Morgan Silver Dollars

The History of the Morgan Silver Dollar

The Morgan silver dollar, struck from 1878 to 1904 and again for a single additional year in 1921, owes its existence to the Bland-Allison Act of 1878, a piece of Congressional legislation driven substantially by Western mining state interests seeking a guaranteed market for the enormous quantities of silver flowing from the Comstock Lode and other newly discovered deposits. This political and economic backdrop makes the Morgan dollar as much a product of Gilded Age monetary politics as it is a numismatic design achievement, since the coin was struck in vast quantities largely independent of genuine commercial demand for a circulating silver dollar.

Struck at the Philadelphia, New Orleans, San Francisco, and Carson City mints (and later Denver for the 1921 issue), the Morgan dollar became the workhorse silver dollar of late 19th-century America, though enormous quantities were struck and simply stored in Treasury vaults for decades rather than actively circulating — a fact that would later prove hugely significant for 20th-century collectors when massive government silver dollar hoards began entering the market. The series briefly paused after 1904 before a final, one-year revival in 1921 to help meet post-World War I silver certificate redemption obligations under the Pittman Act.

1883-O Morgan Silver Dollar $1 90% Silver Business Strike ICG MS63 Slabbed

USD $86.50

1885 Morgan Silver Dollar - NGC MS65 - Reverse Crescent Rainbow Toning ⭐️

USD $330.00

1886-P Morgan Silver Dollar AU Details Rim Damage Toned 90% Silver $1 Coin

USD $59.00

1879-S Morgan Silver Dollar | Reverse 1878 Low-Ball | Circulated 213319

USD $59.00

1881 S Morgan Silver Dollar MS65 Dazzling Luster, Unbelievable Parrot Colors.

USD $1,700.00

1885 Morgan Silver Dollar $1 MS60 Littleton Holder Philadelphia Mint 90% Silver

USD $81.99

1881-S Morgan Dollar NGC MS66PL Prooflike Gem! #8GJA

USD $990.00

1897-O Morgan Silver Dollar — NGC AU58 🔥 Better Date

USD $493.00

1878-S $1 Morgan Silver Dollar, PCGS MS62, Nice Original Look.

USD $165.00

Pre-1921 Morgan Silver Dollar $1 PCGS / NGC MS64 Certified Random Date Lot of 1

USD $119.00

1879-S Morgan Silver Dollar NGC MS65 San Francisco Mint Rainbow Toned Gem BU

USD $289.99

1878-S Morgan Silver Dollar $1 PCGS MS62 San Francisco Business Strike Silver

USD $115.00

Morgan Silver Dollars Value Guide

The tables below list approximate values for every regular Morgan dollar date, mint mark, and major variety, from well-worn Good-4 up to gem MS-65. Each coin holds about 0.7734 troy ounces of pure silver, so with silver near $54 per ounce in late October 2026, melt value sits around $42. That figure sets a floor for common dates, while key dates and high grades trade far above bullion value.

For a quick estimate on a coin in your hand, try our What's My Coin Worth tool. To compare Morgans with Peace, Seated Liberty, and other silver dollars, see the Silver Dollar Value Chart, or browse every denomination in the full Coin Price Guide.

1878–1889 Morgan Dollar Values

The early years include the first-year 1878 tail-feather varieties, the scarce Carson City dates, and the 1889-CC, which is one of the toughest coins in the series in any grade.

1890–1904 Morgan Dollar Values

This era holds most of the big rarities, especially the 1893-S, 1893-CC, 1893-O, 1892-S, 1895-O, and 1901. Several of these are affordable in worn grades, yet they jump to five and six figures in Mint State.

1921 Morgan Dollar Values

The final year was struck at three mints under the Pittman Act. Because mintages ran into the tens of millions, all three trade close to the common-date price in circulated grades.

George T. Morgan's Design

The coin's design comes from George T. Morgan, an English-born engraver who joined the U.S. Mint specifically for this project after Chief Engraver William Barber's initial designs were deemed inadequate — Morgan's superior artistic training in Britain made him the Mint's choice for the new dollar despite some initial internal resistance to hiring outside talent. The obverse depicts a profile of Lady Liberty modeled after Anna Willess Williams, a Philadelphia schoolteacher whose likeness Morgan considered the finest he'd found for the role, while the reverse features a majestic eagle with outstretched wings, clutching arrows and an olive branch, encircled by a wreath.

Morgan's design is widely regarded as one of the most artistically accomplished coins in American numismatic history, combining classical dignity with genuine technical skill in the deep relief and fine detail achievable on 1870s-era coining equipment. This artistic reputation, combined with the coin's substantial 38.1mm diameter (providing ample canvas for detail) and the series' genuine collecting depth across dozens of dates and mint marks, has made the Morgan dollar consistently the most popular and widely collected U.S. silver dollar series for well over a century.

The GSA Hoard — A 20th-Century Discovery

One of the most remarkable chapters in Morgan dollar history unfolded nearly a century after the coins were struck: in 1964, Treasury officials discovered enormous remaining stockpiles of uncirculated Morgan dollars — most strikingly, a substantial hoard of Carson City-mint coins that had simply never circulated, sitting in Treasury vaults since their original striking decades earlier. Following a public sale process managed by the General Services Administration (GSA) throughout the 1970s, millions of these pristine CC-mint Morgans were sold directly to collectors, many still housed in the distinctive black GSA holders that remain a recognizable and actively collected format today.

This GSA hoard fundamentally reshaped Morgan dollar collecting, since it meant certain Carson City dates that would otherwise be genuinely rare in uncirculated condition became far more accessible than their original mintage figures might suggest — a crucial piece of context for understanding why some CC-mint Morgans are more available in high grade than their mintage numbers alone would predict. GSA-holdered coins retain a distinct collector following today, valued both for their coins and for the historical significance of the original government packaging itself.

Key Dates and Notable Rarities

The 1893-S stands as the undisputed key date of the entire series and one of the most legendary rarities in American numismatics — with a mintage of just 100,000, the lowest of any Morgan dollar, and the overwhelming majority believed to have been melted or heavily circulated, genuinely well-preserved survivors are extraordinarily scarce, commanding four- and five-figure prices even in circulated grades. At the very top of the market, the finest-known PCGS MS-67 example (the Jack Lee coin) sold for $2,086,875 at GreatCollections in August 2021. Its combination of low original mintage, a popular collecting series, and San Francisco's status as a favored specialist mint makes the 1893-S the aspirational centerpiece of any serious Morgan dollar collection.

Beyond the 1893-S, several other dates carry major significance. The 1889-CC and 1893-CC are genuinely scarce Carson City issues, particularly challenging in higher mint state grades despite the later GSA hoard's impact on some other CC dates. The 1895, struck only in proof format with no confirmed business strikes ever having been released, is sometimes called the "King of Morgan Dollars" and represents one of the series' greatest rarities in its own right; a PR-67+ example brought $324,000 at Heritage in September 2024. The 1901 in high mint state grades is also notably difficult, despite a substantial original mintage, due to poor striking quality and heavy circulation of the coins that did survive.

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