{"id":6502,"date":"2026-04-01T02:40:23","date_gmt":"2026-04-01T02:40:23","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=6502"},"modified":"2026-05-12T03:43:41","modified_gmt":"2026-05-12T03:43:41","slug":"morgan-silver-dollar-value","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/morgan-silver-dollar-value\/","title":{"rendered":"Morgan Silver Dollar Value Guide"},"content":{"rendered":"\n

A Morgan Silver Dollar is worth at minimum 52.00<\/strong> in any condition \u2014 that’s the silver melt value based on its 0.77344 troy ounces of pure silver at today’s spot price. Most circulated common-date Morgans trade at melt plus a modest collector premium. Rare key dates in top grades can reach six figures. The exact value depends on three factors: date and mint mark, grade, and the current silver spot price.<\/p>\n\n\n\n

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\ud83d\udca1 Current Morgan Dollar Melt Value: 52.00<\/strong>
Based on 0.77344 troy oz of pure silver at today’s spot price. This is the floor value for any Morgan Dollar, regardless of date or condition.<\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

Use the value tables below to find your specific date and mint mark, then factor in condition using the grading guide. To calculate the melt value of other silver coins, use our silver coin melt value calculator<\/a>.<\/p>\n\n\n\n

What Is the Morgan Silver Dollar?<\/h2>\n\n\n\n

The Morgan Silver Dollar was minted from 1878 through 1904 and again in 1921. Designed by George T. Morgan, an English-born engraver recruited by the U.S. Mint in 1876, it remains one of the most recognized and actively collected coins in American numismatics. The obverse features a helmeted Liberty \u2014 modeled on Philadelphia schoolteacher Anna Willess Williams \u2014 and the reverse shows a heraldic eagle whose tail feather count famously changed multiple times during the first year of production.<\/p>\n\n\n\n

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Five mints struck Morgans across the series, with combined output exceeding 650 million coins. Yet some individual dates from short-lived or lower-volume mints had fewer than 100,000 struck \u2014 creating the scarcity that makes key-date Morgans among the most valuable U.S. coins in existence. The coin was a product of the western silver boom that followed the Comstock Lode, and the overproduction of silver dollars eventually fueled the monetary policy debates of the 1890s.<\/p>\n\n\n\n

Specifications and Silver Content<\/h2>\n\n\n\n

Every Morgan Dollar contains exactly 0.77344 troy ounces of pure silver. This silver content is what gives every coin a hard floor value regardless of date, condition, or collector demand.<\/p>\n\n\n\n

Specification<\/th>Value<\/th><\/tr><\/thead>
Designer<\/td>George T. Morgan<\/td><\/tr>
Years Minted<\/td>1878\u20131904, 1921<\/td><\/tr>
Composition<\/td>90% silver, 10% copper<\/td><\/tr>
Total Weight<\/td>26.73 grams<\/td><\/tr>
Pure Silver Content<\/td>0.77344 troy oz<\/td><\/tr>
Diameter<\/td>38.1 mm<\/td><\/tr>
Edge<\/td>Reeded<\/td><\/tr>
Mints<\/td>Philadelphia (P), New Orleans (O), San Francisco (S), Carson City (CC), Denver (D)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The live melt value right now is 52.00<\/strong>. A dealer buying common circulated Morgans will typically pay at or near melt for heavily worn examples. Most Morgans trade above melt even in worn condition because of recognizability and consistent collector demand \u2014 the spread between spot and dealer price stays narrow.<\/p>\n\n\n\n

Understanding Mint Marks<\/h2>\n\n\n\n

The mint mark on a Morgan Dollar is on the reverse, above the letters “DO” in DOLLAR, between the eagle’s tail feathers<\/strong>. Philadelphia coins carry no mint mark. The mint mark directly determines scarcity \u2014 an 1884 Philadelphia Morgan and an 1884 Carson City Morgan share the same design and silver content, but the difference in value can be hundreds of dollars.<\/p>\n\n\n\n

Mint<\/th>Mark<\/th>Active Years<\/th>Character<\/th><\/tr><\/thead>
Philadelphia<\/td>None<\/td>1878\u20131904, 1921<\/td>Highest mintages; most common dates<\/td><\/tr>
New Orleans<\/td>O<\/td>1879\u20131904<\/td>Variable quality; some significant dates<\/td><\/tr>
San Francisco<\/td>S<\/td>1878\u20131904<\/td>Generally well-struck; S-mint coins highly regarded in high grades<\/td><\/tr>
Carson City<\/td>CC<\/td>1878\u20131893<\/td>Lowest mintages overall; most valuable as a group<\/td><\/tr>
Denver<\/td>D<\/td>1921 only<\/td>Common \u2014 one year only; value near melt in circulated grades<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Why Carson City Morgans Command a Premium<\/h3>\n\n\n\n

