Morgan silver dollars are some of the most widely collected coins in the United States, and for good reason. Minted between 1878 and 1921, these heavy silver coins carry real metal value, deep historical roots, and serious collector demand. But the question every owner asks is simple: how much is a Morgan silver dollar worth?
The answer depends on your coin’s date, mint mark, and condition. A common-date Morgan in worn condition might sell for $35 to $50, while a rare key date in top grade can bring hundreds of thousands of dollars at auction. This guide breaks down Morgan silver dollar values by year, explains how grading affects price, highlights the most valuable dates, and shows you exactly how to figure out what your coin is worth today.
A Quick History of the Morgan Silver Dollar
The Morgan silver dollar was born from politics and silver. After the Comstock Lode silver strikes flooded the market, Congress passed the Bland-Allison Act in 1878, forcing the U.S. Treasury to buy millions of dollars’ worth of silver each month and turn it into coins. British engraver George T. Morgan designed the coin, placing a profile of Lady Liberty on the front and a heraldic eagle on the back.
Production ran from 1878 to 1904 across multiple U.S. Mint facilities: Philadelphia (no mint mark), San Francisco (S), New Orleans (O), and Carson City (CC). Denver (D) only struck Morgans in 1921, the coin’s final year. Over those 27 years, the U.S. Mint produced roughly 657 million Morgan dollars. However, millions were later melted under the Pittman Act of 1918, which destroyed nearly 270 million silver dollars to provide bullion for Britain during World War I. That mass melting is one reason certain dates are far rarer than their original mintage numbers suggest.
Each Morgan silver dollar contains 0.7734 troy ounces of silver in a 90% silver, 10% copper composition, with a total weight of 26.73 grams. This silver content gives every Morgan a baseline melt value, but the numismatic premium for most dates runs well above that floor.
Morgan Silver Dollar Value Chart by Year (2026)
This year-by-year chart lists retail ranges for all major mints (P, O, S, CC, and D‑1921) in G‑4 through MS‑65 for problem‑free originals, giving sellers a realistic baseline and collectors a buyer’s reference; values shift with eye appeal and silver spot, so pair it with our melt value guide for context before you price or sell. Prices reflect the current 2026 market for problem-free, original coins. Cleaned, damaged, or artificially toned coins will sell for less.
| Year/Mint | Good (G-4) | Fine (F-12) | EF (EF-40) | AU (AU-50) | MS-63 | MS-65 |
|---|---|---|---|---|---|---|
| 1878 (8TF) | $38 | $48 | $72 | $110 | $285 | $1,800 |
| 1878 (7TF) | $38 | $45 | $65 | $95 | $245 | $1,500 |
| 1878-CC | $120 | $155 | $210 | $290 | $575 | $3,200 |
| 1878-S | $36 | $42 | $55 | $80 | $195 | $850 |
| 1879 | $34 | $38 | $48 | $65 | $155 | $575 |
| 1879-CC | $145 | $240 | $525 | $850 | $3,800 | $28,000 |
| 1879-O | $34 | $38 | $52 | $78 | $195 | $2,400 |
| 1879-S | $34 | $38 | $48 | $65 | $155 | $525 |
| 1880 | $34 | $38 | $48 | $65 | $150 | $525 |
| 1880-CC | $155 | $195 | $265 | $340 | $575 | $2,200 |
