Morgan Silver Dollars remain one of the most iconic and widely collected U.S. coins. Depending on the date, mint mark, and condition, values can range from $25 for common circulated examples to well over $500,000 for rare key dates in high grade.
Whether you've inherited a handful of Morgan Dollars or you're evaluating a full collection, accurate pricing matters. This 2026 guide uses current Graysheet data, recent auction results, and real dealer buy prices to show exactly what your Morgan Dollars are worth today — not outdated book values or guesswork.
Below, you'll find a complete breakdown of Morgan Dollar values by date, mint mark, and grade, including special insights on Carson City coins, key dates, and what affects real market prices.
Quick Value Overview
- Common Date Morgans (circulated): $35-$45
- Better Date Morgans (circulated): $50-$150
- Key Date Morgans (circulated): $150-$500+
- Carson City (CC) Morgans: $100-$1,000+ depending on date
- Uncirculated Common Dates: $50-$80
- Uncirculated Key Dates: $200-$10,000+
Understanding Morgan Dollar Basics
- Years Minted: 1878-1904, 1921
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Silver Content: 0.77344 troy ounces
- Diameter: 38.1mm
Mint Marks and Locations
- No mint mark = Philadelphia
- O = New Orleans
- S = San Francisco
- CC = Carson City (most valuable mint mark overall)
- D = Denver (1921 only)
The mint mark appears on the reverse (back) of the coin, below the wreath and above "ONE DOLLAR."
How Condition Affects Value
Morgan Dollar values vary dramatically based on condition. A common 1881-S in worn condition might be worth $35, while the same date in pristine uncirculated condition could be worth $200+.
Grading Basics
- Good (G) to Very Good (VG): Heavily worn, major details visible but weak
- Fine (F) to Very Fine (VF): Moderate wear, most details clear
- Extremely Fine (EF/XF): Light wear on high points, sharp details
- About Uncirculated (AU): Slight wear, nearly full mint luster
- Uncirculated/Mint State (MS60-MS70): No wear, full original luster
For uncirculated Morgans, the difference between MS63 and MS65 can be hundreds or thousands of dollars.
Morgan Dollar Values by Date (1878-1904)
1878 Morgan Dollars
1878 8TF (8 Tail Feathers, Philadelphia)
- Good-VF: $55-75
- XF-AU: $75-180
- MS60-MS63: $200-425
- MS64-MS65: $500-1680
1878 7TF (7 Tail Feathers, Philadelphia)
- Good-VF: $40-50
- XF-AU: $55-110
- MS60-MS63: $145-330
1878-CC
- Good-VF: $110-175
- XF-AU: $200-315
- MS60-MS63: $325-525
1878-S
- Good-VF: $38-43
- XF-AU: $46-63
- MS60-MS63: $78-120
1879 Morgan Dollars
1879 (Philadelphia)
- Good-VF: $38-41
- XF-AU: $43-60
- MS60-MS63: $68-100
1879-CC (Key Date)
- Good-VF: $150-1000
- XF-AU: $1850-4000
- MS60-MS63: $5250-7500
1879-O
- Good-VF: $41-47
- XF-AU: $51-84
- MS60-MS63: $110-410
1879-S
- Good-VF: $38-41
- XF-AU: $43-55
- MS60-MS63: $58-80
1880 Morgan Dollars
1880 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $57-$85
1880-CC
- Good-VF: $160-210
- XF-AU: $240-450
- MS60-MS63: $550-660
1880-O
- Good-VF: $35-37
- XF-AU: $39-75
- MS60-MS63: $57-85
1880-S (Extremely common in higher grades)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1881 Morgan Dollars
1881 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-77
1881-CC
- Good-VF: $325-340
- XF-AU: $360-450
- MS60-MS63: $560-675
1881-O
- Good-VF: $35-37
- XF-AU: $39-53
- MS60-MS63: $54-90
1881-S (Extremely common in higher grades)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1882 Morgan Dollars
1882 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-95
1882-CC
- Good-VF: $120-140
- VF-XF: $175-260
- MS60-MS63: $270-300
1882-O
- Good-VF: $35-37
- XF-AU: $39-53
