Morgan Silver Dollar Value & Key Dates: A Collector’s Guide to Years, Mint Marks & Grading

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The most popular classic coin in America is still the Morgan Silver Dollar. It’s big, historic, and instantly recognizable. Collectors love it for the artistry and the hunt for key dates. Investors like it because each coin contains nearly 0.78 troy oz of silver (plus a real numismatic market on top of melt value).

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Quick answer: Morgan Silver Dollars were minted for 28 different years (from 1878 to 1904, then again in 1921). They were struck at five U.S. mints (Philadelphia, San Francisco, New Orleans, Carson City, and Denver).

Silver Morgan Dollar History and Background

In the mid 1870s, the U.S. Mint decided it was time to bring on a master engraver to create a design for a new silver dollar. To find an ideal candidate for Assistant Engraver at the U.S. Mint, H.R. Linderman (Director of the U.S. Mint in Philadelphia) wrote to the British Royal Mint. The Royal Mint suggested George T. Morgan, a respected engraver known for precision and beauty.

Morgan arrived in 1876 and was tasked with creating patterns for new coinage. His silver dollar design began as a half-dollar pattern. He found Anna Willess Williams (a Philadelphia-area teacher) to model Lady Liberty. Once Congress passed the Bland-Allison Act in 1878 (which renewed silver dollar coinage), Morgan expanded his design to full silver dollar size. That design became the Morgan Silver Dollar.

Morgan Dollars were produced in huge quantities across multiple mints, and then later became harder to find in original condition due to melts, bank releases, and decades of circulation and handling. One major historical event was the Pittman Act era, when a very large number of silver dollars were melted and recoined (many were Morgans, though not exclusively).

Mint marks on Morgan Dollars tell you where a coin was struck:

No mint mark = Philadelphia
S = San Francisco
O = New Orleans
CC = Carson City
D = Denver (Morgan Dollars only in 1921)

Carson City (CC) Morgans are often the toughest for complete sets, because that mint typically produced lower quantities and many coins saw heavy use or later melting. If you’re building a set, you’ll hear “CC” mentioned constantly for that reason.

Want a baseline for the metal portion of value? Start with the current silver spot price, because every Morgan has both a silver value and a collector value component.

Morgan Silver Dollar Quick Facts (Series Overview)

Years minted: 1878–1904, 1921 (28 different years)
Composition: 90% silver, 10% copper
Actual silver content: about 0.77344 troy oz per coin
Mints: Philadelphia, San Francisco, New Orleans, Carson City, Denver (1921 only)
Two big value drivers: date + mint mark and grade (condition)

Silver Morgan Dollar Physical Characteristics

The United States Mint guarantees the original specifications for Morgan Silver Dollars, but keep in mind that wear, cleaning, and damage can change weight slightly on circulated examples. For most buyers, the important part is understanding the design, the mint mark location, and the series specifications.

Coin Design

The front side of the coin (the obverse) shows Lady Liberty in profile, wearing a Liberty cap with a ribbon that reads LIBERTY. The cap is decorated with wheat and cotton, often interpreted as symbols of American agriculture. Thirteen stars represent the original colonies. You’ll also find the date and the motto E PLURIBUS UNUM. Morgan’s initial M appears near Liberty’s neck area.

Morgan Silver Dollar obverse and reverse

The back side (the reverse) features an eagle with outstretched wings. In its claws are arrows (war) and an olive branch (peace). The motto IN GOD WE TRUST sits above the eagle. The lower area includes a wreath and, beneath it, the mint mark location. If there is no mint mark, the coin was struck in Philadelphia.

Coin Specifications

Spec	Details
Mass	26.73 grams
Diameter	38.1 mm (1.5 inches)
Composition	90% silver, 10% copper
Actual silver content	~0.77344 troy oz of silver
Edge	Reeded

All Morgan Silver Dollar Years (1878–1904, 1921) at a Glance

This section is designed to be fast to scan. These are not “prices” (grades and markets change), but it will help you understand what collectors typically watch for across the series.

