Complete Morgan Silver Dollar Price Guide (1878–1921): Updated Coin Values by Year, Mint Mark & Grade

Morgan Silver Dollar (1878–1921): Complete 2026 Price Guide, Mintage, History and Rare Coin Values

The Morgan Silver Dollar, minted from 1878 to 1904 and again in 1921, remains one of America's most valuable and widely collected historic silver coins. Designed by George T. Morgan, this iconic dollar features Lady Liberty on the obverse and an American eagle on the reverse.

Each Morgan Dollar contains 90% silver and 10% copper, weighs 26.73 grams, and holds approximately 0.7734 troy ounces of pure silver. Coins were produced at Philadelphia, Carson City (CC), New Orleans (O), San Francisco (S), and Denver (D).

Mintage figures significantly influence Morgan Silver Dollar rarity and collector values. The famous 1893-S Morgan Dollar had a limited mintage of just 100,000 coins, making it a major key date. The highly desirable 1889-CC Morgan Dollar recorded 350,000 pieces, while the common 1921 Philadelphia issue reached 44,690,000 coins.

In 2026, Morgan Silver Dollar prices depend on silver market rates, mint marks, rarity, grading condition, and collector demand. Rare dates and certified high-grade specimens can command thousands of dollars.

This comprehensive 2026 Morgan Silver Dollar Value Guide explores year-by-year mintages, historical prices, valuable varieties, rare mint marks, grading classifications, and expert collecting strategies.

List of US Morgan Silver Dollar Price Guide (1878–1921) (2026 Updated)

The Morgan Silver Dollar is one of the most famous and valuable silver coins ever issued by the United States Mint. Named after its designer, George T. Morgan, the series was struck from 1878 to 1904 and once more in 1921. Composed of 90% silver and 10% copper, Morgan Dollars are highly prized for their historic significance, silver content, beautiful design, and investment potential. Coin values vary widely based on date, mint mark, rarity, strike quality, and condition. While common-date Morgan Dollars often sell for well above their silver melt value, key-date coins such as the 1893-S, 1889-CC, and 1895 Proof can be worth tens of thousands or even hundreds of thousands of dollars. The following 2026 updated Morgan Silver Dollar value guide provides estimated year-wise prices for collectors and investors.

US Morgan Silver Dollar Value List (1878–1921)

Morgan Dollar Key Date Price Guide

Most Valuable Morgan Silver Dollars

Morgan Dollar Mint Mark Guide

Morgan Silver Dollars remain among the most actively collected U.S. silver coins in 2026. Their combination of precious metal content, historical importance, and scarcity makes them a favorite among both collectors and investors. Common-date coins are affordable entry-level collectibles, while rare Carson City, San Francisco, and key Philadelphia issues continue to achieve record prices at major coin auctions. For serious collectors, completing a Morgan Dollar set remains one of the most rewarding goals in American numismatics.

📜 History of the U.S. Morgan Silver Dollar Coin: Mintage, Design and Facts

The Morgan Silver Dollar is one of the most famous and widely collected coins in United States numismatic history. First issued in 1878, the coin represents an important period of American economic growth, western expansion, silver mining and industrial development. Designed by George T. Morgan, the series was produced from 1878 through 1904 and returned for one final large-scale production year in 1921.

Morgan Silver Dollar Specifications

Origin of the Morgan Silver Dollar

The Morgan Dollar emerged after the Bland-Allison Act of 1878, which required the U.S. government to purchase significant quantities of silver and convert part of that supply into silver dollars. The legislation helped revive silver-dollar production after several years in which the denomination had not been produced for normal domestic circulation.

George T. Morgan, an assistant engraver at the United States Mint who later became Chief Engraver, created the new design.

The obverse features a left-facing portrait of Liberty, surrounded by 13 stars, the inscription “E PLURIBUS UNUM,” and the date. The reverse shows an American eagle with outstretched wings holding arrows and an olive branch, surrounded by a wreath.

Morgan Dollar Mintage

Approximately 656.9 million circulation-strike Morgan Dollars were produced during the original 1878–1904 and 1921 series.