- MS60-MS63: $59-82
1882-S
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-77
1883 Morgan Dollars
1883 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $56-72
1883-CC
- Good-VF: $120-140
- XF-AU: $175-260
- MS60-MS63: $270-310
1883-O (Very common)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-75
1883-S
- Good-VF: $36-42
- XF-AU: $65-630
- MS60-MS63: $1150-2600
1884 Morgan Dollars
1884 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-75
1884-CC
- Good-VF: $120-140
- XF-AU: $175-260
- MS60-MS63: $270-310
1884-O (Very common)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1884-S (Extremely rare and valuable in higher grades)
- Good-VF: $37-60
- XF-AU: $120-2000
- MS60-MS63: $8500-32,000
1885 Morgan Dollars
1885 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1885-CC (Key Date)
- Good-VF: $480-495
- XF-AU: $525-565
- MS60-MS63: $600-760
1885-O
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1885-S
- Good-VF: $39-50
- XF-AU: $75-275
- MS60-MS63: $300-525
1886 Morgan Dollars
1886 (Philadelphia) — Extremely common
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1886-O
- Good-VF: $35-42
- XF-AU: $79-380
- MS60-MS63: $1100-3100
1886-S
- Good-VF: $37-72
- XF-AU: $100-280
- MS60-MS63: $375-675
1887 Morgan Dollars
1887 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1887-O
- Good-VF: $35-38
- XF-AU: $44-78
- MS60-MS63: $82-200
1887-S
- Good-VF: $35-38
- XF-AU: $45-95
- MS60-MS63: $140-400
1888 Morgan Dollars
1888 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-72
1888-O
- Good-VF: $35-39
- XF-AU: $42-59
- MS60-MS63: $64-82
1888-S
- Good-VF: $88-113
- XF-AU: $124-285
- MS60-MS63: $350-750
1889 Morgan Dollars
1889 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-56
- MS60-MS63: $59-74
1889-CC (Key Date)
- Good-VF: $950-1650
- XF-AU: $3800-15,000
- MS60-MS63: $22,000-40,000
1889-O
- Good-VF: $35-37
- XF-AU: $50-230
- MS60-MS63: $320-500
1889-S
- Good-VF: $44-57
- XF-AU: $70-200
- MS60-MS63: $260-500
1890 Morgan Dollars
1890 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-55
- MS60-MS63: $59-87
1890-CC
- Good-VF: $120-160
- XF-AU: $240-510
- MS60-MS63: $575-1140
1890-O
- Good-VF: $35-37
- XF-AU: $39-70
- MS60-MS63: $88-180
1890-S
- Good-VF: $35-37
- XF-AU: $44-70
- MS60-MS63: $85-170
1891 Morgan Dollars
1891 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-55
- MS60-MS63: $68-200
1891-CC
- Good-VF: $120-145
- XF-AU: $240-480
- MS60-MS63: $630-890
1891-O
- Good-VF: $35-56
- XF-AU: $85-145
- MS60-MS63: $200-460
1891-S
- Good-VF: $35-37
- XF-AU: $39-92
- MS60-MS63: $105-325
1892 Morgan Dollars
1892 (Philadelphia)
- Good-VF: $38-42
- XF-AU: $80-225
- MS60-MS63: $345-840
1892-CC
- Good-VF: $175-350
- XF-AU: $600-1400
- MS60-MS63: $1500-2400
1892-O
- Good-VF: $35-37
- XF-AU: $80-250
- MS60-MS63: $375-700
1892-S (Extremely rare and valuable in higher grades)
- Good-VF: $70-120
- XF-AU: $400-16,500
- MS60-MS63: $50,000-93,000
1893 Morgan Dollars
1893 (Philadelphia)
- Good-VF: $225-360
- XF-AU: $525-1100
- MS60-MS63: $1500-2200
1893-CC (Key Date)
- Good-VF: $420-820
- XF-AU: $2000-4200
- MS60-MS63: $4800-7800
1893-O
- Good-VF: $260-460
- XF-AU: $720-3000
- MS60-MS63: $4900-7800
1893-S (Key Date — Very rare in higher grades)
- Good-VF: $4000-6200
- XF-AU: $13,000-115,000
- MS60-MS63: $190,000-275,000
1894 Morgan Dollars
1894 (Philadelphia) — Key Date
- Good-VF: $650-775
- XF-AU: $1050-2700
- MS60-MS63: $3200-5250
1894-O
- Good-VF: $40-42
- XF-AU: $125-725
- MS60-MS63: $1850-3800
1894-S
- Good-VF: $50-130
- XF-AU: $275-750
- MS60-MS63: $1100-1860
1895 Morgan Dollars
1895 (Philadelphia) — Proof Only, Very Rare No business strikes were made in Philadelphia — only proof strikes.
