Morgan Silver Dollar Worth

Morgan Silver Dollars are exciting because they can vary in value from around $30 to thousands of dollars depending on the scarcity and condition of the coin. It’s not always easy to determine the exact value until the coin has been evaluated due to the many factors influencing the true value. Grading services like the PCGS or NGC can grade specific coins to help determine quality and authenticity. Continue reading to learn more about Morgan Silver Dollar Worth.

As you can imagine,  Morgan Silver Dollars that have been well-preserved (especially uncirculated ones) are the ones with the highest Morgan Dollar values. Different factors such as mintmark, quality, and date affect the value of these rare coins.

What Does a Morgan Silver Dollar Look Like?

The  Morgan Dollar is a special coin that features a profile of Lady Liberty on the obverse and a heraldic eagle on the reverse. It was designed by George T. Morgan, who also served as the chief engraver from the key dates between 1917-1925.

There are some key characteristics that coin collectors can look for when collecting Morgan Silver Dollars.

Reeded Edges

Morgan Dollars will have “reeded” edges, which are the vertical grooves or ridges around the rim of the coin. If you take a look at the change you have on hand, you’ll notice that quarters and dimes also have similar reeded edges.

Reeded edges or ridges were implemented centuries ago to discourage clipping or filing of precious metals from the edge of gold and silver coins. It was later discovered that it also makes it more difficult to create counterfeit coins by adding a third vertical design, which would require a great deal of skill to apply.

Beyond its practical uses, it also gives the coinage a more finished appearance and typically embellishes the overall artistry and design of the coin.

United States Mint Marks: Carson City Mint, San Francisco Mint, New Orleans Mint, or Denver Mint

United States mint marks are letters that can be found on a coin to identify where it was made and hold the maker of the coin responsible for its quality. When the U.S. was still using precious metals to create circulating coins, a commission evaluated the quality and metal compositions of the Mint facilities. Evaluations ensured that each facility was producing coins to the correct specifications.

The Morgan Dollar was the first silver dollar to be minted since the passage of the Coinage Act of 1873. The U.S. coins were minted from 1878 to 1904 and 1921 and began again in 2021. A few 2023 Morgan Dollars will also be released in 2023.

The Morgan Silver Dollar series has the honor of being the most collected series of coins ever produced by the United States Mint.

Carson City Mint (CC) 1870-1893

The Carson City Mint was established by Congress in March of 1863 to serve the coinage needs of the largest silver strike in American history. However, it wasn’t until 1870 that the historic Carson City Mint began coin production.

The Morgan Dollar was one of the most popular coins ever struck at the Carson City Mint. The CC Morgan Dollars were produced from 1878 to 1893, with a brief pause in production from 1885 to 1889.

Carson CityMorgan Silver Dollars are the most sought-after of all the Morgans, which makes CC Morgans the most desired silver coins ever produced by the United States. Any Carson City silver dollar is a true piece of history.

San Francisco Mint (S) 1854-1955, 1968-Present

In 1854, a branch of the Mint opened in San Francisco to convert the miners’ gold into coinage.

Morgan Dollars from the San Francisco Mint can be identified by the famous “S” mint mark located on the reverse, under the center of the wreath. The San Francisco Mint was legendary for the extra care it took to strike coins. As such, many people consider them to be the most beautiful of all Morgans.

San FranciscoMorgan Silver Dollar coins were made at the “Granite Lady” building, which survived the devastating earthquake and fire of 1906 and is known to be one of the most famous buildings in early American history.

New Orleans Mint (O) 1838-1861, 1879-1909

The New Orleans Mint, located in Louisiana, operated as a branch mint of the United States from 1838 to 1861 and from 1879 to 1909.

Over the years, the building has served many purposes, including an assay office. Some associate it with a checkered past that stems from roots in the Confederate government. The building was refurbished after the war and put back into active minting service in 1879, where it produced mainly silver coinage, including the Morgan Silver Dollar, from 1879 to 1904.

You can easily identify New Orleans coinage by the “O” mint mark found on the reverse of the coins. The New Orleans Mint earned a reputation for mediocre quality coins. In some cases, their luster may not be as brilliant as other mints and not as sharply struck.

Denver Mint (D) 1906-Present

The Denver Mint was established by Congress in 1862, shortly after gold was first discovered on the Platte River in Colorado.

The Denver Mint Morgan Dollar is a unique coin because it was only struck for one year, in 1921. Since it was only struck during the last year that Morgan Silver Dollars were made, it’s a rare and one-of-a-kind treasure to find.

Only three percent of Morgan Silver Dollars were struck in Denver. You can identify a Denver Morgan Dollar by the “D” mint mark located on the reverse, centered under the wreath.

Lady Liberty Design

The classic Liberty profile was first used on the obverse side of America’s silver dollars from 1794-1804. Years later, when the Morgan Dollar was struck in 1878, the Liberty Head, also known as the Morgan Dollar design, replaced the long-running Seated Liberty design.

It features the head of Liberty, reluctantly modeled after a school teacher named Anna Williams. She is wearing a crown of cotton and wheat encircled with a ribbon inscribed with LIBERTY. Above her head are the words E PLURIBUS UNUM, which means “out of many one.” There is a single “M” at the base of Liberty’s neck to represent the initial for the Morgan Dollar’s designer.

