1878 Morgan Silver Dollar Value

The first year of the Morgan Dollar — struck in four distinct varieties that collectors have chased for over a century. Your 1878 could be worth $35 or $5,000+ depending on which reverse it carries.

Morgan Dollar Value Guide

The 1878 Morgan silver dollar is one of the most complex single-year issues in American numismatics. It was the first year of production for the Morgan Dollar series — designed by George T. Morgan and struck at the Philadelphia Mint — and the Mint made several significant changes to the reverse design during the course of production. The result is four distinct major varieties that collectors treat as separate coins: the 8 Tailfeathers, the 7/8 Tailfeathers, the 7 Tailfeathers Flat Breast, and the 7 Tailfeathers Round Breast (Reverse of 1879). Understanding which variety you have is the first step to knowing its value.

Also see: Our 1921 Morgan Silver Dollar Value guide covers the final year of production. For the full spectrum of Morgan Dollar VAM varieties and errors, see our Dollar Coin Errors page. Full Morgan Dollar pricing by date is in our Coin Values Guide.

The Four 1878 Morgan Dollar Varieties

8 Tailfeathers (8TF)

$50 – $2,000+

The original reverse design showing 8 tail feathers on the eagle. Struck first in 1878 before the Mint reduced the feather count. The 8TF has a parallel top arrow feather and flat eagle breast. Most common of the four major varieties.

7/8 Tailfeathers (7/8TF)

$60 – $2,500+

A transitional variety where the reverse was overhubbed — the 8-feather reverse was struck over by the new 7-feather hub, leaving traces of the original 8th feather visible. Three VAM sub-varieties exist. Commands a premium over the 8TF at most grades.

7 Tailfeathers Flat Breast

$35 – $1,500+

The revised design with 7 tail feathers and a flat eagle breast. The top arrow feather remains parallel. This is the most common 1878 Morgan variety overall. Circulated examples are the most affordable entry point into the 1878 series.

7TF Reverse of 1879

$50 – $5,000+

The final 1878 variety uses the redesigned 1879 reverse — with a slanted top arrow feather and round eagle breast instead of flat. Also called "Reverse of 1879" or "7TF Round Breast." Scarcer than the flat breast and commands strong premiums in gem condition.

How to Tell the Varieties Apart

All four varieties are identified on the reverse of the coin. The two key diagnostic areas are the eagle's tail feathers and the eagle's breast:

Count the tail feathers. Look at the bottom of the eagle's tail. The 8TF variety has eight clearly visible feathers. After the redesign, the 7TF varieties show seven. On the 7/8TF, you can see the ghost of an eighth feather beneath the seven — look for a partial feather outline at the bottom of the tail fan.

Check the top arrow feather. On the 8TF and 7TF Flat Breast varieties, the top arrow feather (far left of the arrows held by the eagle) runs parallel to the other feathers. On the Reverse of 1879 variety, the top arrow feather slants at a different angle — this is the quickest single diagnostic for identifying the 7TF Round Breast.

Look at the eagle's breast. The Flat Breast varieties show a flatter, less rounded eagle chest. The Round Breast (Reverse of 1879) shows a more sculptural, convex breast — more similar to the design used on all subsequent Morgan Dollars through 1921.

Full Value Table — All Four Varieties

Grade8TF7/8TF7TF Flat7TF Rev 1879
G-4$50–$60$60–$75$35–$45$50–$65
VG-8$55–$70$65–$85$38–$50$55–$75
F-12$60–$80$70–$95$40–$55$60–$85
VF-20$65–$90$80–$110$45–$65$70–$100
EF-40$80–$120$95–$150$55–$80$85–$130
AU-55$120–$175$140–$220$75–$120$130–$200
MS-63$200–$350$250–$450$150–$250$225–$400
MS-65$700–$1,500$900–$2,000+$500–$1,200$900–$2,500+
MS-66+$2,000+$2,500+$1,500+$3,000–$5,000+

Shop certified 1878 Morgan silver dollars — all four varieties available.

