The US Mint produced over half a billion Morgan dollars from 1878 to 1904. However, almost 3/4 of them were melted before being released into circulation. As a result, practically all Morgans you can find on the market nowadays stayed in the Mint storage until 1960.
As you can guess, 1888 Morgan silver dollars in a mint condition are common and pretty cheap. Only a few types can reach a few hundred dollars, rarely more. So, you should check a current 1888 Morgan silver dollar value before purchasing one for your collection.
1888 Morgan Silver Dollar Grading
The Morgan dollar history is directly connected to two pieces of legislation in the US:
- Bland-Allison Act
- Sherman Silver Purchase Act
This coin got a name after George T. Morgan, the man who designed it. The model for Lady Liberty was Anna Willess Williams, a teacher from Philadelphia.
The Morgan silver dollar was minted from 1878 to 1921, making it the coin that has been in circulation the longest in US Mint history. Many collectors consider its intricate design the best and most popular among all silver dollars minted on American soil.
Unlike other coins, it is hard to determine the Morgans’ price without looking at a particular coin since too many factors influence their value. In general, collectors prefer pieces minted in 1878 and 1879, and those in mint state are worth more than any other.
1888 Morgan silver dollar |
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| Location | Year | Minted | Value |
| Philadelphia | 1888 | 19,183,000 | $35+ |
| Philadelphia proof | 1888 | 833 | $3,000 |
| San Francisco | 1888 S | 657,000 | $220+ |
| New Orleans | 1888 O | 12,150,000 | $35+ |
| New Orleans doubled die obverse | 1888 O | / | $50+ |
| Total | 1888 | 31,990,833 | / |
It is advisable to have the 1888 Morgan silver dollar checked before buying one. The rule of thumb is that graded coins are always worth more money.
Uncirculated – Like other Morgans, 1888 Morgan silver dollar in mint condition was never in circulation on the open market. It managed to keep its overall texture, making it the most desirable for collectors.
Extremely fine – Such a coin spent a short time in circulation and has shown only light signs of wear and tear. Only experts can determine the levels of any possible traces on its surface, so this piece is quite desirable for collectors.
You can find numerous 1888 Morgan silver dollars in good and fine conditions on the market for a low price. They are a bit damaged or worn out, and serious collectors will usually avoid them.
One thing is for sure. These coins are an excellent investment since their number will decrease over time, and their value will definitely rise.
1888 Morgan Silver Dollar Value
With 31,990,833 minted coins, the 1888 Morgan silver dollar is quite common on the market. You can recognize three types, including those produced in:
- Philadelphia, without a mint mark
- San Francisco, with an S mint mark
- New Orleans, with an O mint mark
Keep in mind that the strike quality of these dollars significantly varies, but finding a nice piece shouldn’t be so hard. The first step to determine the 1888 Morgan silver dollar value is to look for a mint mark near the bottom on the coin’s reverse. Only then can you look for the grade and possible errors that can increase its overall price.
Basically, there is no need to counterfeit 1888 Morgan silver dollars since there are plenty of them available on the market. However, graded coins always reach higher prices since you can be sure of their quality and authenticity.
1888 Morgan silver dollar without a mint mark
Philadelphia mint produced 19,183,000 Morgan silver dollars in 1888, and their current value is approximately $30 on the market. A coin in a certified uncirculated condition is worth about $55, but some MS 65 pieces can easily reach $170 to $180. You can also hear about a few cases when owners sold their uncirculated coins for around $325 at auctions.
1888 Morgan silver dollar value by USA Coin book |
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| Quality | 1888 | 1888 S | 1888 O | 1888 O doubled die obverse (hot lips) |
| Good | $26 | $143 | $26 | $115 |
| Very good | $32 | $164 | $32 | $134 |
| Fine | $38 | $178 | $38 | $150 |
| Very fine | $44 | $199 | $44 | $164 |
| Extra fine | $46 | $206 | $46 | $327 |
| About uncirculated | $49 | $231 | $49 | $1,009 |
| Mint state 60 | $59 | $351 | $59 | $21,898 |
| Mint state 65 | $273 | $3,414 | $647 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â / |
| Proof 63 | $3,142 | / | / | / |
As usual, these dollars contain 90% silver and 10% copper, with a current silver melt price of $17.33. They don’t have a mint mark and weigh standard 0.7735 troy ounces (24 g).