- Proof 60-62: $50,000-54,000
- Proof 63-65: $57,500-74,000
- Proof 66-67: $90,000-125,000
1895-O (Key Date)
- Good-VF: $265-360
- XF-AU: $690-4400
- MS60-MS63: $13,500-40,000
1895-S (Key Date)
- Good-VF: $385-775
- XF-AU: $1425-3600
- MS60-MS63: $4900-6000
1896 Morgan Dollars
1896 (Philadelphia) — Extremely common
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1896-O
- Good-VF: $37-43
- XF-AU: $68-400
- MS60-MS63: $1450-4000
1896-S
- Good-VF: $48-130
- XF-AU: $400-1800
- MS60-MS63: $2600-3500
1897 Morgan Dollars
1897 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-110
1897-O
- Good-VF: $35-41
- XF-AU: $68-420
- MS60-MS63: $1050-3300
1897-S
- Good-VF: $35-39
- XF-AU: $43-75
- MS60-MS63: $90-180
1898 Morgan Dollars
1898 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-80
1898-O
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-67
1898-S
- Good-VF: $35-41
- XF-AU: $68-300
- MS60-MS63: $400-860
1899 Morgan Dollars
1899 (Philadelphia)
- Good-VF: $85-95
- XF-AU: $100-175
- MS60-MS63: $200-360
1899-O
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-67
1899-S
- Good-VF: $35-60
- XF-AU: $110-450
- MS60-MS63: $550-975
1900 Morgan Dollars
1900 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-70
1900-O
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1900-S
- Good-VF: $35-41
- XF-AU: $75-260
- MS60-MS63: $350-750
1901 Morgan Dollars
1901 (Philadelphia)
- Good-VF: $39-75
- XF-AU: $200-1175
- MS60-MS63: $3900-8100
1901-O
- Good-VF: $35-37
- XF-AU: $39-51
- MS60-MS63: $54-70
1901-S
- Good-VF: $43-66
- XF-AU: $135-500
- MS60-MS63: $580-1200
1902 Morgan Dollars
1902 (Philadelphia)
- Good-VF: $35-40
- XF-AU: $44-95
- MS60-MS63: $110-240
1902-O
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1902-S
- Good-VF: $82-135
- XF-AU: $210-360
- MS60-MS63: $475-925
1903 Morgan Dollars
1903 (Philadelphia)
- Good-VF: $35-40
- XF-AU: $41-64
- MS60-MS63: $70-115
1903-O (Key Date)
- Good-VF: $455-460
- XF-AU: $475-525
- MS60-MS63: $575-700
1903-S
- Good-VF: $75-180
- XF-AU: $600-3900
- MS60-MS63: $5750-8200
1904 Morgan Dollars
1904 (Philadelphia)
- Good-VF: $35-37
- XF-AU: $45-88
- MS60-MS63: $125-425
1904-O
- Good-VF: $35-37
- XF-AU: $39-54
- MS60-MS63: $57-72
1904-S
- Good-VF: $49-130
- XF-AU: $390-2750
- MS60-MS63: $3300-5000
No Morgan Dollars were minted during the years 1905-1920; minting resumed in 1921 for a final year.
1921 Morgan Dollars
All 1921 dates are very common in lower grades due to high mintages. However, in MS64+, value increases dramatically.
1921 (Philadelphia)
- Good-VF: $34-35
- XF-AU: $35-38
- MS60-MS63: $40-44
1921-D
- Good-VF: $34-35
- XF-AU: $35-44
- MS60-MS63: $55-140
1921-S
- Good-VF: $34-35
- XF-AU: $35-45
- MS60-MS63: $60-140
Key Dates to Watch For
- 1893-S: Most valuable Morgan — values start at $4,000+ even in worn condition
- 1889-CC: $950+ in circulated grades
- 1892-S: $70+ circulated, skyrockets in higher grades
- 1903-O: $455+ circulated
- All Carson City dates command premiums
Carson City (CC) Morgans: The Premium Mint Mark
Carson City Morgans are among the most sought-after in the series. The Carson City Mint operated from 1870-1893 and produced relatively small quantities compared to other mints.
