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Morgan Dollar

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1896 Morgan Silver Dollar, Obverse
1896 Morgan Silver Dollar, Reverse
Price Guide
Specifications
Designer George T. Morgan
Obverse Lady Liberty
Reverse Eagle holding arrows and olive branch
Edge Reeded
Weight 26.73 grams
Diameter 38.1 millimeters
Composition Silver (90%), Copper (10%)
Dates 1878 - 1921

The Morgan Dollar was struck from 1878 to 1921– or a more accurate picture would be, struck from 1878 to 1904, then resurrected for one more comeback in 1921 before passing into history.

Specifications

  • Designer: George T. Morgan
  • Obverse Design: Lady Liberty
  • Reverse Design: Eagle holding arrows and olive branch
  • Edge: Reeded
  • Weight: 26.73 grams
  • Diameter: 38.1 millimeters
  • Composition: Silver (90%), Copper (10%)

Background

Is there any collector of U.S. coins that DOESN’T want at least one Morgan dollar in their collection? Even if your specialty is Indian cents or Buffalo nickels, chances are you still made a place in your collection for a Morgan silver dollar. Let’s face it, the Morgan dollar is the very symbol of U.S. coin collecting. It is THE “Cover Girl” of books and magazines about United States coins.

The Morgan dollar is a big silver coin– in fact, the BIGGEST U.S. coin (along with other types of U.S. silver dollars of course) you’re likely to own. The Morgan dollar has an absolutely beautiful classic design (some consider it to be one of the top two or three most beautiful of all U.S. coins). And, the Morgan dollar circulated, for the most part, during the 1800's. In fact, you could say the Morgan dollar is a coin of the “Old West,” as they were around during the tumultuous years of 1878 to 1890 when such outlaws as Butch Cassidy, Black Bart, and Billy the Kid were running amok; there were silver strikes out in the Sierra Nevada, and horrific battles between the U.S. Calvary and the Indians out West.

There’s another reason why Morgan dollars are so popular with collectors, beside the fact that these are big, beautiful silver coins with a lot of history behind them. They are readily available at ridiculously low prices. Still! Get this: you can purchase an 1880 Morgan dollar in Fine condition for around $15-$18! But it gets better. Surely a mint state 1880 Morgan silver dollar – a huge silver coin with 126 years of history behind it– will cost a few hundred dollars! Wrong. An uncirculated 1880 Morgan dollar, as of this writing, retails only $35! Granted, that’s for a BASIC mint-state coin (as opposed to nearly perfect and without flaws) but an uncirculated 1880 silver dollar nonetheless!

In other words, you get a lot of coin for your money. In fact, virtually all the dates in the Morgan dollar series can be purchased for roughly those amounts– only the dates of 1893 and 1895 would be exceptions. The caveat here would be, almost all dates are easily affordable, but not all date and mint combinations are easily affordable. For example, an 1889 Morgan dollar struck at the Philadelphia Mint should only set you back $20 in Very Fine condition. An 1889 Morgan dollar struck at the Carson City Mint, on the other hand, will set you back $2,000 in the same condition!

As I’ve said before, Morgan dollars are readily available on the coin market. Look through any coin magazine and you’ll see ad after ad where MANY Morgan dollars are up for sale. The truth is, millions upon millions of Morgan silver dollars were struck. And even though millions have been melted over the years, millions still survive. One reason for this is simple: you don’t easily lose a big silver dollar like you would a penny, dime or nickel. These big silver coins tend to be saved– at least those that escape the melting pot. But another reason for the high survival rate is that these coins, simply, did not circulate that much. Sure they saw some use– they were surely popular in the gambling houses of the old West– but people of 100 years ago are much like people today: they don’t like to carry around big heavy coins. Consequently, bags and bags of newly-struck Morgan silver dollars never saw circulation. They languished in bank vaults, only to be released gradually over the years.

Video

History

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Morgan dollars were struck in a variety of U.S. mints. They were struck in Philadelphia (no mintmark), New Orleans (O mintmark), San Francisco (S mintmark), and Carson City (CC mintmark). The Carson City Morgan dollars have exploded in popularity in the last few years. Perhaps online coin chatter has enlightened collectors as to the fascinating old West history associated with the Carson City dollars. It’s easy to imagine such silver dollars circulating on the streets of the Sierra Nevada haven of Carson City, as well as on the streets of nearby Virginia City, “Las Vegas of the 1800's.” In fact, the Carson City Morgan dollars are the only Morgan dollars where every coin from that particular mint is an in-demand coin!

After the demise of the Morgan dollar in 1921, many people held onto their Morgan dollars as souvenirs. It wasn’t until the 1960's that Morgan dollars really got promoted as collectibles, but even then, they could be purchased for just a little over face value, so many were available. Morgan dollars received another huge boost in popularity around 1980, when an investment team tried to corner the market on silver, and silver shot up to $50 an ounce! Prices for even common Morgan dollars skyrocketed, but gradually came way down as the 80's progressed.

