Are you looking to buy or sell your collection of Morgan silver dollars? It’s a great deal- especially because the coins shave 90% silver content.
Morgan’s silver dollar values start from as low as $10 to as high as $100. But, the most expensive Morgan Silvers are the MS65-graded coins, with the 1889 CC auctioning for a whopping $300,000!
In this post, find info about the Morgan silver dollars. Learn the history, mintage, and value of these silver coins.
About the Morgan Silver Dollar
Morgan Silver dollars are a series of one-dollar coins designed by George T. Morgan in 1878.
Also called “Cartwheels” for their large size, the Morgans were first minted from 1878 to 1904 and then again for one more year in 1921.
The coins were the first set of standard silver dollars minted since production of that denomination had ceased due to the passage of the Fourth Coinage Act. The act also ended the free coining of silver.
History of the Morgan Silver Dollar
This act, passed in 1834, came about due to the poor performance of the then-current large cent. Due to the immense size of the new cent, there was a drastic decrease in its purchasing power.
The Coinage Act of 1873 ended the production of silver dollars for almost twenty years. Several interests, including Western mining companies and other advocates of an expanded money supply, sought to return the silver to circulating coinage.
The act made silver dollar coins a legal tender for $5. The tender came with an end to the right of holders of silver certificates to redeem them for their face value in silver dollars. The Supreme Court struck down the clause in 1935.
The provision resulted in a large influx of coins from around the world, including Asia and Europe, to satisfy this demand.
The design was replaced for a one-year type in 1904, after a final mintage of 544,000—a low figure due to the publicity surrounding President Theodore Roosevelt’s plan to rename all coinage then minted.
The design was re-struck for one final year in 1921, after the government melted a large number of the coins.
Which US mints made the Morgan Silver Dollar?
The United States Mint in Denver, Colorado produced 1,360,000 Morgans in 1921. The other branches minted: Philadelphia (“no mintmark”) 873,600; San Francisco (“S” mintmark) 986,000; New Orleans (“O” mintmark) 80,200.
The reason for minting Morgan Silver Dollar
Mining companies lobbied for the restoration of free silver in 1873. They wanted the mints to accept the silver and struck it into coins.
Then, the Coinage Act of 1873 stopped silver dollars from being minted. The new law replaced them with trade dollars.
The act stated that these were to be struck in lower weight than regular silver dollars. So, they could be used for transactions with Asian countries that would not accept coins that were of full weight.
The new coins were then supposed to be melted, and the silver was used again for coinage. This, however, did not happen; most trade dollars remained in bank vaults until they began appearing in circulation during the early 20th century.
The design was initially a love story where George T Morgan struck his girlfriend, Anna Willess Williams, as the model for liberty. But, the coin quickly became a widely spread currency that’s known today as the Morgan.
Features of Morgan Silver Dollar
The Federal Mint produced eight different designs of Morgan Silver Dollars from 1878 to 1921. The eight include:
- Flowing Hair Type, 1878-1893
- The Draped Bust Type, 1892-1912;
- The Liberty Head Type, 1913-1921.
- The Peace Dollar Series, consisting of seven different designs, was produced from 1921 to 1935.
Some of the standard features of the Morgan Silvers are captured in this video.
Obverse (head) features of the Morgan Silver Dollar
The portrait of Miss Liberty on the obverse is based on the profile of Anna Willess Williams, the artist’s girlfriend. On the Morgan, Liberty gazes to her left. On her hair, she wears a leafy diadem.
An olive wreath envelops her.
The word “LIBERTY” floats above her head, and seven stars are to each side.
Above them all is a banner which reads “E Pluribus Unum.”
Thirteen more stars border the coin (to represent the 13 colonies).
There are two different varieties of Morgan Silver Dollar;
“Type 1” has a circle of beads on the back of Liberty’s hair
“Type 2″ features more delicate knotwork.
Reverse (tail) features of the Morgan Silver Dollar
On the backside, some 4-parts make that up the reverse of Morgan Silver Dollar
The first part is the eagle’s tail which contains O in ONE word;
The second part has six arrows representing the six original colonies;
The third part is a bundle of 7 arrows representing the 7th colony -Vermont.
