1878-1904 1921 Morgan Dollar Values
Determining the current price of silver coins is a straightforward process once you know the silver content of the coin and the current market price, often referred to as the silver spot price.
| Description | Face Value | ASW | Silver Value | Per $1 Face Value | Per Bankroll | |
|---|---|---|---|---|---|---|
| Morgan Dollar | 1878-1904 & 1921 Morgan Dollar | $1.00 | 0.77345051 | $30.20 | $30.20 | $302.03 |
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.
US Mint Silver Coin Values
| Description | Face Value | ASW | Silver Value | Per $1 Face Value | Per Bankroll | |
|---|---|---|---|---|---|---|
| Nickel | 1942-1945 "War Nickel" | $0.05 | 0.0563 | $2.20 | $43.97 | $87.94 |
| Roosevelt Dime | 1946-1964 Roosevelt Dime | $0.10 | 0.0715 | $2.79 | $27.92 | $139.60 |
| Mercury Dime | 1916-1945 Mercury Dime | $0.10 | 0.0715 | $2.79 | $27.92 | $139.60 |
| Barber Dime | 1892-1916 Barber Dime | $0.10 | 0.0715 | $2.79 | $27.92 | $139.60 |
| Washington Quarter | 1932-1964 Washington Quarter | $0.25 | 0.17875 | $6.98 | $27.92 | $279.21 |
| Standing Liberty Quarter | 1916-1930 Standing Liberty Quarter | $0.25 | 0.17875 | $6.98 | $27.92 | $279.21 |
| Barber Quarter | 1892-1916 Barber Quarter | $0.25 | 0.17875 | $6.98 | $27.92 | $279.21 |
| 40% Kennedy Half Dollar | 1965-1970 Kennedy Half Dollar | $0.50 | 0.147893 | $5.78 | $11.55 | $115.50 |
| 90% Kennedy Half Dollar | 1964 Kennedy Half Dollar | $0.50 | 0.3575 | $13.96 | $27.92 | $279.21 |
| Franklin Half Dollar | 1948-1963 Franklin Half Dollar | $0.50 | 0.3575 | $13.96 | $27.92 | $279.21 |
| Walking Liberty Half Dollar | 1916-1947 Walking Liberty Half Dollar | $0.50 | 0.3575 | $13.96 | $27.92 | $279.21 |
| Barber Half Dollar | 1892-1915 Barber Half Dollar | $0.50 | 0.3575 | $13.96 | $27.92 | $279.21 |
| 40% Eisenhower Dollar | 1971-1976 Eisenhower Silver Dollar | $1.00 | 0.3161 | $12.34 | $12.34 | $123.44 |
| Peace Dollar | 1921-1935 Peace Dollar | $1.00 | 0.77345051 | $30.20 | $30.20 | $302.03 |
| Morgan Dollar | 1878-1904 & 1921 Morgan Dollar | $1.00 | 0.77345051 | $30.20 | $30.20 | $302.03 |
Calculating Silver Coin Values
Coin melt value refers to the intrinsic value of the precious metal contained within a coin. It's the intrinsic value of the metals if a coin were sent to a refinery and melted down to recover the metal. The melt value is primarily determined by the metal's weight and purity and is calculated based on current market trading prices for the metal.
Most circulated junk silver coins are composed of an alloy containing 90% pure silver. Others may have a specific weight and purity denoted on them. This high silver content gives them a significant intrinsic value based on the current spot price of silver. Silver's weight is measured in troy ounces, which differ from the more common avoirdupois ounce used to measure most other goods in the U.S. An avoirdupois ounce contains roughly 28.35 grams, but a troy ounce contains roughly 31.1035 grams.
Silver Coin Melt Value Calculator
Determining the current price of silver coins is quick and easy. Simply enter the quantity of each coin denomination below and click the calculate button. The values are instantly calculated based on today's silver spot price.
Potential Numismatic Value
Beyond the silver content, pre-1965 silver coins may also have numismatic value for collectors. The melt value doesn't consider the numismatic or collector value that a coin might have. Specific key dates, mint marks, or conditions can make some coins worth significantly more than their melt value. Collectible coins may be worth more than their melt value due to rarity, historical significance, condition, and demand from collectors.
If you have questions about whether a coin has numismatic value, you can visit a local coin store in your area for a professional appraisal.
Silver Coin Melt Values
Historically, investors have utilized silver as a store of value and a hedge against inflation. As a tangible asset, silver can help preserve wealth over time. Many pre-1965 coins are valued for their 90% silver content.
By understanding the melt value, buyers can ensure they pay only a little over the intrinsic value. Melt value calculations require accurate information about the piece's purity and weight. Understanding these can help you verify that the silver coin you're buying is not counterfeit.
If your primary goal is to invest in precious metals, knowing the melt value allows you to assess the potential for profit or loss. You can track silver's market price and make informed decisions about buying or selling based on price.
When considering different forms of silver (e.g., coins vs. bars), knowing the melt value helps you compare them equally. For instance, you can compare the premium (the amount over melt value) you're paying for a coin to determine if it's a better or worse investment than a bar.
Silver investors often track their holdings' value to gauge their investment portfolio's overall performance. Knowing the is also important when selling.
Collector or numismatic coins derive much of their value from factors other than their melt value, such as rarity and historical significance.