Estimated production by mint was:

The numbers do not mean that all of these coins survive today. Millions of silver dollars were later melted, making surviving populations much smaller for certain dates and varieties.

Among the best-known low-mintage issues is the 1893-S Morgan Dollar, with only 100,000 coins minted. Other notable low-production issues include the 1894 Philadelphia Morgan Dollar at 110,000 coins, the 1885-CC at 228,000 and the 1893 Philadelphia issue at 378,000.

The 1895 Philadelphia Morgan Dollar is especially unusual because no regular circulation mintage is recognized; only 880 Proof coins were produced.

The Final 1921 Morgan Dollar

Morgan Dollar production originally ended in 1904. However, the coin returned in 1921, when enormous quantities were struck at Philadelphia, San Francisco and, for the first time, Denver.

Philadelphia produced 44,690,000, San Francisco struck 21,695,000, and Denver produced 20,345,000 Morgan Dollars in 1921.

Later that year, the Morgan design was replaced by the Peace Silver Dollar.

Why Morgan Silver Dollars Are Collectible

Morgan Dollars remain popular because they combine substantial silver content, American history, attractive designs and numerous collectible dates, mint marks and varieties. Common circulated coins may primarily attract collectors for their silver and historical appeal, while scarce dates and high-grade examples can command much higher prices.

Carson City Morgan Dollars are particularly popular because of their association with western silver mining and comparatively limited production.

More than a century after the original series ended, the U.S. Morgan Silver Dollar remains an important symbol of nineteenth-century American coinage and one of the cornerstone series of U.S. coin collecting.

🧾 Full List of Morgan Silver Dollar Coins with Value by Year and Mint (2025 Pricing)

Below is the updated Morgan Silver Dollar price chart based on current coin market values in 2025. Prices vary depending on grade — circulated vs. uncirculated (Mint State).

🔹 1878 Morgan Silver Dollar Value

🔹 1889 Morgan Silver Dollar Value (Key Date Alert)

🔹 1893-S Morgan Dollar (Rarest of the Series)

🔹 Other Valuable Morgan Silver Dollar Years

🏛️ Morgan Dollar Mint Marks Explained

📈 Morgan Dollar Grading and Price Comparison Chart

🧠 How to Authenticate a Real Morgan Silver Dollar

Due to rising prices, counterfeit Morgan Dollars are common. Use the following to verify authenticity:

• Check weight (26.73g exactly)

• No magnetic attraction

• Detailed relief and sharp edges

• Seek professional grading from PCGS or NGC

💼 Investment Potential of Morgan Dollars in 2025

• Strong collector demand

• Backed by silver content

• Limited supply of high-grade coins

• Rare mint marks (CC, 1893-S) outperform gold coins in returns

Pro Tip: Buy MS63+ graded coins from trusted dealers with authentication. Rare coins like 1895 Proof or 1889-CC have skyrocketed in value over the past decade.

🛒 Where to Buy and Sell Morgan Silver Dollars

📦 Proper Storage Tips for Morgan Silver Dollars

• Use airtight holders or slabs

• Store in cool, dry environments

• Avoid touching coin surfaces

• Never clean or polish coins — it reduces value

📚 Top 10 Most Valuable Morgan Silver Dollars (2025 Edition)

❓ Frequently Asked Questions (FAQs)

Q: How much is a 1921 Morgan Dollar worth in 2025?
A: Typically $30–$60 in circulated condition, up to $300+ in MS65.

Q: What is the most expensive Morgan Silver Dollar?
A: The 1893-S in MS65 can sell for over $300,000.

Q: How can I know my coin’s grade?
A: Submit to PCGS or NGC for professional grading, or use visual grading guides.

Q: Is it worth collecting Morgan Dollars?
A: Yes! They’re among the most traded and appreciated coins in U.S. numismatics.

✅ Final Thoughts

The Morgan Silver Dollar coin series remains one of the most important, valuable, and historically significant coin collections in the world. With the current silver market rising and collector demand at a peak, now is an excellent time to review, collect, invest in, or even sell Morgan Dollars.

