Morgan Silver Dollar Values: Dates, Mints and What Drives Price
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Short on time? The essentials
- The Morgan dollar was struck by the United States Mint from 1878 through 1904 and again for one year in 1921. Modern issues in 2021 and later are a separate coin with a different composition.
- Every original Morgan dollar weighs 26.73 grams, measures 38.1 mm across, is 90 percent silver and 10 percent copper, and contains 0.77344 troy ounces of pure silver.
- Five mints struck Morgan dollars: Philadelphia (no mint mark), Carson City (CC), New Orleans (O), San Francisco (S), and Denver (D, only in 1921).
- The mint mark, when present, sits on the reverse just below the wreath, centered between the D and the O of the word DOLLAR.
- The 1893-S is the series key date with a mintage of 100,000 pieces, the lowest of any regular-issue Morgan dollar.
- The 1895 Philadelphia issue was struck only as 880 proof pieces, with no confirmed business strikes surviving. Collectors call it the King of Morgans.
- All 13 Carson City dates carry a collector premium simply for the CC mint mark, driven by short mintages and by the Old West mystique of the Carson City Mint.
- Federal law does not prohibit melting 90 percent silver United States coins. The melt ban under 31 CFR Part 82 applies only to one-cent and five-cent coins.
On this page
- The Morgan dollar at a glance
- Why the coin exists: Bland-Allison and the silver interests
- Verified physical specifications
- The five mints and where the mark sits
- Why Carson City strikes carry a premium
- The verified key dates and semi-keys
- How condition changes the price by tier
- The Pittman Act and the GSA hoard
- Silver melt floor: worked math on one Morgan dollar
- The counterfeit problem on key dates
- The cleaned-coin trap
- How to identify what you actually have
- What your Morgan dollar is probably not
- Morgan dollar FAQ
The Morgan dollar at a glance
The Morgan dollar is a 90 percent silver one-dollar coin struck by the United States Mint from 1878 through 1904 and again for a single year in 1921. It is named for its designer George T. Morgan, then Assistant Engraver at the Philadelphia Mint.
The obverse shows Liberty facing left, wearing a Phrygian cap and a wreath. The model was Anna Willess Williams, a Philadelphia schoolteacher who sat for Morgan in 1876. The reverse shows an eagle with wings outstretched, clutching arrows and an olive branch.
Modern Morgan dollars struck from 2021 onward are a separate product. They carry the same portrait but use a 99.9 percent silver composition and sell as bullion or numismatic issues, not as a circulating coin. This guide covers the original series only.
Why the coin exists: Bland-Allison and the silver interests
The Morgan dollar was created by the Bland-Allison Act of 1878. Western mining interests had lost the standard silver dollar in the Coinage Act of 1873, an omission they later called the Crime of 1873. The 1878 law forced the Treasury back into the silver-dollar business.
Under Bland-Allison, the Treasury had to purchase between two and four million dollars of silver each month at market prices, then coin the metal into standard silver dollars. The Sherman Silver Purchase Act of 1890 raised the purchase quota and drove production higher still.
Most of the coins never circulated in the East. Silver dollars stayed in Treasury vaults or in western commerce, which is why so many uncirculated examples survived to reach collectors decades later. That vault survival is central to the pricing story on many dates.
Verified physical specifications
Every genuine original Morgan dollar matches the same measurable specifications. The table below is the identification baseline. A coin sold as a Morgan that does not match these numbers is a fake, a replica, or a completely different piece.
| Attribute | Value |
|---|---|
| Face value | One United States dollar |
| Composition | 90 percent silver, 10 percent copper |
| Weight | 26.73 grams (412.5 grains) |
| Diameter | 38.1 mm (1.5 inches) |
| Thickness | 2.4 mm |
| Edge | Reeded |
| Silver content (ASW) | 0.77344 troy ounces of pure silver per coin |
| Years of issue | 1878 through 1904, plus a one-year revival in 1921 |
| Mints | Philadelphia (none), Carson City (CC), New Orleans (O), San Francisco (S), Denver (D, 1921 only) |
| Designer | George T. Morgan (obverse and reverse) |
| Liberty model | Anna Willess Williams of Philadelphia |
Sources: Wikipedia Morgan dollar entry citing the U.S. Mint composition record and the Bland-Allison Act text. Checked August 2026.
The five mints and where the mark sits
Morgan dollars were struck at five different United States Mint facilities across the 44-year window. Reading the mint mark is the first step in valuing a coin, because the mint drives supply on almost every date.
The mint mark, when present, appears on the reverse below the wreath. It sits centered between the D and the O of the word DOLLAR. A coin with no mint mark in that position was struck at Philadelphia.
