1880-S Morgan Silver Dollar (BU)
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1888 Morgan Silver Dollar (BU)
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1882-O Morgan Silver Dollar (BU)
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1900-O Morgan Silver Dollar (BU)
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When discussing silver coins in the bullion industry of the United States history, the Morgan Silver Dollars are the throne-holders. Well, in precious metal industry terms, the Morgan silver dollars are the peak of investment and collectibility. Be it the historical dollars from 1878 to 1904, or the modern Morgan Silver dollars from 2021 to present, every coin carries a significant value and demand.
BOLD brings the best silver dollars, while you can pay 2-6% less on the silver dollar prices than the top dealers from the country. We will discuss the history of Morgan silver dollars, the story of Morgan and peace dollars, the iconic design by George T. Morgan, and of course their value!
Since Morgan Silver Dollars were first minted in 1878, their mintage has been full of intervals. However, this only adds to the historical significance and overall value of these bullion silver coins.
Let us walk you through the timeline of these coins, starting from America’s independence:
86 years before the Morgan Silver Dollars were minted, the US welcomed the Coinage Mint Act of 1792. This marked the establishment of the US Mint and a national coinage system.
This was the year when the US Treasury purchased large amounts of silver to reintroduce the metal in coins in the form of Morgan Silver Dollars. The Bland-Allison Act of 1878 was introduced to increase the money supply and support the silver mining industry across the country.
This was followed by the Sherman silver purchase act in 1890 that required the federal government to purchase 4.5 million ounces of silver monthly. This act significantly boosted the silver dollar production in the US.
The US Congress passed the Pittman Act to replenish the Government’s silver reserves. This led to the melting of millions of Morgan Silver Dollars lying in the Treasury vaults. More than 270,000,000 (Two hundred seventy million) Morgan Dollars were melted in the wake of this act. This is almost half of the entire mintage of these coins between 1878 and 1904.
Along with the melting of the coins, the Pittman Act of 1918 also asked the government to replace the melted coins by purchasing more pure silver. This is when the lost Morgan Silver Dollars were briefly revived in 1921. These coins were returned only when the Peace Silver Dollars replaced them later that year.
Most of the Morgan Silver Dollar coins available today belong to major hoards – the Treasury Hoard, the GSA hoard, the Continental Bank Hoard, the Redfield Hoard, and the Casino Hoard.
After an interval of seventeen years, the US Mint started producing Morgan Silver Dollars again in 1921. However, the Mint had already destroyed the hubs for producing these coins from 1878 to 1904.
This led to the creation of new master dies to mint the 1921 Morgan Silver Dollars, giving them a different look than their older counterparts. However, the design format of these coins remained the same.
In 1921, the silver dollar production was terminated and was succeeded by the Peace Dollar. The Peace Dollar was then minted from 1921 to 1935, and for collectors since 2021. Morgan and Peace Dollars have a great connection and story. These new silver dollars were a symbol of peace and global unity, after the devastation of the World War. Alike Morgan dollars, the Peace dollars were also legal tender.
The design of the Morgan Silver dollar is like a Time stone; it's eternal, beautiful, and one-of-a-kind. Designed by the great George T. Morgan, the silver dollars also received their name from the designer. The obverse and reverse of the Morgan dollar are generational that have been proving to be of high value.
Here’s a detailed view on the design!
The obverse side of the Morgan silver dollars displays the iconic Liberty effigy wearing a headband that reads “LIBERTY” on it. She is also shown wearing a Phrygian cap as she gazes in the sky. The inscriptions surrounding the effigy are the US Motto, “E PLURIBUS UNUM,” which means, ‘Out of Many, One.’ At the bottom of the design is the date of issue. Finally, on either side of the design are stars, which count to 13, which is also the number of colonies that merged to be named as the United States of America.
The reverse of these silver dollars are iconic for two reasons: its longevity and symbolism. The reverse, also designed by George T. Morgan, displays the American bald eagle, holding a bundle of arrows and an olive branch. This display symbolises the readiness of America for War, but prefers peace.
The Eagle gazing to the left is not a design element. Notice that the olive branch is also on the left. This means that America will always prefer peace but is also prepared for war (thus the arrows).
