The American Silver Morgan Dollar: A Complete Collector’s Guide
Introduction
The Morgan Silver Dollar is one of the most iconic and beloved coins in American numismatic history. Struck from 1878 to 1904 and again in 1921, it remains a symbol of the Old West, industrial growth, and American craftsmanship. Whether you’re a seasoned collector, an investor, or simply curious, understanding the Morgan Dollar’s legacy is essential.
In this comprehensive guide, we’ll explore the Morgan Dollar’s history, design, silver content, grading, market value, and tips for collecting or investing. We’ll also provide SEO-rich resources to help your search for authentic Morgan Dollars and avoid common pitfalls.
Table of Contents
History of the Morgan Silver Dollar
Origins of the Coin
The Morgan Silver Dollar was first minted in 1878, following the passage of the Bland-Allison Act, which required the U.S. Treasury to purchase large quantities of silver to be coined into dollars. It was part of the post-Civil War era's push to stabilize the economy and reintegrate silver into the monetary system.
Named after its designer, George T. Morgan, the coin quickly became a staple in American commerce, especially in the West, where silver mining boomed.
Minting Locations
Morgan Dollars were struck at several mints, identified by their mint marks:
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Philadelphia (no mark)
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Carson City (CC)
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San Francisco (S)
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New Orleans (O)
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Denver (D) – only for 1921
Each mint’s production quality and quantity vary, affecting collectibility and market price.
Design and Specifications
Obverse Design
The obverse features Lady Liberty, modeled after Anna Willess Williams, wearing a Phrygian cap adorned with wheat and cotton—symbols of American agriculture. The inscription reads:
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"E PLURIBUS UNUM"
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The date of issue
Reverse Design
The reverse depicts an eagle with outstretched wings clutching arrows and an olive branch, signifying strength and peace. It’s surrounded by:
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"UNITED STATES OF AMERICA"
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"IN GOD WE TRUST"
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"ONE DOLLAR"
Coin Specifications
| Feature | Specification |
|---|---|
| Designer | George T. Morgan |
| Metal Content | 90% Silver, 10% Copper |
| Weight | 26.73 grams |
| Diameter | 38.1 mm (1.5 inches) |
| Silver Content | 0.77344 troy oz |
Key Dates and Rarity
Some Morgan Dollars are rarer and more valuable than others due to limited mintage or historical significance. Here are key dates to look for:
Top 10 Most Valuable Morgan Silver Dollars
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1893-S – Lowest mintage (100,000); extremely rare in high grade
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1889-CC – Scarce due to low survival rates
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1895 (Proof Only) – No known business strikes exist
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1884-S – Rare in mint state
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1901 – Difficult to find well-struck examples
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1881-CC – Popular among Carson City collectors
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1879-CC – Low mintage, high demand
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1892-S – Scarce in higher grades
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1894 – Low mintage year
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1880-CC Overdates – Unique varieties that are highly collectible
Use a Morgan Dollar value guide or PCGS price chart to stay current.
Grading and Authentication
Understanding Coin Grades
Grading plays a crucial role in determining a Morgan Dollar’s value. Coins are graded on the Sheldon Scale (1–70), with MS (Mint State) levels starting at 60+.
| Grade | Description |
|---|---|
| G | Good |
| VG | Very Good |
| F | Fine |
| VF | Very Fine |
| EF/XF | Extremely Fine |
| AU | About Uncirculated |
| MS | Mint State (60–70) |
Certified Coin Graders
Reputable third-party grading services include:
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PCGS (Professional Coin Grading Service)
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NGC (Numismatic Guaranty Company)
Look for slabbed (certified) coins to avoid counterfeits.
Market Value and Price Chart
The value of Morgan Silver Dollars depends on rarity, condition, mint mark, and demand. Here’s a basic idea:
| Year-Mint | Grade XF | Grade MS63 | Grade MS65 |
|---|---|---|---|
| 1878-P | $45 | $90 | $250 |
| 1881-CC | $300 | $600 | $1,200 |
| 1893-S | $3,000 | $20,000 | $100,000+ |
| 1921-D | $35 | $70 | $200 |
Check current values on trusted coin sites or auction platforms like Heritage Auctions or GreatCollections.
Investing in Morgan Silver Dollars
Why Invest?
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Intrinsic Value: Contains nearly ¾ troy ounce of silver
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Historic Demand: Always sought after by collectors
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Appreciation Potential: Especially for high-grade or rare-date coins
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Tangible Asset: Hedge against inflation and fiat currency risk
Investment Tips
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Focus on key dates or Carson City (CC) issues
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Buy graded coins from PCGS or NGC
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Diversify across different years and grades
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Avoid cleaned or damaged coins
Tips for Buying Morgan Dollars Online
1. Choose Reputable Dealers
Stick with certified dealers or platforms with strong return policies and customer reviews:
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APMEX
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JM Bullion
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SD Bullion
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PCGS Marketplace
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eBay (with caution)
2. Learn to Spot Fakes
Watch out for:
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Too-perfect luster or color
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Incorrect fonts or weight
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Chinese replicas
Use a digital scale and magnifier to verify coins when possible.
3. Check for Cleaning
Cleaning a coin reduces its numismatic value. Look for:
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Hairline scratches
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Unnatural shine
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Polished surfaces
Always prefer original surfaces even if slightly worn.
Conclusion
The Morgan Silver Dollar remains a cornerstone of American coin collecting. Its rich history, classic design, and investment appeal make it a must-have for enthusiasts and investors alike. Whether you're building a full set or holding a few key coins, the Morgan Dollar offers timeless value and beauty.
From the gritty silver mines of Nevada to the vaults of modern collectors, the Morgan Dollar continues to tell the story of America’s silver age.
Frequently Asked Questions (FAQ)
What is the most valuable Morgan Silver Dollar?
The 1893-S Morgan Dollar is considered the most valuable regular-issue coin, especially in mint condition.
How much silver is in a Morgan Dollar?
Each coin contains 0.77344 troy ounces of pure silver.
Where can I sell my Morgan Dollars?
You can sell through:
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Coin dealers
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Online marketplaces (eBay, GreatCollections)
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Coin shows
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Local coin shops (LCS)
Are Morgan Silver Dollars a good investment?
Yes, especially key dates, Carson City coins, or high-grade examples. They offer both bullion value and collector demand.
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