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1878-1904 & 1921 Morgan Dollar

The Morgan Dollar is one of the most prized and widely collected U.S. silver coins, minted from 1878 to 1904 and then again in 1921. Designed by George T. Morgan, it was the first standard silver dollar minted after the passage of the Bland-Allison Act and is prized for its beauty, historical significance, and investment potential.

Design and Specifications

• Obverse (front): The obverse features a profile of Lady Liberty wearing a Phrygian cap with the word "LIBERTY" on her headband, surrounded by 13 stars.
• Reverse (back): Depicts a heraldic eagle with wings spread, holding arrows and an olive branch. The denomination "ONE DOLLAR" is inscribed below.
• Weight: 26.73 grams
• Composition: 90% silver, 10% copper
• Silver Content: 0.7734 troy ounces of pure silver
• Diameter: 38.1 mm (1.5 inches)
• Edge: Reeded
• A standard bankroll of Morgan Dollars contains 20 coins, equivalent to a $20 face value.

Mint Marks and Mints

Morgan Dollars were struck at multiple U.S. Mint locations, and the mint mark (if present) can be found on the reverse just above the "D" in "DOLLAR":

• Philadelphia (no mint mark)
• New Orleans ("O")
• Carson City ("CC" ): Very desirable mint mark due to low production.
• San Francisco ("S")
• Denver ("D" ): Only struck in 1921, the final year of the Morgan Dollar.

Key Dates and Rarity

Some Morgan Dollars are more valuable than others due to mintages, condition, and collector demand. Here are a few key dates and mint marks that are particularly sought after:

• 1893-S: The rarest and most valuable Morgan Dollar, with a low mintage of only 100,000 coins. Collectors highly covet it.
• 1889-CC: Another key date due to its low mintage from the Carson City Mint.
• 1895 Proof: No business strikes were issued for the 1895 Morgan Dollar in Philadelphia, making the 1895 proof extremely rare.
• 1881-CC, 1880-CC, and 1890-CC: Carson City coins are generally more valuable due to their historical significance and lower mintages.

Value Calculation

In terms of silver content, a whole roll of Morgan Dollars contains 15.468 troy ounces of silver (0.7734 ounces per coin × 20 coins). The value of a Morgan Dollar depends on both its silver content and numismatic value:

For example, if the spot price of silver is $25 per troy ounce:0.7734 × $25 = $19.34 (silver melt value).However, due to their numismatic appeal, most Morgan Dollars have significant value beyond their silver content.

Special Editions and Proof Coins

Proof Morgan Dollars were struck primarily at the Philadelphia Mint, with limited mintages each year. Collectors highly prize these proof coins. Proof mintages generally range from 500 to 1,000 coins annually, making them rare.

There were no special editions during the original minting years. However, in 2021, the U.S. Mint released modern Morgan Dollar commemoratives to celebrate the coin's 100th anniversary, which are separate from the original series.

Values in Various Conditions

Morgan Dollar values vary greatly depending on the coin's date, mint mark, and condition. Here's a general guide for common-date coins (non-key dates):

• Good (G) to Fine (F): $25-$35 (close to silver melt value)
• Very Fine (VF): $35-$50
• Extremely Fine (XF): $50-$75
• About Uncirculated (AU): $75-$150
• Brilliant Uncirculated (BU/MS60-MS63): $150-$300 for common dates
• MS64-MS65: $300-$600 for common dates in high mint-state grades
• Proof Coins: Proof Morgan Dollars typically range from $2,000 to $10,000+, depending on the year and condition.

Key Dates and High-Grade Examples

• 1893-S Morgan Dollar: One of the most valuable coins in U.S. history. In Good (G) condition, it can be worth $5,000 to $10,000, and in Mint State (MS65), it can sell for over $500,000.
• 1889-CC Morgan Dollar: In Good (G) condition, it can be worth $500 to $1,000, and in Mint State (MS65), it can fetch $300,000+.
• 1895 Proof Morgan Dollar: This coin is extremely rare and often sells for $50,000 to $100,000+ USD, depending on the grade.

Auction Records

High-grade Morgan Dollars and rare varieties have commanded impressive prices at auction:

• 1893-S Morgan Dollar (MS67): Sold for $2,086,875 at auction in 2014, a record price for any Morgan Dollar.
• 1895 Morgan Dollar Proof (PR66+): Sold for $120,000 at auction in 2021.
• 1889-CC Morgan Dollar (MS68): Sold for $881,250 in 2013.

Investment Potential

Morgan Dollars are considered an excellent investment for several reasons. As 90% silver coins, Morgan Dollars have intrinsic value that fluctuates with the price of silver, providing a hedge against inflation.

Many Morgan Dollars, particularly key dates like the 1893-S and 1889-CC, carry significant premiums due to their rarity and collector demand. Even common dates in high grades can appreciate over time. Morgan Dollars are rich in history, making them highly desirable to casual and serious collectors.

Key date coins and high-grade examples of Morgan Dollars have shown consistent long-term value appreciation.

While Morgan Dollars are more of a numismatic investment than a pure silver play, they offer a good balance between bullion and collectible value, especially for high-grade coins or with desirable mint marks.

The 1878-1904 & 1921 Morgan Dollars are highly collectible and valuable. The coin's value depends on its date, mint mark, and condition, with key dates like the 1893-S and 1889-CC commanding premium prices. High-grade examples and proof coins are particularly valuable and have achieved significant auction results. While finding Morgan Dollars through coin roll hunting is rare, they are widely available through dealers and remain a solid investment due to their silver content, historical significance, and collector demand.