Collector Research Center
Morgan Dollar Research Guide
Certified coin values, Carson City rarities, key dates, and numismatic insights for serious collectors and first-time buyers.
Morgan Dollar Value Research Tool
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Research values based on current silver spot price + numismatic premium. For certified coins, values may differ. Always verify with a professional dealer.
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Carson City Morgan Dollars
The CC mint mark is the most coveted in the Morgan Dollar series. Operating from 1870 to 1893, the Carson City Mint produced coins with wild Western heritage and notoriously low mintages — making every CC Morgan a collector's prize.
Why CC Morgans Command Premium Prices
- Low mintages — many years saw under 2 million coins struck
- Heavy circulation in the Old West mining economy
- Romantic historical association with Nevada silver rushes
- Mint closed in 1893 — no CC coins after that year
- Survivors in Mint State condition are exceptionally scarce
1879-CC
Carson City
Mintage: 756,000 — one of the lowest CC issues. Most examples show heavy wear.
G-4: ~$140 · MS-63: ~$5,400
Rare
1889-CC
Carson City
Mintage: 350,000. The lowest mintage of all CC Morgans. Key date for the series.
G-4: ~$600 · MS-63: ~$45,000+
Key Date
1893-CC
Carson City
Final year of CC production. Mintage: 677,000. Last chance for CC collectors.
G-4: ~$2,165 · MS-63: ~$32,000
Key Date
1885-CC
Carson City
Mintage: 228,000. Many went to the Treasury vaults — MS examples survive in higher numbers.
G-4: ~$500 · MS-63: ~$1,600
Scarce
1878-CC
Carson City
First year of issue. Mintage: 2,212,000. Most accessible CC Morgan for new collectors.
G-4: ~$90 · MS-63: ~$2,100
Scarce
1880-CC
Carson City
Mintage: 495,000. Multiple reverse varieties. Popular with variety collectors.
G-4: ~$175 · MS-63: ~$1,900
Scarce
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JM Bullion carries certified CC Morgans with competitive pricing
Key Dates & Rare Varieties
These are the Morgan Dollar dates every serious collector tracks. The 1893-S Morgan Dollar leads the pack as the rarest business-strike date in the series. Values shown represent the ballpark range for certified examples — always verify current prices before buying.
| Date / Mint | Mintage | Circulated Value | MS-63 Value | Notes |
|---|---|---|---|---|
| 1893-S | 100,000 | $7,500–$12,000 | $450,000+ | The King of Morgan Dollars. Most expensive date in the series. |
| 1895-P | 880 (proof) | $50,000+ | $125,000+ | Proof-only. No business strikes known. Essential for completists. |
| 1889-CC | 350,000 | $600–$2,500 | $45,000+ | Lowest mintage CC Morgan. Extremely scarce in all grades. |
| 1893-O | 300,000 | $215–$2,200 | $28,000+ | Low mintage New Orleans date. Highly sought in all grades. |
| 1893-CC | 677,000 | $2,165–$5,500 | $32,000+ | Final CC year. Strong demand from date and mint set collectors. |
| 1894-P | 110,000 | $1,100–$3,000 | $22,000+ | Low Philadelphia mintage. Often overlooked by new collectors. |
| 1879-CC | 756,000 | $140–$400 | $5,400+ | Affordable key date entry point for CC collectors. |
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Understanding Mint Marks
Morgan Dollars were struck at five mints between 1878 and 1921. The mint mark is found on the reverse (eagle side) just above the DO in DOLLAR.
P
Philadelphia
1878–1904, 1921
No mint mark on coin. Highest overall mintages.
CC
Carson City
1878–1893
Most coveted mint mark. Closed after 1893.
O
New Orleans
1879–1904
Southern mint. Closed 1909. Some key dates.
S
San Francisco
1878–1904, 1921
High quality strikes. Home of the 1893-S key date.
D
Denver
1921 only
Only struck Morgans in the 1921 revival year.
Certified Coin Grading Reference
PCGS and NGC use a 70-point Sheldon scale. For Morgan Dollars, these are the grades that matter most to collectors and investors. MS-63 is the most popular investment grade — enough quality to be attractive without the steep premium of MS-65.
Good
G-4 / G-6
Heavy wear. Design outline visible but major details flat. Most common circulated grade for key dates.
