What Is a Morgan Silver Dollar?
The Morgan Silver Dollar was designed by U.S. Mint engraver George T. Morgan and struck from 1878 through 1904, then again in 1921. Each coin contains .7734 troy ounces of silver (.900 fine). The obverse features a left-facing Lady Liberty; the reverse shows an eagle with outstretched wings.
Morgan Dollars were struck at five mints: Philadelphia (no mintmark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D, 1921 only). The mintmark appears on the reverse, above the D-O in DOLLAR.
Clemson Coins, Currency & Bullion also operates MorganSilverDollars.com, a dedicated resource for Morgan Dollar collectors. Extended inventory from that site is available for viewing at the Pendleton store; call ahead to arrange.
Morgan Dollar Key Dates and Semi-Keys
Not all Morgan Dollars are equal. The date and mintmark combination determines scarcity, and scarcity drives value above the silver melt floor.
Here Are A Few Major Key Dates
Significant premiums at all grades:
- 1893-S , the single rarest circulation-strike Morgan Dollar; fewer than 100,000 minted, most in heavily worn condition
- 1895 , proof-only issue; no business strikes survived; extremely rare
- 1889-CC , key Carson City date; low mintage and heavy circulation
- 1884-S , rare in mint state
- 1892-S, 1893-O, 1893-CC , major rarities across all three mints in 1893
Semi-Key Dates
Meaningful premiums, especially in VF and above:
- 1879-CC, 1885-CC, 1886-O, 1892-O, 1895-O
- 1901 (Philadelphia) , low mintage, rare in mint state
- 1903-S , scarce in circulated grades
- 1904-S , low-mintage final-year issue
Carson City (CC) Morgans
Morgan Dollars struck at the Carson City Mint carry a premium across all dates because of their Western frontier association and generally lower mintages. A complete CC Morgan collection is a recognized collecting goal; the coins are actively sought in all grades.
Morgan Dollar Values by Grade
Value varies enormously by grade. As a general reference , actual values fluctuate with market conditions, so call for current pricing:
| Grade | Common Date | Semi-Key | Key Date |
|---|---|---|---|
| AG-3 (About Good) | $25–35 | $50–200 | $500+ |
| VG-8 (Very Good) | $30–45 | $75–400 | $1,000+ |
| F-12 (Fine) | $35–55 | $100–600 | $2,000+ |
| VF-20 (Very Fine) | $40–65 | $150–800 | $3,000+ |
| EF-40 (Extremely Fine) | $50–80 | $250–2,000 | $8,000+ |
| MS-60 (Mint State) | $75–100 | $400–3,000 | $15,000+ |
| MS-63 (Choice MS) | $120–175 | $500–5,000 | $30,000+ |
| MS-65 (Gem MS) | $200–500 | $1,000–15,000 | $100,000+ |
| MS-66+ (Premium Gem) | $500–2,000+ | $5,000–50,000+ | Extreme rarity |
CAC and CACG approval adds meaningful premiums at MS-63 and above for common dates and at all grades for key dates.
What to Look For When Buying Morgan Dollars
Strike Quality
Morgan Dollars vary significantly in strike sharpness depending on die condition and mint. Look for full hair detail above the ear on the obverse and full breast feathers on the eagle reverse. Well-struck examples are scarcer and command premiums.
Luster
Original cartwheel luster (the flowing, swirling reflective quality of an uncirculated Morgan) is the defining characteristic of high-grade examples. Luster that has been disturbed by cleaning, dipping, or improper storage cannot be restored.
Eye Appeal
Beyond technical grade, experienced collectors pay premiums for Morgan Dollars with attractive original toning, iridescent color that develops naturally in albums or original bags. Original toning is a sign of undisturbed originality and is highly desirable.
Originality
A Morgan Dollar with original, unaltered surfaces is worth significantly more than a technically equivalent cleaned or dipped example. This is the most important factor that price guides do not capture.
Certification
For any Morgan Dollar worth more than $200, PCGS or NGC certification is the standard. Certified examples are authenticated, graded by independent experts, and sealed in tamper-evident holders. Clemson Coins, Currency & Bullion is a vetted member of PCGS, NGC and CACG and carries a deep selection of certified and raw Morgan Dollars.
Selling Your Morgan Silver Dollars
Clemson Coins, Currency & Bullion is one of the most active buyers of Morgan Dollars in Upstate South Carolina. Whether you have one coin or a complete date-and-mintmark collection, we will evaluate and make a competitive same-day offer.
What affects your offer:
- Date and mintmark: key dates versus common dates
- Grade and originality: circulated versus mint state; original versus cleaned
- Certification: PCGS/NGC holders versus raw
- CAC or CACG approval: adds premium at MS-63 and above
- Quantity: bulk common-date rolls are bought at silver-related prices while key dates are priced individually. Uncirculated rolls are bought at substantial premiums.
Do not clean your Morgan Dollars before bringing them in. Even heavily circulated Morgan Dollars have original surfaces that add value. A cleaned VF-20 Morgan may be worth 30–50% less than an original-surface example in the same grade.
VAM (Van Allen-Mallis) varieties are die varieties within the Morgan Dollar series identified by microscopic differences in the dies used to strike them. Rare VAM varieties carry significant premiums. We can identify major VAM varieties at the time of evaluation.
Morgan Dollars at Clemson Coins, Currency & Bullion
- Common date circulated Morgan Dollars (AG through EF)
- Mint state Morgan Dollars (MS-60 through MS-67)
- PCGS and NGC certified examples
- CAC and CACG approved examples
- Carson City Morgans (all available dates)
- Key date and semi-key Morgans, as inventory allows
- 1921 Morgan Dollars in quantity (last-year issue, high availability)
- Morgan Dollar rolls (circulated common dates)
Morgan Dollar rolls: circulated common dates and a large selection of uncirculated rolls. Call ahead for specific dates, mintmarks, or grades. Extended inventory from MorganSilverDollars.com is available by appointment.