Whether you’re a beginner learning coin values or a seasoned investor seeking rare pieces, this 2025 Morgan Silver Dollar Value Guide offers everything you need to make informed decisions in the world of numismatics.

List of Frequently Asked Questions About Morgan Silver Dollar Price Guide (1878–1921)

The Morgan Silver Dollar is one of the most iconic and widely collected coins in American numismatic history. Minted from 1878 to 1904, and again in 1921, the Morgan Dollar represents a transformative era in U.S. economic, political, and monetary history.

Named after its designer George T. Morgan, this silver dollar is prized for its large size, classic design, silver content, and wide variety of dates and mint marks. This FAQ-style Morgan Silver Dollar Price Guide answers the most common questions collectors ask about values, rarity, grading, mint marks, and investment potential.

Frequently Asked Questions About Morgan Silver Dollar Price Guide (1878–1921)

1. What is a Morgan Silver Dollar?

A Morgan Silver Dollar is a U.S. silver coin minted between 1878 and 1921, composed of 90% silver and 10% copper, with a total weight of 26.73 grams. It has a diameter of 38.1 mm, making it one of the largest U.S. circulation coins.

2. Why is the Morgan Silver Dollar so popular?

Morgan Dollars are popular because of their:

• High silver content

• Classic and detailed design

• Numerous date and mint mark varieties

• Historical significance

• Strong collector and investor demand

They appeal to both beginner and advanced collectors.

3. Who designed the Morgan Silver Dollar?

The coin was designed by George T. Morgan, an English engraver hired by the U.S. Mint. The obverse features Lady Liberty modeled after Anna Willess Williams, while the reverse depicts a heraldic eagle.

4. When were Morgan Silver Dollars minted?

Morgan Silver Dollars were minted during two periods:

• 1878–1904 (regular production)

• 1921 (final year, one-year revival)

The 1921 Morgan Dollars were produced in large quantities but differ slightly in strike quality.

5. Why was Morgan Dollar production stopped in 1904?

Production stopped due to the depletion of silver reserves required under the Bland–Allison Act. Coinage resumed briefly in 1921 under the Pittman Act, which mandated melting and re-coining silver dollars.

6. What mint marks appear on Morgan Silver Dollars?

Morgan Silver Dollars were struck at five U.S. Mints:

• P – Philadelphia (no mint mark)

• S – San Francisco

• O – New Orleans

• CC – Carson City

• D – Denver (1921 only)

Mint marks appear on the reverse below the wreath.

7. Which Morgan Silver Dollar mint marks are most valuable?

Generally, Carson City (CC) mint marks are the most valuable due to low mintages and historical appeal. Some New Orleans (O) and San Francisco (S) issues are also highly valuable.

8. How much silver is in a Morgan Silver Dollar?

Each Morgan Silver Dollar contains:

• 0.77344 troy ounces of pure silver

This gives it strong intrinsic value tied to silver prices.

9. What is the melt value of a Morgan Silver Dollar?

Melt value fluctuates with silver prices. As a general guide:

• When silver is $25/oz → Melt value ≈ $19–$20

• When silver is $30/oz → Melt value ≈ $23

Numismatic value often exceeds melt value significantly.

10. What is the average value of a Morgan Silver Dollar?

Approximate values (2025 market estimates):

• Common circulated coins: $30–$50

• Uncirculated examples: $60–$200

• Key dates & rare coins: $1,000 to $100,000+

Condition and mint mark are critical.

11. What are key date Morgan Silver Dollars?

Key dates are coins with low mintages or high demand. Famous key dates include:

• 1893-S

• 1889-CC

• 1895 (Proof only)

• 1878-CC

• 1892-S

These coins are highly sought after.

12. Why is the 1893-S Morgan Dollar so valuable?

The 1893-S Morgan Dollar has a low mintage and extremely low survival rate in high grades. Even worn examples can sell for $3,000–$5,000, while mint-state examples can exceed $300,000.