The Carson City Mint was a small Nevada operation opened to process Comstock Lode silver. Where Philadelphia struck tens of millions of coins per year, Carson City often struck fewer than a million. The mint closed permanently in 1893 after just sixteen years of Morgan production \u2014 giving the CC series a defined endpoint and historically low mintages across the board.<\/p>\n\n\n\n

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Even the most common CC dates (1882-CC, 1883-CC, 1884-CC) carry meaningful premiums over equivalent Philadelphia dates. The rarest \u2014 1889-CC, 1893-CC \u2014 reach tens of thousands of dollars in Mint State. Collector demand for Carson City Morgans has never wavered.<\/p>\n\n\n\n

How Much Is a Morgan Silver Dollar Worth?<\/h2>\n\n\n\n

Value depends on date, mint mark, and condition. Most people who find a Morgan Dollar in a drawer or estate have a common date. Here’s what that means in dollar terms \u2014 and where the real money is.<\/p>\n\n\n\n

Common Dates<\/h3>\n\n\n\n

Common Philadelphia and New Orleans dates include: 1878-P, 1879-P through 1888-P, 1879-O through 1888-O, 1890-P\/O, 1891-P\/O, 1896-P through 1900-P, and all 1921-P\/D\/S issues. These were struck in the millions and survive in large quantities.<\/p>\n\n\n\n

Values below are expressed as current melt value (52.00) plus a collector premium<\/strong>. This format stays accurate as silver moves.<\/p>\n\n\n\n

Grade<\/th>Premium Over Melt<\/th>Approx. Value at $67.23\/oz<\/th>What to Look For<\/th><\/tr><\/thead>
Good (G-4\/6)<\/td>Melt + $2\u20136<\/td>~$53.78\u201360.51<\/td>Heavy wear; LIBERTY partially legible; date and mint readable<\/td><\/tr>
Very Good (VG-8\/10)<\/td>Melt + $4\u201310<\/td>~$57.15\u201362.52<\/td>LIBERTY readable; main design features clear<\/td><\/tr>
Fine (F-12\/15)<\/td>Melt + $8\u201316<\/td>~$63.87\u201373.95<\/td>All features visible; moderate wear on high points<\/td><\/tr>
Very Fine (VF-20\/30)<\/td>Melt + $14\u201325<\/td>~$67.23\u201380.68<\/td>Light wear on high points only; hair and feather detail present<\/td><\/tr>
Very Fine (VF-35)<\/td>Melt + $22\u201335<\/td>~$73.95\u2013$80.68<\/td>\u2014<\/td><\/tr>
Extremely Fine (EF-40)<\/td>Melt + $30\u201345<\/td>~$80.68\u201390.76<\/td>Slight wear; most luster still present in protected areas<\/td><\/tr>
Extremely Fine (EF-45)<\/td>Melt + $38\u201355<\/td>~$80.68\u201397.48<\/td>\u2014<\/td><\/tr>
About Uncirculated (AU-50)<\/td>Melt + $45\u201370<\/td>~$90.76\u201392.78<\/td>Trace wear on highest points; luster mostly intact<\/td><\/tr>
About Uncirculated (AU-55)<\/td>Melt + $55\u201385<\/td>~$100.85\u2013127.74<\/td>\u2014<\/td><\/tr>
About Uncirculated (AU-58)<\/td>Melt + $65\u2013100<\/td>~$121.01\u2013134.46<\/td>Near-Mint; difficult to distinguish from MS without experience<\/td><\/tr>
Mint State (MS-60\/61)<\/td>Melt + $75\u2013120<\/td>~$121.01\u2013168.08<\/td>No wear; bagmarks or weak strike present<\/td><\/tr>
Mint State (MS-62)<\/td>Melt + $100\u2013150<\/td>~$127.74\u2013188.24<\/td>\u2014<\/td><\/tr>
Mint State (MS-63)<\/td>Melt + $130\u2013200<\/td>~$168.08\u2013221.86<\/td>Above-average preservation for the date<\/td><\/tr>
Mint State (MS-64)<\/td>Melt + $210\u2013380<\/td>~$255.47\u2013403.38<\/td>\u2014<\/td><\/tr>
Mint State (MS-65)<\/td>Melt + $400\u2013800+<\/td>~$437.00\u2013605.07+<\/td>Gem; sharply struck, minimal contact marks, strong luster<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Note: San Francisco common dates (1880-S through 1884-S) typically carry a 10\u201320% additional premium in MS grades for their superior strike quality.<\/em><\/p>\n\n\n\n

Semi-Key Dates<\/h3>\n\n\n\n

Not rare outright, but these carry meaningful premiums due to lower mintages, popular varieties, or unusual scarcity in high grades:<\/p>\n\n\n\n