CC Morgan Dollar Years: 1878, 1879, 1880, 1881, 1882, 1883, 1884, 1885, 1889, 1890, 1891, 1892, 1893
Even common-date CC Morgans in circulated condition typically start around $100. Rare dates like 1889-CC or 1893-CC can exceed $1,000 even in lower grades.
Common vs. Rare Morgan Dollars
Most Common Dates (typically $35-$50 circulated)
- 1921 (all mint marks)
- 1880-1881 (most mint marks)
- 1883-1885 O-mint
- 1886-1887 Philadelphia
- 1896-1904 (most dates/mints)
Scarce to Rare Dates (premiums apply)
- 1893-S: $4,000-6,000 in average circulated condition
- 1889-CC, 1892-S, 1893-CC, 1895 Proof
- Most Carson City dates
- Low-mintage New Orleans dates
- High-grade uncirculated examples of any date
What I See Constantly (High-Frequency Morgans)
These show up so regularly they almost feel like inventory staples:
1921 Morgans — The most common year by a mile. Usually XF–AU, often cleaned, sometimes BU but rarely high-quality BU.
1880s common dates (1881-O, 1882-O, 1883-O, 1884-O, 1885-O) — These are the "daily drivers" of estate collections. Most are lightly cleaned, dipped at some point, or AU sliders that look MS until you tilt them into proper light.
Raw AU coins ("sliders") — Tons of them. They hover between AU58–MS61 depending on strike and chatter. These make up the bulk of raw Morgans I purchase.
Lower-end BU (MS60–MS62) common dates — A lot of contact marks, rushed luster, baggy cheeks. Very common and not usually worth grading unless exceptional.
What's Genuinely Hard to Find in the Wild
These coins are scarce even after handling huge quantities of Morgans. When one appears raw, it's notable:
True, original-skin BU Morgans from the 1878–1904 era — Not dipped. Not wiped. Not "market cleaned." Fully original surfaces are significantly rarer than most realize.
Premium-quality potential MS63–MS65 raw coins — Almost every raw Morgan people bring in caps out at MS62 once viewed under proper lighting. True high-end raw material is elusive.
Key and semi-key dates, especially problem-free:
- 1889-CC
- 1893-CC
- 1893-S
- 1894
- 1895-O
- 1895-S
- 1901-P in high grade
These virtually never appear raw unless from untouched family estates.
Carson City Morgans with original surfaces — CCs aren't "rare" as a concept, but uncleaned, original-luster CCs — especially AU/BU — are rare. Most raw ones have been cleaned somewhere along the way.
How We Determine Morgan Dollar Values
At Xenia Coin Shop, we don't use outdated price guides or generic "book values." Our offers are based on:
Graysheet pricing: The industry standard wholesale pricing guide, updated weekly based on actual dealer transactions.
Recent auction results: We track Heritage Auctions, Stack's Bowers, and other major houses to see what collectors actually pay for specific dates and grades.
Current market demand: Some dates are hot right now due to collector interest, while others have softened. We adjust offers accordingly.
Coin-specific factors: We examine strike quality, luster, eye appeal, and any issues (cleaning, damage, toning) that affect value beyond just the grade.
Certified vs. Raw Morgan Dollars
Certified Morgans (PCGS/NGC slabs)
Professionally graded coins in sealed holders command premiums because:
- Third-party authentication eliminates counterfeits
- Consistent grading standards
- Greater liquidity (easier to sell)
- Buyers pay more for graded coins
Raw Morgans
Uncertified coins can still be valuable, but selling prices are typically lower because:
- Buyers must assess authenticity and grade themselves
- No guarantees on condition
- Less liquid market
What I Typically Pay for Certified vs. Raw Coins
When it comes to buying coins, I look at certified (slabbed) and raw pieces as two different animals grazing in the same pasture — related, but behaving very differently when it comes to value, risk, and resale strength.