13. What is the rarest Morgan Silver Dollar?

The rarest regular-issue Morgan Dollar is generally considered the 1895 Proof, often called the “King of the Morgans.” Only 880 proofs were minted.

14. Are all Morgan Silver Dollars valuable?

Not all are rare, but almost all have value above face value due to silver content. Even common-date coins are collectible and trade at premiums over melt value.

15. How does condition affect Morgan Dollar value?

Condition has a massive impact:

• Good (G–VG): Minimal detail, lower value

• Fine–Very Fine (F–VF): Moderate wear

• Extremely Fine (XF): Sharp details

• About Uncirculated (AU): Light wear

• Mint State (MS60–MS70): No wear

Mint State coins can be worth many times more than circulated ones.

16. What does “Mint State” mean?

Mint State (MS) means the coin has never been circulated and shows no wear, only mint-related marks. MS63–MS65 are the most commonly collected grades.

17. What is the difference between Proof and business strike Morgan Dollars?

• Business strike: Regular circulation coins

• Proof: Specially struck for collectors with mirror-like fields

Proof Morgan Dollars are rarer and more valuable.

18. Are Morgan Silver Dollars graded?

Yes. High-value Morgan Dollars are often graded by:

• PCGS (Professional Coin Grading Service)

• NGC (Numismatic Guaranty Company)

Certified coins offer authenticity and market confidence.

19. Should I buy graded Morgan Silver Dollars?

For rare or expensive coins, grading is highly recommended. For common dates, raw coins may be sufficient.

20. What are Morgan Dollar varieties?

Popular varieties include:

• 1878 8 Tail Feathers vs 7 Tail Feathers

• Overdates

• Doubled dies

• VAM varieties (Van Allen–Mallis)

Some varieties command large premiums.

21. What are VAM Morgan Dollars?

VAMs are die varieties cataloged by Van Allen and Mallis. Some VAMs are extremely rare and collectible, especially in early years.

22. Where were Morgan Silver Dollars circulated?

Although intended for circulation, many were stored in Treasury vaults and released decades later. Western states saw more circulation than eastern regions.

23. What happened to millions of Morgan Dollars?

Under the Pittman Act of 1918, over 270 million silver dollars were melted, drastically reducing surviving populations.

24. Are 1921 Morgan Dollars different?

Yes. 1921 Morgans often have weaker strikes due to hurried production and different minting conditions. They are more common but still collectible.

25. Are Morgan Silver Dollars a good investment?

They can be, especially:

• Key dates

• High-grade coins

• Carson City issues

• Proof examples

However, collectors should prioritize education over speculation.

26. How should Morgan Silver Dollars be stored?

Proper storage includes:

• Airtight coin holders

• Certified slabs

• Dry, temperature-stable environments

• Minimal handling

Never clean a Morgan Dollar.

27. Where can I buy Morgan Silver Dollars?

Reliable sources include:

• Reputable coin dealers

• Coin shows

• Major auction houses

• Certified online platforms

Avoid unknown sellers offering “too good to be true” deals.

28. How can I tell if a Morgan Dollar is fake?

Watch for:

• Incorrect weight

• Weak details

• Magnetic response

• Wrong font or mint mark style

Authentication by PCGS or NGC is safest.

29. What is the future outlook for Morgan Silver Dollars?

Demand remains strong due to:

• Silver value

• Collector nostalgia

• Historical importance

Morgan Dollars continue to be one of the most liquid U.S. coin series.

30. Why are Morgan Silver Dollars important in U.S. history?

They reflect America’s transition into an industrial power, debates over silver vs gold, and the economic forces of the late 19th and early 20th centuries.

Conclusion

The Morgan Silver Dollar (1878–1921) remains a cornerstone of American numismatics. Whether you’re drawn to its silver content, iconic design, or historical legacy, understanding values, mint marks, and rarity is essential.

This Morgan Silver Dollar price guide FAQ provides collectors with the knowledge needed to buy, sell, preserve, and appreciate one of America’s greatest coins.

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