Furthermore, the eagle is encircled by two wreaths, tied at the bottom, signifying peace and triumph. The inscriptions on the reverse are the country of issue “UNITED STATES OF AMERICA,” the US Motto, “IN GOD WE TRUST,” the face value, “ONE DOLLAR,” and the respective mintmark.
| Specifications of Morgan Dollars | From 1878–1904 and 1921 |
| Face Value | One Dollar ($1) |
| Edge | Reeded |
| Composition | 90% pure silver and 10% copper |
| Thickness | 0.0945 inches (2.40 mm) |
| Diameter | 1.5 inches (38.10 mm) |
| Weight | 0.7734 troy ounces (24.5 g) |
| Specifications of Modern Silver Morgan Dollars | From 1921 to Present |
| Face Value | One Dollar ($1) |
| Edge | Reeded |
| Composition | 99.9% fine silver (.999 Ag). |
| Thickness | 0.0945 inches (2.40 mm) |
| Diameter | 1.5 inches (38.10 mm) |
| Weight | 0.859 troy ounce |
| Feature | Historical (1878–1904, 1921) | Modern (2021–Present) |
| Denomination | $1 (One Dollar) | $1 (One Dollar) |
| Designer | George T. Morgan | George T. Morgan (original design) |
| Years of Minting | 1878–1904, 1921 | 2021, 2023–Present (skipped 2022) |
| Obverse Design Elements | Liberty head, Phrygian cap, agricultural symbols | Liberty head, Phrygian cap, agricultural symbols |
| Reverse Design Elements | Eagle with arrows & olive branch, wreath | Eagle with arrows & olive branch, wreath |
| Composition | 90% Silver, 10% Copper | 99.9% Silver |
| Actual Silver Weight | 0.77344 troy oz | 0.859 troy oz |
| Total Weight | 26.73 grams | Approx. 26.7 grams (derived from Ag content) |
| Diameter | 38.1 mm (1.5 inches) | 38.1 mm (1.500 inches) |
| Thickness | Approx. 2.4 mm | Not specified, but likely similar |
| Edge | Reeded | Reeded |
| Mint Marks | None (Philadelphia), CC, S, O, D (1921 only) | None (Philadelphia), D, S; CC & O privy marks (2021) |
When discussing the Morgan Dollars, Mint State (uncirculated) is a highly influential term. The uncirculated dollars are the ones that have never been circulated, meaning outside of the mint. These coins fetch the most value on the market, regardless of whether they are San Francisco Morgan Dollars or from any other mint.
The Proof versions of the Morgan Silver are very limited in mintage and have a unique finish with special dies and planchets made specifically for collectors. The proof coins are also graded on the same scale but termed at “PR60-PR70,” as they are different from the business strikes.
The MS65 Morgan Dollars are, as they seem, the equilibrium between MS60 and MS70. This grade is used as the measuring and identification point by collectors and investors to analyze the value of the coin. This grade is a highly relatable term when grading the Morgan Silver Dollars.
The DMPL Morgan Dollar stands for Deep Mirror Prooflike finish that falls under the proof coins minted. Deep mirror signifies a highly reflective surface refined with special dies. However, even with the prooflike finish, these coins are graded within the MS60 to MS70 range.
The Cull Morgan Dollars are the coins that have very low grades. We are talking way below MS60 and obviously, collector demand. The cull dollars can be corresponded to the “Good” condition. The Morgan Silver dollars for this grade are hardly any valuable, making them undesirable among collectors.
Since the Morgan silver dollars come in various dates, mintage, and errors, proper grading and valuation is required to determine the optimal price. The most efficient and trusted coin grading services are PCGS and NGC. Thus, PCGS graded silver dollars naturally fetch more value based on the grade.
Seeing a coin named after its designer would definitely make you wonder, “Who is this guy?” George T. Morgan, rightly known as George Thomas Morgan, was an Englishman by birth. He trained in England prior to joining the U.S. Mint in 1876 under the recommendation of Deputy Master of Royal Mint for the position of Assistant Engraver at Philadelphia Mint. He remains best known for the production of the iconic Morgan Dollar, the first time American art broke with European tradition by employing an actual American woman, Anna Willess Williams, as a model for Lady Liberty.
Born in 1845 and died at the age of 79 in 1925. His work reflected that coinage had entered a period of national identity. Morgan also designed several other U.S. coins and was Chief Engraver from 1917 until his death.
During the production period from 1878 to 1904 and again in 1921, the Morgan Dollar was minted across five American Mint facilities. Each mint could be considered identifiable by a unique mintmark, except for Philadelphia, which traditionally shares a practice of issuing coins sans any such mark. Currently, the Morgan Dollars are also available with reverse proof designs.
These mintmarks serve to not only separate coins by their place of production but also dramatically enhance their historical aura and collectible merit, especially among U.S. numismatic enthusiasts.
As the primary minting facility in the country, the Philadelphia Mint struck a large portion of Morgan Dollars. Traditionally, coins struck in Philadelphia bore no mint letter, hence commonly being thought of as "unmarked" by collectors. While modern coins may carry a "P" mintmark, Morgan Dollars struck there never bore one. Given its high production figures, Philadelphia minted coins are highly available for the present day, though several low mintage years are sought after.
