The 1898 Morgan silver dollar is one of the most popular coins that numismatic enthusiasts collect. It’s interesting because when they were minted in the 1800s, they weren’t all that popular. Only in the 1960s did they become more valuable and interesting (but we’ll get to that later).
It’s one of the most loved coins among collectors, largely because of what it stands for and the value of the silver content in it. Its rich history and low mintage make it one of the most interesting coins to collect.
But how much is the 1898 silver dollar actually worth? Does it matter where it was minted? Scroll further to learn how valuable your 1898 Morgan is and how much money you can make out of it.
1898 Silver Dollar Value Details
- Category: Morgan dollars
- Mints: Philadelphia, New Orleans, San Francisco
- Total mintage: 14,386,000
- Obverse designer: George T. Morgan
- Reverse designer: George T. Morgan
- Edge: Reeded
- Diameter: 38.1mm
- Thickness: 2.4mm
- Content: 90% Silver and 10% Copper
- Weight: 26.73g
The 1898 Morgan silver dollar coin was minted to commemorate the victory of the United States in military wars like the Civil War and the Spanish-American War.
Although the coin is part of the Morgan dollar series that ran from 1878 to 1904, it was still immensely special because of what the country had been through that year.
Like all Morgan dollar coins, the 1898 variant featured a sideways-facing portrait of none other than Lady Liberty on its obverse. You’ll find the phrase “E PLURIBUS UNUM” embossed on it as well.
Meanwhile, on the reverse, you’ll see a scrawny eagle with its wings spread wide under the words “UNITED STATES OF AMERICA” and “In God we trust.” When production started, the eagle had eight tail feathers. This was quickly changed to seven tail feathers instead.
An “M” is found on both sides of the coin to honor George T. Morgan—the coin’s designer. You’ll find it by Lady Liberty’s neck in the obverse and right by the loop of the ribbon on the reverse.
Also Read: Top 21 Most Valuable 2000 P Sacagawea Dollar Coin Worth Money
1898 Silver Dollar Value Chart
| 1898 Silver Dollar Value Chart | |||||
| Mint Mark | Good | Fine | Extremely Fine | MS-60 Uncirculated | MS-67 Superb Gem Uncirculated |
| 1898 Silver Dollar Value for No Mint Mark (P) | $35.50 | $37.50 | $50 | $70
Proof-Like: $75 Deep Mirror Proof-Like: $100 |
$3,700
Proof-Like: $8,250 Deep Mirror Proof-Like: $39,000 |
| 1898 Silver Dollar Value for “O” Mint | $35.50 | $37.50 | $50 | $70
Proof-Like: $75 Deep Mirror Proof-Like: $100 |
$1,300
Proof-Like: $6,500 Deep Mirror Proof-Like: $18,000 |
| 1898 Silver Dollar Value for “S” Mint | $47 | $55 | $75 | $415
Proof-Like: $350 |
$30,000 |
1898 Silver Dollar Values and Varieties Guides
1898 Silver Dollar Value for No Mint Mark (P)
- Type: Morgan dollar
- Edge: Reeded
- Mint mark: None
- Place of minting: Philadelphia
- Year of minting: 1898
- Face value: $1
- $ price: $33.50 to $39,000
- Quantity produced: 5,884,000
- Designer: George T. Morgan
The Philadelphia Mint produced just shy of 6,000,000 Morgan silver dollar coins in 1898. Back in the day, they were quite rare—so rare that most Morgan silver dollar coins that year were proof coins instead of mint state coins.
It wasn’t until the 1950s and 1960s that this coin became more common, thanks to the Treasury releasing vaults full of Morgan dollar coins minted in the 1800s. Today, the 1898 Morgan silver dollar coin is on the more common side of the spectrum.
Poor and fair coins with no mint mark are about $33.50 apiece. This price gets a little higher for extremely fine coins, which are valued at about $50 per coin.
Meanwhile, the highest-grade mint state 1898 no-mint mark Morgan dollar coin is an MS67 valued at around $3,700. In the last four or so years, coins like these have been auctioned off for a bit higher. Just in 2021, an MS67 coin was sold for $4,320.
1898 Silver Dollar Value for “O” Mint Mark
- Type: Morgan dollar
- Edge: Reeded
- Mint mark: O
- Place of minting: New Orleans
- Year of minting: 1898
- Face value: $1
- $ price: $33.50 to $43,000
- Quantity produced: 4,400,000
- Designer: George T. Morgan
In New Orleans, almost four and a half million Morgan silver dollar coins were minted in 1898. Like the latter coin, it was also more uncommon in the 1800s but became prominent from the 1950s onwards.
If you’re looking for uncirculated coins, the 1898 Morgan dollar with a little O embossed on it is an excellent one to hunt for. Most existing New Orleans-minted Morgan dollar coins are in the MS61 to MS66 range, an MS64 grade being the most common kind.
But if you happen to come across this coin in grade MS68, hold on to it tight. This is valued at $30,000 if its pristine condition is preserved.
Proof-like coins are valued at up to $8,250 while deep mirror proof-like coins are worth a whopping $39,000, both at MS67 uncirculated. That said, it’s extremely difficult to find these coins. There hasn’t even been an auction for them in recent years.
1898 Silver Dollar Value for “S” Mint Mark
- Type: Morgan dollar
- Edge: Reeded
- Mint mark: S
- Place of minting: San Francisco
- Year of minting: 1898
- Face value: $1
- $ price: $40 to $100,000
- Quantity produced: 4,102,000
- Designer: George T. Morgan
Like most San Francisco-minted coins, this one is the most expensive and sought-after in the 1898 Morgan silver dollar coin series.
