Morgan Silver Dollars: Key Dates, Errors & Pricing
Explore the history, famous varieties, collector excitement, and growing value behind Morgan Dollars — the crown jewel of 19th-century U.S. silver coinage.
📘 Download the full guide: Numismatics Handbook — A +135-page expert resource on U.S. coin collecting.
Why Morgan Dollars Matter
The Morgan Dollar, minted from 1878 to 1921, is a timeless symbol of America’s industrial expansion, western frontier optimism, and emerging global power.
Created by George T. Morgan, a young British engraver hired by the U.S. Mint, these coins feature:
- Lady Liberty’s face, modeled after an American schoolteacher to embody “American beauty.”
- An eagle clutching arrows and an olive branch, representing both strength and peace.
Collectors love Morgan Dollars for:
- 🪙 Large, heavy silver content (90% silver, 0.7734 oz per coin)
- 🏛️ Carson City (CC) Mint mystique — rare and highly desirable
- 🏆 Famous ultra-rarities like the 1893-S and 1895 Proof
- 🧩 VAM varieties — minor die changes that create major collecting opportunities
- 🔥 Endless set-building by year, mint, strike quality, or VAM
Morgan Dollars are addictive because they blend historical romance, technical challenge, and real investment potential — all in one large, beautiful coin.
Morgan Dollar Values & Key Dates by Year
| Year | Mint Mark | Est. Value (Avg.) | Rare Variant? |
|---|---|---|---|
| 1878 8TF | No Mint | $250–$1,000+ | Scarce Reverse Variety |
| 1889-CC | CC | $500–$10,000+ | Major Carson City Key |
| 1893-S | S | $3,000–$50,000+ | King of the Series |
| 1895 Proof | No Mint | $30,000–$150,000+ | Proof-Only Year |
| 1901 | No Mint | $300–$8,000+ | Tough in Mint State grades |
✅ Tip: For key dates like 1893-S and 1889-CC, even circulated coins are highly valuable!
Most Valuable Morgan Dollars (Detailed Breakdown)
1. 1893-S Morgan Dollar — $3,000–$50,000+
The rarest business strike Morgan Dollar with only ~100,000 minted. High-grade examples are true trophies.
2. 1889-CC Morgan Dollar — $500–$10,000+
The most coveted Carson City issue. Demand stays sky-high for nice examples, even in lower grades.
3. 1895 Proof-Only Morgan Dollar — $30,000–$150,000+
There are no regular 1895 business strikes! Only ~880 Proofs were minted — an elite rarity.
4. 1901 Morgan Dollar — $300–$8,000+
Plentiful in circulated grades but a monster rarity in Mint State, especially MS65+.
5. 1881-CC Morgan Dollar — $400–$2,500+
A popular Carson City issue known for great strikes and affordable beauty.
Comparison: Morgan Dollars vs Peace Dollars
| Feature | Morgan Dollar (1878–1921) | Peace Dollar (1921–1935) |
|---|---|---|
| Historical Theme | Industrial Growth | Celebration of Peace |
| Obverse Design | Liberty by George T. Morgan | Liberty by Anthony de Francisci |
| Reverse Design | Heraldic Eagle | Resting Eagle with Olive Branch |
| Silver Composition | 90% silver, 10% copper | Same |
| Popular Key Dates | 1893-S, 1889-CC, 1895 Proof | 1921 High Relief, 1928 |
| Collector Demand | Huge and steady | Growing fast |
| Strike Challenges | Some weak strikes (New Orleans) | High-relief issues tricky |
✅ Insight: Morgans are the ultimate “Old West” silver coin, while Peace Dollars celebrate America’s post-WWI emergence.
Common Morgan Dollar Errors and Varieties
🛠️ Popular Morgan Dollar Errors and Varieties:
- 1888-O “Scarface” — Major die break across Liberty’s face.
- 1878 8 Tailfeathers — Rare early reverse design; 7TF became standard.
- 1900-O/CC Overmintmark — O mint struck over a CC; highly collectible.
- VAM Varieties — Detailed cataloging of small die differences. Some VAMs sell for $5,000+.