The Denver Mint began operations in 1906, after the original series of Morgan Dollars had ended. It was not until 1921, the year of the short-lived revival of Morgan Dollars, that Denver struck these iconic coins for the first and only time. Therefore, Morgan Dollars bearing the "D" mintmark were all made in that one year, marking them as a unique and easily identifiable subset of the series.
The Carson City Mint was established chiefly due to its location near the Comstock Lode, one of the richest silver deposits ever discovered in the U.S. Morgan Dollars bearing the "CC" mint mark were struck between the years 1878–1885 and 1889–1893. The low mintage of these silver coins and their strong ties with the rugged American West during a formative time in U.S. history make them desired pieces for collectors.
The San Francisco Mint played a key part in the larger Morgan Dollar series and is famous for having sharply struck silver coins of the highest quality. San Francisco Mint carried on its tradition of precision minting on the Morgan Dollar, which, with the "S" mint mark, may be well thought of for its craftsmanship. A number of well-kept San Francisco Morgan Dollars remain, and these make them beloved by both the novice and the advanced collector.
The New Orleans Mint resumed coinage in 1879, after a long suspension, and struck the New Orleans Morgan Dollars until the cessation of the original issue in 1904. A plethora of quality variations exists for silver coins with the "O" mint mark: in weak strikes due to the use of worn dies and old minting equipment, to very finely struck specimens. It will forever remain a reminder of the problems facing and output of a relatively Southern United States Mint facility in the post-Reconstruction period.
| Year | Philadelphia (P) (Business Strike) |
Philadelphia (P) (Proof) |
Carson City (CC) | San Francisco (S) | New Orleans (O) | Denver (D) | Total Business Strikes for Year |
| 1878 | 10,508,800 (incl. 8TF & 7TF) | 500–700 (est.) | 2,212,000 | 9,774,000 | -- | -- | 22,494,800 |
| 1879 | 14,806,000 | 1,100 | 756,000 | 9,110,000 | 2,887,000 | -- | 27,559,000 |
| 1880 | 12,600,000 | 1,355 | 495,000 | 8,900,000 | 5,305,000 | -- | 27,300,000 |
| 1881 | 9,163,000 | 984 | 296,000 | 12,760,000 | 5,708,000 | -- | 27,927,000 |
| 1882 | 11,100,000 | 1,100 | 1,133,000 | 9,250,000 | 6,090,000 | -- | 27,573,000 |
| 1883 | 12,290,000 | 1,039 | 1,204,000 | 6,250,000 | 8,725,000 | -- | 28,469,000 |
| 1884 | 14,070,000 | 875 | 1,136,000 | 3,200,000 | 9,730,000 | -- | 28,136,000 |
| 1885 | 17,787,000 | 930 | 228,000 | 1,497,000 | 9,185,000 | -- | 28,697,000 |
| 1889 | 21,726,000 | 811 | 350,000 | 700,000 | 11,875,000 | -- | 34,651,000 |
| 1893 | 378,000 | 792 | 677,000 | 100,000 | 300,000 | -- | 1,455,000 |
| 1894 | 110,000 | 972 | -- | 1,260,000 | 1,723,000 | -- | 3,093,000 |
| 1895 | 880 (Proof only) | 880 | -- | 400,000 | 450,000 | -- | 850,000 |
| 1904 | 2,788,000 | 650 | -- | 2,304,000 | 3,720,000 | -- | 8,812,000 |
| 1921 | 44,690,000 | Some Prooflike/Special | -- | 21,695,000 | -- | 20,345,000 | 86,730,000 |
This 2025 until June has been a roller coaster ride with extreme changes in the policies and global circumstances. The current market is prone to heavy volatility which doesn’t directly hamper the Morgan Silver Dollar value but impacts the melt value of silver, raising or decreasing the price for the dollars.
Since its introduction, the US Mint has been producing the Morgan Silver Dollars annually and the latest 2025 issue is also released. If not the rare coins, these modern Morgan Dollars are also up for the task in terms of value and demand among collectors.
In 2025, some of key dates of the Morgan Silver dollars are among the most valuable coins in the world:
Even if you are aware of the 2025 price trends of the Morgan Silver Dollars, it is necessary for you to know the investing methods and ways to avoid theft or loss.
Since the prices of silver dollars are dependent on the melt value of silver, it is crucial for you to be updated with the silver spot price today. You can thus make better informed decisions, however, if you get a chance to own a rare Morgan dollar; Don’t let the chance go by! Once you have a proper research done which also includes the rarity and condition with the spot price of silver, you can proceed to authenticating the coin.
An authentic Morgan Silver Dollar will be graded by Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS) and offered by reputable dealers like right now! Collectively, be alert and updated with the market trends with the price movements to mitigate unnecessary risks.