Today, Morgan dollars are still popular as an investment coin, but don’t look to get rich on the common dates (like our proverbial 1880-P dollar) or common conditions. Knowledgeable Morgan dollar collectors are seeking the scarce date/mintmark combinations. Such would be the 1889-CC, 1893-S, 1894-P, any 1895-dated dollar, and the 1903-O, to name a few. But if these rare dates aren’t available, a lot of collectors seek out Morgan dollars in uncommonly nice condition. They don’t want just basic “mint-state” (MS60-63) Morgan dollars– those are common. What they seek out are a the REALLY high mint-state dollars, (MS64 or higher). Even more desired are Morgan dollars with “proof-like” (almost a mirror type finish) dollars or dollars with beautiful natural toning– orange, red, green, purple. These are what as known as Morgan dollars with killer “eye appeal.”

The Morgan dollar was succeeded in 1921 by the Peace dollar. The Peace dollar, struck 1921 to 1935, is also a beautiful silver dollar, but many consider it to be less beautiful than the Morgan dollar. What’s more, the Peace dollar’s low-relief design is not nearly as eye-catching as the Morgan dollar’s bold-relief design. So after seeing dollar coins like the Peace dollar, followed by the even much less impressive Eisenhower dollar (clad, not silver), the Susan B. Anthony dollar and the Sacagawea dollar, the collector community appreciates the Morgan dollar now more than ever.

