The Morgan silver dollar of 1888 is one of the treasured numismatics in America. Known for its historic design and investment appeal, the 1888 Morgan Silver Dollar value depends on condition, mint mark, and rarity. A guide to the origin of the present market prices, grades, and interesting mistakes like the so-called Hot Lips variety is included in this guide, knowledge much sought after by collectors as well as investors.
The Morgan silver dollar of 1888 is one of the treasured numismatics in America. Known for its historic design and investment appeal, the 1888 Morgan Silver Dollar value depends on condition, mint mark, and rarity. A guide to the origin of the present market prices, grades, and interesting mistakes like the so-called Hot Lips variety is included in this guide, knowledge much sought after by collectors as well as investors.
The 1888 Morgan Silver Dollar is within the Morgan dollar family (1878-1904, 1921), named after its designer, English engraver George T Morgan, who designed the coin during the Morgan era with its iconic profile of Liberty that everyone knows today. The Morgan dollars were struck after the Bland-Allison Act of 1878, which compelled the U.S. Treasury to buy vast quantities of silver and then convert it into $1 pieces. The Morgan dollar was well established as a part of American currency as early as 1888, standing out with its vast size and rich decoration.
Displayed on the obverse (front) side of the coin is the bust of Lady Liberty in a Phrygian cap, inscribed with the word Liberty in a ribbon. On the reverse are to be seen a heraldic eagle with open wings, holding arrows and an olive branch. Below is a list of silver content per coin: each Morgan dollar is made of 90% silver and ten percent copper, with approximately 0.7734 troy ounces of pure silver. Every Morgan dollar has a range at which it is likely to have a fundamental intrinsic value associated with silver prices on top of a collector premium.
Mintage and Mint Marks: In 1888, silver dollars were struck at three mints in the U.S.:
Philadelphia (no mint mark): Minted 19,183,000 coins in 1888, which was by far the highest of the year's mintage.
New Orleans (mint mark O): Coinage: 12,150,000. The other general characteristic of New Orleans mint Morgans is that many 1888-O dollars bear weaker strikes and bag marks (indicative of rough handling in bags).
San Francisco (mint mark “S”): Minted a minimal amount of 657,000 coins. This puts the 1888 Morgan as relatively scarce in any state at present.
The 1888 Morgan Silver Dollar value is, in a real sense, today part of American history, which neither collectors nor investors would like to do without.
What is my 1888 silver dollar worth? It is one of the first questions to pique the ears of any owner of this coin. The amount may vary broadly. Pieces in common circulation (those that have been in business use and are worn) obtain a slight premium (generally not more than the value of their silver, melted). Uncirculated coins (coins that were never spent and have no wear) may, by comparison, bring much higher prices in higher grades.
To understand the 1888 Morgan Silver Dollar value , we must consider condition (grade) and mint mark:
Circulated: Coins that are circulated are used and worn. When grades are Good (G) or Fine (F), most of the value resides in the silver content of the 1888 Morgan and of basic collector demand, usually in the $30 to $50 range per coin in the present market. Silver bullion content is typically used to determine the minimum amount (approximately 35 as of August 2025). More widely circulated grades, such as Very Fine (VF) or Extremely Fine (XF), may be as high as $40,160 on common mint marks.
Uncirculated: Various degrees of nearness to uncirculated One MS-60 or MS-63 (Mint State) 1888 Morgan dollar, that is, without wear but possibly with bag marks, could be valued at about $70 to $80, in the common Philadelphia or New Orleans (MS-60 is worth about twice as much as MS-63 of the 1888 Morgan dollar but half of these coins in MS-60 as in MS-63 so it balances out).
Superb specimens of the finest (MS-65 and better) are rarer and may bring hundreds of dollars. The uncirculated coins are much more pleasing to collectors because they keep the entire design and mint luster on the coins.
