How Much Is a Morgan Silver Dollar Worth? | Haven Coin

What Is a Morgan Silver Dollar?

A Morgan silver dollar is a U.S. silver coin struck between 1878 and 1904, and again briefly in 1921. It's named after its designer, George T. Morgan, a U.S. Mint engraver. The obverse (front) shows a profile of Lady Liberty wearing a cap decorated with wheat and cotton, symbols of American agriculture. The reverse shows a bald eagle with outstretched wings, holding an olive branch and arrows, surrounded by a wreath.

Morgan dollars were struck at several U.S. Mint facilities, including Philadelphia, New Orleans, San Francisco, Carson City, and Denver, which is part of why the same date can have several different versions worth very different amounts. They were originally minted in huge quantities largely because of a 19th-century law requiring the government to purchase silver from mining in the west, which is why so many survive today in relatively good condition. For a beginner sorting through an inherited coin jar, Morgan dollars are generally the most recognizable and most valuable coins in the mix.

When Were Morgan Dollars Made?

Morgan dollars were minted continuously from 1878 through 1904, then production stopped for 17 years. The series resumed for one final year in 1921, using leftover dies before the design was replaced by the Peace dollar later that same year.

Understanding the date range matters because it immediately tells you what you're looking at. A coin dated 1878–1904 falls within the main run of the series and could theoretically be any of dozens of date-and-mintmark combinations, some very rare. A coin dated 1921 is almost certainly one of the more affordable, widely available issues, since so many were struck in that single year.

How Much Silver Is in a Morgan Dollar?

Every Morgan dollar is struck from 90% silver and 10% copper. Each coin contains 0.77344 troy ounces of pure silver. This silver content is identical across every date and mint mark in the series .

This silver content is the foundation of a Morgan dollar's melt value, the coin's worth based purely on the silver it contains, ignoring any collector premium. Because the silver content never changes, melt value is easy to calculate: multiply 0.77344 by the current silver spot price. It's a useful floor to know before selling any Morgan dollar, since even the most common, well-worn example is always worth at least that much.

What Is a Morgan Dollar Worth?

Most Morgan dollars fall into a wide range depending on date, mint mark, and condition. Common circulated dates typically sell for somewhere between $30 and $50, mainly reflecting silver content plus a small collector premium. Common dates in uncirculated condition (grades MS60 and above) generally run from about $60 to $150, with well-struck, attractive examples bringing more.

Above that baseline, values climb quickly for scarcer dates and mint marks, especially coins struck at the Carson City mint, which carry a premium due to their lower mintages and Old West history. Key dates such as the 1893-S and 1889-CC can sell for thousands of dollars even in worn condition, and tens of thousands to well over $100,000 in high uncirculated grades. The takeaway for a beginner: never assume a Morgan dollar is only worth its silver content until you've checked the date and mint mark against a rarity guide.

How Much Does a Morgan Silver Dollar Weigh?

A Morgan silver dollar weighs 26.73 grams and measures 1.5 inches in diameter, noticeably larger and heavier than a modern half dollar. This weight is consistent across every date and mint in the series.

Weight is one of the simplest tools a beginner can use to spot a counterfeit or a coin that's been altered. If a Morgan dollar you're holding weighs noticeably less than 26.73 grams on an accurate scale, that's a red flag worth investigating further. Some counterfeits use base metals or a lighter silver content to cut costs. A postal or kitchen scale won't be precise enough for this kind of check, as you'll want a scale accurate to at least a tenth of a gram. Weight alone can't confirm authenticity, but a coin that fails a weight check should be looked at by a professional before you assume it's genuine.

Where Is the Mint Mark on a Morgan Silver Dollar?

The mint mark on a Morgan dollar appears on the reverse (back) of the coin, at the bottom, just above the letters "DO" in the word "DOLLAR," beneath the wreath. It's a small letter or letter combination: no mark at all means the coin was struck in Philadelphia, while "O" indicates New Orleans, "S" indicates San Francisco, "CC" indicates Carson City, and "D" indicates Denver (used only in 1921).