Year	What collectors often look for	Notes
1878	First-year issues, early design varieties	Popular entry point for “first year” collectors
1879	Early date/mint combinations	Sets start getting mint-mark dependent
1880	Carson City popularity, quality differences by mint	Many collectors target CC examples
1881	Strong demand in higher grades	Common year can still be pricey in top grades
1882	Condition and eye appeal	Often used for type sets
1883	“First Morgan” for many collectors	Affordable in circulated grades
1884	CC demand and grading spread	Watch for cleaned examples
1885	CC “last run” feel (for that early CC stretch)	Often collected by mint fans
1886	Better strikes and luster on some mints	“Common” does not mean “cheap” in MS grades
1887	Eye appeal, toning, surfaces	A favorite for toned coin collectors
1888	Mint mark scarcity starts to matter more	Great year for learning grading basics
1889	Key-date conversations (especially CC)	One of the most talked-about CC years
1890	Another strong CC year in collector demand	Prices swing widely by grade
1891	Mint mark + grade combination hunting	Often mid-set hurdle for builders
1892	Rising scarcity trends in certain mints	Start of tougher “90s” stretch for many sets
1893	True key-date territory (especially S)	Often the single biggest budget hurdle
1894	Semi-keys and condition scarcity	Pay attention to authenticity and surfaces
1895	Famous “proof” year discussions	Often treated as a centerpiece coin in advanced sets
1896	Scarcity increases by mint and grade	A solid year for learning “semi-key” logic
1897	Collector demand vs availability balance	Often attainable, but not always in flashy grades
1898	Popular year for “type” collectors too	Check for cleaned coins in the wild
1899	Surface quality and strike differences	Good year to compare mint characteristics
1900	Strong demand in higher grades	A common “upgrade later” year
1901	Semi-key conversations by mint	Some mint marks get expensive fast
1902	Condition and certification become important	Great year to learn slab vs raw pricing
1903	Famous “rarity story” discussions (especially O)	Always buy from reputable sources
1904	Last year of the original run	Often collected as “end of era”
1921	Final Morgan year, multiple mints	Big year for date collectors and “last year” fans

Morgan Silver Dollar Value: Melt Value vs Collector Value

Every Morgan has a $1 face value, but that is not what drives the market. The market value usually comes from two layers:

Metal value (melt value): based on the silver spot price and the coin’s ~0.77344 troy oz of silver
Collector value: based on date, mint mark, condition, and demand

Simple melt value estimate: Silver spot price × 0.77344 = rough silver value of a Morgan (before any collectible premium).

Reality check: A “common date” Morgan in circulated condition often sells for more than melt because collectors want them. A cleaned or damaged coin may sell for closer to melt because collectors avoid problems.

Key Dates and “Semi-Key” Morgan Dollars

If you’re trying to understand why certain Morgans jump in price, it usually comes down to a mix of low surviving supply, high collector demand, and grade scarcity (few nice examples exist). Here are some of the most commonly discussed keys and semi-keys:

Category	Examples collectors mention often	Why it matters
Big keys	1893-S, 1889-CC, 1893-CC, 1895 (proof discussions)	High demand + limited supply in many grades
Semi-keys	1903-O (often discussed), 1892-S, 1894, 1901, select CC and O issues	Can be affordable in lower grades, expensive in nicer grades
Condition rarities	Some “common” years in MS-65+ with great eye appeal	Grade jumps can be dramatic at the top end

Tip: if you’re shopping for any key or semi-key Morgan, consider only buying coins authenticated and graded by top-tier services (or buy through a dealer with a strong return policy). Counterfeits and altered mint marks exist, especially on “CC” and other high-demand issues.

