Morgan Silver Dollar Value: What Yours Is Worth
A Morgan silver dollar is worth at least its silver content — about three-quarters of an ounce — and often a good deal more, depending on its date, mint mark, and condition. Struck from 1878 to 1904 and again in 1921, the Morgan is America's most collected classic silver dollar, which means a strong market and clear values. This guide covers the silver floor, the key dates worth real money, how to read the all-important mint mark, and how grade decides the final number.
Key takeaways
- Every Morgan dollar is 90% silver and holds about 0.7734 troy ounces, which sets a metal-value floor well above its face value.
- Common dates in worn condition trade near that silver value; key dates and high grades are worth far more.
- The mint mark sits on the reverse below the eagle — CC (Carson City) issues are the most prized, and S, O, D, or no letter identify the other mints.
- Top key dates include the 1889-CC, the 1893-S (the rarest business strike), and the proof-only 1895.
- Grade can multiply a Morgan's value many times over, so check the date, mint mark, and condition before selling.
How much is a Morgan silver dollar worth?
A Morgan dollar is worth its silver content at minimum — and considerably more if it's a scarce date or in high grade. A common, worn Morgan trades close to its metal value; a key date or a pristine uncirculated coin can be worth hundreds, thousands, or more.
So the value depends on three things: the silver floor (the same for every Morgan), the date and mint mark (rarity), and the grade (condition). This guide takes them in turn. For the wider picture, see what your coins are worth.
What is a Morgan silver dollar?
The Morgan dollar is a large U.S. silver dollar designed by George T. Morgan, struck from 1878 to 1904 and revived for one year in 1921. It shows Liberty on the obverse and an eagle on the reverse, and it was made at five mints over its run.
Each coin is 90% silver and 10% copper, weighs 26.73 grams, and contains about 0.7734 troy ounces of pure silver. The U.S. Mint has the full history; our guide on which U.S. coins are silver puts the Morgan in context with other silver coinage.
What is the silver floor worth?
Because every Morgan holds about 0.7734 ounces of silver, its melt value — the metal value at the current spot price — sets a floor no worn common coin should sell below. As a worked example, if silver were $30 an ounce, the silver in a Morgan would be worth about 0.7734 × $30 ≈ $23.20.
Spot moves constantly, so use a live figure rather than a fixed one: the silver stack calculator and the precious metals value calculator price the silver against current spot. Remember this is only the floor — see silver coin melt value for how melt works and why it's never a ceiling.
What are the key dates and mint marks?
A handful of date-and-mint combinations carry the big premiums. Carson City (CC) issues are prized across the board, and a few specific dates are genuine rarities. The table lists the most important ones.
| Date / mint | Why it matters | Relative value |
|---|---|---|
| 1893-S | ~100,000 struck — lowest business-strike mintage | Series key; very high |
| 1889-CC | Scarcest Carson City date | Major key; high |
| 1895 (Proof) | Proof-only issue, no business strikes circulated | The 'King of Morgans' |
| 1879-CC / 1893-CC | Low-mintage Carson City issues | Strong premiums |
| Common P-mint dates | Tens of millions struck | Near silver value when worn |
Where is the mint mark, and how do I read it?
The mint mark on a Morgan dollar is on the reverse, below the eagle and above the letters 'DO' in 'DOLLAR.' It tells you which mint struck the coin, and it is often the difference between common and scarce.
The marks are CC (Carson City), S (San Francisco), O (New Orleans), D (Denver, 1921 only), and no mark at all for Philadelphia. CC is the most sought-after — the Carson City mint operated only from 1870 to 1893, so CC Morgans are scarce by nature. Read the date and mint mark together before judging value.
How does grade change a Morgan's value?
Grade can multiply a Morgan's value many times over, especially the jump from circulated to uncirculated. Grade is the coin's condition on the 70-point scale, and because so many Morgans survive, the market pays sharply more for high-grade, fully lustrous examples.
A common date worn smooth is a silver-value coin; the same date in MS-65 with original luster can be worth many times that. Valuable Morgans are routinely certified by PCGS or NGC so buyers trust the grade. Our coin grading guide explains the scale in detail.
Common vs. valuable Morgans: how to tell
Most Morgans you'll encounter are common Philadelphia or San Francisco dates that trade near their silver value when worn. The valuable ones stand out by mint mark (especially CC), by being a listed key date, or by being uncirculated with strong luster.
Check the date and mint mark first, then the condition. Set aside anything with a CC mark, any key date, and any coin that looks uncirculated — and don't clean them, since cleaning lowers value. Get a second opinion on those before selling.
Where can I sell Morgan dollars?
Common Morgans sell easily — almost any coin shop or gold and silver buyer will buy them near silver value. For key dates and high-grade coins, a rare coin dealer who prices on rarity will pay far more than a bullion buyer.
Compare at least two offers, and confirm a bullion-grade offer tracks the current silver spot price. For a larger holding or an inherited group, our selling a coin collection guide covers getting a fair price.
Frequently asked questions
How much is a Morgan silver dollar worth?+
At least its silver content — about 0.7734 troy ounces — which is the floor for a common, worn coin. Key dates, Carson City issues, and high-grade uncirculated coins are worth far more, from hundreds into the thousands.
Which Morgan dollars are the most valuable?+
The 1893-S (the lowest business-strike mintage), the 1889-CC, and the proof-only 1895 are top keys. Carson City (CC) Morgans command premiums generally, and any date in high mint-state grades is worth a strong multiple of its silver value.
Where is the mint mark on a Morgan dollar?+
On the reverse, below the eagle. CC is Carson City, S is San Francisco, O is New Orleans, D is Denver (1921 only), and no mark means Philadelphia. The mint mark often determines whether a date is common or scarce.
How much silver is in a Morgan dollar?+
About 0.7734 troy ounces. The coin is 90% silver and 10% copper, weighs 26.73 grams, and that silver content sets its melt-value floor at the current spot price.
Should I clean a Morgan dollar before selling?+
No. Cleaning leaves hairline scratches and strips original surface, which lowers the grade and the value. Leave it as you found it and let a dealer or grader assess it.