The US Mint produced Morgan silver dollars from 1878 to 1904. They were an American currency’s mainstay and are still one of the most appreciated and collectible US coins. Specimens struck in 1902 were minted in Philadelphia, San Francisco, and New Orleans.
In most cases, the 1902 Morgan silver dollar value is relatively high because of age and historical significance. Coins with the S mint mark and proofs are rare and pricey, particularly in the highest grades. However, you will get some money even for the worst pieces because of their silver content.
1902 Morgan Silver Dollar History
The US Mint produced Morgan silver dollars as the first standard silver American coin minted after the Coinage Act of 1873 was passaged. The production lasted from 1878 to 1904, and mints additionally struck some coins in 1921.
The 1902 Morgan dollar is known for weak to standard strike quality, and only a few pieces appear with a sharp strike. As you can guess, most collectors look for these coins.
1902 Morgan silver dollar |
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| Location | Year | Minted | Price |
| Philadelphia | 1902 | 7,994,000 | $35+ |
| Philadelphia | 1902 proof | 777 | $3,000+ |
| San Francisco | 1902 S | 1,530,000 | $150+ |
| New Orleans | 1902 O | 8,636,000 | $35+ |
| Total | / | 18,160,777 | |
This 90% pure silver dollar had a high initial mintage, but most spent years in storage. However, they started appearing in circulation after WWII, mainly during the 1950s.
As you can guess, the coin was named after assistant engraver George T. Morgan who designed it. You can see Lady Liberty’s profile facing left on the obverse.
The designer created it based on beautiful teacher Anna Willess Williams wearing a Phrygian cap. As you know, this cap type became popular during the American Revolution, symbolizing liberty.
You can notice the date, lettering E PLURIBUS UNUM and LIBERTY surrounding the central image, along with thirteen stars as a symbol of the first states.
1902 Morgan silver dollar |
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| Face value | $1 |
| Compound | 0.900 Silver with copper |
| Coin weight | 0.85939 troy ounces (26.73 g) |
| Silver weight | 0.77344 troy ounces (24.05 g) |
| Coin diameter | 1.5 inches (38.1 mm) |
| Coin thickness | 0.09449 inches (2.4 mm) |
| Shape | Round |
| Edge | Reeded |
The coin reverse is one of the most beautiful among US coinage, with an American bald eagle with spread wings as the central figure. It is placed inside the wreath and holds an olive branch and arrows with its claws.
The inscription UNITED STATES OF AMERICA and denomination ONE DOLLAR are struck along the coin rim, while the saying IN GOD WE TRUST is above the eagle’s head.
Coins produced in San Francisco and New Orleans have a small S or O mint mark between the wreath and the word DOLLAR.
1902 Morgan Silver Dollar Types
1902 Morgan silver dollar
Most of the 7,994,000 Morgan silver dollars produced in Philadelphia in 1902 were in circulation, and their price is about $30 to $60 on the current market. On the other hand, rare pieces in the mint state will cost you $150 to $700.
1902 Morgan silver dollar value* |
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| Quality | 1902 | 1902 S | 1902 O |
| Good | $29 | $115 | $29 |
| Very good | $35 | $129 | $35 |
| Fine | $41 | $148 | $41 |
| Very fine | $47 | $168 | $47 |
| Extra fine | $50 | $225 | $50 |
| AU | $57 | $322 | $57 |
| MS 60 | $67 | $426 | $67 |
| MS 65 | $540 | $3,134 | $206 |
| Proof 65 | $3,223 | / | / |
*by USA Coin book
Coins with MS 67 rating can reach $5,000 to $7,000, but one collector paid $28,200 for a beautiful 1902 MS 67 Morgan silver dollar in 2015.
1902 proof Morgan silver dollar
The Philadelphia mint struck 777 Morgan proof silver dollars in 1902. It was the first mintage of proofs in this series produced after employees precisely polished the dies recessed areas.
Therefore, you can notice a brilliant finish without the CAM contrast typical for previous Morgan proofs.
1902 Morgan silver dollar value* |
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| Quality | 1902 proof | 1902 proof CAM |
| PR 50 | $1,000 to $1,150 | / |
| PR 53 | $1,100 to $1,265 | / |
| PR 55 | $1,250 to $1,440 | / |
| PR 58 | $1,550 to $1,785 | / |
| PR 60 | $2,500 to $2,875 | $2,750 to $3,800 |
| PR 61 | $2,750 to $3,165 | $3,025 to $4,200 |
| PR 62 | $3,000 to $3,450 | $3,300 to $5,500 |
| PR 63 | $3,750 to $4,315 | $4,375 to $7,000 |
| PR 64 | $4,450 to $5,100 | $4,900 to $10,000 |
| PR 65 | $5,600 to $6,410 | $6,500 to $20,000 |
| PR 66 | $6,500 to $7,475 | $11,000 to $30,000 |
| PR 67 | $10,500 to $12,100 | $18,000 to $42,000 |
| PR 68 | / | $32,500 to $60,000 |
*by Greysheet
Even coins in lower grades are worth at least $1,000, while you should set aside $2,500 to $12,000 for pieces in the mint state. In 2019, one collector paid $53,500 for the 1902 PR 68 Morgan silver dollar, setting an auction record.
