Morgan Dollars: A Guide to America’s Famed Silver Dollars

Morgan dollars were silver one-dollar American coins minted for circulation from 1878 to 1904, then again for one year in 1921. The coin’s name honors the designer, George T. Morgan.

These silver dollars are among the most famous and popular silver dollars (and US coins overall) for coin collectors.

The Morgan dollar’s popularity is in part because of its historical significance, representing the debate between gold and silver standards, but also because so many were melted down.

As experts on all things numismatic, we’re thrilled to tell you all about the history, designs, key dates, and values of Morgan dollars in this comprehensive guide.

Pictured above: Obverse & reverse of 1878-CC Morgan dollar, first year of series | Image credit: National Numismatic Collection, National Museum of American History; Public domain

Historical Background

The Morgan dollar was first minted in 1878, but its controversial history ties to debates over free silver coinage and bimetallic currency standards.

Controversial Coinage Act

Free silver coinage meant people could take silver bullion to the US Mint and have it turned into silver dollars with unlimited legal tender. The same could be done with gold bullion.

The problem? An abundance of silver led to more silver coins in circulation, meaning higher inflation and lots of money not backed by a physical commodity value-wise.

So, Congress passed the Coinage Act of 1873. Significant law changes included:

1. Establishing the legal tender of all silver dollars to be $5 USD

2. Only allowing silver bullion to be made into $5 Trade dollars

Essentially, it demonetized silver and shifted the US from a bimetallic standard (bimetallism) to a gold standard. By 1876, gold value significantly increased while silver value significantly decreased.

Rural silver miners and farmers in the West felt the ramifications most, losing a huge source of profit amidst the Panic of 1873 economic recession. This put them at odds with wealthy bankers in the East who would benefit from silver demonetization.

Pictured above: Obverse & reverse of 1878-S silver Trade dollar coin | Image credit: Windrain, CC-BY-SA-4.0

First Morgan Dollars & Silver Purchasing Acts

It wasn’t immediately clear that the act basically demonetized silver. By 1876, many opponents claimed the act was illegal, dubbing it the “Crime of 1873.”

In response, Congress passed the Bland-Allison Act of 1878, requiring the Treasury to buy $2-$4 million worth of American-mined silver monthly for coining into silver dollars.

The first Morgan dollars were minted in Philadelphia a week later on March 11, 1878, making Morgan dollars the first standard silver dollars coined since 1873.

Years later, Congress passed the Sherman Silver Purchase Act of 1890, changing the minimum monthly silver purchase to 4.5 million ounces.

However, President Grover Cleveland repealed the Sherman Silver Act in 1893.

Starting in 1898, the remaining Sherman Act bullion was coined into Morgan dollars until reserves ran out in 1904.

Melting Morgan Dollars

During World War I, Congress passed the Pittman Act of 1918. Britain was running low on silver, so the act authorized melting of over 270 million silver dollars (mostly Morgan dollars) into bullion the UK could buy.

But the act also required every melted silver dollar to be recoined with silver from American mines after the war ended.

Therefore, Morgan dollars were minted again in 1921 until the mint made a new design, which came in December: Peace dollars.

Pictured above: Obverse of Uncirculated Commemorative 2021 Morgan dollar | Image credit: US Mint, Public domain

Continued Legacy of Morgan Dollars

The circulated Morgan dollar series ended after its partial-year revival in 1921. However, Morgan dollars have made notable appearances since:

• GSA Hoard (1960s): Collectors scrambling to exchange paper “silver certificates” for rare, unmelted Carson City Morgan dollars discovered in US Treasury vaults

• San Francisco Mint Dollar (2006): Commemorative coin with reverse (tails side) replaced from 1904 Morgan dollar

• Modern Morgan Dollars (2021 & 2023-on): Uncirculated 99.9% silver Morgan dollars commemorating 100th anniversary of series’ end; Continued annually since 2023 with more finishes

History? Check. Now we’ll look closer at the coins themselves like the Morgan dollar size and composition.