🛍️ Shop on eBay 📚 Reference Books on Amazon
Affiliate links — we may earn a commission at no extra cost to you.

Silver Content and Melt Value

Every 1878 Morgan Dollar contains 0.7735 troy ounces of pure silver — the same as all Morgan Dollars across the entire series. At $30/oz silver, melt value is approximately $23.21. At $35/oz, approximately $27.07. All four 1878 varieties trade at meaningful premiums above melt even in the lowest circulated grades due to collector demand and the coin's first-year status.

VAM Varieties Within the 1878

Beyond the four major varieties, the VAM (Van Allen-Mallis) reference catalogues dozens of specific die marriages for the 1878 Morgan Dollar. The most actively collected include the 1878-P VAM-14 "Tripled Motto" — showing dramatic tripling on the obverse motto — and several repunched date and mintmark varieties. The VAM World website (vamworld.com) is the essential free reference for attribution.

Frequently Asked Questions

How much is an 1878 Morgan dollar worth?
Value depends on which of the four major varieties you have. The 7TF Flat Breast in Good-4 starts around $35–$45. The 8TF and 7/8TF in Good-4 bring $50–$75. The Reverse of 1879 variety starts at $50–$65 in Good. In gem MS-65, values range from $500 for the common 7TF Flat to $2,500+ for the Reverse of 1879. Identify the variety first — it can mean a 2–3x difference in value at any grade.
How do I tell which 1878 Morgan variety I have?
Start on the reverse. Count the tail feathers — 8 or 7? If 8, you have the 8TF. If 7, check for ghost feather traces (7/8TF), then check the top arrow feather angle and eagle breast shape. A parallel top arrow feather and flat breast = 7TF Flat Breast. A slanted top arrow feather and round breast = Reverse of 1879. A 5x loupe makes the feather count and breast shape easy to determine.
Why did the Mint change the design mid-year in 1878?
The original 8-feather reverse was criticized by ornithologists and others who pointed out that eagles have an odd number of tail feathers in nature, making 8 anatomically incorrect. The Mint's chief engraver modified the reverse to show 7 feathers — then made a further adjustment to the eagle's breast and arrow feather orientation, producing the Reverse of 1879 design that was used on all subsequent Morgan Dollars. The mid-year changes created the variety landscape that collectors study today.
Is the 1878-S Morgan Dollar also valuable?
The 1878-S (San Francisco) Morgan Dollar is a single-variety issue — it was struck only with the 7TF reverse and commands modest premiums over melt in circulated grades ($35–$65). In gem MS-65 and above, the 1878-S brings $500–$2,000+ depending on strike quality and luster. The variety complexity of the 1878 applies only to the Philadelphia (no mint mark) issue — the CC (Carson City) and S mint coins are single-variety.
What is the most valuable 1878 Morgan Dollar variety?
In gem uncirculated grades, the 7TF Reverse of 1879 commands the strongest prices — $3,000–$5,000+ at MS-66 and above — due to its relative scarcity in high grades. The 7/8TF is the most sought transitional variety and commands a premium over the 8TF at most grades. For circulated collecting on a budget, the 7TF Flat Breast is the most affordable entry point while still representing first-year Morgan Dollar production.
Should I get my 1878 Morgan Dollar graded?
For any example that appears uncirculated or near-uncirculated, yes — variety attribution plus grade certification from PCGS or NGC adds meaningful value and market liquidity. For circulated examples below EF-40, the grading fee may approach or exceed the premium over melt, making certification borderline. For anything in AU-55 or above, certification is recommended. PCGS and NGC both attribute the major 1878 varieties on the certification label.

Add an 1878 Morgan Dollar to your collection — the first year of an American classic.

🛍️ Browse on eBay
Affiliate link — we may earn a commission at no extra cost to you.

Similar Posts