Morgan Silver Dollars are some of the most iconic and sought-after coins in American numismatic history. Struck from 1878 to 1904 and once more in 1921, these coins feature the classic design of Lady Liberty created by George T. Morgan, which has captivated collectors for over a century. With a combination of historical significance, aesthetic appeal, and rarity, certain Morgan Silver Dollars can command exceptionally high values in the coin market. Factors like mint year, mint mark, and condition play a significant role in determining their worth. Here, we highlight ten of the most valuable Morgan Silver Dollars, explaining what makes each one special.
Top 10 Most Valuable Morgan Silver Dollars
1. 1893-S Morgan Silver Dollar
The 1893-S Morgan Silver Dollar stands out as one of the rarest and most valuable coins in the Morgan series. Struck at the San Francisco Mint, it had the lowest mintage of any Morgan Dollar, with just 100,000 pieces produced. Its scarcity and historical context make it highly coveted by collectors. Depending on its condition, this coin’s value can range from $5,200 in lower grades to between $100,000 and $500,000 for Mint State examples.
2. 1889-CC Morgan Silver Dollar
Minted in Carson City, the 1889-CC Morgan Dollar is another rare and expensive coin, with only 350,000 units struck. Many were put into circulation immediately, making high-quality specimens extremely scarce. While lower-grade coins can sell for $1,000 to $7,000, an MS65 grade coin can fetch over $300,000 at auction due to its rarity and appeal.
3. 1895 Morgan Silver Dollar (Proof)
The 1895 Morgan Silver Dollar, often called the “King of the Morgan Dollars,” is exceptionally rare, with just 880 proof coins minted. As a proof-only issue, the coin was not made for general circulation, adding to its exclusivity. High-grade proof specimens can command prices up to $80,000, while lower-grade examples typically start around $17,000.
4. 1894 Morgan Silver Dollar
With only 110,000 pieces minted, the 1894 Morgan Dollar from the Philadelphia Mint is among the lowest mintage coins in the series. This rarity, coupled with its historical significance, makes it highly desirable. Circulated coins may still be worth over $1,000, while uncirculated examples can reach values as high as $50,000.
5. 1884-S Morgan Silver Dollar
The 1884-S Morgan Dollar had a substantial mintage of nearly 3 million, yet few survived in high grades. The scarcity of mint-state examples makes this coin quite valuable, with top-quality coins such as the “Wonder Coin” fetching prices as high as $750,000 at auction. Even coins in lower grades can be worth between $42 and $75.
6. 1886-O Morgan Silver Dollar
Although more than 10 million 1886-O Morgan Dollars were produced, poor minting quality at the New Orleans Mint left very few in pristine condition. High-grade specimens are rare and can be valued at up to $130,000. Lesser-quality coins are more affordable, ranging from $42 to $75, but still attract interest due to their historical relevance.
7. 1901-S Morgan Silver Dollar
The 1901-S Morgan Silver Dollar, with a mintage of just 1.2 million, is considered one of the scarcest in higher grades. Circulated versions might sell for about $85, but uncirculated examples can reach as much as $120,000 due to their rarity and collector demand.
8. 1885-CC Morgan Silver Dollar
The 1885-CC is one of the rarest Morgan Dollars produced by the Carson City Mint, with only 228,000 coins minted. Many were never circulated, increasing their scarcity. While lower-grade examples might be acquired for $440, coins in Mint State condition can be worth up to $130,000.
9. 1883-O Morgan Silver Dollar (Proof)
A unique and highly sought-after proof coin, the 1883-O Morgan Dollar was intended primarily as a presentation piece rather than for circulation. As a result, it is significantly rarer, with one such proof fetching $270,000 at auction. This rarity makes it one of the most valuable proof coins in the Morgan series.
10. 1893-O Morgan Silver Dollar
With a mintage of only 300,000, the 1893-O Morgan Dollar has the lowest production number of any Morgan Dollar minted in New Orleans. It is scarce in both circulated and uncirculated conditions. Coins in lower grades may sell for $300, while higher-quality specimens can be valued at $775 or more.
Understanding Morgan Silver Dollar Values
The value of a Morgan Silver Dollar is influenced by various factors:
- Mint Mark: The coin’s origin, indicated by the mint mark, can significantly impact its value. Coins minted at facilities with lower production numbers, like Carson City (CC) or San Francisco (S), are often worth more.
- Condition: Coins in Mint State (MS) condition command higher prices than circulated coins, with even minor improvements in quality leading to substantial increases in value.
- Rarity: Limited mintage or a small number of surviving high-quality examples make a coin more valuable.
Why are some Morgan Silver Dollars worth so much?
Their value is determined by factors such as rarity, mint mark, condition, and historical significance. Coins with low mintage or high grades are particularly valuable.
How do I determine the value of a Morgan Silver Dollar?
Assess the coin’s mint mark, condition, and rarity. Professional grading services can provide an accurate evaluation.
Where can I buy or sell Morgan Silver Dollars?
Coin shops, auctions, and online marketplaces like eBay are popular places to buy or sell Morgan Silver Dollars. Always verify the authenticity and condition before making a purchase.