Carson City struck Morgans from 1878 through 1885, then again from 1889 through 1893. New Orleans ran from 1879 through 1904. San Francisco ran across the entire original series. Denver struck Morgans in 1921 only, at the tail of the revival year.
Why Carson City strikes carry a premium
Every Morgan dollar bearing the CC mint mark trades for a real premium above a comparable Philadelphia or New Orleans coin. Three factors compound to create that premium.
First, the mintages are small. Most CC dates come in under one million pieces, and several dates fall below 350,000. The 1889-CC, for instance, had a mintage of 350,000 and is one of the toughest Carson City dates to find in any grade.
Second, the Carson City Mint is closed history. The facility ran from 1870 to 1893, was reopened briefly as an assay office, and then shut. No CC coin can ever be produced again, so the supply is fixed.
Third, the General Services Administration held large quantities of Carson City Morgan dollars in Treasury vaults through the 1970s. The GSA sold those coins in seven mail bid sales between 1972 and 1980, generating 107 million dollars in revenue. The original GSA holders themselves became collectible.
The verified key dates and semi-keys
The Morgan series has a short, well-known list of scarce issues. These are the dates that any serious buyer looks for first and pays real money to secure in original condition.
| Issue | Why it is a key |
|---|---|
| 1893-S | The series key. Mintage of 100,000 pieces, the lowest regular-issue mintage of any Morgan. Few survived in mint state because most entered circulation. |
| 1895 (Philadelphia) | Struck only as 880 proof pieces. No confirmed business strikes exist in collector hands. Known in the trade as the King of Morgan Dollars. |
| 1889-CC | Mintage of 350,000. The scarcest regular-issue Carson City Morgan and a coin often faked with an added CC mint mark. |
| 1893-CC | The last year of Carson City production. Low mintage and a magnet for collectors building CC date sets. |
| 1894 (Philadelphia) | Mintage of only 110,000 business strikes. A tough date across all grades. |
| 1895-O and 1895-S | The 1895 date collector will still want the O and S mints to complete the set. Both had modest mintages and both are hard to find in higher grades. |
| 1921 Peace-hub-error and VAM varieties | The 1921 revival produced dies with distinct varieties catalogued by the VAM system. Named varieties command specialist premiums. |
Source: Wikipedia Morgan dollar mintage table, cross-checked with Bowers, A Guide Book of Morgan Silver Dollars. Checked August 2026.
Dollar values on these keys are highly grade-sensitive and move with the auction market. Use current sold-listing data from an established auction house or the population report of an independent grading service to price a specific coin. Do not accept a verbal offer without a certified grade first.
How condition changes the price by tier
Condition is the largest lever on any Morgan dollar. The same date can trade at the silver melt floor in low grade and at many multiples of melt in an original uncirculated example. Three broad tiers explain most of the price spread.
A worn common date sits near the silver floor. A collector will pay a small premium above metal, but the coin is treated primarily as bullion in that condition. Most Morgans a reader inherits fall into this tier.
An original circulated coin in a scarce date carries a real numismatic premium. A 1889-CC in fine condition is not a melt coin. The scarcity of the issue overrides the wear.
A certified mint-state coin, especially one that grades MS-64 or higher from an independent grading service, jumps a full tier. On common dates, the premium is modest. On scarce dates, a single grade point can double or triple the price.
The Pittman Act and the GSA hoard
Two federal actions shape modern Morgan supply. Understanding them explains why some scarce coins are less scarce than their mintage suggests, and why others are scarcer.
The Pittman Act of 1918 authorized the melting and recoining of up to 350 million silver dollars. Many Morgan dates were struck heavily but then destroyed under Pittman, which is why some coins with large original mintages are still uncommon today.
The GSA sales of 1972 to 1980 released huge quantities of Carson City Morgans that had sat untouched in Treasury vaults for decades. Original GSA hard-plastic holders are themselves collectible. A coin still sealed in its original GSA holder often trades above the loose-coin price in the same grade.
Silver melt floor: worked math on one Morgan dollar
The counterfeit problem on key dates
Morgan dollars are among the most-faked United States coins. Two families of counterfeits dominate the market and both target the price gap between common and key dates.
The first family is altered coins. A bad actor takes a genuine common Morgan and adds or reshapes a mint mark to turn it into a key date. Adding a CC mint mark to a common Philadelphia 1889 to create a fake 1889-CC is the classic example.
The second family is Chinese-made replicas. These are typically cast or die-struck copies imported into the United States market since the mid-2000s. Weight is often close, but diameter, edge reeding count, and design detail rarely match the genuine coin under magnification.
Any purchase of a key-date Morgan should be certified by an established independent grading service before funds change hands. A photograph review or a verbal appraisal from a dealer is not sufficient at four-figure and five-figure price levels.