Morgan Dollar Specifications

First, the Morgan dollar’s general specs:

• Composition: 90% silver, 10% copper

• Diameter: 38.1 mm (1.5 in)

• Thickness: 2.40 mm (0.09 in)

• Total Weight: 26.73 g (0.94 standard oz)

• Edge: Reeded

• Rim: Denticles (tooth-like ornamentation)

How much silver is in a Morgan dollar? The circulated coins contain 0.7734 troy oz of pure silver. Modern commemorative Morgan dollars contain 0.858 troy oz of pure silver.

Pictured above: Portrait of Anna Willess Williams, the artistic inspiration for Liberty on the Morgan dollar | Image credit: George T. Morgan, Public domain

Design and Symbolism

British die engraver George T. Morgan designed the Morgan silver dollar two years after moving from England to work as the US Mint Assistant Engraver.

Morgan took his preparation seriously, studying bald eagles and enrolling at Pennsylvania Academy of the Fine Arts in 1876.

Instead of the typical Greco-Roman style, he wanted a more realistic, American depiction of Liberty. So, Morgan modeled his Liberty after Philadelphia teacher & author Anna Willess Williams.

The agricultural elements, plus the coin’s history, cement the Morgan dollar as a symbol of American spirit and Western expansion.

Obverse Design

The coin’s obverse features a profile of Liberty facing left. She wears a Liberty (Phyrgian) cap below a crown decorated with wheat and cotton. “LIBERTY” is inscribed on the crown’s band.

“E • PLURIBUS • UNUM” is inscribed along the top rim. The mintage year is at the bottom, with 13 stars on either side (seven on left, six on right).

Morgan’s initial “M” is on the neck truncation beside the nearest hair curl.

Pictured above: Comparison of "Reverse of '78" and "Reverse of '79" varieties on Morgan dollar | Image credit: PCGS CoinFacts, Free use

Pictured above: Comparison of 8 vs 7 Over 8 vs 7 Tail Feathers reverse varieties on 1879-S Morgan dollars | Image credit: PCGS CoinFacts, Free use

Reverse Design

The reverse features a bald eagle with outspread wings. It holds three arrows and an olive branch. A laurel wreath tied with a bow almost encircles the eagle. Morgan’s “M” initial also appears sideways on the left bow loop.

“ONE DOLLAR” is along the bottom, separated with six-sided stars (hexagrams) from “UNITED STATES OF AMERICA” along the top. Above the eagle is “In God We trust” in Old English font.

If present, the location of the Morgan dollar mint mark is below the wreath bow, between the “D” and “O” in “DOLLAR.”

Three versions of 1878 Philadelphia Morgan dollars exist, distinguished by the eagle’s tail feathers:

• 8 Tail Feathers: First 2 weeks of production; Around 750,000 to 1 million struck

• 7 Over 8 Tail Feathers: 8 Tail Feather coins restruck with altered 7 tail feather dies, with 8th tail feather still visible; Estimated 500,000 struck

• 7 Tail Feathers: Prevailing design with 7 tail feathers and no doubling; Over 9.7 million struck

The 1878 Philadelphia 7 Tail Feather are split into two subtypes:

1. Second Reverse / Reverse of ‘78: Flat (concave) eagle breast, parallel top arrow feather (PAF); Estimated 4.9 to 7.2 million struck

2. Third Reverse / Reverse of ‘79: Rounded (convex) eagle breast, slanting top arrow feather (SAF); Estimated 2 to 4.3 million struck

Speaking of mintage figures…

Pictured above: Reverse of Uncirculated Commemorative 2021 Morgan dollar with "CC" privy mark | Image credit: US Mint, Public domain

Minting and Production

Almost 657 million Morgan dollars were struck for circulation from 1878 to 1921. Five mints struck Morgan silver dollars, denoted by their mint marks:

• None — Philadelphia Mint; 1878-1904 & 1921

• “D” — Denver Mint; 1921 only

• “S” — San Francisco Mint; 1878-1904 & 1921

• “CC” — Carson City Mint; 1878-1885 & 1889-1893

• “O” — New Orleans Mint; 1879-1904

The highest circulated mintage issue was 1921-P at 44.69 million. The lowest circulated mintage issue was 1893-S at 100,000.