Now, to be more detailed on the 1888 Morgan Silver Dollar value , broken down by mint mark:
1888 (Philadelphia, no mint mark): It trades on average in the 35-50 price range in circulated grades. It can be worth a couple of hundred dollars in MS-65. The coins are often well struck and lustrous. It lacks the large categories of errors and examples of the top grades, and with its eye-catching design, it commands premiums.
1888-O (New Orleans): The coin exists at prices between $35 and $600. A plain, uncirculated coin sells for about 70-80 dollars. New Orleans issues tend to have weak strikes. High-grade, sharp coins will sell more. Easily distinguishable, such as the Hot Lips and Scarface breeds, they sell well above the standard types, with prices reaching thousands in Mint ratio.
1888-S (San Francisco): This is the rarest of the three, with only 657,000 pieces being produced. In Good condition, it can be sold for 50-60 dollars. The values in XF range from 67 to 100 dollars. Uncirculated specimens begin at about 300 and go up to the thousands in price because of rarity and demand.
Mint Mark Tip: On reverse below wreath and above DOLLAR. New Orleans is an O, San Francisco is an S, and nothing is Philadelphia. Be sure to look for an S—that means the coin is premium.
Another factor that made the 1888 Morgan famous among collectors is that it has prominent errors and die variations. 1888-O has the two most famous Morgan dollar varieties in the history of the series, the Hot Lips doubled die and the Scarface die break. It is very much sold out, and values are higher than those of the ordinary ones, 1888 Morgans. So what are these and other oddities of that year? Let us get there:
Among the Morgan varieties, the 1888-O so-called Hot Lips Morgan Dollar (official Morgan varieties catalog nomenclature is VAM-4) is one of the most famous VAM varieties ever made. The origins of the coin's tendency to exaggerate the lips of Miss Liberty lie in the nickname of Hot Lips: doubling the lips on the obverse of the coin is its most memorable feature. The metal stamp, which strikes the coin (the die), had, essentially, been impressed twice, misaligned a bit, leaving a doubled image of the profile of Liberty. It's most noticeable on her chin and lips, but one can see two sets of lips.
The Hot Lips collection is a highly appreciated variety among collectors due to its visual effect and rarity. The 1888-O is the only error mintage with an extremely low representation of this error, possibly as low as 1 in 10,000 coins. That renders it rare in any degree.
They are worth considerably more than an ordinary 1888-O in case you unexpectedly discover one:
A Hot Lips, in circulated grades, would fetch some $300 to $400 or so in a Very Fine (VF) to Extremely Fine (XF) example.
Prices go skyrocketing in the uncirculated grades. Although an XF40 Hot Lips has sold upwards of $400, an MS60 example has gone as high as $12,000. The best known is MS62, priced at around 20,000.
To figure it out, pay attention to the mouth of Liberty. A clear double line across the upper and lower lips can indicate that you have Hot Lips. The nose and chin are not the only sites in which it is observed to double. Authenticated by profession.
The other mythical variety is the 1888-O Scarface Morgan Dollar (VAM-1B). As opposed to the doubled design, the coin uses a dramatic crack in the die that runs across the face of Liberty, in what appears to be a scar. Eventually, a crack was achieved in the die that left a jagged, raised line on coins, beginning at the rim and continuing through the cheek and nose of Liberty.
The Scarface type is one of the most easily noticeable Morgan dollar errors:
A Scarface featuring a mid-grade value can go up to many hundreds of dollars.
High-grade specimens are almost unheard of. Only two are known in MS64, which fetch top dollar at auction.
The obverse should be looked at to reveal a diagonal raised line that commonly begins at the letter E of E PLURIBUS and crosses the face.
Shooting Star Variety: This is an 1888-O with a streak-like die mark that not very many people know about.
Repunched Dates or Mintmarks: None of the major overdates are known, but some small repunches occur.
Off-Center Strikes: Although it has occurred, finding one with a date showing is very unlikely, and it would be worth a great deal if discovered.
Die Cracks and Clashes: Morgans Are of This Kind. The majority of them do not contribute much, except when dramatic.
