T
Dustin had a real passion for this hobby, and the Morgan Dollar was his favorite. Every time I come across one of these coins, I think of him.
This section is written in his honor.
To when we meet again dear friend!
T he Morgan Silver Dollar was first introduced in 1878 and was an instant hit with the American public. It remained in regular production through 1904, after which it was briefly discontinued due to a lack of silver bullion. In 1921, the coin made a one-year return before being replaced by the Peace Dollar. That 1921 Morgan is one of my favorites — I even wear one as a ring!
Named after its designer, George T. Morgan, the coin combined beauty with boldness. The obverse features a profile of Lady Liberty, modeled after Anna Willess Williams, while the reverse showcases a detailed American eagle with outstretched wings.
Next to the Nova Constellatio coins, Morgan Dollars hold a special place in my heart. Their timeless design, historical context, and personal significance make them standouts in my collection.
Collecting Morgan Silver Dollars
As with any collectible, condition is king. Higher-grade examples of Morgan Dollars are what you want to be on the lookout for — they command the most value and visually show off the intricate design details that made these coins so popular to begin with.
Even lightly circulated specimens still retain strong design visibility. Because all Morgan Dollars are now well over 100 years old (with the exception of some recent commemorative issues), it’s becoming harder and harder to find quality examples — which is why the value continues to grow.
Value of the Morgan Silver Dollar
The value of a Morgan Dollar is determined by several factors:
Date and Mint Mark
Condition / Grade
Rarity / Mintage
Errors or Varieties (like doubled dies or overdates)
C oins from the earlier years (1878–1893) are generally more valuable, especially when found in higher grades. On the other hand, 1921 Morgan Dollars were mass-produced — with nearly 90 million struck — so they’re far more common and typically sell for under $100 unless they are in exceptional condition or have unique attributes.
If you happen to have a Carson City (CC) Morgan Dollar, you’re in luck — CC mint mark coins are especially desirable. Even common-date CCs can go for hundreds or even thousands of dollars depending on grade.
Mint Marks to Know
Morgan Dollars were minted at several U.S. Mint locations, each leaving a unique mark on the coin:
Philadelphia (no mint mark)
New Orleans (O)
San Francisco (S)
Carson City (CC)
Denver (D) – only in 1921
Always check the reverse side of your coin (below the eagle) for the mint mark — it could make all the difference in your coin’s value.
Morgan Silver Dollar Valuation Chart
Year | Mint Marks | Mintage | Estimated Value Range (Circulated → Uncirculated) | Key Notes / Varieties |
|---|---|---|---|---|
1878 | P, CC, S | ~22.5 million | $45 – $2,000+ | First year of issue. Look for 7TF vs 8TF eagle reverse varieties. 1878-CC is highly collectible. |
1879 | P, CC, O, S | ~27.6 million | $40 – $3,500+ | 1879-CC is a standout low mintage coin (under 800k). Beware of counterfeits. |
1880 | P, CC, O, S | ~27.4 million | $45 – $3,000+ | 1880-CC and 1880-O notable. Doubled date varieties exist. |
1881 | P, CC, O, S | ~27.1 million | $45 – $2,800+ | 1881-CC has strong value in higher grades due to lower mintage. |
1882 | P, CC, O, S | ~27.8 million | $40 – $2,500+ | 1882-CC is another solid Carson City coin for collectors. |
1883 | P, CC, O, S | ~28 million | $40 – $2,200+ | 1883-CC continues the CC streak—desirable in MS condition. |
1884 | P, CC, O, S | ~28.6 million | $40 – $2,100+ | 1884-CC saw a large hoard release—affordable in high grades. |
1885 | P, CC, O, S | ~25.7 million | $45 – $3,200+ | 1885-CC is low mintage (~228k), rare in all grades. |
1886 | P, O | ~20 million | $35 – $1,200+ | 1886 is a common date. Good intro coin. |
1887 | P, O | ~20 million | $35 – $1,100+ | Also a common year, solid for starters. |
1888 | P, O, S | ~20.6 million | $35 – $1,250+ | 1888-O has notable strike weakness. |
1889 | P, CC, O, S | ~21.7 million | $50 – $8,000+ | 1889-CC is one of the rarest Morgans—huge collector demand. |
1890 | P, CC, O, S | ~21.1 million | $45 – $2,800+ | 1890-CC is a sleeper hit; tough in top grades. |
1891 | P, CC, O, S | ~24 million | $45 – $2,600+ | Strong demand for 1891-CC. Good mid-tier value. |
1892 | P, CC, O, S | ~21.4 million | $50 – $2,800+ | 1892-CC again stands out, especially in better condition. |
1893 | P, CC, O, S | ~1.5 million | $400 – $10,000+ | 1893-S = key date of the entire series. 1893-CC also very scarce. |
1894 | P, O | ~2 million | $350 – $9,000+ | Low mintage across the board. Rare in all grades. |
1895 | P (Proof only), O, S | ~1.3 million | $1,000 – $15,000+ | 1895-P only exists in Proof. O & S are tough in high grades. |