The value of a circulated coin is more or less the same as coins minted in Philly and New Orleans—or at least the difference wouldn’t be so stark. A PO1 coin with an S mint mark is valued at $40, compared to the $33.50 of the other two coin mint types, which is still kind of close.
But it’s a completely different story for mint-state uncirculated coins. While MS68-grade coins from other mint locations can cost anywhere in the four- or five-digit figures, an MS68 coin minted in San Francisco is valued at $100,000. A coin like this was last auctioned in 2012 for $97,750.
Like the previous coin, proof-like and deep mirror proof-like S-minted coins are very rare. Today, an MS67 proof-like coin would be valued at $8,250, while a deep mirror proof-like one would cost $39,000.
Also Read: Top 19 Most Valuable Morgan Dollars Worth Money
History of the 1898 Silver Dollar
The Morgan silver dollar was first minted in 1878, following the Bland-Allison Act. This law required the US government to purchase silver worth $2-4 million each month to be turned into coins.
One of the most interesting things about the Morgan dollar’s history is its design.
US Mint Director Henry Linderman wasn’t happy with the coin design work of William Barbers and his son, so he set up a “competition” between William and George T. Morgan, a British engraver, to come up with the best design for the next silver dollar.
Morgan then hired a schoolteacher from Philadelphia named Anna W. Williams to pose as Lady Liberty for the new design. In the end, his design was chosen by Linderman.
This coin design was struck from 1878 to 1904 in Philly, San Francisco, and New Orleans (and a few years in Carson City before the mint closed down in 1893). Then, it came back for a final run in 1921.
People kind of ignored the Morgan dollar coins until the 1960s, when a huge bag of Morgan dollars was found in the US Treasury vault. Because these coins (and silver in general) were scarce then, collectors hoarded the newly released coins, making them one of the most-collected dollar coins today.
More recently, in 2021, the US mint struck even more Morgan dollars. This was in commemoration of the 100th year of the beloved, iconic coin.
Also Read: Top 19 Most Valuable Silver Eagles Worth Money
1898 Silver Dollar Grading
The value of a Morgan dollar coin is highly dependent on its coin grading. There are plenty of circulated 1898 Morgan dollars out there, but they’re not as valuable as pristine, uncirculated ones.
Circulated Morgan dollar coins are most common between good and extremely fine conditions. Here’s how you can tell them apart:
- Good: Flat in shape. You’ll notice that the line dividing Liberty’s hair and forehead is already fading away. The cotton blossoms may be indistinguishable.
- Fine: Lady Liberty has well-defined features but is starting to show a little wear. Instead of seeing distinct strands of her hair, it might look a little flatter.
- Extremely fine: Light wear, the details of her hair and accessories are still distinguishable.
While you can still find and collect circulated 1898 Morgan silver dollar coins, you’ll likely find more value in finding uncirculated ones from coin grades MS60 to MS65. These uncirculated coins look almost newly minted and have a bright sheen and luster—perfect for meticulous collectors.
You’ll know that your coin is at around MS60 if there are a few deficiencies in the coin, such as heavy marks and scratches all over the surface. Some of them can even have a weak strike and lack that beautiful luster and shine that, say, an MS68 coin would have.
As the grade goes up, the coin looks more and more pristine and untouched. At MS65, an 1898 Morgan silver dollar coin should show only minimal marks. And at around MS68, there should be a nice sheen thanks to the original bag toning peeking through.
Check out this video by PCGS to learn more about how to grade mint state Morgan dollars:
1898 Silver Dollar Errors
1. 1898 Silver Dollar “Wounded Eagle” Error
While the number of tail feathers on the Morgan dollar has numerous varieties (it can be either seven or eight tail feathers, depending on where and when it was minted), there are some 1898 Morgan dollar coins out there that have an unusual number of wing feathers too.
This famous error is seen when the eagle on the coin’s reverse doesn’t have the standard amount of feathers on its wings. This is likely an error in how the die struck the metal sheet. It makes the 1898 silver dollar value a lot higher than its face value.
2. 1898 Silver Dollar Double-Struck Error
There are also some cases where you will notice an 1898 Morgan dollar that is struck twice. It’s quite easy to tell which coins are double-struck since you’ll see a faint outline of a second image on either the obverse or reverse of the coin.
3. 1898 Silver Dollar Die Adjustment Strike
In 2010, a lightly circulated 1898 Morgan dollar was auctioned off for a significant price because of its die adjustment strike.
There are misalignments on the coin that made the text hard to read. “S UNUM” was absent on the obverse, which means the die wasn’t placed correctly at the time of minting.
This was likely caused by an adjustment in the die placement right before a continuous run of the minting of these coins.
Watch this video by Couch Collectibles to see how 1898 Morgan silver dollar coins look when they have errors:
1898 Silver Dollar FAQs
How much is the 1898 silver dollar worth now?
The value of an 1898 silver dollar differs according to its coin grade and whether or not it was circulated. One in good condition might be worth a little over $30. But one that is uncirculated and in pristine condition can go upwards of $100,000, depending on where it was minted.
Where is the mint mark on the 1898 Morgan Dollar?
You can find the mint mark of an 1898 Morgan silver dollar coin on its reverse side, right below the wreath and above the letters D and O in the word “dollar.” Mint marks can either be O (for New Orleans), S (for San Francisco), or no mark (for Philadelphia).
What makes the 1898 silver dollar rare?
The series of coins from the 1898 minting of the Morgan silver dollar is rare because of the low amount of mintage done at the time. Less than 15 million coins of this type were minted that year.
Another reason why the 1898 silver dollar coin is rare is due to the many errors you can find in some of the coins. If you look closely, you may be able to find weak strikes on your coin, or even a “wounded eagle” on the reverse side.