The cleaned-coin trap
The single most common way collectors lose value on inherited Morgans is by cleaning them. A bright, shiny coin looks more valuable to a non-collector than a naturally toned one, so many well-meaning heirs polish or dip Morgans before bringing them to a dealer.
Independent grading services detect cleaning almost every time. A cleaned coin gets a details grade rather than a numeric grade, and the market discount is typically 40 to 70 percent versus an original example of the same date and wear level.
The rule is simple. Do not clean the coin. Not with silver polish, not with a jewelry cloth, not with baking soda, not with an ultrasonic bath. If a Morgan is dirty, leave it dirty and let a professional look at it in that state.
How to identify what you actually have
The steps below are the sequence a serious hobbyist runs on a Morgan dollar found in a drawer, a coin roll, or an inherited collection. Follow them in order before treating the coin as anything more than silver bullion.
- Confirm the coin is a Morgan dollar. The obverse shows Liberty facing left in a Phrygian cap and wreath. The reverse shows an eagle with outstretched wings. Peace dollars, struck from 1921 through 1935, show Liberty facing left with a spiked crown and a folded eagle on the reverse.
- Weigh the coin on a jewelry scale. A genuine original Morgan weighs 26.73 grams. A digital scale that reads to two decimal places is enough. Any weight far outside 26.5 to 27.0 grams points to a fake, a plated core, or a modern silver-eagle-weight replica.
- Check the date and the mint mark. The date sits at the bottom of the obverse below the bust. The mint mark, if any, sits on the reverse below the wreath, between the D and the O of DOLLAR. A missing mark means Philadelphia.
- Screen for the key dates. Look specifically for 1893-S, 1895 Philadelphia proof, 1889-CC, 1893-CC, 1894, 1895-O, and 1895-S. Any suspected key deserves a closer look under 10x magnification before conclusions.
- Look at all CC coins carefully. Every Carson City date is worth checking. Even a common CC in low grade carries a real numismatic premium over a same-year Philadelphia coin.
- Do not clean the coin. Any polishing, dipping, or scrubbing lowers the grade a professional will assign. Cleaning can cut value by half or more. Preserve the coin exactly as found.
- Submit high-value candidates to an independent grading service. A certified grade is the only price signal the market takes seriously on a suspected key date, a suspected altered mint mark, or a coin sold at four figures or above.
What your Morgan dollar is probably not
Most Morgan dollars that reach a shop counter or a resale listing are not the rarities the owner is hoping for. It is more useful to know the common patterns than to sell yourself on a possibility. The list below is what a typical Morgan most often turns out to be.
A common circulated Philadelphia, New Orleans, or San Francisco coin. This is the most common outcome. It is a real silver coin, but the numismatic premium is small and value tracks silver spot closely.
A common 1921 issue from Philadelphia, Denver, or San Francisco. The 1921 revival year saw the largest mintages in the series. These are the least scarce Morgans and typically trade at a very small premium over metal.
A cleaned or polished coin. Someone in the family history applied a chemical dip or a soft cloth to brighten the surface. Certified graders return a details grade, which cuts market value by 40 to 70 percent versus an original piece.
A counterfeit key date with an altered mint mark. A genuine common coin that a bad actor has modified to look like a 1893-S or a 1889-CC. Independent grading services detect most examples on sight.
A Chinese-made replica. A cast or die-struck copy of a Morgan dollar. Weight, diameter, edge reeding, and design detail rarely match the genuine coin under a magnifier.
A holed, mounted, or engraved coin. Morgans were commonly turned into jewelry, love tokens, and pocket pieces. A mounted or holed coin is a damaged coin regardless of date. Value is silver content plus a small collectible discount.
A modern 2021 or later commemorative. The modern issues carry the same portrait but are a separate coin in 99.9 percent silver, sold as bullion or as a numismatic product. They are not the original 1878 to 1921 series covered here.
A genuine key date, undiscovered. This outcome is possible, and it is the reason to run the identification steps on every Morgan you find. It is also rare enough that it should not shape financial decisions until an independent grader confirms the coin.
Morgan dollar FAQ
What is a common Morgan silver dollar worth today?
A common circulated Morgan dollar is worth its silver content, which is 0.77344 troy ounces of pure silver per coin. At a silver spot price of 30 dollars per troy ounce, the pure metal floor is about 23.20 dollars per coin. Carson City coins, verified key dates like the 1893-S and the 1889-CC, and certified high-grade examples trade for real premiums above that floor.
How much silver is in a Morgan dollar?
Every original Morgan dollar contains 0.77344 troy ounces of pure silver. The coin weighs 26.73 grams and is 90 percent silver and 10 percent copper, which puts the pure silver mass at 24.06 grams. That same silver content applies to Peace dollars struck from 1921 through 1935.
