Morgan Silver Dollars for Sale - Compare Dealer Prices
The Morgan Silver Dollar is the most widely collected coin in American numismatics — and at today's silver prices, even the most common dates represent meaningful value. Designed by George T. Morgan, an English-born engraver hired by the U.S. Mint in 1876, the coin was struck from 1878 through 1904 and again for a single year in 1921. Lady Liberty appears on the obverse, modeled on Philadelphia schoolteacher Anna Willess Williams, while the reverse features a heraldic eagle that was controversial from day one — the number of tail feathers changed multiple times in the first year of production alone.
Every original Morgan Dollar contains 0.7734 troy ounces of pure silver in a 90% silver, 10% copper alloy. The absolute floor value regardless of date, mint mark, or condition is based on the melt value. Most circulated common-date Morgans trade above melt, and rare key dates in top grades can reach six figures. For a complete breakdown of values by date, mint mark, and grade, see our Morgan Silver Dollar Value Guide.
Morgan Silver Dollars Quick Facts
Why Collectors and Investors Buy Morgan Dollars
Morgan Silver Dollars sit at the intersection of bullion investing and coin collecting in a way few other coins can match. A circulated common-date Morgan is an affordable entry into physical silver ownership — a tangible, government-minted coin with more than three-quarters of a troy ounce of silver. At the same time, the series spans 97 regular-issue date-and-mint-mark combinations across five mints, creating a structured collecting framework that keeps people engaged for years.
The coins were struck during the era of westward expansion, the Comstock Lode silver boom, and the economic upheavals of the late 19th century. They circulated in frontier towns, sat in Treasury vaults for decades, and survived in family collections passed down through generations. That historical connection — combined with over 650 million coins minted across the full series — means Morgans are available at every price point, from a common 1921 Philadelphia issue near melt value to a gem-quality 1893-S that last sold at auction for six figures.
The five mints that struck Morgan Dollars each carry their own significance for collectors:
| Mint | Mint Mark | Years Active | Collector Significance |
|---|---|---|---|
| Philadelphia | None | 1878–1904, 1921 | Highest mintages; most common dates in the series |
| New Orleans | O | 1879–1904 | Variable strike quality; several semi-key dates |
| San Francisco | S | 1878–1904 | Generally well-struck; includes the key-date 1893-S |
| Carson City | CC | 1878–1893 | Lowest mintages; highest premiums; the most sought-after mint marks |
| Denver | D | 1921 only | Single year of production; common but popular with date collectors |
Carson City Morgans command the strongest premiums in the series. The Carson City Mint was a small facility in Nevada's silver country that struck far fewer coins than Philadelphia or San Francisco before closing permanently in 1893. Even common CC dates like the 1882-CC, 1883-CC, and 1884-CC — many of which survived in government-held bags until the GSA sales of the 1970s — carry significant premiums over equivalent Philadelphia issues.
For a detailed look at which dates are most valuable and what drives the price differences, our Morgan Silver Dollar Value Guide includes value tables for common dates, semi-key dates, and key dates by grade.
Circulated Morgan Silver Dollars
Most Morgan Dollars that trade in the bullion market are circulated coins — pieces that show visible wear from years of use or storage. For investors, circulated Morgans offer the most accessible entry point into the series. A common-date circulated Morgan in Good to Very Fine condition typically trades at melt value plus a modest collector premium, making it competitive on a cost-per-ounce basis with other forms of physical silver while also carrying the historical appeal and universal recognition that generic silver products lack.
The condition of a circulated Morgan Dollar directly affects its value. In lower grades (Good through Fine), most common dates trade close to their silver content. In higher circulated grades (Very Fine through About Uncirculated), the same dates command increasingly meaningful premiums as they approach Mint State territory. Our value guide includes a grade-by-grade premium table that shows exactly how much condition affects the price of common-date Morgans at current silver prices.
Circulated Morgan Dollars are also part of the broader 90% silver coin market — commonly called "junk silver" — where pre-1965 U.S. silver coins trade based primarily on their metal content. However, Morgans typically carry a premium above the standard junk silver rate due to their collector following and individual coin recognition.
Certified Morgan Silver Dollars
Certified Morgan Dollars have been professionally graded and authenticated by a third-party grading service — most commonly PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). The coin is evaluated for condition, assigned a numerical grade on the 70-point Sheldon scale, and sealed in a tamper-evident holder ("slab") that preserves its condition and provides a universally recognized standard of quality.
Certification matters most where the difference between grades represents significant value. A common-date Morgan in MS-63 might sell for $180–$250, while the same date in MS-65 could bring $450–$850 or more. For key dates, the grade-to-grade jumps can be measured in thousands of dollars. Certified coins command tighter dealer spreads and higher resale values because the grade has been independently verified — there's no negotiation about condition.
As a general rule: if a Morgan Dollar might grade MS-63 or better on a semi-key or better date, professional grading will typically pay for itself. For common circulated dates, the grading fee (typically $30–$75 for standard submission) often exceeds the premium that certification would add to the coin's value.
The 1921 Morgan Dollar
The 1921 Morgan Dollar holds a unique place in the series. After a 17-year hiatus (no Morgan Dollars were struck from 1905 through 1920), the U.S. Mint resumed production in 1921 to replenish silver dollar reserves depleted by the Pittman Act of 1918, which had authorized the melting of 270 million silver dollars. The result was the most heavily produced year in Morgan Dollar history — over 86 million coins struck across Philadelphia, Denver, and San Francisco.