- The reverse (tail) features of the Morgan Silver Dollar displays an eagle with outstretched wings. It is holding three arrows in its right claw and an olive branch in its left claw.
- This side also shows how many ounces of silver are contained within the coin along with the word “One” at the bottom.
- This side also displays the motto IN GOD WE TRUST and the year of mintage at the bottom.
Slogans on the Morgan Silver Dollar
- On most Morgan Silver Dollars, you will find words at the lower right of the coin. These words are, “In God We Trust”, and the word “Liberty is below that.”
- In some later coins, however, you will find a different slogan at this point. This slogan reads, “E Pluribus Unum”, which means “Out of many, one.” Some coins may also have the motto “In God We Trust” written on this side instead. This is not quite as common, though.
- The word “Liberty” was initially spelled with two T’s, but this spelling was later changed to one by Morgan in 1881.
- There are many other versions of these mottos written on the Morgan Silver Dollar with different designs and fonts. These versions were all designed by George Morgan as well.
Mintmark on the Morgan Silver Dollar
- A mint mark is found at the bottom right side of the coin, below “EPU.” This will reveal which mint produced your particular coin.
- The mintmark on earlier coins is usually located to the bottom left of “EPU.”
- On most Morgan Dollars, this stands for the United States Mint in Philadelphia.
Value of Morgan Silver Dollar
Morgan’s price depends on the seller, the metal content and rarity. Below is the worth of a Morgan Silver Dollar.
Denominational value of the coin
The coin is worth a dollar in face value.
How much is the metal in the Morgan Silver Dollar coin worth?
The Morgan silver dollar weighs 26.73 g Grams. The coin contains 90% of silver and 10%, copper. So, its melt price is the price of 24.057 grams of silver. Today, it is about $11.363.
How much is the Morgan Silver Dollar at the pawnshop?
The standard price of Morgans ranges from ten to a hundred and more dollars. The price depends on rarity, the year and condition.
Draw Comparison Table showing the value of Morgan Silver Dollar
| Coin Type and Date/Condition and Quality | Number of Coin Minted | VF20 | EF45 | AU55 | MS63 | MS65 |
| 1878 8TF | 749,500 | $50 | $100 | $200 | $350 | $1,300 |
| 1878 7TF | 9,759,550 | $40 | $47 | $50 | $150 | $950 |
| 1878 7/8TF Doubled Feathers | $40 | $50 | $130 | $380 | $2,500 | |
| 1878 7/8TF Reverse Of 78′, 2nd Rev. | $45 | $50 | $55 | $125 | $1,250 | |
| 1878 7/8TF Reverse 79′, 3rd Reverse | $40 | $45 | $55 | $185 | $2,750 | |
| 1878-S | 9,774,000 | $25 | $32 | $35 | $80 | $210 |
| 1878 CC | 2,212,000 | $99 | $150 | $170 | $300 | $1,300 |
| 1879 | 14,806,000 | $25 | $30 | $31 | $60 | $600 |
| 1879-O | 2,887,000 | $25 | $35 | $50 | $375 | $2,750 |
| 1879-S 2nd Reverse | 9,110,000 | $40 | $45 | $100 | $300 | $7,775 |
| 1879-S 3rd Reverse | $25 | $30 | $35 | $55 | $149 | |
| 1879 CC CC over CC | 756,000 | $300 | $775 | $2,000 | $7,000 | $38,000 |
| 1879-CC Clear CC | $300 | $800 | $2,050 | $8,000 | $32,225 | |
| 1880 | 12,600,00 | $25 | $30 | $31 | $55 | $750 |