Which Morgan silver dollar is the most valuable?
The 1893-S is the series key date with a regular-issue mintage of 100,000 pieces, the lowest of any business-strike Morgan. In 2021, an 1893-S graded MS-67 sold at auction for 2.08 million dollars. The 1895 Philadelphia proof, sometimes called the King of Morgan Dollars, is scarcer still but was struck only as 880 proof pieces.
Why do Carson City Morgan dollars cost so much more?
Three factors stack. Carson City mintages were small on most dates. The mint itself closed in 1893 and can never produce another coin. The GSA sales of 1972 to 1980 released large quantities of CC dollars in original hard-plastic holders, and those holders themselves added a collector premium that persists today.
Where is the mint mark on a Morgan silver dollar?
The mint mark sits on the reverse of the coin, below the wreath, centered between the D and the O of the word DOLLAR. A Morgan with no mint mark in that position was struck at Philadelphia. Look for CC, O, S, or D marks to identify the other four mints.
How can I tell if my Morgan dollar is fake?
Start with weight and diameter. A genuine Morgan weighs 26.73 grams and measures 38.1 mm across. Check the mint mark for tool marks or a wrong shape, which flags an altered common coin. Chinese-made replicas often show weak reeding counts and soft design details under a magnifier. Any purchase above a few hundred dollars should be certified by an independent grading service first.
Is it legal to melt Morgan silver dollars?
Yes. Federal law does not prohibit melting 90 percent silver United States coins. The melt ban under 31 CFR Part 82 covers one-cent and five-cent coins only and does not extend to silver dollars, halves, quarters, or dimes. A scarce Morgan is worth far more intact than melted, so the identification steps above should always run before any coin goes to a refiner.
Are Morgan dollars eligible for a precious metals IRA?
No. IRA-eligible silver coins must be 99.9 percent fine, and the original Morgan dollar is 90 percent silver. Modern American Silver Eagles, Canadian Maple Leafs, and similar bullion coins qualify. For the full list, see our page on IRA-eligible silver coins.
Sources
- Wikipedia, Morgan dollar. Series 1878 to 1904 and 1921, designer George T. Morgan, obverse Liberty modeled by Anna Willess Williams, reverse eagle clasping arrows and olive branch, five-mint production (Philadelphia, Carson City, New Orleans, San Francisco, Denver in 1921 only), mass 26.73 g, diameter 38.1 mm, thickness 2.4 mm, edge reeded, composition 90 percent silver and 10 percent copper, silver content 0.7734 troy ounces per coin, Bland-Allison Act authorization in 1878, Sherman Silver Purchase Act of 1890, Pittman Act of 1918 authorizing up to 350 million silver dollars melted, GSA sales 1972 to 1980 totaling 107 million dollars in revenue, 1893-S mintage of 100,000 pieces as the series key, 1895 Philadelphia struck only as 880 proof pieces, 1889-CC mintage of 350,000. Article cites Q. David Bowers, A Guide Book of Morgan Silver Dollars. en.wikipedia.org/wiki/Morgan_dollar. Checked August 2026.
- Wikipedia, Bland-Allison Act. Confirms the 1878 statute that required the Treasury to purchase between two and four million dollars of silver each month at market prices and coin the metal into standard silver dollars, thereby authorizing the Morgan dollar. en.wikipedia.org/wiki/Bland-Allison_Act. Checked August 2026.
- United States Mint, Coin and Medal Programs, Morgan and Peace Dollars. Reference for the modern 2021 and later Morgan and Peace dollar issues in 99.9 percent silver, sold as separate numismatic products distinct from the 1878 to 1921 original series. usmint.gov/learn/history-and-artistry. Checked August 2026.
- Electronic Code of Federal Regulations. 31 CFR Part 82: Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins. Treasury regulation limited to one-cent and five-cent coins. The regulation does not prohibit melting silver dollars, halves, quarters, or dimes. ecfr.gov/current/title-31/subtitle-B/chapter-I/part-82. Checked August 2026.
- Legal Information Institute, Cornell Law School. 18 U.S. Code section 331: Mutilation, diminution, and falsification of coins. Federal statute cited for defacement and fraudulent alteration of United States coins, including altered mint marks used to fabricate a scarce date. law.cornell.edu/uscode/text/18/331. Checked August 2026.
- Internal Revenue Code section 408(m) and section 1(h)(4). Governs collectibles tax treatment on gains from coin sales outside a retirement account, and the fineness rules under which silver coins may qualify for a precious metals IRA. Office of the Law Revision Counsel. uscode.house.gov. Checked August 2026.