Summary:
How much is a Morgan Silver Dollar Worth today? Explore year-by-year values, current market trends and learn what factors affect demand and pricing.
The Morgan Silver Dollar, minted from 1878 to 1904 and again in 1921, remains one of the most iconic and collectable coins in American numismatics. Its value varies significantly based on year, mint mark, condition, and rarity.
However, how much is a Morgan Silver Dollar worth today? This comprehensive guide provides current valuations to help collectors and investors understand the worth of these historic coins.
1. Silver Content and Melt Value
Each Morgan Silver Dollar contains 0.7734 troy ounces of pure silver. With silver prices fluctuating between $23 and $30 per ounce in early 2025, the melt value ranges from approximately $18 to $23 per coin. However, most Morgan Dollars are worth more than their melt value because of their numismatic appeal.
2. Numismatic Value
Beyond melt value, factors such as rarity, demand, historical significance, and condition (grade) contribute to a coin's numismatic value. Coins in better condition or with lower mintage numbers typically command higher prices.
Key Factors Influencing Value
1. Mint Marks
Morgan Dollars were minted at several U.S. Mint facilities, each denoted by a mint mark:
CC: Carson City
O: New Orleans
S: San Francisco
D: Denver (1921 only)
No Mint Mark: Philadelphia
Coins from the Carson City Mint (CC) are particularly sought after due to their lower mintage numbers. For example, the 1889-CC Morgan Dollar is a key rarity, with values reaching into the five-figure range in uncirculated conditions.
2. Condition (Grade)
The condition of a coin significantly affects its value. Coins are graded from 1 (Poor) to 70 (Perfect Uncirculated). Higher-grade coins, especially those graded MS65 and above, can command substantial premiums.
3. Rarity and Demand
Specific years and mint mark combinations had low production numbers, making them rarer and more valuable. Additionally, collector demand can increase prices for these coins, especially those with historical significance or unique features.
Below is an overview of Morgan Silver Dollar values by year, considering average prices for coins in circulated and uncirculated conditions. Please note that values can vary based on specific mint marks and coin grades.
| Year | Average Circulated Value | Average Uncirculated Value | Notable Mint Marks |
|---|---|---|---|
| 1878 | $35–$60 | $65–$120 | CC, S |
| 1879 | $35–$70 | $70–$130 | CC, S |
| 1880 | $40–$75 | $80–$150 | CC, S |
| 1881 | $35–$65 | $70–$140 | CC, S |
| 1882 | $35–$60 | $65–$130 | CC, S |
| 1883 | $35–$55 | $60–$120 | CC, S |
| 1884 | $35–$55 | $60–$110 | CC, S |
| 1885 | $35–$60 | $65–$120 | CC, S |
| 1886 | $35–$50 | $60–$100 | O |
| 1887 | $35–$50 | $60–$100 | O |
| 1888 | $35–$55 | $60–$110 | O |
| 1889 | $40–$65 | $70–$130 | CC, S |
| 1890 | $40–$70 | $80–$140 | CC, O |
| 1891 | $40–$65 | $75–$130 | CC, O |
| 1892 | $45–$80 | $85–$150 | CC, O |
| 1893 | $50–$100 | $100–$200 | CC, S |
| 1894 | $60–$120 | $120–$250 | O, S |
| 1895 | $500–$1,000+ (Proof only) | N/A | O, S |
| 1896 | $35–$60 | $65–$120 | O |
| 1897 | $35–$60 | $65–$120 | O |
| 1898 | $35–$55 | $60–$110 | O |
| 1899 | $40–$65 | $70–$130 | O |
| 1900 | $35–$55 | $60–$110 | O |
| 1901 | $45–$80 | $85–$160 | O |
| 1902 | $40–$70 | $80–$150 | O |
| 1903 | $45–$75 | $85–$160 | O |
| 1904 | $40–$70 | $80–$150 | O |
| 1921 | $30–$50 | $60–$100 | D, S |
In 2025, the silver market has experienced notable fluctuations, with prices hovering between $23 and $30 per ounce. This volatility impacts the melt value of Morgan Dollars but has a lesser effect on coins with significant numismatic value.
Additionally, the U.S. Mint has continued to produce modern Morgan Silver Dollars, with the 2025 uncirculated coin priced at approximately $91. While not as valuable as vintage coins, these modern issues have garnered interest among collectors.
Most Valuable Morgan Silver Dollars (2025)
Some Morgan Silver Dollars are particularly valuable due to their rarity and demand:
1893-S: Considered the rarest Morgan Dollar in circulation, with high-grade examples fetching over $1 million.
1889-CC: A key rarity from the Carson City Mint, with values reaching into the five-figure range in uncirculated conditions.
1895: Known as the "King of Morgan Dollars," only proof versions were minted, making it highly sought after.
Investing in Morgan Silver Dollars
When considering investment in Morgan Silver Dollars:
Research: Understand the factors that affect coin value, including rarity and condition.
Authentication: Ensure coins are authenticated and graded by reputable services like PCGS or NGC.
Market Trends: Stay informed about silver prices and collector demand, which can influence coin values.
In conclusion, Morgan Silver Dollars remain popular for collectors and investors in 2025, with values influenced by silver content, rarity, condition, and collector demand.
Whether you're a seasoned numismatist or a new collector, understanding these factors is crucial in assessing the worth of your Morgan Dollars in today's market.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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