Morgan Dollars vs Other Popular U.S. Silver Coins (Quick Comparison)

Coin	Years	Silver content	Typical buyer intent
Morgan Dollar	1878–1904, 1921	~0.77344 oz	Collector + silver exposure
Peace Dollar	1921–1935	~0.77344 oz	Collector + historic theme
American Silver Eagle	1986–present	1.0 oz	Bullion-focused buyers
Generic silver rounds	Modern	Usually 1.0 oz	Lowest premium metal exposure (usually)

Buying Morgan Silver Dollars Without Regret (Practical Tips)

Avoid cleaned coins if you’re paying collector premiums. “Shiny” can be a red flag. Natural surfaces matter.
Learn basic grading (even a little) before you buy. Grade is one of the biggest price multipliers in the series.
Be cautious with raw CC coins and any “too good to be true” key date. Counterfeits exist.
Buy the coin, not the story. Rarity stories can be exaggerated. Focus on date, mint mark, grade, and authenticity.
Keep storage simple: inert holders, low humidity, no PVC, minimal handling.

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Can You Hold Morgan Silver Dollars in a Precious Metals IRA?

This is important, because older articles often get it wrong.

Short version: In most cases, Morgan Silver Dollars are not the clean, standard choice for a precious metals IRA. They are 90% silver coins and are typically treated as collectible items in IRA contexts. Most custodians and IRA metals dealers steer IRA buyers toward modern, IRA-eligible bullion products instead.

If your goal is simple IRA-compliant silver exposure, start with our guide to IRA-approved silver.
If you are evaluating what generally qualifies in a self-directed precious metals IRA, read what’s allowed in an IRA.
If you’re setting up an IRA, storage must be through an approved custodian and depository (not at home). Here’s our overview of IRS-approved depositories.

If you want help comparing the major IRA providers (fees, reputations, and buyback policies), start here: Gold IRA companies list.

FAQ: Morgan Silver Dollars

How many Morgan Silver Dollars were minted?

Across all mints and dates, the Morgan Dollar was produced in the hundreds of millions. Most standard references put the total around the mid-600-million range, which is why the series is still widely collectible today. Survivorship is a different story, because melts, circulation, and cleaning reduced the number of attractive coins available.

What years were Morgan Silver Dollars made?

Morgan Silver Dollars were minted from 1878 through 1904, then again in 1921. That’s 28 different years in total.

How much silver is in a Morgan Silver Dollar?

Each Morgan weighs 26.73 grams and is 90% silver, which works out to about 0.77344 troy oz of silver. To estimate melt value, multiply silver spot price by 0.77344.

Where is the mint mark on a Morgan Dollar?

On the reverse, look just above the “D” and “O” area in “DOLLAR,” near the bottom center. If there is no mint mark, it’s Philadelphia.

What is the rarest Morgan Silver Dollar?

“Rarest” depends on what you mean: lowest mintage, lowest surviving population, or rare in high grade. In most collector conversations, the 1893-S is the headline key date, but other dates become “rare” depending on grade and mint mark.

Why are Carson City (CC) Morgan Dollars so popular?

Carson City Morgans tend to be scarcer, they have a strong “Old West” story, and many collectors want at least one CC example even if they never build a full set.

Should I buy raw or graded Morgan Dollars?

For common, inexpensive Morgans, raw coins can be fine if you trust the dealer and understand cleaning risk. For key dates, higher-grade coins, or CC issues, graded coins are often safer because authentication and grade drive the price.

Are Morgan Silver Dollars a good investment?

They can be, but think of them as a hybrid: part silver exposure, part collectible market. If you want pure metal exposure with tight spreads, bullion usually wins. If you want history plus a collector market, Morgans can make sense.

Can I put Morgan Dollars in an IRA?

Usually, no. Morgans are 90% silver and are typically treated as collectibles for IRA purposes. If your goal is IRA-eligible silver, start with IRA-approved silver and confirm acceptance with your custodian.

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Disclosure: This content is for informational purposes only and does not constitute financial, tax, or investment advice. Always consult a qualified professional before making decisions about retirement accounts or precious metals.