Morgan silver dollars are 90% silver one-dollar coins struck between 1878 and 1904, with a brief revival in 1921. Their origin is tied to mid-19th century silver discoveries and shifting U.S. coinage policy.
The Comstock Lode, discovered in 1859, flooded the market with silver and depressed the metal’s value. In 1873 the Coinage Act effectively ended much silver coin production in the United States. When silver supplies tightened and public pressure grew, Congress passed the Bland-Allison Act in 1878 to restore silver dollar coinage. The U.S. Mint director at the time, Henry Linderman, organized a design competition to create the new silver dollar.
English engraver George T. Morgan won the competition. Morgan used his fiancée, schoolteacher Anna Williams, as the model for Lady Liberty on the obverse. The reverse depicts an American eagle clutching arrows and an olive branch with the inscription “United States One Dollar.” The coins became known as Morgan silver dollars after their designer.
Production and Mint Marks
Morgan dollars were produced at five mint locations, each identified by a mint mark: Carson City (CC), New Orleans (O), San Francisco (S), Denver (D), and Philadelphia (no mint mark). Although these coins remain legal tender for $1, their collector value is typically far higher. Factors that determine a Morgan dollar’s value include the year, the mint where it was struck, survival rates, unique die varieties or errors, and the coin’s condition—especially uncirculated and proof coins.
The following list highlights 30 of the most valuable Morgan silver dollars, summarizing why each coin is prized and noting typical values for circulated and mint-condition examples. Values can vary widely based on grading and market demand.
30. 1892-O Morgan Silver Dollar (New Orleans)
Value: $5,750 (MS-65)
Why it’s valuable: The New Orleans Mint produced about 2.74 million Morgan dollars in 1892. Circulated examples are inexpensive, but high-grade, uncirculated specimens with original luster command strong premiums.
29. 1890-CC Morgan Silver Dollar (Carson City)
Value: $6,000 (MS)
Why it’s valuable: Carson City coins are popular with collectors. The 1890-CC run totaled about 2.3 million; well-preserved pieces are much scarcer and more desirable than worn examples.
28. 1894-S Morgan Silver Dollar (San Francisco)
Value: $6,040 (MS)
Why it’s valuable: San Francisco struck roughly 1.26 million Morgans in 1894. While common in low grades, an uncirculated 1894-S with strong eye appeal is rare and commands a premium.
27. 1879-S Reverse of 1878 Morgan Silver Dollar
Value: $6,233 (MS)
Why it’s valuable: In 1879 San Francisco produced about 8.6 million Morgans; approximately 500,000 were struck with the earlier 1878 reverse, which gives a flatter eagle and arrows appearance. High-grade examples of this reverse variety are collectible.
26. 1891-O Morgan Silver Dollar (New Orleans)
Value: $8,500 (MS)
Why it’s valuable: The 1891-O mintage was about 7.95 million. While plentiful in low grades, immaculate uncirculated coins are much scarcer and therefore more valuable.
25. 1903-S Morgan Silver Dollar (San Francisco)
Value: $9,800 (MS)
Why it’s valuable: San Francisco struck about 1.24 million Morgans in 1903. High-grade survivors are uncommon, pushing prices up for attractive uncirculated pieces.
24. 1904-S Morgan Silver Dollar (San Francisco)
Value: $10,000 (MS-65)
Why it’s valuable: The San Francisco mintage for 1904 was around 2.3 million. Coins with original luster and minimal contact marks are prized by collectors and reach strong prices.
23. 1896-S Morgan Silver Dollar (San Francisco)
Value: $17,250 (MS)
Why it’s valuable: San Francisco struck about 5 million Morgans in 1896. Uncirculated coins with nice surfaces sell for significant sums compared with circulated pieces.
22. 1883-S Morgan Silver Dollar (San Francisco)
Value: $20,000 (MS-65)
Why it’s valuable: The 1883-S mintage was about 6.25 million. However, high-grade examples with original luster are scarce and command high prices.
21. 1888-O Double-Die Obverse “Hot Lips” (New Orleans)
Value: $22,441 (MS)
Why it’s valuable: A double-die obverse on 1888-O coins creates a distinctive doubling on Lady Liberty’s facial features—earning the nickname “Hot Lips.” Such error coins are especially collectible in high grades.
20. 1895-S Morgan Silver Dollar (San Francisco)
Value: $25,300 (MS-65)
Why it’s valuable: Only about 400,000 Morgan dollars were struck at San Francisco in 1895, making this date relatively scarce. Well-preserved specimens are highly sought after.
19. 1893-CC Morgan Silver Dollar (Carson City)
Value: $30,000 (MS)
Why it’s valuable: Carson City struck approximately 677,000 Morgans in 1893. Collectors prize CC mint pieces, and mint-state survivors carry large premiums.
18. 1887-O “7 Over 6” Morgan Dollar (New Orleans)
Value: $30,724 (MS)
Why it’s valuable: A modified die left remnants of a previous “6” beneath the “7,” resulting in the “7 over 6” variety. Error and overdate varieties are especially collectible in high grades.