1896 | P, O, S | ~16 million | $40 – $1,000+ | Common in lower grades, harder in MS65+. |
1897 | P, O | ~14.5 million | $35 – $1,000+ | 1897-O weak strike, lower-end values. |
1898 | P, O, S | ~13.5 million | $35 – $1,100+ | Affordable but undervalued. Nice starter year. |
1899 | P, O | ~9.3 million | $40 – $1,200+ | 1899-O is quite common; P is less so. |
1900 | P, O | ~17.5 million | $35 – $1,200+ | Doubled date and “O/CC” variety exists—watch for it. |
1901 | P, O | ~13.3 million | $50 – $2,800+ | 1901-P tough in mint state. Underappreciated rarity. |
1902 | P, O | ~11 million | $40 – $1,100+ | Readily available in circulated grades. |
1903 | P, O | ~7.3 million | $45 – $1,500+ | 1903-O was once rare—many were later released from Treasury. |
1904 | P, O | ~4.9 million | $50 – $2,000+ | Final Morgan of the original series. 1904-O is common in MS. |
1921 | P, D, S | ~86 million | $25 – $250+ | Return of the Morgan Dollar. Only year minted in Denver (D). Common. |
Key Date and Notable Varieties
1878-CC – One of the most sought-after Carson City issues; low mintage.
1889-CC – Known for its low mintage and high demand.
1893-S – Extremely low mintage and considered one of the most famous key dates.
1894 – A rare coin, often priced high due to its limited availability.
1895 – The “King of Morgans”; the proof version is especially valuable, but even business strikes can fetch high prices.
1901 – Relatively low mintage and sought after by collectors.
1903-O – A tough New Orleans Mint coin with a relatively low survival rate.
1921 – While not as rare as others, this year is important due to the final mintage of the series before the coin was discontinued.
Historical Context Year-By-Year
1878 – The Morgan Dollar debuts following the Bland–Allison Act, which mandates the U.S. Treasury to purchase large quantities of silver for coinage. Designed by George T. Morgan, it features Lady Liberty on the obverse and an eagle on the reverse. The first issue includes varieties with 8 tail feathers, later corrected to 7.
World Fact: The first telephone exchange opens in New Haven, Connecticut.
1879 – Production continues across multiple mints: Philadelphia, San Francisco, New Orleans, and Carson City. The 1879-CC becomes notable due to its low mintage and is highly sought after by collectors.
World Fact: The first electric light bulb is demonstrated by Thomas Edison.
1880 – Mintages increase, with all four mints producing coins. The 1880-CC is recognized for its overdate varieties, adding interest for numismatists.
World Fact: The first electric trolley car begins operation in Richmond, Virginia.
1881 – Production remains steady. The 1881-CC is notable for its relatively low mintage, making it a desirable piece for collectors.
World Fact: The American Federation of Labor (AFL) is founded.
1882 – Continued production across mints. The 1882-CC is another key date, appreciated for its quality strikes and lower mintage.
World Fact: The Preamble of the Constitution is formally read at the dedication of the Washington National Monument.
1883 – High production numbers, especially from the Philadelphia Mint. The 1883-CC stands out due to its limited mintage and is popular among collectors.
World Fact: The first “nickel” coin, a 5-cent piece, is minted.
1884 – Significant mintages across all facilities. The 1884-S is particularly rare in high grades, making it a key date for advanced collectors.
World Fact: The Statue of Liberty’s framework is completed in Paris, France.
1885 – Production peaks in Philadelphia. The 1885-CC has a low mintage and is highly valued, especially in uncirculated conditions.
World Fact: The first skyscraper, the Home Insurance Building, is completed in Chicago.
1886 – Philadelphia Mint produces a large number of coins. Most issues from this year are common, providing accessible options for collectors.
World Fact: The Statue of Liberty arrives in New York.
1887 – High mintages continue, with the Philadelphia Mint leading. Coins from this year are generally abundant and affordable.
World Fact: The first-ever gasoline-powered automobile is constructed by Gottlieb Daimler.
1888 – Production remains robust. The 1888-O is known for its “Hot Lips” variety, a doubled die obverse that attracts variety collectors.
World Fact: The International Telecommunication Union is founded to coordinate global telecommunication standards.
1889 – The 1889-CC is minted in limited quantities, making it one of the most coveted Morgan Dollars. Its scarcity in high grades adds to its allure.
World Fact: The Eiffel Tower is completed in Paris.
1890 – Mintages are substantial across all mints. The 1890-CC is notable for its relatively low production, appealing to collectors seeking Carson City issues.