| 1880-O | $34 | $38 | $52 | $80 | $210 | $2,800 |
| 1880-S | $34 | $38 | $48 | $65 | $150 | $500 |
| 1881 | $34 | $38 | $48 | $65 | $155 | $525 |
| 1881-CC | $310 | $340 | $365 | $395 | $510 | $1,600 |
| 1881-O | $34 | $38 | $48 | $65 | $155 | $525 |
| 1881-S | $34 | $38 | $48 | $65 | $150 | $500 |
| 1882 | $34 | $38 | $48 | $65 | $150 | $525 |
| 1882-CC | $110 | $125 | $150 | $185 | $330 | $1,100 |
| 1882-O | $34 | $38 | $48 | $65 | $155 | $600 |
| 1882-S | $34 | $38 | $48 | $65 | $150 | $500 |
| 1883 | $34 | $38 | $48 | $65 | $150 | $525 |
| 1883-CC | $110 | $125 | $150 | $185 | $330 | $1,100 |
| 1883-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1883-S | $36 | $48 | $110 | $235 | $2,600 | $28,000 |
| 1884 | $34 | $38 | $48 | $65 | $155 | $525 |
| 1884-CC | $155 | $170 | $195 | $230 | $350 | $1,200 |
| 1884-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1884-S | $38 | $72 | $340 | $875 | $6,500 | $52,000 |
| 1885 | $34 | $38 | $48 | $65 | $150 | $500 |
| 1885-CC | $475 | $510 | $540 | $575 | $700 | $2,000 |
| 1885-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1886 | $34 | $38 | $48 | $65 | $150 | $500 |
| 1886-O | $34 | $52 | $155 | $395 | $4,200 | $38,000 |
| 1886-S | $50 | $65 | $95 | $140 | $325 | $1,500 |
| 1887 | $34 | $38 | $48 | $65 | $150 | $500 |
| 1887-O | $34 | $38 | $55 | $80 | $215 | $2,400 |
| 1887-S | $34 | $40 | $55 | $80 | $240 | $1,200 |
| 1888 | $34 | $38 | $48 | $65 | $155 | $525 |
| 1888-O | $34 | $38 | $48 | $65 | $155 | $525 |
| 1888-S | $48 | $72 | $120 | $195 | $475 | $2,800 |
| 1889 | $34 | $38 | $48 | $65 | $155 | $575 |
| 1889-CC | $785 | $1,800 | $5,200 | $9,500 | $38,000 | $200,000+ |
| 1889-O | $34 | $38 | $55 | $100 | $475 | $8,500 |
| 1889-S | $36 | $45 | $68 | $110 | $310 | $2,400 |
| 1890 | $34 | $38 | $50 | $70 | $175 | $750 |
| 1890-CC | $85 | $115 | $175 | $275 | $750 | $5,500 |
| 1890-O | $34 | $38 | $50 | $75 | $195 | $2,200 |
| 1890-S | $34 | $38 | $50 | $70 | $195 | $950 |
| 1891 | $34 | $38 | $52 | $75 | $210 | $1,400 |
| 1891-CC | $100 | $130 | $195 | $290 | $750 | $5,800 |
| 1891-O | $34 | $38 | $55 | $95 | $340 | $5,500 |
| 1891-S | $34 | $38 | $50 | $72 | $195 | $1,100 |
| 1892 | $34 | $40 | $68 | $120 | $425 | $3,800 |
| 1892-CC | $130 | $195 | $340 | $525 | $1,700 | $14,000 |
| 1892-O | $34 | $38 | $55 | $85 | $260 | $4,200 |
| 1892-S | $48 | $110 | $340 | $775 | $10,500 | $75,000+ |
| 1893 | $52 | $85 | $195 | $340 | $1,200 | $8,500 |
| 1893-CC | $210 | $395 | $850 | $1,600 | $6,800 | $48,000 |
| 1893-O | $48 | $85 | $240 | $500 | $3,200 | $28,000 |
| 1893-S | $3,700 | $6,500 | $14,000 | $24,000 | $72,000 | $350,000+ |
| 1894 | $85 | $175 | $425 | $750 | $2,600 | $16,000 |
| 1894-O | $40 | $52 | $110 | $240 | $1,200 | $14,000 |
| 1894-S | $48 | $72 | $155 | $275 | $850 | $5,500 |
| 1895 (Proof) | Proof Only: 880 minted | $38,000 | $95,000+ | |||
| 1895-O | $95 | $240 | $750 | $1,800 | $10,000 | $85,000+ |
| 1895-S | $155 | $310 | $575 | $950 | $3,800 | $22,000 |
| 1896 | $34 | $38 | $48 | $65 | $150 | $500 |
| 1896-O | $36 | $52 | $155 | $395 | $3,200 | $28,000 |
| 1896-S | $52 | $95 | $210 | $340 | $1,100 | $6,500 |
| 1897 | $34 | $38 | $48 | $65 | $155 | $525 |
| 1897-O | $34 | $40 | $80 | $195 | $1,400 | $16,000 |
