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 $90 near melt or $65,000+ in a top variety and grade, depending on which reverse it carries.
Morgan Dollar Value GuideThe 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. See our Coin Price Guide for values across other series, or try the What's My Coin Worth tool to identify a coin you're not sure about.
The Four 1878 Morgan Dollar Varieties
Silver has traded near $68/oz in late August 2026, well above the levels these coins traded at even a year or two ago — that surge has pushed circulated-grade values for common varieties up close to a shared melt-driven floor. Figures below reflect current PCGS Price Guide data.
8 Tailfeathers (8TF)
7/8 Tailfeathers (7/8TF)
7 Tailfeathers Flat Breast
7TF Reverse of 1879
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
Values verified against PCGS Price Guide (updated today) for grades with direct pricing, with intermediate grades estimated by interpolation. Low-grade values across all four varieties now sit close together because silver's current price dominates the coin's value up through Extremely Fine.
| Grade | 8TF | 7/8TF | 7TF Flat | 7TF Rev 1879 | Shop |
|---|---|---|---|---|---|
| G-4 | $90–$100 | $90–$100 | $88–$95 | $88–$95 | Shop → |
| VG-8 | $92–$105 | $90–$100 | $88–$95 | $88–$95 | Shop → |
| F-12 | $95–$115 | $90–$100 | $88–$95 | $88–$95 | Shop → |
| VF-20 | $115–$145 | $95–$120 | $88–$98 | $88–$100 | Shop → |
| EF-40 | $155–$180 | $105–$130 | $88–$100 | $88–$100 | Shop → |
| AU-55 | $200–$230 | $170–$195 | $120–$140 | $145–$170 | Shop → |
| MS-63 | $500–$600 | $425–$525 | $220–$280 | $425–$575 | Shop → |
| MS-65 | $2,200–$3,300 | $2,400–$4,400 | $700–$2,100 | $2,000–$2,900 | Shop → |
| MS-66+ | $5,750–$85,000+ | $10,000–$65,000+ | $2,500–$35,000+ | $6,250–$65,000+ | Shop → |
Shop certified 1878 Morgan silver dollars — all four varieties available.
Shop on eBay Reference Books on AmazonSilver 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. With silver trading near $68/oz in late August 2026, melt value is approximately $52.60 — up sharply from where it stood even a year or two ago, which is why common-date circulated examples of all four 1878 varieties are now priced close to $90–$100 rather than the $20–$30 range older references may still show. Check a live spot price before relying on this figure, since silver has moved significantly this year.
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 "Doubled Motto" — showing doubling on the obverse motto, along with a chip in the ear — and several repunched date and mintmark varieties. The VAM World website (vamworld.com) is the essential free reference for attribution.
Where to Buy an 1878 Morgan Silver Dollar
These trusted dealers sell certified Morgan dollars and 90% silver coins at published premiums over spot — with secure insured shipping.
JM Bullion
Money Metals Exchange
SD Bullion
Silver Gold Bull
eBay
Amazon
FindRareCoins.com is an eBay Partner and earns from qualifying purchases made through links on this page.
Frequently Asked Questions
How much is an 1878 Morgan dollar worth?
How do I tell which 1878 Morgan variety I have?
Why did the Mint change the design mid-year in 1878?
Is the 1878-S Morgan Dollar also valuable?
What is the most valuable 1878 Morgan Dollar variety?
Should I get my 1878 Morgan Dollar graded?
This reference is designed for you--a fast read, rich with photos allowing you to quickly identify factors that drive your silver dollar's value. It advises you on what to do, and how and where to sell.
Guide Book of Morgan Silver Dollars - Features hundreds of full-color photographs, including high-quality images of toned coins, Proofs, errors, and rare varieties.
'
