What is the value of a Morgan Dollar silver coin today?
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Morgan Dollar price history
Intrinsic value based on the silver price
How much does a Morgan Dollar silver coin weigh?
The Morgan Dollar coin has a total weight of 26.7300 grams. This weight includes the coin's complete alloy.
Taking its purity of 900‰ (90.0%) into account, this coin contains exactly 24.0570 grams of pure silver.
What is the purity of a Morgan Dollar silver coin?
The Morgan Dollar coin has a purity of 900 thousandths, i.e. 90.0% fine silver.
This purity is characteristic of coins struck in United States between 1878 - 1921. The rest of the alloy (10.0%) is generally composed of copper to strengthen the coin's durability.
Obverse
The obverse features the profile of Liberty wearing a Phrygian cap, adorned with wheat ears and cotton flowers. A work by engraver George T. Morgan (initial M engraved below the bust), the portrait was inspired by Anna Willess Williams.
Composition and iconographic details
Inscriptions: E PLURIBUS UNUM in an arc at the top, the word LIBERTY on the cap's headband, and the date at the bottom of the bust.
Symbolism: Thirteen stars surround the portrait (8 on the left, 5 on the right) to represent the founding colonies.
Original varieties (1878): Differences in relief and die between the very first strikes and later issues.
Reverse
The reverse features the bald eagle with spread wings, holding a bundle of arrows and an olive branch. The American shield rests on its chest to symbolize strength and peace.
Inscriptions and mint marks
Legends: UNITED STATES OF AMERICA at the top and the face value ONE DOLLAR at the bottom of the coin.
Mint mark location: Engraved above the inscription DO of DOLLAR.
Minting facilities: Denver (D), New Orleans (O), San Francisco (S), Carson City (CC) and Philadelphia (no letter).
Prestigious mint: Carson City (CC) strikes are highly sought after and command a significant numismatic premium.
Struck from 1878 to 1904, then in 1921, the Morgan Dollar takes its name from its designer George T. Morgan. Its creation stems from the Bland-Allison Act of 1878, requiring the U.S. government to purchase silver in large quantities to support the Western mining industry.
Characteristics and key facts
Composition: Silver at 900 ‰ (90% silver, 10% copper). Contains 0.7734 troy oz of pure silver (24.057 g) for a total weight of 26.73 g (38.1 mm).
Historical melting: The Pittman Act of 1918 led to the melting of nearly 270 million examples, increasing the current scarcity of many dates.
Commemorative editions: The US Mint has again been issuing limited-mintage commemorative strikes since 2021.
Price trends and valuation
The price of a Morgan Dollar rests on two components:
Metal value (Spot): Moves in line with the silver price (multiplied by 6 or 7 at the 2011 peak of $50/oz, then stabilised during subsequent cycles).
Numismatic premium: Decisive for rare mintages (e.g. 1893-S, 1889-CC), Carson City strikes (CC), and high preservation grades (MS65+ certified by PCGS or NGC).
Why invest in the Morgan Dollar?
It is a wealth-diversification choice combining precious metal weight and strong collecting potential, particularly sought after on the American market.
Advantages and points to watch
Liquidity: Excellent among numismatists and specialists, but less immediate than a modern bullion coin (Maple Leaf, Britannia) with a general dealer.
Preservation (Patina): Never clean a coin: removing the patina irreversibly destroys the numismatic premium.
Certification: Favour slabbed examples (PCGS or NGC) for high grades in order to guarantee authenticity and avoid counterfeits.
Taxation (France): Not considered an investment coin within the meaning of the European VAT directive; subject to the flat-rate tax regime on precious metals or capital gains tax.
Frequently asked questions
Why does the Morgan Dollar occupy such a mythical place in American history?
Struck from 1878 to 1904, then again in 1921, the Morgan Dollar (named after its engraver George T. Morgan) is the monetary embodiment of the American westward expansion.
Its creation stems from the Bland-Allison Act, a federal law requiring the American government to purchase in large quantities the silver extracted from western veins (notably the famous Comstock Lode in Nevada) to be minted into coins. It represents the quintessential Far West silver dollar.
What is the silver content of the Morgan Dollar?
Like all American circulation coins of its era, the Morgan Dollar contains 900 ‰ of pure silver (90% silver and 10% copper).
With a gross weight of 26.73 grams, each coin contains exactly 24.05 grams of pure silver. It is the historic large-denomination reference standard for the accumulation of physical silver in the United States.
What do the mint marks engraved on the reverse of the Morgan Dollar mean?
On the reverse, below the laurel wreath, there is a small letter indicating the mint of manufacture. The presence of the mint mark strongly influences the value of the coin:
CC (Carson City): The mint located closest to the Nevada mines. These coins, produced in very low mintages, are extremely sought after and benefit from very high numismatic premiums.
O (New Orleans), S (San Francisco), D (Denver - 1921 only) and no mark (Philadelphia): More common mints, whose prices vary according to the year and the condition.
How does the Morgan Dollar perform on the physical silver market compared to a modern bullion coin?
The Morgan Dollar is not a simple monetized silver bar: it is a hybrid product between investment silver and numismatics.
Even for common dates, it almost always trades at a premium above the raw silver spot price, driven by very strong demand from international collectors.
It therefore offers dual asset protection: the floor value of the precious metal combined with a historical capital gain.
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