The value of a Morgan Dollar coin depends on several key factors:
- Year and Mint Mark: Some years and mints produced fewer coins, making them rarer and more valuable . For example, the 1893-S is considered the rarest Morgan dollar struck for circulation . The 1889-CC is also highly sought after . Coins from the Carson City Mint (CC) are generally more valuable due to lower mintage numbers.
- Condition (Grade): Coins in better condition, or “Mint State,” are significantly more valuable than those showing wear. The Sheldon Scale grades coins from 1 (barely recognizable) to 70 (perfect).
- Rarity: A Morgan dollar is considered scarce if it had a low mintage or if few of them remain today. Factors like melting down coins for their silver content have reduced the numbers of some issues.
- Silver Content: Morgan Silver Dollars minted between 1878 and 1904, and again in 1921, contain 90% silver. They have a base value tied to the current price of silver bullion. As of August 11, 2025, with silver at $38.10 an ounce, the silver melt value of a Morgan dollar is at least $34.77.
- Common dates in average circulated condition are often worth between $20-$30.
- The 1893-S Morgan Dollar , in high-grade examples, can exceed $550,000.
- The 1889-CC Morgan Dollar in pristine, uncirculated condition can yield up to $1,200,000.
- The 1895 Morgan Dollar Proof , with only 880 minted, is considered the “King of the Morgan Dollars”. Top-grade proof coins can sell for upwards of $165,000. Even an impaired Proof in Very Fine-25 is valued at about $50,000, and a Proof-61 is over $65,000.
- The 1884-S Morgan Dollar , despite a high mintage, is rare in high grades due to extensive circulation. High-grade mint state coins can command prices over $100,000.
- The 1893-CC Morgan Dollar , marking the final year of production at the Carson City Mint, can exceed $300,000 in high grades. In Good+ (AG) condition it is offered for 420 USD.
- A 1921 Morgan silver dollar with a date error, graded MS 62 by PCGS, is listed for $20000.
- An 1892-O MORGAN S$1 graded MS66 costs around $27000.
- Circulated Morgan Dollars with no specified grade are available for $33.95.
- Professional Grading: Professional grading services like PCGS and NGC provide authentic assessments of a coin’s condition, which is essential for determining its market value and can significantly impact its price.
- Beware of Fakes: The 1893-S Morgan Dollar is particularly prone to counterfeiting, so obtaining a coin certified by PCGS or NGC is highly recommended.
- Investment Considerations: While the silver content provides a base value, the numismatic value (collector value) often surpasses the melt value, especially for rarer issues and high-grade specimens. Investing in Morgan Dollars can be a way to diversify a portfolio and engage with history.
Note: The current value of a Morgan dollar can fluctuate based on market demand and the price of silver. Consulting a numismatic expert for an accurate appraisal is recommended, especially before selling or making a significant purchase.
How to tell if a Morgan Dollar is valuable?
Today, Morgan Silver Dollars are highly sought after by collectors. Key factors that determine their value include the year of minting, mint mark, condition, and rarity. Some rare examples, especially from the Carson City Mint, can command high prices.