| 1897-S | $34 | $38 | $48 | $68 | $175 | $650 |
| 1898 | $34 | $38 | $48 | $65 | $155 | $525 |
| 1898-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1898-S | $40 | $52 | $80 | $130 | $375 | $2,200 |
| 1899 | $85 | $120 | $165 | $210 | $395 | $1,400 |
| 1899-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1899-S | $40 | $55 | $95 | $155 | $425 | $2,800 |
| 1900 | $34 | $38 | $48 | $65 | $150 | $500 |
| 1900-O | $34 | $38 | $48 | $65 | $155 | $575 |
| 1900-S | $36 | $48 | $80 | $140 | $425 | $3,500 |
| 1901 | $40 | $72 | $265 | $750 | $8,500 | $65,000+ |
| 1901-O | $34 | $38 | $48 | $65 | $155 | $525 |
| 1901-S | $40 | $52 | $95 | $175 | $575 | $4,500 |
| 1902 | $34 | $38 | $55 | $85 | $210 | $950 |
| 1902-O | $34 | $38 | $48 | $65 | $150 | $500 |
| 1902-S | $40 | $65 | $130 | $230 | $750 | $5,200 |
| 1903 | $34 | $40 | $52 | $72 | $185 | $650 |
| 1903-O | $240 | $260 | $280 | $310 | $395 | $1,200 |
| 1903-S | $52 | $110 | $310 | $700 | $3,800 | $28,000 |
| 1904 | $34 | $40 | $65 | $110 | $285 | $1,600 |
| 1904-O | $34 | $38 | $48 | $65 | $155 | $525 |
| 1904-S | $48 | $85 | $210 | $395 | $2,200 | $14,000 |
| 1921 (P) | $32 | $34 | $38 | $45 | $80 | $310 |
| 1921-D | $32 | $34 | $38 | $48 | $95 | $475 |
| 1921-S | $32 | $34 | $38 | $48 | $110 | $1,600 |
Prices are approximate retail values for problem-free coins as of May 2026. Actual prices vary based on eye appeal, toning, strike quality, and market conditions. Cleaned or damaged coins may sell for 30% to 50% below these figures.
What Determines a Morgan Silver Dollar’s Value?
Four primary factors—date/mint, grade, scarcity, and market—set value; this section explains each in plain language so first‑time sellers, heirs, and seasoned collectors can estimate price confidently, then refine it using our coin grading guide and recent sales to avoid underpricing rare pieces. Understanding them is the difference between knowing you have a $35 coin and discovering you have a $5,000 treasure.
Date and Mint Mark
The date on the front of your coin and the mint mark on the reverse (just above the “DO” in “DOLLAR”) tell you where and when it was made. Certain combinations are far scarcer than others. A common 1921 Philadelphia Morgan might be worth $35, while an 1893-S from San Francisco starts at $3,700 even in heavily worn condition.
Coin Condition (Grade)
The physical state of your coin has an enormous effect on its value. Coin grading uses a 1-to-70 scale, but most Morgan dollars fall into these categories:
- Good (G-4 to G-6): Heavily worn with flattened details. Liberty’s hair is mostly smooth. This is the minimum grade for collectible coins.
- Fine (F-12 to F-15): Moderate wear. Major design elements are clear, and some hair detail remains above Liberty’s ear.
- Extremely Fine (EF-40 to EF-45): Light wear on the high points only. Most hair strands are visible, and the eagle’s breast feathers show detail.
- About Uncirculated (AU-50 to AU-58): Slight wear on the cheekbone and highest hair curls. Most original luster remains.
- Mint State (MS-60 to MS-70): No wear at all. MS-63 shows average luster with some contact marks. MS-65 coins have strong luster, a sharp strike, and only minor marks.