| 1880 80 over 79 | $40 | $40 | $50 | $285 | $2,775 | |
| 1880-O | 5,305,000 | $25 | $30 | $50 | $260 | $23,000 |
| 1880-O 80/79 | $40 | $45 | $50 | $425 | $850 | |
| 1880 CC | 360,000 | $250 | $250 | $320 | $550 | $1,800 |
| 1880-CC 80 over 79, 2nd Reverse | $200 | $275 | $350 | $675 | $3,300 | |
| 1880-CC 8 over 7, 2nd Reverse | $180 | $225 | $299 | $600 | $2,900 | |
| 1880-CC 8/High 7, 3 Reverse | $180 | $225 | $285 | $499 | $1,395 | |
| 1880-CC 8/Low 7, 3rd Reverse | $150 | $185 | $275 | $488 | $1,625 | |
| 1880-S | 8,900,000 | $25 | $28 | $29 | $50 | $175 |
| 1880-S 80 over 79 | $40 | $43 | $45 | $90 | $275 | |
| 1880-S O over 9 | $40 | $43 | $45 | $90 | $275 | |
| 1881 | 9,163,000 | $25 | $30 | $31 | $50 | $630 |
| 1881-O | 5,708,000 | $25 | $30 | $31 | $50 | $980 |
| 1881 CC | 296,000 | $450 | $480 | $550 | $650 | $1,000 |
| 1881-S | 12,760,000 | $20 | $25 | $30 | $50 | $149 |
| 1882 | 11,100,000 | $25 | $30 | $31 | $60 | $360 |
| 1882-O | 5,305,000 | $25 | $30 | $31 | $50 | $780 |
| 1882-O over S | $40 | $50 | $75 | $1,000 | $34,000 | |
| 1882 CC | 1,133,000 | $100 | $125 | $140 | $240 | $500 |
| 1882-S | 9,250,000 | $25 | $30 | $31 | $50 | $149 |
| 1883 | 12,290,000 | $25 | $30 | $31 | $50 | $160 |
| 1883-O | 8,725,000 | $25 | $30 | $35 | $75 | $149 |
| 1883 CC | 1,204,000 | $100 | $125 | $140 | $240 | $500 |
| 1883-S | 6,250,000 | $45 | $45 | $130 | $2,760 | $20,000 |
| 1884 | 14,070,000 | $20 | $29 | $31 | $50 | $149 |
| 1884-O | 9,744,000 | $20 | $29 | $31 | $50 | $149 |
| 1884 CC | 1,136,000 | $100 | $125 | $140 | $240 | $500 |
| 1884-S | 3,200,000 | $50 | $138 | $500 | $24,300 | $149,500 |
| 1885 | 17,787,000 | $20 | $29 | $31 | $50 | $149 |
| 1885-O | 9,185,000 | $25 | $29 | $31 | $50 | $149 |
| 1885 CC | 228,000 | $500 | $525 | $550 | $650 | $1,400 |
| 1885-S | 1,497,000 | $50 | $55 | $110 | $325 | $1,210 |
| 1886 | 19,963,000 | $25 | $29 | $30 | $45 | $149 |
| 1886-O | 10,710,000 | $45 | $55 | $184 | $3,450 | $150,000 |
| 1886-S | 750,000 | $60 | $90 | $110 | $450 | $1,725 |
| 1887 | 20,290,000 | $25 | $30 | $31 | $50 | $149 |
| 1887 7/6 | $45 | $60 | $125 | $685 | $3,775 | |
| 1887-O | 11,550,000 | $40 | $45 | $50 | $90 | $1,800 |
| 1887-O 7/6 | $40 | $50 | $500 | $2,435 | $27,800 | |
| 1887-S | 1,117,000 | $45 | $50 | $60 | $300 | $3,000 |
| 1888 | 12,150,000 | $20 | $30 | $31 | $45 | $180 |
| 1888-O | 9,744,000 | $30 | $43 | $45 | $50 | $450 |
| 1888-O Doubled Die Obverse | $165 | $285 | $775 | $4,200 | $8,000 | |
| 1888-S | 657,000 | $175 | $200 | $400 | $800 | $3,000 |
| 1889 | 21,726,000 | $29 | $30 | $31 | $65 | $250 |
| 1889-O | 11,875,000 | $25 | $35 | $100 | $300 | $5,175 |
| 1889 CC | 350,000 | $1,400 | $3,000 | $6,000 | $40,000 | $300,000 |
| 1889-S | 700,000 | $60 | $65 | $90 | $330 | $463 |
| 1890 | 16,802,000 | $25 | $30 | $35 | $65 | $1,610 |
| 1890-O | 10,701,000 | $25 | $30 | $40 | $126 | $2,530 |
| 1890 CC | 2,309,041 | $125 | $150 | $350 | $800 | $6,000 |
| 1890-S | 8,230,373 | $45 | $47 | $50 | $99 | $750 |
| 1891 | 8,693,556 | $45 | $55 | $60 | $130 | $5,635 |
| 1891 CC | 1,618,000 | $125 | $150 | $250 | $700 | $4,800 |
| 1891-O | 7,954,529 | $45 | $50 | $55 | $200 | $8,500 |