A coin worth $50 can often reach $500 or more, showing a dramatic variety. Compare your coin to reference photos. Get it graded if you suspect a Hot Lips or Scarface. Never clean your coin—original surfaces are critical.
As an experienced numismatist or a novice entering into the realm of coin collecting, the 1888 Morgan Silver Dollar value is potentially not only as a collector's item but also as an investment. These are pro tips on how to maximize your coin:
1. Learn to View the Key Value Factors:
An 1888 silver dollar is valued by condition, mint mark, and variety, with 1888-S especially, and the Hot Lips or Scarface varieties commanding the most excellent premiums. In the event of collection, give preference to them. Areas of ordinary trouble, you want to do it the best you can within budget limits.
2. Collecting Strategies:
Other collectors assemble a date set, getting 1888 issues of each of the three mints (P, O, S). Some are devoted to one year and accumulate all the varieties. An excellent mini-set will consist of a typical 1888-P, the Hot Lips variety, and an 1888-S, which is relatively rare.
3. Morgans of 1888:
There is brisk collector demand for Morgan dollars. Although 1888 is not the most scarce year, it offers the best investment opportunity at the lowest cost. Focus on:
Top-quality coins, specifically those in MS65+, will increase in value with age.
Important varieties commonly remain valuable—Hot Lips and Scarface are famous.
1888-S coins-Very rare and premium historically.
4. Purchase the Featured Products:
Replicas are usual. Deal with reputable dealers or auction houses. Authentic NGC- or PCGS coins provide guaranteed, authenticated coins.
5. Storage and preservation:
Never put your coin to clean. Touch it with the edges, keep it in holders that do not contain PVC, and keep it in a cool, dry place. Think about the grading of the high-value pieces.
6. Market Awareness:
Monitor the silver prices and auctions. Appreciation in silver will inflate the base value, and a surge in collector demand may occur following significant sales.
The Morgan Silver Dollar of the year 1888 has both the face value and the intrinsic value. To understand its value, we will compare it with other notable U.S. coins, such as nickels and other silver dollars. All the drawings below bring out essential differences regarding the amount of metal in the collections, the collector's desire, and history as well.
The Morgan Dollar is made out of 90 percent silver, and the Jefferson Nickel does not contain any precious metal. The Morgans weigh 26.73 grams, significantly heavier than nickels, which weigh only 5 grams. The common condition 1888 Morrison sells above $35 even in spumante condition, and most Jeff nickels have a face value. The Morgan, with its background value and silver content, is a collector-type coin; the Jefferson nickel, generally, is just change in the pocket.
They both make 90 percent silver coins, the Morgan being older by more than 30 years than the Peace Dollar. The Peace Dollar is the hope after WWI, whereas Morgans are the industrializing U.S. during the late nineteenth century. A high-grade 1888 Morgan is a little scarcer. The preferences in design are diverse, but Morgans are usually at a premium because of age, mintage numbers, and the fact that they are more sought after by veteran collectors.
The Eisenhower Dollars produced in 1971-1978 are larger but tend to be clad and not silver alloy (though special 40% silver issues were made). Conversely, all Morgans (and even the 1888) have 0.773 oz of pure silver. Whereas the Eisenhower dollar is abundant and does not garner a high price, the Morgan is a coin of the silver age, with higher investment payoff rates and infinitely more numismatic desire.
The Silver Eagle is a recently launched contemporary bullion coin containing one full ounce of .999 fine silver versus the Morgan and its 0.773 ounces of .900 silver. But the Morgan can be considered to have a higher numismatic value as a result of its history, age, and the population of collectors. As Silver Eagles follow the silver spot prices, Morgans such as the 1888 have premiums on any grades, mint marks, and scarcities.
Both coins were issued in 1888 and were enormously different in their sizes, metals, and value. The V Nickel is a non-silver 5-gram issue compared with a heavy silver coin of enduring collector appeal, the Morgan. A V Nickel can likely be sold for between $ 20 and $ 50 in good condition. In contrast, an 1888 Morgan regularly sells for twice as much or more in higher grades or with other coins (rare mint marks).