Certified Coins (PCGS / NGC)
For properly graded coins, I'm almost always working off recent auction results and dealer-to-dealer bid levels. That gives me a clear, predictable baseline:
- Common-date certified coins: Generally 5–15% back of recent auction hammer depending on the series, grade, and liquidity.
- Key dates or high-end condition coins: I'm normally at or near the Greysheet bid because these move fast.
- Premium quality for the grade (PQ): If a coin has great eye appeal, CAC stickers, or exceptional luster, I'll lean more aggressive — sometimes matching or exceeding recent comps.
Raw Coins
Raw coins live in a more adventurous part of the market — more upside and more risk.
- I typically pay Greysheet raw bid for problem-free coins with true AU–UNC potential.
- For circulated or more common raw material, I pay based strictly on metal value plus a small numismatic premium, depending on the series.
- If the coin looks like it might grade high but isn't a slam dunk, I factor in the gamble on fees and turnaround times.
When It Makes Sense to Get a Coin Graded
Think of grading as buying a ticket to a larger, more trusted marketplace — but only some coins deserve the ticket price.
It does make sense to grade when:
- Its value jumps significantly at certain grade thresholds (e.g., a raw Morgan that could hit MS64 or MS65, key-date cents that rise dramatically from VF to XF/AU)
- It's a key date or semi-key where authentication really matters
- You're preparing the coin for resale and want maximum buyer confidence
- The coin has exceptional eye appeal — toning, luster, or strike quality that could earn a premium
It does not make sense to grade when:
- The coin is common, low-value, or damaged
- The expected grade doesn't add enough value to justify $30–$80 in grading fees
- There's a high chance of details grading for cleaning or environmental issues
My Rule of Thumb
If the potential increase in value is at least 3× the grading cost, it's usually worth sending in. If not, enjoy it raw — many collectors prefer the un-slabbed charm anyway.
Factors That Reduce Morgan Dollar Value
Even rare dates lose value if they have issues:
Cleaning: Morgan Dollars with harsh cleaning (polished surfaces, hairlines) can lose 30-70% of value. Natural toning is preferred.
Damage: Scratches, dents, rim damage, or "chopmarks" (Asian merchant marks) reduce value.
Questionable authenticity: High-value dates like 1893-S are frequently counterfeited. Professional authentication is essential.
Poor storage: Coins stored in PVC holders can develop green residue. While this can sometimes be removed, it affects value.
What Affects Morgan Dollar Market Prices
Morgan Dollar values fluctuate based on:
Silver spot price: Since Morgans contain 0.77 oz of silver, their minimum value rises and falls with precious metal markets.
Collector demand: Morgan Dollars have a huge collector base, which supports strong prices for better dates.
Grading standards: As grading has become more consistent, certain grades have become more or less valuable relative to others.
Registry set competition: PCGS and NGC registry sets drive demand for high-grade examples as collectors compete for top rankings.
Selling Your Morgan Dollars: What to Expect
Common circulated Morgans: Expect offers of $35-$45 depending on date and condition. These are essentially silver bullion coins with a small numismatic premium.
Better date circulated Morgans: Depending on scarcity and condition, offers range from $50 to $150+.
Uncirculated Morgans: Values vary widely based on grade. An MS63 common date might bring $60-$80, while an MS65 could be worth $200+.
Key dates and rarities: For valuable dates like 1893-S, 1889-CC, or high-grade examples, these coins are best sold to knowledgeable dealers who understand the market.
Why Work with a Professional Dealer
Morgan Dollars are popular, liquid, and frequently counterfeited. Working with an experienced dealer ensures:
- Accurate authentication (especially for key dates)
- Fair grading assessments
- Offers based on current market conditions
- Knowledge of varieties and die states that affect value
Pawn shops and "we buy gold" stores typically pay only silver melt value, missing numismatic premiums entirely.
Ready to Sell Your Morgan Dollars?
If you have Morgan Dollars to sell, we provide free evaluations based on current Graysheet pricing and recent auction results. We'll identify key dates, assess condition accurately, and make competitive offers backed by real market data.
Call (937) 376-2807 or visit us at 30 W 2nd St, Xenia, OH 45385.
Bring your Morgan Dollars for a free evaluation. No pressure and no obligation.