1902 S Morgan silver dollar
Each of 1,530,000 minted 1902 S Morgan silver dollars is more expensive than coins produced in the other two mints. Therefore, you should pay $100 to $300 for pieces that spent some time in circulation.
1902 Morgan silver dollar value* |
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| Year | Quality | |||
| Good | Fine | Extra fine | Uncirculated | |
| 1902 | $25 | $28.9 | $34.4 | $52 |
| 1902 S | $47.4 | $92 | $141 | $341 |
| 1902 O | $25 | $25 | $27.4 | $49.2 |
*by CoinStudy
Rare coins that have remained in the mint state are pricey and typically cost $500 to $5,500. The price depends on its beauty and possible bag marks on the surface.
The most preserved specimens in MS 67 grade can reach $65,000 to 80,000 on the coin market. The auction record from 2015 is $99,875 for one astonishing 1902 S MS 67 Morgan silver dollar.
1902 O Morgan silver dollar
The New Orleans mint struck 8,636,000 Morgan silver dollars in 1902. Their average price is $30 to $60, depending on the condition. Uncirculated coins are typically more costly, and their price is about $50 to $400.
Excellently preserved but rare pieces in MS 67 grade can reach $5,000 to $10,000. One won an auction record of $33,600 at Heritage Auctions in 2020.
1902 Morgan Silver Dollar Errors
Except for the possibility to find one VAM 1902 Morgan silver dollar, there are not too many surprises for collectors in this series. This date doesn’t provide well-known or valuable varieties, and the only trouble can be to discover rare business-strike coins minted in San Francisco.
1902 Morgan Silver Dollar Grading
The 1902 Morgan silver dollar value is connected with a silver price in the current precious metal market. However, its price primarily depends on the condition. It is tricky to find this coin in high grades, making it highly collectible and pricey.
Uncirculated – This 1902 Morgan silver dollar with delicate frosty luster has the highest value. No one ever used it, so the texture is intact, with all details wholly preserved. In most cases, such pieces were sealed in canvas Mint bags for years before collectors included them in their collections.
However, you will always see more or fewer bag marks on their surface due to banging into one another inside the bag. Therefore, it is impossible finding a coin in MS 70 grade.
1902 Morgan silver dollar value* |
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| Quality | 1902 | 1902 S | 1902 O |
| Good | $30 to $38.4 | $75 to $92.4 | $40.5 to $52 |
| Very good | $34 to $42 | $82 to $108 | $34 to $42 |
| Fine | $36 to $43.2 | $100 to $132 | $36 to $43.2 |
| Very fine | $36.5 to $45.6 | $125 to $198 | $36.5 to $43.8 |
| Extra fine | $40 to $48 | $220 to $287.5 | $37.5 to $45 |
| AU | $60 to $105 | $300 to $431.5 | $42.25 to $55.5 |
| MS 60 | $150 to $160 | $500 to $575 | $50 to $60 |
| MS 61 | $175 to $190 | $525 to $603.75 | $50 to $60 |
| MS 62 | $195 to $210 | $600 to $690 | $53 to $63.6 |
| MS 63 | $245 to $281.75 | $800 to $920 | $70 to $79 |
| MS 64 | $275 to $316.25 | $1,200 to $1,275 | $92 to $102 |
| MS 65 | $385 to $400 | $2,000 to $2,250 | $210 to $240 |
| MS 66 | $625 to $685 | $5,200 to $5,500 | $350 to $402.5 |
| MS 67 | $5,000 to $7,000 | $65,000 to 80,000 | $5,000 to $10,000 |
*by Greysheet
Extra fine – This silver coin spent a short time in circulation, so you probably can’t see traces of use with the naked eye. It is possible to notice light signs of wear on details behind Liberty’s ear, cap folds, and wingtips with a magnifying glass.
Fine – After years in use, you can see merged and reduced details on this coin’s original design. Fine hairline has disappeared, while Liberty’s neck and cheek are flattened. However, the date and lettering are still well-defined and legible.
1902 Morgan silver dollar value* |
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| Year | Extra fine quality | Uncirculated |
| 1902 | $39 | $45 |
| 1902 S | $190 | $275 |
| 1902 O | $39 | $45 |
*by JM Bullion
Good – These silver dollars spent years in hard use. Some are heavily damaged, making them undesirable although still collectible pieces.
Lady Liberty’s face is smooth, and inscriptions are sometimes poorly recognizable and often illegible. Thanks to the silver content, even the worst specimens will be worth at least the bullion silver price.
Summary
The 1902 Morgan silver dollars are 120 years old coins, so you can expect those in the mint state to be rare and expensive. Most available pieces were in use for years, including damaged and broken ones that will be worth only the price of silver they contain.