World Fact: The U.S. Census Bureau reports a population of 62.6 million in the United States.
1891 – This year marks the final production of Morgan Dollars at the Carson City Mint. The 1891-CC is a key date due to its historical significance.
World Fact: The electric light bulb becomes widely available in the U.S.
1892 – Mintages decline, with the 1892-S being particularly scarce in high grades, making it a challenging acquisition for collectors.
World Fact: The first Olympic Games in the United States are held in New York.
1893 – The 1893-S is struck with the lowest mintage of any business-strike Morgan Dollar, rendering it the series’ key date and a prized rarity.
World Fact: The World’s Columbian Exposition opens in Chicago, celebrating Christopher Columbus’s discovery of the Americas.
1894 – Production remains low. The 1894 issue from Philadelphia is scarce, especially in higher grades, and is sought after by dedicated collectors.
World Fact: The first-ever meeting of the Federal Reserve occurs, laying the groundwork for future monetary policies.
1895 – No business strikes are officially recorded from the Philadelphia Mint; only 880 proof coins are known, making the 1895 Morgan Dollar one of the most famous rarities in U.S. numismatics.
World Fact: The Panic of 1893 causes a major economic depression in the U.S.
1896 – Mintages rebound, with the Philadelphia Mint producing nearly 10 million coins. Most issues from this year are readily available.
World Fact: The U.S. presidential election sees William McKinley defeated by Grover Cleveland.
1897 – Production continues at a steady pace. The 1897 issue is common, providing accessible options for collectors.
World Fact: The Klondike Gold Rush begins in the Yukon Territory.
1898 – Mintages are healthy across all mints. The 1898-O is particularly abundant, making it a popular choice for type collectors.
World Fact: The Spanish-American War begins, leading to U.S. involvement in Cuba and Puerto Rico.
1899 – Philadelphia Mint’s production drops to 330,000 coins, making the 1899 issue relatively scarce and desirable in higher grades.
World Fact: The Philippines is ceded to the U.S. after the Spanish-American War.
1900 – The turn of the century sees robust production, especially from the New Orleans Mint. The 1900-O/CC over mintmark variety garners interest among specialists.
World Fact: The first U.S. radio broadcast occurs.
1901 – High mintages are recorded, particularly from New Orleans. However, the 1901 Philadelphia issue is rare in uncirculated grades due to poor striking quality.
World Fact: The first Nobel Prizes are awarded in various categories, including Peace and Literature.
1902 – Production continues, with the 1902-S being notable for its scarcity in higher grades, attracting advanced collectors.
World Fact: The discovery of insulin by Dr. Frederick Banting and Charles Best begins to pave the way for the treatment of diabetes.
1903 – The 1903-O is highly sought after for its relatively low mintage, becoming an important date for collectors.
World Fact: The Wright brothers make their first successful powered flight in Kitty Hawk, North Carolina.
1904 – Final year of regular Morgan Dollar production due to the exhaustion of silver bullion authorized under the Bland–Allison Act.
World Fact: The Panama Canal Zone is formally established.
1905–1920 – No Morgan Dollars minted; the series is paused during this time.
World Fact (1905): Albert Einstein publishes his theory of special relativity, revolutionizing modern physics.
1921 – Morgan Dollars return briefly for one last year before transitioning to the Peace Dollar, struck at Philadelphia, Denver, and San Francisco.
World Fact: Warren G. Harding becomes U.S. President, ushering in the “Return to Normalcy” after WWI.
Final Thoughts
T he Morgan Silver Dollar was first introduced in 1878 and instantly captured the imagination of the American public. It wasn’t just another coin—it became a symbol of a growing nation, struck during a time of expansion and industrial change. Minted from 1878 to 1904, it remained a constant presence in everyday commerce until a nationwide silver bullion shortage brought its production to a halt. But in 1921, the Morgan made a dramatic comeback for just a single year—before being replaced later that same year by the Peace Dollar, which marked the end of an era. That 1921 Morgan is actually one of my personal favorites—I even wear one as a ring! It’s got that gritty, resilient vibe that tells its own story.
Named after its designer, George T. Morgan, the coin is a fusion of elegance and strength. The obverse side features Lady Liberty in profile, modeled after Anna Willess Williams, a Philadelphia schoolteacher who became an icon. The reverse is just as powerful—a detailed American eagle with wings spread wide, clutching arrows and an olive branch, symbolizing both readiness for war and hope for peace.
Next to the early Nova Constellatio coins, Morgan Dollars hold a deeply special place in my heart. The timeless artistry, the historical weight, and the personal connections I’ve made through them make these coins more than just collectibles—they’re conversation starters, memory-makers, even symbols of friendship. More than anything, coins connect people. Just like the Morgan did for me and Dustin. That’s what makes collecting so powerful.