Price Guide

Year Morgan Dollars G4 VG8 F12 VF20 XF40 AU50 AU53 AU55 AU58 MS60 MS61 MS62 MS63 MS64 MS65 MS66 MS67 MS68 MS69 MS70
1878 1878 (8TF) 15 19 21 23 26 43 44 46 59 103 135 150 178 378 1,520 10k 60k $ $ $
1878 (7TF) 23 24 25 26 27 34 36 37 41 63 71 85 113 292 1,230 6,580 22k $ $ $
1878-CC 68 83 89 95 102 115 129 136 148 202 224 265 365 580 1,800 4,130 31k $ $ $
1878-S 15 18 18 20 21 22 24 29 30 49 54 59 68 108 290 890 8k 26k $ $
1879 1879 16 17 18 20 21 22 23 24 25 33 36 40 55 138 920 2,870 36k $ $ $
1879-CC 126 162 189 315 680 1,650 1,790 2,100 2,330 3,670 4,170 5,220 7k 10k 27k 58k $ $ $ $
1879-O 16 17 18 20 21 22 29 32 38 72 76 116 168 550 3,520 17k $ $ $ $
1879-S 16 17 18 20 21 22 23 24 25 34 36 40 46 60 165 310 950 5,000 $ $
1880 1880 16 17 18 20 21 22 23 24 25 34 36 40 55 145 750 3,190 17k $ $ $
1880-CC 111 148 192 222 269 282 296 305 329 515 535 546 600 700 1,500 2,850 22k $ $ $
1880-O 16 17 18 20 21 22 23 24 37 56 84 150 390 1,930 29k 68k $ $ $ $
1880-S 16 17 18 20 21 22 23 24 26 35 36 40 47 61 165 300 920 4,810 34k $
1881 1881 16 17 18 20 21 22 23 24 26 35 36 40 56 135 700 3,580 17k $ $ $
1881-CC 230 328 360 380 415 420 424 440 469 495 520 530 540 650 1,200 1,520 5,010 33k $ $
1881-O 16 17 18 20 21 21 23 24 26 35 36 42 58 180 1,570 18k $ $ $ $
1881-S 16 17 18 20 21 22 23 24 26 35 36 40 47 60 165 300 950 40k $ $
1882 1882 16 17 18 20 21 22 23 24 26 35 36 42 49 73 560 1,950 21k $ $ $
1882-CC 74 85 96 100 103 105 107 115 128 211 205 210 235 280 560 1,450 7k 45k $ $
1882-O 16 17 18 20 21 22 23 24 27 35 37 40 50 93 1,300 6,550 19k 58k $ $
1882-S 16 17 18 20 21 22 23 24 26 35 36 40 49 62 190 355 1,040 5,100 $ $
1883 1883 16 17 18 20 21 22 23 24 25 34 36 38 53 70 260 680 2,470 16k $ $
1883-CC 69 85 92 99 107 108 110 113 117 205 204 210 214 244 510 1,000 4,000 29k $ $
1883-O 16 17 18 20 21 22 23 24 27 35 36 40 46 65 195 480 4,580 $ $ $
1883-S 17 18 20 21 32 118 134 184 310 486 730 1,290 2,470 5,200 48k 91k 183k $ $ $
1884 1884 16 17 18 20 21 22 23 24 26 35 40 45 50 70 315 839 5,200 $ $ $
1884-CC 72 86 94 105 114 133 144 153 164 205 204 220 215 250 550 981 4,500 41k $ $
1884-O 16 17 18 20 21 22 23 24 26 35 36 38 46 62 180 455 3,200 14k $ $
1884-S 17 18 21 29 55 257 328 562 1,390 5,545 8k 15k 47k 137k 263k 406k 470k 939k $ $
1885 1885 16 17 18 20 21 22 23 24 26 35 36 40 55 68 250 500 1,500 16k $ $
1885-CC 299 413 453 492 518 537 574 578 597 629 635 660 670 740 1,300 2,300 9k 41k $ $
1885-O 16 17 18 20 21 22 23 24 26 35 37 40 47 65 165 415 1,680 7k $ $
1885-S 17 22 27 39 64 112 131 146 173 204 225 246 290 750 2,000 6k 31k $ $ $
1886 1886 16 17 18 20 21 22 23 24 26 35 38 40 46 65 170 400 1,400 12k $ $
1886-O 17 18 20 21 23 68 86 165 232 615 950 1,450 3,800 11k 206k 532k $ $ $ $
1886-S 29 41 54 75 90 131 139 152 206 276 300 370 480 800 3,150 8k 29k $ $ $
1887 1887 16 17 18 20 21 22 23 24 26 35 38 40 47 60 163 400 1,680 27k $ $
1887-O 17 17 18 20 22 23 24 25 29 48 56 75 110 475 2,400 37k $ $ $ $
1887-S 17 18 20 21 22 39 42 44 65 105 136 162 250 750 3k 10k $ $ $ $
1888 1888 16 17 18 20 21 22 23 24 26 35 38 42 55 65 206 700 8k $ $ $
1888-O 16 17 18 20 21 22 23 24 26 35 38 40 50 77 525 2,100 12k $ $ $
1888-S 77 104 155 172 188 200 214 225 247 276 290 345 420 890 3k 11k 35k $ $ $
1889 1889 16 17 18 20 21 22 23 24 26 35 38 45 55 66 375 1,450 11k 35k $ $
1889-CC 518 630 890 1,480 2,782 5,379 6,460 7k 13k 21k 23k 31k 37k 60k 344k 505k 537k 625k $ $
1889-O 17 18 20 21 23 30 38 44 62 136 165 200 400 850 6k 20k $ $ $ $
1889-S 29 36 52 64 74 109 111 121 151 202 230 264 344 630 2,130 5k 30k $ $ $
1890 1890 17 18 20 21 21 23 24 25 28 34 37 42 58 150 2,750 18k $ $ $ $
1890-CC 74 86 93 106 150 199 219 236 292 398 470 600 865 1,630 6k 24k 40k $ $ $
1890-O 17 18 19 21 21 23 25 28 34 58 65 78 110 310 1,780 9k $ $ $ $
1890-S 17 18 20 21 22 24 26 29 38 56 60 74 105 288 1,100 3,450 9k $ $ $
1891 1891 17 18 19 21 22 25 29 31 39 54 64 95 175 680 9k 18k 56k $ $ $