The jump in value between grades can be dramatic. An 1884-S Morgan in Fine condition is worth about $72, but that same coin in MS-63 sells for around $6,500.
Rarity and Mintage Numbers
Lower mintage does not always equal higher value (many low-mintage coins were saved, while high-mintage coins were melted), but it is a starting point. The 1895 Philadelphia Morgan had only 880 proof specimens struck with no business-strike coins for circulation, making it one of the rarest coins in American numismatics.
Market Demand and Silver Spot Price
The current price of silver sets a floor for every Morgan dollar. With silver near $32 per ounce in 2026, every Morgan carries a melt value of roughly $25. Common-date coins in lower grades trade modestly above this floor, while collector demand pushes scarcer dates far higher. You can learn more about how silver content affects pricing in our guide to Morgan silver dollar melt value.
How to Identify Your Morgan Silver Dollar
Before you can look up your coin’s value, you need to identify two things: the date and the mint mark.
Finding the Date
The four-digit year is on the front (obverse) of the coin, below Liberty’s neck. If the date is too worn to read, a magnifying glass and angled lighting can help. Coins with completely unreadable dates still carry their silver melt value but lose all numismatic premium.
Finding the Mint Mark
Flip the coin over. The mint mark is a small letter located on the reverse side, just above the letters “DO” in the word “DOLLAR” and below the wreath. Look for:
- No letter: Philadelphia Mint
- CC: Carson City Mint (Nevada), the most sought-after mint mark
- O: New Orleans Mint
- S: San Francisco Mint
- D: Denver Mint (1921 only)
A 10x magnifying loupe helps distinguish letters that are faint or partially worn. If you have trouble reading the mint mark, a professional grading service can identify it definitively.
How to Sell Your Morgan Silver Dollar (Same‑Day Offers)
Bring your coin to any PGS Gold & Coin location for a free on‑the‑spot appraisal. If you accept our offer, get paid the same day by cash or check. No appointment needed—just walk in or call ahead. Ready now? sell your coins to PGS.
Original Morgan vs. 2021 Commemorative Reissue
The U.S. Mint reissued Morgan dollars in 2021 as commemorative pieces. These modern versions are struck in .999 fine silver (not the original 90/10 silver-copper alloy), have a different edge design, and carry a “privy mark” indicating the mint of origin. They are collectible in their own right but are not the same as original 1878 to 1921 Morgans. Check the edge: original Morgans have a reeded edge with no additional markings, while 2021 reissues include a small privy mark.
The Most Valuable Morgan Silver Dollars
While most Morgan dollars are worth between $30 and $200, a handful of key dates command serious money. If any of these are in your collection, pay close attention to condition.
| Coin | Mintage | Good (G) | EF | MS-63 | Why It’s Valuable |
|---|---|---|---|---|---|
| 1893-S | 100,000 | $3,700 | $14,000 | $72,000 | Lowest mintage of any business-strike Morgan. The “King of Morgans.” |
| 1895 (Proof) | 880 | Proof only | Proof only | $38,000+ | No circulation strikes produced. Only proof specimens exist. |
| 1889-CC | 350,000 | $785 | $5,200 | $38,000 | Low mintage from the famous Carson City Mint. Most were melted. |
| 1893-CC | 677,000 | $210 | $850 | $6,800 | Last Carson City Morgan. Strong collector demand. |
| 1892-S | 1,200,000 | $48 | $340 | $10,500 | Scarce in all grades. Most survivors are heavily circulated. |
| 1895-O | 450,000 | $95 | $750 | $10,000 | Rare in higher grades. Few uncirculated examples survive. |
| 1884-S | 3,200,000 | $38 | $340 | $6,500 | Common in low grades but extremely rare in Mint State. |
| 1901 | 6,962,000 | $40 | $265 | $8,500 | Philadelphia issue with very few surviving in uncirculated condition. |
| 1903-S | 1,241,000 | $52 | $310 | $3,800 | Scarce date from San Francisco. Heavily circulated examples dominate. |
| 1886-O | 10,710,000 | $34 | $155 | $4,200 | High mintage but massive attrition. Rare in MS grades. |
One important note: the 1893-S Morgan is the most valuable business-strike Morgan dollar in existence. Only 100,000 were minted, and far fewer survive today. Even a worn example in Good condition is worth several thousand dollars. If you think you have one, handle it carefully and get it professionally appraised before making any decisions.