| 1891-S | 5,296,000 | $45 | $55 | $70 | $110 | $1,400 |
| 1892 | 1,036,000 | $45 | $50 | $74 | $300 | $4,000 |
| 1892-O | 2,744,000 | $45 | $50 | $60 | $300 | $5,750 |
| 1892 CC | 1,352,000 | $285 | $385 | $550 | $1,800 | $4,000 |
| 1892-S | 1,200,000 | $125 | $300 | $2,000 | $50,000 | $125,000 |
| 1893 | 378,000 | $240 | $280 | $400 | $1,000 | $5,000 |
| 1893-O | 677,000 | $230 | $430 | $840 | $8,630 | $115,000 |
| 1893 CC | 378,000 | $518 | $1,200 | $1,850 | $4,600 | $30,000 |
| 1893-S | 100,000 | $4,025 | $8,050 | $16,500 | $149,500 | $300,000 |
| 1894 | 110,000 | $1,300 | $1,500 | $2,070 | $6,700 | $45,250 |
| 1894-O | 1,723,000 | $60 | $120 | $300 | $4,150 | $40,000 |
| 1894-S | 1,260,000 | $100 | $150 | $500 | $1,200 | $6,040 |
| 1895 Proof | 12,000 | $37,500 | $40,000 | $45,000 | $52,000 | $80,000 |
| 1895-O | 450,000 | $350 | $450 | $1,300 | $37,400 | $126,500 |
| 1895-S | 400,000 | $700 | $1,300 | $2,500 | $5,400 | $25,300 |
| 1896 | 9,744,000 | $25 | $30 | $31 | $50 | $149 |
| 1896-O | 4,900,000 | $55 | $70 | $175 | $7,188 | $69,000 |
| 1896-S | 5,000,000 | $100 | $220 | $690 | $3,450 | $17,250 |
| 1897 | 2,822,000 | $25 | $30 | $31 | $50 | $149 |
| 1897-O | 4,004,000 | $45 | $55 | $145 | $4,800 | $56,000 |
| 1897-S | 5,825,000 | $45 | $43 | $45 | $110 | $500 |
| 1898 | 5,884,000 | $25 | $30 | $31 | $55 | $149 |
| 1898-O | 4,440,000 | $25 | $30 | $40 | $55 | $149 |
| 1898-S | 4,102,000 | $45 | $55 | $100 | $480 | $2,280 |
| 1899 | 330,000 | $180 | $200 | $225 | $360 | $950 |
| 1899-O | 12,290,000 | $25 | $30 | $35 | $70 | $172 |
| 1899-S | 2,562,000 | $40 | $55 | $95 | $546 | $1,552 |
| 1900 | 8,830,000 | $20 | $30 | $31 | $47 | $130 |
| 1900-O | 11,390,000 | $20 | $30 | $31 | $47 | $130 |
| 1900-O/CC | Unknown | $75 | $110 | $210 | $560 | $1,500 |
| 1900-S | 3,540,000 | $45 | $45 | $100 | $400 | $1,400 |
| 1901 | 6,962,000 | $50 | $115 | $380 | $17,000 | $300,000 |
| 1901 Doubled Die Reverse | $300 | $800 | $2,225 | 14,000 | $30,000 | |
| 1901-O | 13,320,000 | $27 | $29 | $30 | $45 | $110 |
| 1901-S | 2,284,000 | $50 | $60 | $245 | $760 | $2,999 |
| 1902 | 7,994,000 | $25 | $30 | $45 | $100 | $450 |
| 1902-O | 8,363,000 | $25 | $30 | $35 | $50 | $150 |
| 1902-S | 1,530,000 | $140 | $190 | $300 | $630 | $2,800 |
| 1903 | 4,652,000 | $60 | $65 | $70 | $79 | $250 |
| 1903-O | 4,450,000 | $230 | $260 | $295 | $360 | $550 |
| 1903-S | 1,241,000 | $130 | $300 | $1,500 | $5,500 | $9,800 |
| 1904 | 2,788,000 | $40 | $50 | $60 | $300 | $3,800 |
| 1904-O | 3,720,000 | $20 | $29 | $30 | $50 | $150 |
| 1904-S | 2,304,000 | $90 | $230 | $625 | $4,000 | $10,000 |
| 1921 | 44,690,000 | $20 | $25 | $30 | $50 | $150 |
| 1921-D | 20,345,000 | $20 | $25 | $35 | $55 | $300 |
| 1921-S | 21,695,000 | $20 | $25 | $37 | $55 | $1,200 |
Factors that influence the value of coin Morgan Silver Dollar
Following is a list of some of the factors that might influence the value or price of a Morgan dollar:
Grade (PCGS)
The PCGS uses a numerical grading system rather than the traditional letters of “Poor” through “Uncirculated”. The numerical system and the conventional standard appear in parentheses.