17. 1879-CC Clear CC Morgan Silver Dollar (Carson City)
Value: $32,225 (MS)
Why it’s valuable: Carson City produced about 756,000 Morgans in 1879, including examples with clear CC mintmarks and some double-stamped CCs. Collectors favor sharp CCs in high grade.
16. 1894-O Morgan Silver Dollar (New Orleans)
Value: $40,000 (MS)
Why it’s valuable: New Orleans struck roughly 9.7 million Morgans in 1894, but high-grade survivors are rare enough to command substantial prices.
15. 1901 Double Die Reverse “Shifted Eagle” (Philadelphia)
Value: $41,125 (MS)
Why it’s valuable: Philadelphia-struck 1901 Morgans with a doubled reverse show a duplicated eagle—beak, feathers, and arrows appear slightly offset. Only a small number survive, and mint-state examples are extremely valuable.
14. 1894 Unmarked Morgan Silver Dollar (Philadelphia)
Value: $45,250 (MS-65)
Why it’s valuable: Philadelphia did not use a mint mark; in 1894 the Philadelphia Mint struck only about 110,000 dollars, making this one of the scarcer dates. Because of its rarity, many lower-value 1894 dates have been altered or counterfeited to mimic this issue, so authentication matters.
13. 1879-CC Over CC Morgan Silver Dollar (Carson City)
Value: $45,526 (MS)
Why it’s valuable: A doubled CC mintmark from a capped die created the over-CC variety. These double-stamped pieces from 1879 are collected and often sell well in high grades.
12. 1878 O over S Morgan Silver Dollar (New Orleans / San Francisco die variety)
Value: $45,576 (MS)
Why it’s valuable: Early dies originally punched with the “S” (San Francisco) were altered to read “O” for New Orleans, leaving traces of the S within the O. These hybrid mintmark varieties are popular with specialists and can be scarce in superior condition.
11. 1897-O Morgan Silver Dollar (New Orleans)
Value: $56,000 (MS)
Why it’s valuable: About 4 million Morgan dollars were struck in New Orleans in 1897. While plentiful in lower grades, pristine pieces are uncommon and sought after.
10. 1896-O Morgan Silver Dollar (New Orleans)
Value: $69,000 (MS)
Why it’s valuable: The 1896-O mintage was roughly 4.9 million. Top-quality survivors with strong eye appeal are rare and command high prices.
9. 1895 Morgan Silver Dollar Proof (Philadelphia)
Value: $80,000 (MS Proof or high-grade prooflike)
Why it’s valuable: Proofs were produced in limited quantities, carefully finished and handled. The 1895 Philadelphia proof population is believed to be especially small, and surviving proofs are highly prized by collectors and often bring substantial prices.
8. 1893-O Morgan Silver Dollar (New Orleans)
Value: $115,000 (MS)
Why it’s valuable: New Orleans struck only about 300,000 Morgans in 1893, making this date relatively scarce. Well-preserved examples are highly sought after and bring strong prices at auction.
7. 1892-S Morgan Silver Dollar (San Francisco)
Value: $125,000 (MS)
Why it’s valuable: San Francisco struck about 1.2 million Morgans in 1892. While many circulated coins survive, top-quality, uncirculated examples can achieve very high prices.
6. 1895-O Morgan Silver Dollar (New Orleans)
Value: $126,500 (MS)
Why it’s valuable: With a mintage near 450,000, the 1895-O is scarce in high grade. Mint-state examples with attractive surfaces are highly desirable.
5. 1884-S Morgan Silver Dollar (San Francisco)
Value: $149,500 (MS)
Why it’s valuable: San Francisco struck roughly 3.2 million Morgans in 1884, but top-grade survivors are uncommon and prized by collectors.
4. 1886-O Morgan Silver Dollar (New Orleans)
Value: $150,000 (MS)
Why it’s valuable: The 1886-O mintage was large (about 10.7 million), yet truly pristine survivors are rare and command top-dollar values.
3. 1901 Unmarked Morgan Silver Dollar (Philadelphia)
Value: $300,000 (MS)
Why it’s valuable: Philadelphia did not use a mint mark; over 6 million Morgans were struck there in 1901, but mint-state, flawless examples are exceptionally rare and highly valued. This issue ties with two others in top market values.
2. 1889-CC Morgan Silver Dollar (Carson City)
Value: $300,000 (MS)
Why it’s valuable: Carson City struck only about 350,000 Morgans in 1889, making this one of the scarcer CC-date Morgans. High-grade examples are rare and bring very high prices.
1. 1893-S Morgan Silver Dollar (San Francisco) — The Rarest
Value: $300,000 (MS)
Why it’s valuable: The 1893-S is considered the rarest regular-issue Morgan dollar, with only around 100,000 struck at San Francisco. Its scarcity in all but the lowest grades and the high incidence of counterfeits make genuine, well-preserved specimens particularly valuable. Prices for worn examples are much lower, while mint-state coins can reach the highest values on this list.
Notes on values: The prices given above reflect market observations for well-graded, attractive specimens and can vary with grading details, auction results, and collector demand. Many Morgan dollar varieties and die errors exist; proper authentication and professional grading are important when valuing or selling high-value coins.