1891-CC 69 84 94 101 135 172 185 198 207 336 415 500 700 1,300 4,350 12k 53k $ $ $
1891-O 17 18 20 21 22 35 38 46 71 137 140 190 350 900 9k 42k $ $ $ $
1891-S 17 18 20 21 23 24 26 32 43 59 70 85 125 290 1,550 4k 14k $ $ $
1892 1892 17 18 20 21 33 66 72 82 98 156 180 255 425 1,000 5k 29k $ $ $ $
1892-CC 127 168 210 282 492 712 740 838 954 1,410 1,500 1,550 1,890 2,970 10k 30k 75k $ $ $
1892-O 17 18 20 20 31 61 66 84 96 168 185 280 315 900 7k 53k $ $ $ $
1892-S 20 23 35 110 360 1,500 1,795 3,620 11k 36k 41k 53k 74k 103k 188k 300k 437k 550k $ $
1893 1893 173 204 216 228 278 322 389 416 484 725 780 875 1,250 2,250 8k 57k $ $ $ $
1893-CC 196 252 324 630 1,360 1,920 2,250 2,410 2,935 3,760 4,000 5k 6k 12k 74k 101k 188k $ $ $
1893-O 150 180 222 336 552 860 930 1,030 1,310 1,960 2,530 3,500 7k 19k 200k 288k $ $ $ $
1893-S 2,620 3,510 4,440 6k 10k 19k 24k 27k 46k 84k 87k 112k 169k 306k 625k 781k 1,150k $ $ $
1894 1894 830 1,180 1,350 1,500 1,740 2,200 2,480 2,930 3,040 3,690 4,000 4,580 6k 10k 50k 78k 100k $ $ $
1894-O 35 47 51 55 106 240 286 322 385 660 1000 1,850 4,130 9k 64k 101k 156l $ $ $
1894-S 41 53 62 93 132 380 450 480 510 620 750 800 1,170 1,900 7k 16k 40k $ $ $
1895 1895-O 230 293 360 525 690 1,250 1,380 1,750 3,880 17k 22k 39k 56k 84k 187k 450k 663k $ $ $
1895-S 322 403 480 570 1,010 1,790 1,910 2,230 3,000 3,600 4,220 5,100 6,450 9k 26k 102 $ $ $ $
1896 1896 16 17 18 20 21 22 23 24 26 35 36 40 50 70 190 590 6k $ $ $
1896-O 17 18 20 23 32 140 170 205 430 1,270 1,750 3,030 7k 43k 181k 469k $ $ $ $
1896-S 18 21 33 61 240 770 810 860 1,000 1,490 2,000 2,480 3,550 5,700 21k 88k 150k $ 500k $
1897 1897 16 17 18 20 21 22 23 24 26 35 36 40 55 68 365 1,200 8,600 $ $ $
1897-O 17 17 18 21 30 85 132 175 290 730 950 1,670 4,600 16k 61k 119k 150k $ $ $
1897-S 17 18 20 21 22 24 26 29 34 55 65 74 106 163 660 1,280 5,560 26k $ $
1898 1898 16 17 18 20 21 22 23 24 26 35 36 40 49 67 238 770 6k $ $ $
1898-O 16 17 18 20 21 22 23 24 26 35 36 38 49 67 200 390 1,680 31k $ $
1898-S 17 18 23 32 53 88 92 96 145 240 270 335 463 730 2,300 5,450 29k $ $ $
1899 1899 104 144 161 178 201 210 225 230 262 285 288 300 325 420 1,050 2,450 9k $ $ $
1899-O 16 17 18 20 21 22 23 24 26 35 36 39 49 65 200 415 2,350 25k $ $
1899-S 18 20 24 35 58 104 130 146 220 310 320 350 432 765 1,800 3,400 17k $ $ $
1900 1900 16 17 18 20 21 22 23 24 26 35 36 38 48 66 200 710 8k $ $ $
1900-O 16 17 18 20 21 22 23 24 27 35 36 38 50 65 205 630 4,800 $ $ $
1900-S 17 18 20 22 33 68 72 85 160 300 300 330 400 650 1,550 4,300 18k $ $ $
1901 1901 18 26 33 52 108 270 350 470 950 2,180 2,970 6,500 14k 59k 325k 455k $ $ $ $
1901-O 17 18 19 20 22 23 24 25 27 35 36 40 50 70 206 850 13k $ $ $
1901-S 18 20 23 32 58 195 210 234 275 460 510 550 750 1,100 3,950 14k 39k $ $ $
1902 1902 17 18 19 21 23 24 25 28 35 47 50 61 96 150 463 1,030 7k $ $ $
1902-O 16 17 18 20 21 22 23 24 26 35 36 38 48 65 195 650 8k $ $ $
1902-S 40 55 78 150 200 250 270 310 325 370 420 450 600 1,000 3,000 9k 18k $ $ $
1903 1903 25 36 40 44 49 53 55 58 62 68 70 73 84 104 300 575 3,090 10k $ $
1903-O 253 288 307 336 350 365 374 385 400 410 410 420 450 500 800 1,000 4,550 $ $ $
1903-S 52 74 98 196 408 1,620 1,930 2,040 2,680 3,680 4,050 4,740 7k 8k 13k 17k 44k $ $ $
1904 1904 17 18 21 23 24 31 38 40 49 75 120 150 275 800 3,750 10k $ $ $ $
1904-O 16 17 18 20 21 23 24 25 29 35 36 40 46 60 175 425 4,100 $ $ $
1904-S 24 33 44 74 240 530 600 720 910 1,180 1,650 2,040 4,400 5,800 11k 25k 47k $ $ $
1921 1921 14 14 14 15 16 16 16 17 18 24 25 28 32 43 155 940 13k $ $ $
1921-D 14 14 14 15 16 17 17 19 25 39 41 44 65 144 394 1,310 10k $ $ $
1921-S 14 14 14 15 16 17 18 20 23 35 40 45 70 155 1,060 9k 25k $ $ $

Mints

Grading

External Links

  • Amazon.com A Guide Book Of U.S. Morgan Silver Dollars: A Complete History and Price Guide
  • The Coin Site 1878-1921 Silver Dollar Morgan
  • Amazon.com A Comprehensive Catalog & Encyclopedia of Morgan & Peace Dollars
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