Even the coin in poor condition costs $12.67, which is still more than its intrinsic value from the silver it contains. Collectors appreciate this piece of American history regardless of its appearance or price metal price. Plus, this silver dollar is an excellent investment for many numismatics.
This mint also produced 833 Morgan silver dollar proofs this particular year. If you have one in excellent mint condition, you can get about $3,200 for it.
1888 S Morgan silver dollar
The 1888 S Morgan silver dollar is the only semi-key coin minted this particular year. You should find the mint mark below the wreath, on the coin’s reverse side.
These coins are usually not sharply struck, and their quality significantly varies. Therefore, the sharply struck ones are rare and more expensive than those made in the other two mints.
Most pieces are attractive with satiny to frosty luster. As usual, San Francisco mint didn’t produce proof coins.
1888 Morgan silver dollar value by JM Bullion |
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| Coin | Extra fine quality | Uncirculated quality |
| 1888 Morgan dollar | $39 | $41 |
| 1888 S Morgan dollar | $39 | $41 |
| 1888 O Morgan dollar | $185 | $205 |
Even though this is a low-mintage date, you can effortlessly find coins in extra fine and about uncirculated grades. Only persistent collectors finally find MS 63 and MS 64 lively lustered 1888 S Morgan silver dollars with a sharper strike.
1888 O Morgan silver dollar
Nowadays, you can find the 1888 O Morgan silver dollar in all grades. This particular coin type was stored in government storage for decades. They were released into the coin market in 1946 for the first time, and then in the 1950s and early 1960s.
Their luster is often far below the required for uncirculated coins, and the strike ranges from sharp to flat with some weakness at both observe and reverse center. Unfortunately, most of them are grainy or even dull.
1888 Morgan silver dollar value by Gainesville coins |
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| Quality | 1888 | 1888 O | 1888 S |
| Very fine | $36 | $36 | $146 |
| Extra fine | $38 | $38 | $162 |
| About uncirculated | $45 | $57 | $195 |
| Mint state 61 | $59 | $76 | $390 |
| Mint state 63 | $72 | $88 | $514 |
| Mint state 65 | $169 | $344 | $2,250 |
| Auction record | $18,400 (MS 67) | $20,563 (MS 66) | $31,200 (MS 66+) |
If you are persistent, you can find a decent piece, but the price will be a bit higher. Since the New Orleans mint was a branch mint, they didn’t produce any proof coins.
Unique 1888 Morgan Dollars
Have you ever heard about VAMs? Some particular Morgan dollar varieties have irregularities that make them unique and more valuable. Interestingly, only a few VAMs are visible to the naked eye, while most are seen only under magnification.
The term VAM comes from Van Allen Mallis, the last names of experts who discovered and documented these coins’ varieties. The history of most VAMs goes to the dies used for coins’ strikes. The most popular VAM Morgan silver dollars are:
1888 O Scarface – This anomaly appeared as a result of a die fracture. Such a break caused a visible raised line on Lady Liberty’s left cheek. It is estimated that the price of such a piece can reach an unbelievable $18,000.
1888 O Hot lips – This VAM appeared because of a mint error. A doubled die caused the doubled or overlapped parts of the coin’s design. In this particular case, you can see unusually enlarged Lady Liberty’s lips.
Sometimes, you can notice two lips, noses, and chins on Liberty’s profile due to misaligned strikes. These varieties are usually rare, and most collectors prefer having one of these coins in their collections.
Particularly requested coin is the 1888 O Morgan silver dollar double die error, and collectors will pay $225 to $300 for the one in very fine to extra fine condition. Coins in a mint state are more valuable, and one MS 60 coin can cost $8,700.
1888 Morgan silver dollar value by CoinStudy |
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| Coin | Quality | |||
| Good | Fine | Extra fine | Uncirculated | |
| 1888 Morgan dollar | $21.5 | $22.7 | $25 | $44.5 |
| 1888 S Morgan dollar | $45 | $57 | $87 | $202 |
| 1888 O Morgan dollar | $22.7 | $23.75 | $25 | $47 |
PL designation – Proof-like coins with such a mark are highly collectible and more expensive. Even though their mirrored surfaces were ignored in the past, they are overly desirable nowadays.
Summary
Remember that an impressive Morgan silver dollars pedigree (provenance) can significantly affect their price, particularly if you look for expensive pieces. When the particular coin was part of a famous collection or the previous owner was a celebrity or someone famous, such a dollar can cost a fortune.