Many collectors enjoy owning Morgan dollars each year, suggesting that date collecting is an option for Morgans. For example, in the MS-65 condition (which has been assigned a numerical grade of 60 by PCGS), the 1894-S and 1901-S Morgan dollars are the most practical issues.
In MS-64 condition, 1922 and 1921 Morgan dollars are considered to be excellent values. The premium value of such coins can be double that of the common issues from those years.
Cleaning or Damage:
As a general rule, coins with original surfaces will be worth more than similarly graded coins that have been cleaned or otherwise damaged. The following table lists some common grades for Morgans that have been washed or damaged to various degrees. For each grade, the value of a coin that has been damaged is expressed as a percentage of its normal value.
Details
Briefly, the amount and distribution of wear on a Morgan dollar directly influence its grade. No Folds (NF) refers to a coin with no evidence of any folds in circulated grades.
Cleaned coins are permanently assigned the letter C, meaning they have been cleaned to some degree.
Rim nick is an abbreviation for a rim nick that reduces the grade of a coin with one or more nicks along its outer edge.
Granularity (G)
Conversely, granularity (G) is an attribute that can increase the value of a Morgan dollar in circulated grades. Morgan Dollars from the Carson City mint often have a frosted or granular appearance.
You can see the eagle’s breast with a magnifying glass. This attribute is sometimes referred to as toning, and it occurs naturally when silver coins are stored in bags.
Popularity
For many years, the Morgan dollar was considered a key date, which is reflected in newspaper articles from the period. Lack of demand results in lower prices for many of the most common Morgans.
Mintage:
The mintage of a Morgan dollar can have an important influence on its value or price. For example, during the early years of the San Francisco Mint and Carson City mint, high mintage issues were often melted, resulting in a lower than expected population.
On the other hand, they saved a minimal number of specimens from some issues. For example, the 1895-O Morgan dollar had a mintage of just 1,000 coins. The New Orleans mint produced 450,000 Morgan dollars that year.
The condition of the coin
A Morgan silver dollar in “uncirculated” condition fetches a higher price than one that has been circulated. Consequently, it’s cheap if a coin is so old and used that its features are filed away.
The date on the coin
Morgans made in 1884 or earlier are more valuable because they were produced before Congress outlawed their production.
The rarity of the coin
Some years have less than 1 million coins in circulation, while others contain up to 5 million. So, there is a high demand for a currency that was minted in few numbers. And it’s easier to find and consequently less expensive.
Set or individual coin?
Whether or not it is part of a set – if you have an entire collection from one year, then your pieces could be worth significantly more than those who don’t
The specific dealer
What type of trade you’re looking for (retail vs wholesale), and what kind of store do you want to buy from (auction house vs dealer)
If it’s graded by PCGS or NGC
These companies grade coins based on their quality and assign them grades. Such gradings, such as MS-63 or MS-70, determine how rare they are and affect their value accordingly.
Winding Up: So, Are the Morgan Silver Dollar Values Worth it?
By now, you have enough info to add a Morgan silver dollar to your numismatic collection. And yes- the coin is worth its value. The one-dollar issue has 90% silver and 10% copper in its 26.73 grams. And, it goes for as low as $10.
Do you have any questions about the Morgan silver dollar values? Be sure to contact us now!