Proof Morgan dollars were minted every year in Philadelphia for a total of 23,483. The highest proof mintage issue was 1880 at 1,355.

Some rare branch mint proofs exist: 1883-O, 1879-O, and 1893-CC, each with an estimated mintage of 12.

Modern Morgan Dollar Mint Marks

While 2021 Morgan dollars from Denver and San Francisco Mints had “D” or “S” mint marks, respectively, the Philadelphia Mint Morgan dollars had:

• No mint mark,

• “O” privy mark, or

• “CC” privy mark

The “O” and “CC” privy marks honored the historic New Orleans and Carson City mints, which closed in 1909 and 1893, respectively.

In 2023, the Mint offered three varieties of Morgan dollars:

1. Uncirculated: Mintage of 273,632; $76 per coin; Struck in Philadelphia with no mint mark

2. Proof: Mintage of 351,135; $80 per coin; Struck in San Francisco with “S” mint mark

3. Reverse Proof: Mintage of 200,585; $175 per two-coin set; Struck in San Francisco with “S” mint mark

Every coin or set comes with protective packaging and a Certificate of Authenticity.

Pictured above: Obverse & reverse of "King of Morgan Dollars," the 1895-P Proof, graded PR68CAM by PCGS | Image credit: PCGS CoinFacts, Free use

Key Dates and Varieties

How much is a Morgan dollar worth? Always more than $1, but the exact value depends on:

• Silver Spot Price: The market value (“spot price” or “melt value”) of silver fluctuates. Check the current silver spot price here.

• Rarity: Rare Morgan dollars may have a lower mintage (fewer were struck), lower survival (fewer are known today), or unusually good condition for the issue.

• Condition: Circulated coins are subject to wear and tear, making Morgan dollars with higher grades more valuable.

• Mint Errors: Unintentional errors, particularly dramatic or rare types, will increase the coin’s value.

Morgan dollars are virtually always in demand, so expect high premiums.

Now let’s look at the issues that collectors pay top dollar for:

Key Dates

Key dates of circulation Morgan dollars are:

• 1893-S: Lowest mintage, rarely good condition; Valued at least $2,200; One sold in 2021 for over $2 million

• 1889-CC: Rarest Carson City issue in good condition; Worth $560 to $300,000

• 1895-O: Rarely good condition; Worth $53,500 to $650,000 in grades over MS60

The “King of Morgan Dollars” is the 1895-P proof, with only an estimated 400 known today. They’re worth $67,500 to $500,000.

Pictured above: Close-up of "Hot Lips" error on obverse of 1888-O Morgan dollar graded DMPL | Image credit: PCGS CoinFacts, Free use

Mint Errors

Numerous errors are known on Morgan dollars. Besides the 1878 7/8 Tail Feathers mentioned earlier, some famous errors are:

• 1921-S Thorn Head: Thornhead or arrowhead mark near “AMERICA” inscription; Worth $65 to $1,250

• Doubled Ear: Doubling on Liberty’s ear; Most famous on 1891-P (worth $55 to $2,750) & 1881-O (worth $70 to $1,400)

• 1921-P Wide Reeding: Around 2.5% of mintage; 157 reeds instead of typical 189; Worth $50 to $1,050

• 1903-S Micro S: Tiny “S” mint mark; Worth $160 to $95,000

• 1888-O “Scarface”: Obverse die break caused scar-like crack across Liberty’s nose & cheek; Worth $85 to $20,000

• 1888-O “Hot Lips”: Heavy doubled die caused large or double lips on Liberty; Worth $120 to $25,000

Pictured above: Obverse & reverse of 1921-P Zerbe Strike Morgan dollar graded SP66 by PCGS | Image credit: PCGS CoinFacts, Free use

