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More Gain with Morgans: Dollar Values Buck the Trend
According to our index, prices paid for Morgan Dollars, considered a perennial favorite among collectors, have increased more than 38 percent since January 2020, despite a decrease in the number of transactions starting in mid-2023. Due to its size, attractive design, and general availability in mint or near-mint condition, the Morgan Dollar has long been considered the king of U.S. coins by numismatic collectors.
First appearing in 1878, the coins were minted until 1904 and then again for one more year in 1921. Morgan Dollars minted during these years contained 90 percent silver and 10 percent copper, giving them a silver content of 0.77344 troy ounces. While millions of these coins were minted, many were melted down over the years for their silver content, contributing to their scarcity and increased demand among collectors.
Generally, common dates in circulated conditions can start around $30–$40, while rarer dates or those in uncirculated conditions can fetch hundreds or thousands of dollars. Most serious collectors focus on proof and pattern examples, which can exponentially increase sale prices when graded by third-party services.
WorthPoint’s index for graded Morgan Dollars spans the entire mint history. However, coins from specific years, including 1889, 1893, and 1895, continue to increase in value. Historically, the most sought-after mint mark on a U.S. Morgan Dollar is the “CC” mint mark, which stands for the Carson City Mint in Nevada. Collectors highly prize Morgan Dollars minted in Carson City because of their limited mintage and historical significance.
WHAT TO LOOK FOR
Several key dates and varieties of Morgan dollars are more sought after than others:
- 1893-S (San Francisco). This year’s issue from “The Golden City” is considered the rarest Morgan dollar in high grades.
- 1889-CC (Carson City). Collectors monitor this Carson City dollar carefully, partially because it is the most commonly counterfeited Morgan dollar.
- 2021 “100th Anniversary” Morgan Silver Coin. These commemorative silver-clad coins issued across six proof examples were an instant hit. WorthPoint’s Price Guide lists more than 8,200 sales, including a collection of each coin from the sets that brought $3,600 in late 2023.
The four most valuable Morgan Dollars in WorthPoint’s Price Guide sold in the last month are:
1. 1893-O (New Orleans), Sold: $3,120
The letter “O” signifies that this dollar coin was minted in New Orleans; however, its rarity keeps it in high demand. The coin posts the lowest mintage figure for any New Orleans mint silver dollar of the Morgan design, with just 300,000 produced. From January to May 2020, average values for this coin increased by more than 76 percent.
2. 1885-CC (Carson City), Sold: $914.25
This graded and certified example from the Carson City mint is an authentic, high-grade survivor.
3. 1892-CC (Carson City), Sold: $817.20
Of the 100,000 coins minted in 1892, experts estimate that only 9,948 examples are known to exist.
4. 1883-S (San Francisco), Sold: $753.25
Generally, values for this high-production coin—of which 6.25 million were minted—range between $35 and $55, with stunning examples in stunning condition selling for 18 times as much.
For more history, read “The Morgan Silver Dollar” in WorthPoint’s Dictionary.
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