What is the GSA Board? In the 1960s, the GSA Board was found in the US Mint vault, which is the massive stockpile of Morgan Silver Dollars. More importantly, these morgan dollars were predominantly from Carson City and stored by the General Services Administration (GSA), only for them to later sell them to the public.
This action was conducted from 1972 to 1980 in a series of sales. The GSA hoard had stored over 3 million silver dollars! Doesn’t sound huge enough? Other silver hoards like the LaVere Redfield hoard had around 400,000 silver dollars! Now, you can do the maths.
Below is a comprehensive table depicting the coin key dates and mintmark with its original mintage and number of coins in the GSA Hoard:
| Date-Mint Mark | Original Mintage | GSA Hoard Total |
|---|---|---|
| 1878-CC | 2,212,000 | 60,993 |
| 1879-CC | 756,000 | 4,123 |
| 1880-CC | 591,000 | 131,529 |
| 1881-CC | 296,000 | 147,485 |
| 1882-CC | 1,133,000 | 605,029 (incl. in GSA holders) |
| 1883-CC | 1,204,000 | 755,518 (incl. in GSA holders) |
| 1884-CC | 1,136,000 | 962,638 (incl. in GSA holders) |
| 1885-CC | 228,000 | 148,285 |
| 1890-CC | 2,309,041 | 3,950 |
| 1891-CC | 1,618,000 | 5,687 |
Irrespective of the mint dates, all Morgan Silver Dollars are graded by reputed third-party grading companies. Two of the most reputable grading agencies in the world are the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS).
These agencies grade or certify coins according to their conditions and purity. Following the Sheldon Numeric Scale, Morgan Silver Dollars are assigned numeric grades from 1 to 70, 1 denoting the poorest condition and 70 denoting the best condition.
These coin grading agencies not only grade these silver bullion but also encase them into official holders to preserve them and mark them with the concerned grades. This helps coin collectors and investors across the globe make secure and convenient purchases.
If you wish to diversify your investment portfolio by ditching paper money, make a long-term investment, or beautify your coin collection, you can purchase all kinds of graded Morgan Silver Dollars from BOLD Precious Metals. Here, you can find these silver dollars and gold bullion at the lowest prices online.
Carrying the legacy of our grandfather, who has made the family-owned business stronger every year, we focus on enhancing the buying journeys of all our valued customers. With BOLD, you get these precious coins in the best and most secure conditions alike other gold and silver bullion. BOLD offers free shipping for orders above $199! Be Quick, Shop Now!
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The worth of a Morgan Silver Dollar in 2025 is based on various factors:
Silver Content (Melt Value): Every Morgan Silver Dollar has 0.7734 troy ounces of pure silver. If the price of silver is between $23 and $30 per ounce at the beginning of 2025, then the melt value is approximately $18 to $23 per coin.
Numismatic Value: The majority of Morgan Dollars are only worth their melt value. Because of collector demand, rarity, mint mark, and condition, most Morgan Dollars are worth more than their melt value. Circulated common-date coins usually trade for $30 to $60, and uncirculated coins trade for $60 to more than $200. Key dates and mint marks (like 1889-CC or 1893-S) trade for five-figure prices, particularly in high grades.
Condition (Grade): Coins receive a grade between 1 (Poor) and 70 (Perfect Uncirculated). Highly graded coins, particularly MS65 and above, demand high premiums.
Rarity and Demand: Certain years and mint mark combinations with low mintage runs are more valuable. Collector demand and interest in history also drive up prices.
To verify a Morgan Silver Dollar, employ a mix of physical examinations, weighing, and visual examination. These are the best techniques:
Morgan Silver Dollars are 10% copper and 90% silver and are not magnetic. Experiment with a powerful earth magnet; if the coin adheres to the magnet, it is counterfeit.
A genuine Morgan Silver Dollar is supposed to weigh 26.73 grams. Make it precise with a digital scale. Worn coins will be a bit lighter, but extreme variations are a forgery.
The proper diameter is 38.1 mm. Check it with digital calipers. Thickness should be the same as genuine coins; the fakes will differ in this respect too.
Silver coins will ring with a clear, ringing high tone when gently tapped (the "ping test"). Counterfeits will ring and ring hollow or sound odd. There are cell phone apps available to help ring out the authenticity.
Inspect the coin for precise design characteristics, particularly the font and position of mint marks. Genuine Morgan Dollars feature a serif-style mintmark, well struck, and positioned above the "D" and "O" of "DOLLAR" on the back. Tool marks, poor strikes, or unusual font types may be a sign of forgery.
Look for any strange marks, coloration, or signs that the mintmark has been repositioned or altered.
For more expensive coins, have an experienced coin dealer authenticate or use a precious metal verification machine, like the Sigma Metalytics machine, to perform a non-destructive test of the coin's metal composition.
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