Slightly earlier and made of more silver (0.787 oz vs. 0.773 oz), the Trade Dollar, produced 1873-188, was minted between this and the 1888 Morgan. Trade Dollars were produced for export, primarily to Asia. In contrast, Morgans were intended for circulation within the U.S. Trade Dollars are more valuable in lower quantities. In comparison, Morgans are more collectible and thus more fluid and sellable on the current coin market.
On the obverse: look at the hair on Liberty above her forehead and ear—those are the high points; they wear first. Consider the ear, the cotton plants, and the blossoms. Also, you will see the cheek of liberty, and any rubbing against this cheek may have repercussions against the luster of the coin.
On the back: Look at the chest feathers of the eagle. A single strike, sharp Morgan coins will appear with a clear feather; a flat breast is possibly the result of a weak blow, and was most frequent in New Orleans coins, not necessarily wear. Also, look at the talons, arrows, head, and wing tips.
Luster: Move the coin around under a source of light. Uncirculated Morgans are of cartwheel luster—a smooth, brilliant finish, which slides along the coin. Should it be chipped or blotchy, it will be of lesser value and will be in AU condition only.
Contact marks: On circulated coins, this is permissible. With uncirculated issues, size and position do count—marks on the face of Liberty or the eagle diminish rarities.
Close work and observation concerning grading images will aid. A professional opinion can never be ruled out when in doubt.
The more detail that remains, the higher the grade and value. Collectors pay steeply increasing prices for the higher grades because such coins are scarce. For example, the jump from MS64 to MS65 for a Morgan can multiply the value.
The Silver Dollar Morgan (1888) is an iconic object of American coins because of its silver content and historical value, as well as its popularity among collectors. Although available coins are freely available antiques, top grades and unique variations, such as the 1888-O, or Hot Lips or Scarface, bring in extra interest. The 1888 silver dollar remains a shining star in the numismatic world, whether it is history, an investment, or a hobby.
The 1888 Morgan Silver Dollar value is mintmark and condition dependent. Circulated coins usually go for between 30 and 50 dollars, whereas the uncirculated ones begin at 70 dollars. Unusual issues such as 1888-S or the so-called Hot Lips error can bring hundreds and even thousands. Correct valuation depends on grading and authentication.
A normal 1888-O Morgan Silver Dollar was worth between $ 35 and $ 100, depending on condition. But once it has the variety of Hot Lips or Scarface, it increases in value drastically. These are the rarest of slip-ups, which may fetch hundreds, or even thousands, in advanced classes. There is always a feature of known varieties to look out for.
The mint mark is present on the verso of the coin just above the dollar sign in the word Dollar, right above D and O. New Orleans is represented by an O, San Francisco by S, and Philadelphia by the absence of any mint mark. The mint mark is significant in testing the rarity and the overall value.
The “Hot Lips” variety is an 1888-O Morgan Silver Dollar with the lips doubled due to a die break. This visual peculiarity makes it a sought-after collector's item. Even the scratched pieces can sell for hundreds, and even uncirculated coins can go up to thousands. It belongs to one of the most popular Morgan Dollar varieties.
The 1888-S Morgan has a value because it is within the lower range of mintage, with only 657,000 coins minted. There are fewer survivors, particularly in upper grades; hence, it is a key date. Even used coins will earn high premiums from collectors, and in some cases, uncirculated ones can earn significantly more, as they are rare and in demand.
No—never clean. Polishing harms the matting and dulls its value. Collectors prefer patina and natural toning. Polishing produces owners of even brighter results. When cleaning is required, do so professionally-do not make the effort yourself using chemicals or abrasives. The original state will always have greater worth.
The 1888 Morgan Silver Dollar has 0.7734 troy ounces of silver and a complete weight of 26.73 grams, with 90 percent silver comprising these silver dollars. Melt value is approx. 23 at 30/oz silver. It gets its base value in the form of silver content, but the vast majority contain added premiums as collectibles and demand.
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