Finding and correctly reading the mint mark is one of the most important steps in identifying a Morgan dollar's value, since the same date can vary enormously in price depending on where it was struck. A magnifying glass or coin loupe is helpful, since the mark is small and can be worn down on heavily circulated coins. Beginners should also watch for altered mint marks, since a common counterfeiting trick involves adding a fake "CC" or "S" to a common coin to mimic a rarer one.

Which Morgan Dollar Dates Are Valuable?

A handful of dates stand out as the key rarities of the series. The 1893-S is widely considered the single most valuable regular-issue Morgan dollar, with a mintage of only 100,000. Even heavily worn examples can be worth several thousand dollars.

In second place, the 1889-CC, struck at the Carson City mint, is the scarcest Carson City Morgan and comes in at a mintage of 350,000.

The 1895 is a special case: no ordinary circulating coins were made in Philadelphia that year, only a small proof run of roughly 880 pieces. Thus, if you spot an 1895 Morgan dollar without a mintmark, it may be worth 5 figures. An auction in 2025 for a heavily circulated 1895 proof sold for over $40,000!

1895-dated pieces were minted in regular issues in San Francisco and New Orleans, though, albeit in limited quantity. These 1895-O and 1895-S dates are scarce and command premiums in low grades.

Beyond these headline dates, other scarcer issues like the 1884-S, 1886-O, and 1892-S are common in worn condition but become genuinely very hard to find in high uncirculated grades. This is known as a "conditional rarity." Any Morgan dollar that looks unusually well-preserved is worth having checked by a professional grader before assuming it's just a common date.

What Is a 1921 Morgan Dollar Worth?

The 1921 Morgan dollar is, by a wide margin, the most common date in the entire series. It was struck in the tens of millions across three mints, Philadelphia, Denver, and San Francisco, after production resumed following a 17-year gap. Because of that huge mintage, a 1921 Morgan dollar in circulated condition is generally worth close to its silver melt value, typically somewhere in the $30 to $60 range depending on current silver prices and condition.

Uncirculated 1921 Morgans are more available than most other dates in the series, so while they command a premium over circulated examples, that premium is modest compared to scarcer years. They land somewhere around $75 to $150 for a solid mint-state example.

Should You Sell Morgan Dollars for Melt Value?

Selling a Morgan dollar for its raw silver content should generally be a last resort, not a first move. Because even ordinary dates typically sell for more than melt value, and key dates can be worth many times more, melting or selling purely by weight may leave money on the table. The one exception is a coin that's been so heavily worn, cleaned, or damaged that it has little collector appeal left. In that case, its silver content may be its main source of value.

Before selling any Morgan dollar, it's worth taking the time to check the date and mint mark against a rarity guide and, for anything that looks scarce or unusually well-preserved, getting a professional opinion rather than guessing. If you're located in Connecticut or the surrounding area, Haven Coin & Jewelry in Hamden is a licensed dealer rated 5.0 stars on Google. They can evaluate a coin's collector value in person rather than pricing it as scrap, which is often the difference between getting melt value and getting what the coin is actually worth.

FAQ: Morgan Silver Dollars

Which Morgan dollars are worth money?

All of them have at least melt value, but key dates like the 1893-S, 1889-CC, and 1895 are worth the most.

What is the rarest Morgan dollar?

The 1893-S is the rarest regular-issue business strike, with only 100,000 minted. The 1895, a proof-only issue with roughly 880 struck, is even scarcer overall.

How much silver is in a Morgan dollar?

Each coin contains 0.77344 troy ounces of pure silver, out of a total weight of 26.73 grams at .900 fine silver.

Should I sell my Morgan dollars?

Only after checking the date and mint mark for rarity. Common coins can be sold for a fair premium over melt; scarce dates should be professionally evaluated first.