Because of that massive mintage, the 1921 is by far the most common Morgan Dollar. Circulated examples trade near silver melt value, making them one of the most affordable ways to own an original Morgan. The 1921 was also the last year of the Morgan design — the Peace Dollar replaced it later that same year, making 1921 the only year in U.S. history when two different silver dollar designs were struck simultaneously.
For the full story on 1921 silver dollars — including both the Morgan and Peace Dollar issues, their values by grade, and the key varieties to look for — see our 1921 Silver Dollar guide.
Modern Morgan Silver Dollars (2021–Present)
In 2021, the U.S. Mint issued new Morgan Silver Dollars to commemorate the 100th anniversary of the original design's final year. These modern reissues honor George T. Morgan's classic design but differ from the originals in important ways.
| Specification | Original Morgan (1878–1921) | Modern Morgan (2021–Present) |
|---|---|---|
| Composition | 90% Silver, 10% Copper | .999 Fine Silver |
| Silver Content | 0.7734 troy oz | 0.858 troy oz |
| Total Weight | 26.73 grams | 26.686 grams |
| Diameter | 38.1 mm | 38.1 mm |
| Edge | Reeded | Reeded |
| Face Value | $1.00 | $1.00 |
| Finishes | Business strike, Proof | Uncirculated, Proof |
The modern Morgans were struck with privy marks representing the historic mint facilities — including "CC" (Carson City) and "O" (New Orleans) privy marks on coins actually produced at Philadelphia — making them tribute pieces rather than true mint-mark coins. Limited mintages and strong collector demand have kept secondary market prices well above their silver content.
For details on available dates, mintage figures, and pricing for the modern series, see our Modern Morgan and Peace Silver Dollar guide.
Morgan Dollar Specifications and Silver Content
| Specification | Details |
|---|---|
| Designer | George T. Morgan |
| Years Minted | 1878–1904, 1921 |
| Composition | 90% Silver, 10% Copper |
| Total Weight | 26.73 grams (0.8594 troy oz) |
| Pure Silver Content | 0.7734 troy ounces |
| Diameter | 38.1 mm (1.5 inches) |
| Edge | Reeded |
| Face Value | $1.00 |
| Mints | Philadelphia (no mark), New Orleans (O), San Francisco (S), Carson City (CC), Denver (D) |
The 0.7734 troy ounce silver content is identical across every original Morgan Dollar regardless of date or mint. At any given silver spot price, you can calculate the exact melt value using our Morgan Dollar melt value calculator. This melt value represents the absolute floor — a Morgan in any condition is worth at least the value of its silver content.
Frequently Asked Questions
How much is a Morgan Silver Dollar worth?
Every Morgan Dollar contains 0.7734 troy ounces of pure silver, giving it a current melt value based on today's silver spot price. Most common-date circulated Morgans trade at melt plus a modest collector premium. Well-preserved examples, semi-key dates, and Carson City mint marks command higher premiums. Rare key dates like the 1893-S in top grades can reach tens of thousands of dollars. For a detailed value breakdown by date, mint, and grade, see our Morgan Silver Dollar Value Guide.
What is the most valuable Morgan Silver Dollar?
The 1893-S Morgan Dollar is widely considered the key date of the series, with a mintage of just 100,000. In Very Fine condition it trades for $4,000–$6,000; in gem Mint State, auction records have exceeded $500,000. The 1895 Philadelphia issue — for which no business strikes are confirmed to exist, only proofs — is among the rarest and most valuable U.S. coins of any type.
Where is the mint mark on a Morgan Dollar?
On the reverse of the coin, above the letters "DO" in DOLLAR, between the wreath and the eagle's tail feathers. Philadelphia-minted coins carry no mint mark. Look for O (New Orleans), S (San Francisco), CC (Carson City), or D (Denver, 1921 only).
What is the difference between a Morgan Dollar and a Peace Dollar?
Both are 90% silver U.S. dollar coins containing 0.7734 troy ounces of pure silver. The Morgan Dollar (1878–1904, 1921) features a helmeted Liberty and a heraldic eagle, designed by George T. Morgan. The Peace Dollar (1921–1935) features a radiant Liberty head and an eagle at rest, designed by Anthony de Francisci to commemorate the end of World War I. The year 1921 is the only year both designs were struck.
Should I buy circulated or uncirculated Morgan Dollars?
It depends on your goals. Circulated common-date Morgans offer the lowest premium per ounce of silver and are ideal for investors building a position in physical silver. Uncirculated (Mint State) coins carry higher premiums but also higher potential appreciation, particularly for semi-key and key dates where the grade-to-grade price jumps can be dramatic. Many collectors start with circulated examples and upgrade specific dates over time as their knowledge and budget grow.
Are Morgan Dollars a good investment?
Morgan Dollars offer a combination of precious metal value and collector demand that most other silver products cannot match. Their silver content provides a floor value that moves with the spot price. Above that floor, collector premiums on better dates and grades have historically appreciated over time. The series is finite — no more original Morgans will ever be minted — and the collector base remains one of the largest and most active in U.S. numismatics. As with any investment, results depend on what you buy, what you pay, and how long you hold.
Where to find the cheapest Morgan Silver Dollars
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