Why Carson City Morgans Command a Premium
Morgan dollars from the Carson City Mint (marked “CC”) consistently sell for more than equivalent coins from other mints. Three reasons explain the premium:
- Limited production: The Carson City Mint operated from 1870 to 1893, producing Morgan dollars for only 13 years (1878 to 1885, and 1889 to 1893). Annual output was much smaller than Philadelphia or San Francisco.
- Historical appeal: Carson City sits in the heart of the Comstock Lode silver mining region. Coins from this mint carry the romance of the Old West and the silver boom era.
- The GSA Hoard: In the 1970s, the U.S. government sold hundreds of thousands of Carson City Morgans through the General Services Administration (GSA). These coins came in special hard plastic holders that have become collectible in their own right. GSA-holder CC Morgans often carry a price premium over the same date and grade sold loose.
Even the most common CC dates (like 1882-CC or 1883-CC) start around $110 in Good condition, several times the price of equivalent Philadelphia or New Orleans coins.
Morgan Silver Dollar Melt Value vs. Collector Value
Every Morgan silver dollar contains 0.7734 troy ounces of pure silver. At the current silver spot price of approximately $32 per ounce, that puts the base melt value of a Morgan dollar at roughly $25.
However, almost every Morgan dollar sells for more than its melt value. Even the most common dates in worn condition trade for $30 to $40 because of collector demand. The numismatic premium, the amount above melt value, grows substantially with rarer dates and higher grades.
When does melt value matter most? For common-date Morgans in lower grades (Good to Fine), melt value represents a significant portion of the coin’s total worth. As the grade improves or the date gets scarcer, silver content becomes a smaller factor and the numismatic premium takes over.
How Much Is a 1921 Morgan Silver Dollar Worth?
The 1921 Morgan silver dollar is one of the most commonly encountered dates because nearly 87 million were produced across three mints. Many people assume that the “last year” makes it especially valuable, but the opposite is true for most examples.
- 1921 (Philadelphia): 44.6 million minted. Worth $32 to $38 in circulated grades, $80 in MS-63.
- 1921-D (Denver): 20.3 million minted. Worth $32 to $48 circulated, $95 in MS-63.
- 1921-S (San Francisco): 21.7 million minted. Worth $32 to $48 circulated, $110 in MS-63.
The 1921 Morgan was struck from a redesigned hub with slightly different details than pre-1904 issues. Collectors sometimes call this the “Chapman hub” after the original 1921 die. In high Mint State grades (MS-65 and above), 1921-S Morgans become genuinely scarce and can reach $1,600 or more.
Common Errors and Varieties Worth Money
Beyond standard date-and-mint-mark collecting, Morgan dollar varieties and errors can add significant value. The VAM (Van Allen-Mallis) classification system catalogs hundreds of die varieties across the series. Here are a few worth looking for:
- 1878 7/8 Tailfeathers: An overdate variety where the original 8 tailfeather design was re-engraved over a 7 tailfeather die. Clear examples can bring $75 to $300 depending on grade.
- 1880-O “Micro O” mint mark: A smaller-than-normal mint mark punched from a different punch. Premium of 20% to 50% over standard 1880-O prices.
- 1887 “7 over 6” overdate: Some specimens show a 6 underneath the 7 in the date. Premium of $15 to $100 depending on grade and visibility.
- Doubled die varieties: Several dates show doubling on the obverse or reverse lettering. Premiums vary from modest to substantial depending on the specific variety and how visible the doubling is.