Very Fine
VF-20 / VF-30
Moderate wear. Hair above ear worn but visible. Eagle breast feathers show. Popular collector grade.
Extremely Fine
EF-40 / EF-45
Light wear on high points. Hair well defined. Attractive problem-free coins. Good value range.
About Uncirculated
AU-50 / AU-58
Slight wear on highest points only. Most luster present. AU-58 often mistaken for MS.
Mint State
MS-60 / MS-62
No wear but may have heavy bag marks or poor luster. Uncirculated but not premium quality.
Choice BU
MS-63
Above average strike, luster, and surface quality. The most popular investment grade Morgan.
Gem BU
MS-65
Strong luster, sharp strike, minimal marks. Dramatic price jumps over MS-63. Worth seeking in common dates.
Superb Gem
MS-67+
Exceptional quality. Population reports often show just a handful known. Record auction prices.
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Where to Buy Morgan Dollars
Whether you're chasing a key date CC Morgan or adding a common-date bullion coin to your stack, these resources let you compare prices before committing.
Key Date
1893-S Morgan Dollar
The rarest business-strike Morgan. Even heavily circulated examples start at $7,500+. Insist on PCGS or NGC certification.
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Key Date
1889-CC Morgan Dollar
Lowest mintage of all CC Morgans at 350,000. Even a Good example commands $600+. A centerpiece coin for any collection.
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Carson City
All CC Morgan Dollars
JM Bullion carries certified CC Morgans across a range of grades. Compare with eBay to find the best price for the date you need.
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Certified
PCGS & NGC MS-63 Morgans
MS-63 is the most liquid investment grade in the series. Strong enough quality to resell easily, without Gem-level pricing.
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Bullion-Grade
Common Date Morgans
Common-date 1921 Morgans and circulated examples trade near melt value. JM Bullion is a reliable source for stacking at fair premiums.
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Reference Books
Morgan Dollar Literature
The Leroy Van Allen and A. George Mallis VAM reference, plus the NGC and PCGS population guides, are essential research tools for serious collectors.
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📚 Recommended Reading
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A Guide Book of Morgan Silver Dollars
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The Top 100 Morgan Dollar Varieties
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Frequently Asked Questions
What is the minimum value of a Morgan Dollar?
Every Morgan Dollar contains 0.77344 troy ounces of pure silver, so its minimum value is always the silver melt value — currently around $23–$35 depending on the silver spot price. Even common-date circulated Morgans are worth at least this amount, and most sell for a small premium above melt.
How do I tell if my Morgan Dollar is worth getting certified?
Generally, professional grading by PCGS or NGC is worth the cost (typically $30–$75 per coin) if: the coin appears to grade MS-63 or higher, it's a key date or semi-key date, or it appears to be an EF-45 or better example of a Carson City issue. For common-date circulated coins, the certification cost often exceeds the value gained.
What makes a Carson City Morgan more valuable?
Carson City Morgans command premiums due to their low mintages (often under 1 million), romantic historical appeal from the Nevada silver rush era, and the fact that the mint closed in 1893 — limiting the total number of CC coins ever produced. In Mint State grades, CC Morgans are dramatically scarcer than their Philadelphia counterparts, leading to substantial price premiums.
Is the 1921 Morgan Dollar worth collecting?
The 1921 Morgan is the most common date in the series with over 86 million combined across three mints. In circulated grades it trades near melt value. However, the 1921-D and 1921-S are slightly scarcer, and high-grade MS-65+ examples of all three mints can be worthwhile. It makes an excellent starter coin for new Morgan collectors.
What are the most important varieties to know about?
Key varieties include the 1878 8 Tailfeathers vs. 7 Tailfeathers reverse, the 1878 7/8 TF overdate, the 1880 CC Reverse of 1878 variety, and various GSA holder coins from Treasury bag releases in the 1970s. The VAM (Van Allen-Mallis) reference catalogues over 1,000 Morgan Dollar varieties — many command significant premiums among specialist collectors.
Where is the best place to buy certified Morgan Dollars?
Reputable sources include PCGS and NGC authorized dealers, major auction houses (Heritage, Stack's Bowers), and eBay from verified power sellers with strong feedback. For bullion-grade Morgans, dealers like JM Bullion offer competitive pricing. Always verify certification numbers on the PCGS or NGC population registry before purchasing high-value coins.
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