Special Strikes

Special strikes are coins that are slightly above a circulation strike, with similar handling and preparation to a proof coin but not of the same quality. Professional Coin Grading Services (PCGS) lists three Morgan dollar special strikes:

1. 1892-CC: Worth up to $650,000

2. 1884-CC Cameo: 930 minted; Worth up to $1.5 million

3. 1921-P Zerbe: Struck for American Numismatic Association president Farran Zerbe; 200 struck, around 100-150 known; Worth up to $47,500

4. 1921-S Zerbe: 25 struck, around 10-12 known; Worth up to $145,000

These special strikes have distinct grading, a major part of Morgan dollar value.

Pictured above: Obverse & reverse of 1878-P Morgan dollar with Deep Mirror Prooflike (DMPL) grade by PCGS | Image credit: PCGS TrueView, Free use

Collecting and Grading

The condition of historical, popular coins like Morgan dollars is crucial to resale value.

Condition is typically given as a grade by a professional third-party service like Professional Coin Grading Services (PCGS) or Numismatic Guaranty Company (NGC).

Grades of Morgan Dollars

Different coin grading systems exist, but the general grades are:

1. Uncirculated: Never circulated & properly stored; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Specimen (SP): Definition varies among grading agencies, but generally between a Mint State and Proof grade; Often used for Special Strikes

4. Proof (PR or PF): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State; Those struck at non-Philadelphia mint are Branch Mint Proofs (BM); The subtypes:

   1. Standard Proof: Background (field) isn’t highly reflective

   2. Cameo (CAM): Rarer; Background highly reflective plus a) light to moderate frosting on obverse & reverse, b) not frosted, or c) frosted on only one side; Called Branch Mint Cameo (BMCA) from non-Philadelphia Mint

   3. Deep/Ultra Cameo (DCAM or UCAM): Rarest; Background highly reflective plus highly & evenly frosted obverse & reverse

5. Prooflike (PL): Coins struck & handled for circulation but with a similar brilliant shine to proof coins

   1. Deep Mirror Prooflike (DPML): MS60 or better with consistent, deeply mirrored surfaces (reflective at least 6 inches away) on both sides

6. About Uncirculated (AU): Very minor wear on high points of design from brief circulation, well-preserved surfaces, near-complete mint luster; Sub-grades from 50 to 58

7. Extremely Fine (EF or XF): Complete details, light wear on high points; Sub-grades 40 & 45

8. Very Fine (VF): Moderate to complete details, wear on high points; Sub-grades 20 to 35

9. Fine (F): 50 percent or less of detail flat, visible to sharp letters & digits; Sub-grades 12 & 15

10. Very Good (VG): Wear throughout, letters & digits soft but readable; Sub-grades 8 & 10

11. Good (G): Outer letters & digits full to slightly worn, slightly worn to sharp rims; Sub-grades 4 & 6

12. About Good (AG-3): Mostly readable letters & digits, worn rims

13. Fair (FR-2): Some visible details, traces of outer letters, flat

14. Poor (PO-1): Only date, mint mark, and year identifiable

The Deep Mirror Prooflike (DMPL) is particularly well-known on Morgan dollars.

Grading aside, any Morgan dollar is valuable for its silver composition, historic significance, and cultural symbolism.

Pictured above: Reverse of an 1881-S Morgan Dollar sitting atop US silver certificates, including a "Black Eagle" silver certificate | Image credit:  Anemonemma, Generalissima, 3df; CC-BY-SA-4.0

Morgan Dollars: A Marvel of American Numismatic History

The Morgan dollar is a mainstay of coin collections for good reason. Not only does it represent the evolution of early US coins and American mining history, the silver dollar also holds value for its rarity and beauty.

You can build all sorts of sets with Morgan dollars, from mint branch sets to proof sets to date sets. However you collect, we have plenty of Morgan dollars at unbeatable prices to fulfill your needs.

Buy Morgan dollar coins today!