A common Morgan silver dollar is worth its silver content plus a modest collector premium, usually somewhere between melt value and melt plus $15 in circulated condition. Each coin contains 0.7734 troy ounces of pure silver, so its floor moves with the silver price. A small number of dates and mint marks, led by the 1893-S, 1889-CC and 1895, are worth thousands, and Carson City coins in general carry a strong premium. The date and the small letter on the reverse decide almost everything.
Morgan dollars were struck from 1878 to 1904 and again in 1921, in Philadelphia, New Orleans, San Francisco, Carson City and, in 1921 only, Denver. Hundreds of millions were made, and many sat in government vaults for decades before being released in bags, which is why so many survive in nice condition today. The 1921 issue alone runs to more than 86 million coins.
That history means most Morgans found in a drawer or safe deposit box are common. They are still worth real money because of the silver, and the right date in a good grade can be worth much more.
The melt floor
A Morgan dollar weighs 26.73 grams and is 90 percent silver, which works out to 0.7734 oz of pure silver. To get the melt value, multiply 0.7734 by the current spot price per ounce:
- At $30 silver, melt is about $23
- At $40 silver, melt is about $31
- At $50 silver, melt is about $39
Check the day's spot price when you sell. Worn, common Morgans trade at roughly melt plus a few dollars, because collectors and stackers both want them. A Morgan almost never sells for less than its silver, even with heavy wear or damage.
Where the mint mark is
Turn the coin over. The mint mark is on the reverse, below the wreath and just above the letters "DO" in DOLLAR:
- No letter: Philadelphia
- O: New Orleans
- S: San Francisco
- CC: Carson City
- D: Denver (1921 only)
The letters are small, and on worn coins they can be soft. A straight-on macro photo of that spot settles it.
Common dates versus key dates
The common dates include 1878-S, 1879, 1879-S, 1880-S, 1881-S, 1882, 1883, 1883-O, 1884, 1884-O, 1885, 1885-O, 1886, 1887, 1888, 1889, 1890, 1891, 1896, 1897, 1898, 1899-O, 1900, 1900-O, 1901-O, 1902-O, 1904-O and all three 1921 issues. These are priced mostly on silver and grade.
Approximate values below. "Circulated" means visible wear on the hair above the ear, the cheek and the eagle's breast. Uncirculated grades are for coins with original luster and no wear.
| Coin | Circulated | Uncirculated (MS-63) |
|---|---|---|
| Common date, including 1921 | Melt plus $3-15 | $60-100 |
| 1878 8 tail feathers | $40-70 | $150-250 |
| Common Carson City (1882-CC, 1883-CC, 1884-CC) | $150-300 | $350-550 |
| 1878-CC | $150-250 | $500-800 |
| 1879-CC | $250-1,000 | $4,000+ |
| 1881-CC | $350-550 | $600-800 |
| 1892-S | $100-300 | $40,000+ |
| 1893-O | $250-600 | $5,000+ |
| 1894 | $800-1,500 | $5,000+ |
| 1895-O | $300-800 | $25,000+ |
| 1895-S | $500-1,200 | $5,000+ |
| 1903-S | $100-500 | $5,000+ |
| 1904-S | $40-200 | $3,000+ |
| 1889-CC | $1,000-4,000 | $30,000+ |
| 1893-S | $3,000-8,000 | $150,000+ |
| 1893-CC | $400-1,000 | $5,000+ |
| 1895 (proof only) | $25,000+ | $50,000+ |
Higher grades from MS-64 up can push common dates past $100, and a gem MS-65 common date usually sells in the $150 to $250 range.
The 1893-S
The key to the series, with a mintage of only 100,000. It is one of the most counterfeited US coins. Altered mint marks and cast fakes are both common, so any 1893-S should be graded by PCGS or NGC before it changes hands.
The 1889-CC
Carson City struck only 350,000 Morgans that year, and few survived in collectible condition. Like the 1893-S, it is frequently faked, often by adding a CC to a common 1889.
The 1895
The Mint records 12,000 business strikes, but none have ever been confirmed. Only proofs, made for collectors, are known, and they sell in the tens of thousands even when impaired. A circulated-looking 1895 with no mint mark is almost always a fake or an altered date. 1895-O and 1895-S coins are genuine and scarce, which is why they also show up in the table.
Carson City coins
The CC mint mark adds a premium to every Morgan, even common dates. Many uncirculated CC dollars were sold by the government in the 1970s in black GSA plastic holders with a card and original box. Keep these together. A GSA coin with its original packaging is worth more than the same coin loose.
Cleaned coins
Cleaning is the most common problem with inherited Morgans. Grandparents polished silver dollars with silver polish, baking soda or a pencil eraser, and that leaves a bright, flat surface with fine parallel hairlines. Under angled light, an original uncirculated Morgan shows cartwheel luster, a band of light that rotates as you tilt the coin. A cleaned coin does not.
A cleaned common date is still worth its silver plus a little. A cleaned key date loses much of its premium, often 30 to 70 percent. Never clean a Morgan, including dark or toned ones. Natural rainbow toning is popular with collectors and can add a substantial premium on its own.
Slabbed versus raw
A slabbed coin is one sealed in a plastic holder by a grading service. PCGS and NGC are the two that dealers trust most. The label gives the date, mint mark, grade and a serial number you can look up on the grader's website.
- Raw common dates: sell at melt plus a small premium. Grading a worn common Morgan costs more than it adds.
- Raw uncirculated common dates: worth $60-100 at MS-63. Grading makes sense if the coin might reach MS-65 or higher.
- Key dates and CC coins: grading is usually worth it, because buyers pay more for a coin they do not have to authenticate themselves.
One warning: counterfeit slabs exist, especially for 1893-S, 1889-CC and other key dates. Look up the serial number on the PCGS or NGC site and compare the photo if one is shown.
Fakes to watch for
Chinese-made copies of Morgan dollars are common on online marketplaces and at flea markets. Warning signs include a weight well off 26.73 grams, a diameter other than 38.1 mm, a magnet attraction (silver is not magnetic), soft or mushy details, and a dull gray color that never looks like real silver. Rare dates are the most faked, but common dates are copied too, because buyers do not check them.
Photos that settle it
- Straight-on macro of the reverse mint mark area above "DO"
- Both full sides in daylight, no flash
- An angled-light shot to show luster or hairlines from cleaning
- An edge shot to show the reeding
- A scale reading in grams if the coin feels light
If you have a pile of mixed coins with a few Morgans in it, the inherited coins guide explains how to pull the other silver too.