded features. The obverse is a liberty head, while the reverse is an eagle with outstretched wings grasping arrows with its claws. Beneath the bird’s figure is an olive branch. Also, the coin has several slogans on both the obverse and the reverse.
Reason For Minting?
When George T. Morgan designed the coin, his goal was one; to have an attractive and durable coin design that will be a currency for use every day by all the American citizens. And that came to pass. For almost a century, America used this coin as its currency in its daily trade affairs. To date, the coin is attractive to both investors and collectors worldwide. It remains a famous silver dollar with an easy-to-mark feature: no mint mark, meaning it’s a Philadelphia Mint.
The 1887 Morgan silver dollar coin is a Philadelphia, US mint. Production for this coin hit a staggering 20,290,000 pieces. Today, the coins are many; but don’t freak if you gave several 1887 Morgan silver coins. They are still valuable, and so are all early coins are valuable. With the global silver value rising, the value of the 1887 Morgan silver dollar is increasing surprisingly too.
Features Of 1887 Morgan Silver Dollar Coin
Characterized by a portrait of Lady Liberty and a reverse or an eagle with outstretched wings, the 1887 Morgan silver dollar coin has no.
Obverse (head) Features
The head of an 1887 Morgan silver coin represents a portrait of a lady Liberty. George T. Morgan’s design likens the Liberty head with Anna Willess Williams– his girlfriend. She faces left and wears a Phrygian cap and a hairband on her hair. On the cap is the slogan LIBERTY and the hairband borders bear the Motto, E Pluribus Unum. That’s not all; thirteen small stars represent America’s original colonies. Beneath the stars, there is the date of issue( 1887)
Reverse (tail) Features
On the reverse is a bald eagle that is clutching a bundle of arrows and an olive branch. A laurel partly encompasses the eagle and, between the tips of both wings, the National Motto “In God We Trust.” The wordings “One Dollar” and “United States of America” surround the eagle and the laurel. The two slogans are separated with two stars between “United” and “In” and another one after “Trust” and “America.” On the tail of the 1887 Morgan silver dollar coin, you will not find any mint marks on this Philadelphia mint.
1887 Morgan Silver Dollar Value
Fortunately for you, this coin contains a substantial silver content and is thus worth more than its face value. To be comprehensive, we’ll look at the different values of the coins in pawnshops; melt value, face value and even the uncirculated state.
Table Showing the 1887 Morgan Silver Dollar Value
|1887 Morgan Silver Dollar||$21.45||$21.45||$32.81||$43.62|
Denominational Face Value
This coin costs more than the face value because it has silver and thus high melt value. The face value is the amount engraved on the coin. This coin’s face value is $1, which is inscribed as One Dollar and as in the photo below;
How Much Is The Metal In The 1887 Morgan Silver Dollar Coin Worth?
The metal composition of this coin is 10% and 90% copper and silver, respectively. Currently, the value of these two metals, especially silver, keeps on shooting.
The 1887 Morgan silver dollar is worth its weight in silver. If you melted the coin, its worth would be $18.11. Like any other metal price, this price is not constant. It changes depending on the silver spot price. Currently, the cost of silver per Oz stands at $23.30. We calculate the $18.11 price based on the spot price.
How Much Is The 1887 Morgan Silver Dollar Coin At The Pawn Shop?
If you desire this coin, it isn’t rare to get. At a pawn shop, the ultimate price will depend on the grade. In fine condition, it’s $30. In Extremely Fine condition, the price will shoot to around $33. But if you are lucky to get the uncirculated condition, you will pay around $50 (MS 60 grade) and $150 (MS 65)
Factors That Influence The 1887 Morgan Silver Dollar Value
The value of that 1887 Morgan silver dollar coin in your coinbox depends on several factors;
The standard value of the 1887 Morgan silver dollar coin depends on the condition of the coin. In other words, coins have a grading system where the physical condition helps to grade the coins.
The same method of grading determines the value of your coin. Grading of 1887 Morgan silver dollar coin includes uncirculated, Extremely Fine, Fine, Good. These four grades come with different values, with the value of the Uncirculated coin topping the list. The Good grade coins are less valuable but are still a great treasure to hold.