✅ Pro Tip: Learn basic VAM ID techniques — it can double your selling price on some coins!
Comparison: Common vs Rare Morgan Dollars
| Year | Mint Mark | Typical Value | Rarity Level | Collector Notes |
|---|---|---|---|---|
| 1921 | No Mint | $30–$50 | Very Common | Mass-produced last-year issue |
| 1881-S | S | $50–$150 | Semi-Common | Often very sharply struck |
| 1893-S | S | $3,000–$50,000+ | Ultra Rare | Most famous Morgan Dollar rarity |
| 1889-CC | CC | $500–$10,000+ | Major Key | Carson City scarcity plus fame |
How to Sell Morgan Dollars
Step 1: Identify the coin’s date, mintmark, variety, and grade.
Step 2: If rare or high-grade, certify it through PCGS or NGC.
Step 3: Choose the best platform:
- eBay — Ideal for common, lower-value coins.
- GreatCollections — Good for mid-to-upper range Morgans.
- Heritage Auctions — Essential for 1893-S, 1889-CC, or MS64+ gems.
✅ Selling Tip: Photos matter! Good lighting and clear mintmark shots boost trust and prices.
How to Store and Preserve Morgan Dollars
- Use Archival Holders: Only store in acid-free flips, slabs, or mylar 2x2s — never PVC plastic!
- Control the Environment: Cool, dry conditions = no tarnish or corrosion.
- Avoid Cleaning: Original surfaces matter more than brightness.
- Embrace Natural Toning: Light rainbow colors can actually increase value.
✅ Storage Bonus: Long-term toning in coin albums can create highly desirable “bullseye toning” — collectors pay big premiums!
Frequently Asked Questions About Morgan Dollars
What are Morgan Dollars?
Morgan Dollars are U.S. silver dollars minted from 1878 to 1921, designed by George T. Morgan. They are 90% silver coins known for their iconic Lady Liberty and Heraldic Eagle designs.
Why are Morgan Dollars so collectible?
Morgan Dollars are prized for their silver content, beautiful designs, Carson City mintmarks, and famous key dates like the 1893-S. Their combination of history and rarity makes them a cornerstone of U.S. coin collecting.
What is the rarest Morgan Dollar?
The 1893-S Morgan Dollar is considered the rarest and most valuable regular-issue Morgan Dollar. Only around 100,000 were minted, and surviving examples in Mint State are exceptionally scarce.
What does “VAM” mean in Morgan Dollar collecting?
“VAM” stands for Van Allen–Mallis, who cataloged the die varieties of Morgan and Peace Dollars. Some VAM varieties, like the 1888-O “Scarface” or the 1900-O/CC overmintmark, can be significantly more valuable than regular strikes.
How can I tell if my Morgan Dollar is valuable?
Check the date, mint mark, condition, and whether it’s a known error or VAM variety. Coins from Carson City (CC), San Francisco (S), or with low mintages are often more valuable. Certification from PCGS or NGC can help confirm authenticity and value.
Are all Morgan Dollars made of silver?
Yes, all Morgan Dollars are made of 90% silver and 10% copper, with each coin containing 0.7734 troy ounces of silver.
What is the best way to sell Morgan Dollars?
High-value Morgan Dollars should be graded by PCGS or NGC and sold through auction houses like Heritage Auctions or GreatCollections. Common circulated coins can be sold via eBay or reputable local dealers.
Should I clean my Morgan Dollars before selling?
No. Cleaning a Morgan Dollar can severely reduce its value. Collectors prefer coins with original surfaces, even if they show light toning or wear.
What are Carson City Morgan Dollars?
Carson City (CC) Morgan Dollars were minted at the historic Carson City Mint in Nevada. Coins with the “CC” mint mark, like the 1889-CC, are highly sought after for their Wild West historical significance and low survival numbers.
What are common mistakes when collecting Morgan Dollars?
Common mistakes include cleaning coins, misidentifying VAM varieties, and overpaying for common dates in lower grades. Always verify rarities through reliable grading services and use official VAM references for variety identification.