Morgan Silver Dollar Value (1878–1921)
Quick answer: Common-date Morgan dollars run $25–$35 circulated and $45–$80 uncirculated. Carson City (CC) issues start around $150–$400, and the 1893-S runs $2,500+ even heavily worn.
The Morgan dollar is the most collected classic silver coin in the world — a big, heavy cartwheel containing about three-quarters of an ounce of silver. Every Morgan carries a strong silver floor, but dates and mint marks create a value range from $25 to six figures.
Check the mint mark on the reverse under the wreath: none = Philadelphia, O = New Orleans, S = San Francisco, D = Denver (1921 only), and the prize — CC = Carson City, the Wild West mint whose coins always command premiums.
Key dates worth serious money
1893-S
$2,500 – $100,000+
1889-CC
$700 – $30,000+
1884-S (unc.)
$200 – $100,000+
Any Carson City (CC)
$150 – $5,000+
1895 proof-only
$50,000+
The story behind the coin
Born of the 1878 Bland–Allison Act that forced the Treasury to buy massive amounts of Western silver, Morgans were minted in the hundreds of millions and sat in vaults for decades. Government hoard releases — culminating in the 1970s GSA sales of Carson City dollars — made this "rare old coin" surprisingly available, and endlessly collectible.
George T. Morgan’s Liberty was modeled on Philadelphia schoolteacher Anna Willess Williams. The series returned for a single year in 1921, then was replaced by the Peace dollar.
Frequently asked questions
How much silver is in a Morgan dollar?
0.7734 troy oz of pure silver (90% of 26.73g). That silver content alone is worth roughly $20–$28 at recent prices.
Why are 1921 Morgans worth less?
Over 86 million were struck in 1921 alone — by far the most common date. Still fully silver and collectible, just not scarce.
Are Carson City dollars always valuable?
Yes — CC is the lowest-production, most romanticized mint. Even common CC dates start around $150–$250, and GSA-holdered examples carry extra premiums.
How can I spot a fake Morgan?
Weight (26.73g), diameter (38.1mm), and the ring test help; most fakes fail on weight or magnetic properties. High-value dates deserve professional authentication — the 1893-S is heavily counterfeited.
Related value guides
Values shown are typical retail ranges for the grades described, based on recent dealer and auction pricing. Markets move; exact value depends on grade, variety and eye appeal. This guide is informational and not a formal appraisal.