Eagle Clasping Arrows and Olive Branch Design

The reverse side of the Morgan Silver Dollar features an eagle with its wings spread. In the center of the eagle’s outstretched wings is IN GOD WE TRUST. The eagle holds an olive branch and three arrows in its claws, symbolizing peace and readiness for war.

Across the top of the silver coins, the reverse reads UNITED STATES OF AMERICA. Above the denomination at the bottom is the U.S. mint mark and laurel wreath. The ribbon tied onto the wreath has another “M” for the designer, George T. Morgan.

When Was the Morgan Silver Dollar Minted?

The Morgan Silver Dollar was first minted in 1878 through 1904, with one reissued in 1921. The U.S. Mint reissued the silver coin again in 2021 to honor the anniversary of the last year of minting.

In 1873, The Coinage Act put an end to the manufacture of silver coins in the United States, but the legal tender came alive again in 1878 after The Bland-Allison Act. This required the U.S. Treasury to purchase a certain amount of silver and led to minting 2 million silver dollars per month.

The Design Was Created by George T. Morgan

The infamous Morgan Dollars were named after the designer George T. Morgan. He was born in England in 1845 and was working as an engraver for London’s Royal Mint before he was recruited as a “Special Engraver” for the U.S. Mint’s Philadelphia branch.

In 1876, the Director of the United States Mint realized the nation was in desperate need of a new silver dollar coin. He decided to hold a competition between Morgan and another gentleman who had worked at the Philadelphia Mint for years. Both parties created similar designs, but the Director liked Morgan’s design better.

Add Some New Coins to Your U.S. Coin Collection

Whether you’re looking for silver bullion or the most valuable Morgan silver dollars, you need a coin dealer you can rely on.

At Bullion Shark, we have Morgan Silver dollars and other rare coins that are perfect for any collection. We have curated an extensive inventory of classic, modern, and ancient coins, along with advice from the top numismatic experts.

Sources:

One Hundred Years of Silver Dollar Coinage (1878-1978) | United States Mint

Morgan Silver Dollar Values and Prices | The Spruce Crafts

George T. Morgan - Mapping the Practice and Profession of Sculpture in Britain and Ireland 1851-1951 | Mapping Sculpture Project

Bland-Allison Act | United States [1878] | Britannica

FAQ

1. What determines the value of a Morgan Silver Dollar? The value of a Morgan Silver Dollar is determined by several factors including its condition (grade), rarity, the year and mint mark, silver content, and collector demand. Scarce dates and mint marks, higher grades, and unique varieties can significantly increase a coin's value.
2. How much is a common Morgan Silver Dollar worth? Common Morgan Silver Dollars in circulated condition are typically worth just a bit more than their silver value, which fluctuates with the silver market. As of late, this is generally around $50 each, depending on the silver spot price. Higher-grade coins can fetch considerably more.
3. What are the key date Morgan Silver Dollars? Key dates, which are the most sought-after for collectors due to their low mintages and rarity, include the 1893-S, 1889-CC, 1884-S, 1895 (proof only), and 1903-O. The value of these coins can range from a few thousand dollars to over one hundred thousand dollars depending on their condition.
4. How does the mint mark affect a Morgan Silver Dollar’s value? The mint mark on a Morgan Silver Dollar indicates where the coin was minted: Carson City (CC), Denver (D), New Orleans (O), Philadelphia (no mint mark), and San Francisco (S). Coins minted in Carson City or in San Francisco in certain years tend to be more valuable due to their lower production numbers and historical significance.
5. What is the most valuable Morgan Silver Dollar ever sold? The most valuable Morgan Silver Dollar sold at auction is the 1893-S, considered the rarest in the series, which fetched $550,000 in pristine condition (MS65 grade).
6. Can condition really make a big difference in value? Absolutely. The condition of a Morgan Silver Dollar greatly influences its value. A coin in a higher grade (e.g., MS60 and above) can be worth several times more than one in a lower grade (e.g., G-4 to VG-8). Coins in uncirculated condition with no wear and strong luster are particularly valuable.
7. What should I look for in collecting Morgan Silver Dollars? Collectors should look for coins in the best condition they can afford, focus on rarer dates and mint marks, and consider the historical significance of the mints and years. Completing a collection with a wide range of dates and mints can also be a rewarding challenge.
8. How do I verify the authenticity of a Morgan Silver Dollar? To verify the authenticity of a Morgan Silver Dollar, examine the details and weight of the coin, check for proper alignment of design elements, and look for signs of common counterfeiting like incorrect dimensions or details. Utilizing services from professional grading companies such as PCGS or NGC can also help assure authenticity.
9. Is there a difference in value between circulated and uncirculated Morgan Dollars? Yes, there is a significant difference in value between circulated and uncirculated Morgan Dollars. Uncirculated coins, especially those in high grades, can command very high premiums. Circulated coins are generally valued closer to their silver content, unless they are rare dates or mint marks.
10. Where is the best place to buy or sell Morgan Silver Dollars? The best places to buy or sell Morgan Silver Dollars are reputable coin dealers such as Bullion Shark, coin collecting shows, online auctions, and established numismatic marketplaces. These venues ensure a wide selection and access to knowledgeable sellers who can provide important information about the coins.