If you notice anything unusual about your Morgan dollar, such as doubled lettering, repunched mint marks, or die cracks, it is worth getting a closer examination. What looks like damage could actually be a valuable variety.
How to Sell Your Morgan Silver Dollars
If you have decided to sell, the approach you take matters. Here is what to consider:
Do not clean your coins. This is the most common and costly mistake sellers make. Cleaning removes the natural surface (called “toning” or “patina”) and can cut a coin’s value in half or more. Buyers and grading services can spot cleaning instantly.
Get multiple opinions. Before selling, visit a reputable dealer for a free appraisal. Compare offers from at least two or three sources to make sure you are getting a fair price. Auction houses, online platforms, and local coin dealers each serve different sellers. For high-value key dates, auction consignment often brings the best results. For common dates and small collections, a trusted local dealer offers convenience and immediate payment.
At PGS Gold & Coin, we are PCGS, NGC, PMG, and CAC authorized dealers with more than 17 years of experience. Our certified numismatists evaluate Morgan dollars at five locations across the Chicago suburbs: Glen Ellyn, Palatine, Wheaton, Schaumburg, and Villa Park. Walk-ins are welcome Monday through Friday, 10 AM to 6 PM, and Saturdays 10 AM to 3 PM.
Researching other classic U.S. coins? Our buffalo nickel value guide covers the full 1913-1938 Indian Head nickel series with a complete date-by-date price chart, key date highlights, and grading tips.
Frequently Asked Questions
How much is a Morgan silver dollar worth?
Most common-date Morgan silver dollars in circulated condition are worth $30 to $65. Key dates and higher-grade coins can be worth hundreds or thousands of dollars. The 1893-S Morgan, the rarest business strike, starts at $3,700 even in heavily worn condition. Check the value chart above for your specific date, mint mark, and grade.
What is the melt value of a Morgan silver dollar?
A Morgan dollar contains 0.7734 troy ounces of silver. At $32 per ounce (approximate May 2026 silver spot), the melt value is about $25. However, nearly all Morgan dollars sell above melt due to collector demand.
What is the most valuable Morgan silver dollar?
The 1893-S Morgan dollar is the most valuable business-strike Morgan, with values ranging from $3,700 in Good condition to over $350,000 in MS-65. The 1895 Philadelphia proof (only 880 made, no business strikes) is the rarest overall, starting around $38,000.
Are all Morgan silver dollars made of real silver?
Original Morgan dollars minted from 1878 to 1921 are 90% silver and 10% copper. The 2021 commemorative reissues are struck in .999 fine silver. Both contain real silver, but the composition and collector markets differ.
Should I get my Morgan dollar graded?
Professional grading from PCGS or NGC makes sense for coins that appear to be in About Uncirculated or better condition, or for any key date regardless of grade. Grading fees typically run $30 to $65 per coin, so it is not cost-effective for common dates in lower grades. A free dealer appraisal can help you decide whether professional grading is worth the investment.
How can I tell if my Morgan dollar is real?
Genuine Morgan dollars weigh 26.73 grams and measure 38.1mm in diameter. A kitchen scale accurate to 0.1 grams can catch many counterfeits. Look for sharp detail in Liberty’s hair, consistent lettering, and proper edge reeding. If something feels off, bring it to a certified dealer for examination. Modern counterfeits are improving, so professional authentication is the safest option for valuable dates.
Where can I sell my Morgan silver dollar near Chicago?
PGS Gold & Coin operates five locations in the Chicago suburbs (Glen Ellyn, Palatine, Wheaton, Schaumburg, and Villa Park). We offer free appraisals, immediate payment, and fair market prices backed by our BBB A+ rating and PCGS/NGC authorized dealer status. Learn more about selling your Morgan dollars.
How are offers determined?
We evaluate date/mint, in‑hand grade, eye appeal, and current silver spot; final offers are set after in‑person inspection.
Do I need PCGS/NGC certification?
No. We buy raw and slabbed coins; certification can raise offers on select scarce or high‑grade pieces.
How fast is payment?
Same‑day, once you accept our offer (cash or check).