Morgan silver dollar value
Every Morgan dollar contains about 0.77 troy oz of silver, so even worn common dates sell for more than their melt value. Key dates, Carson City coins and high-grade uncirculated examples sell for much more.
Reviewed October 15, 2026
Key facts
| Years minted | 1878–1904 and 1921 (plus modern commemoratives from 2021) |
|---|---|
| Composition | 90% silver, 26.73 g, 0.7734 troy oz silver |
| Mint marks | None (Philadelphia), O (New Orleans), S (San Francisco), CC (Carson City), D (Denver, 1921 only) |
| Mint mark location | Back of the coin, above the letters DO in DOLLAR |
How to identify yours
- Read the date on the front, under Liberty's portrait.
- Turn the coin over and find the mint mark above DO in DOLLAR, below the wreath.
- Look at the high points (hair above the ear, the eagle's breast) for wear.
- Check for signs of cleaning: hairline scratches or an unnatural shine lower value.
Which ones are worth more
- Carson City (CC) coins
- Coins from the Nevada mint are popular with collectors and carry premiums.
- Key dates
- Dates such as 1893-S and 1889-CC are scarce in any condition.
- 1895 Philadelphia
- Known only as proofs; most coins offered as 1895 originals are altered or fake.
- Uncirculated and prooflike coins
- Coins with full luster or mirror-like fields sell for multiples of circulated ones.
What most are worth
Common-date circulated Morgans, such as many 1921 coins, usually sell for a modest premium over silver value.
Tips before you sell
- Do not clean the coin.
- Have key dates and CC coins graded before selling; fakes of these are common.
- Compare offers against recent sold prices for the same date, mint mark and grade.
Why so many of these exist
The Morgan dollar was struck from 1878 to 1904 and again for a single year in 1921, under legislation that obliged the Treasury to buy silver and turn it into dollars whether or not anyone wanted to use them. Most of the coins went straight into vaults, where they sat for decades. That is the central fact about this series and the reason its condition distribution is so unusual.
Because so many were stored rather than spent, uncirculated Morgan dollars survive in quantity that no other nineteenth-century American coin can match. Large government holdings were released in the twentieth century, putting bags of mint-state coins into the market at once. A collector looking for an uncirculated common-date Morgan has thousands to choose from.
The effect is a market where the date and mint combination does nearly all the work. Common dates in uncirculated condition are plentiful and priced accordingly, while a few mint marks and years are scarce in any grade and scarce enough in high grade to be expensive. The silver content sets a floor beneath all of them that keeps worn examples liquid.
What condition means here
- Heavily worn
- Design flattened, lettering soft. These trade at or near silver value for common dates and are sold in bulk much like junk silver.
- Circulated with clear detail
- Hair and eagle feathers partly visible. Common dates remain close to melt with a small numismatic premium; scarce mint marks start to separate noticeably here.
- About uncirculated
- Only a trace of wear on the cheek and the eagle's breast, with most lustre intact. The gap between this and a true mint-state coin is small to the eye and large in price, which is why this grade is argued over.
- Mint state
- No wear, full cartwheel lustre. Within mint state the grading scale continues to climb steeply, and the difference between an average uncirculated coin and an exceptional one can be a large multiple for the same date.
Traps specific to this one
Every well-known collectable attracts its own fakes and its own misunderstandings. These are the ones that come up again and again with this item.
- Cleaned coins presented as uncirculated
- A polished Morgan is bright but flat, with hairlines running in one direction. It will not grade, and it sells well below an honest circulated coin.
- Counterfeits from base metal
- Fakes exist in quantity, particularly of the scarce mint marks. Correct weight and a clear ring when balanced and tapped are the first checks; anything valuable should be certified.
- Added mint marks
- The value difference between mints on the same date invites alteration. A mint mark that sits oddly or shows tooling around it needs expert examination.
- Buying the holder, not the coin
- Self-slabbed coins in unfamiliar plastic with impressive-sounding grades are a known trap. Only grades from the recognised services carry weight in the market.
How to read the sold listings
Always search by date and mint mark together, and treat graded and raw sales as separate populations. For mint-state coins, note the numerical grade on the holder: the price curve inside mint state is steep, so a one-point difference can change the figure substantially and averaging across grades produces a number that fits nothing. For circulated common dates, check the silver price on the day of each comparable sale, because those coins move with the metal rather than with the collector market.
Estimate yours from a photo
Upload your own coin for an estimate based on what the photos show.
Example estimate
Polaroid SX-70 Land Camera
$190
Usually sells for $120 – $320
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Common questions
How do I know if my Morgan dollar is real?
Check weight (26.73 g), size and detail. Counterfeits of key dates are common. A dealer or grading service can confirm.
Which is more valuable, a Morgan or a Peace dollar?
Both contain the same silver. Value beyond that depends on the date, mint mark and condition.
Why are 1921 Morgans so common?
Millions were struck in 1921, so circulated examples are the most affordable Morgans.