The coin shows extensive wear and reduces the design with a few elements. Its rim is visible, and the letters are flat, almost the same level as the fields. The Liberty doesn’t have details as well as the eagle on the reverse. However, the eagle shows a few feathers only close to the legs. In good condition, your 1887 Morgan silver dollar is worth only the silver price
A fine-grade coin has well-defined features of Lady Liberty. The hair does not have details on its strands, which leaves it on the same level as the other flattened areas. However, the wear is moderate both on the reverse and obverse.
These are great coins to possess as the wear is only slight. There are traces of wear mainly on Liberty’s hair above the forehead and behind the neck. The wear is visible on the folds of the cap, robbing it of its roundness. But if your coin is still striking, sharp, crispy, and has a premium value.
Uncirculated coins have all the mint details intact. The only detail you will notice is the typical nicks and abrasions due to contact with each other but no wear. This coin-grade luster is consistent, and the texture is superb.
The 1887 Morgan silver dollar is not a rare coin to find because of the 1930s and 1960’s great releases for circulation. Since the release, this one-dollar coin’s value is low, but the uncirculated coins rare and more valuable.
Mistruck coin, Error Coin
When the coins are mistruck, they come out with errors like missing or added details. They are thus known as mistruck or error coins. Mint errors result in incorrectly made coins during the manufacture. These are outside the acceptable tolerance limits. In numismatology, the error coins are more valuable than the regular strikes. You will be even luckier to spot the uncirculated category.
The Philadelphia 1887 silver dollar error includes a seven minted over 6, an off-center strike, wrong, thin, thick, or improperly stamped planchet. Interestingly, these errors are rare and thus raise the 1887 Morgan silver dollar worth. The value can be around $50 in its fine condition. If you have one in extremely fine condition, you can get up to $80. The coin’s worth is around $300 (MS 60 grade) and about $2,500 for MS 65 grade in uncirculated condition.
What is the value of an 1887 Morgan silver dollar error coin?
Depending on the coin’s grade, an error coin is relatively more valuable than the standard coin. An 1887 Morgan silver dollar coin with broad strike errors is worth anywhere from $50 to over $2500, depending on the grade.
How much is an 1887 Morgan silver dollar worth in its scrap form?
In its scrap form and melt value, the 1887 Morgan silver dollar coin is worth $18.11. This valuation is according to the price of silver, which is 90% on this coin.
What is the mint mark on the 1887 Morgan Silver dollar coin?
This coin does not have a mintmark. It is a Philadelphia mint, and all coins from the mint do not have marks. Denver, San Francisco, Carson City, and New Orleans have D, S, CC, and O marks.
Is the 1887 Morgan Silver Dollar Worth it?
Spotting and owning an 1887 Morgan Silver dollar is worth every penny. The $1 coin is not worth one Dollar but several. With an error coin uncirculated MS 65 grade, you can get up to $2500. Besides, the coin is a historical American currency used in all forms of trade for almost a century!
The 1887 Morgan Silver dollar coin series
The 1887 Morgan silver dollar coins come in five series. Each one traces its home in the five US mints: Philadelphia, Denver, Carson City, New Orleans, and San Francisco. The Philadelphia Mint has no print, but the rest have mint marks as D (Denver), CC (Carson City), O (New Orleans), and S (San Francisco). Besides the mint mark, all the other features are similar, including the face value, Liberty, slogans, and other details.
Winding Up: Is the 1887 Morgan Silver Dollar Value Worth It?
The face or denominational value of all the 1887 silver dollar coins is one dollar, but; its real value can rise to about $21.45! This coin’s value depends on its condition, rarity, mint errors, among other factors. Currently, the lowest selling or buying price for a good grade is about $21.45 and can fetch up to $43.62 if uncirculated. Better grades like the MS 65 (uncirculated can force you to cough up to $2500.
Before you buy or sell your 1887 Morgan silver dollar coin and other historical coins, check the correct value by reading our complete guides! You can send us your queries for all the answers you may have regarding this and other coins.