Face Value: Morgan Dollars

Morgan Dollars were struck from 1878 to 1904 and then returned for a curtain call in 1921. Their history, large format and cartwheel luster make the silver coins one of the most popular series for vintage collectors.

Each vintage Morgan Dollar contains about 24 grams of silver, meaning that over the past decade, a Morgan Dollar's intrinsic value has generally been between 10 to 20 times its face value of a dollar — depending on the price of silver. Of course, any Morgan Dollar also has numismatic value that makes it more valuable than its metal alone — a lot more, in some cases.

In 2021, the US Mint commemorated the 100 years since the last Morgan Dollar with five new issues: Philadelphia (no mintmark), San Francisco (with the 'S' mintmark), Denver (with the 'D' mintmark) and two with privy marks: 'CC' for Carson City and 'O' for New Orleans. Together, these coins represented the five mint facilities where vintage Morgan Dollars were struck.

After a one-year hiatus, the modern Morgan Dollars returned in 2023. In addition to the Business Strike from Philadelphia, the 2023 issues featured the first modern Proof Morgans. These include the very first Reverse Proof Morgan Dollar, issued in November as part of a two-coin set that also includes the first Peace Dollar in that format.

The price of a modern Morgan Dollar purchased directly from the US Mint is a little under $100. Those who are interested in options for a vintage Morgan Dollar for about the same price can explore the NGC Price Guide, which is an excellent guide to what you can expect to pay. Be aware that even the least-expensive vintage Proof Morgans cost hundreds of dollars, so the following refers to Business Strikes only.

1921 Morgan Dollar

As of November 2023, there is only one issue in the NGC Price Guide listed in MS 63 for under $100: the 1921 Morgan Dollar. This particular coin had a mintage of 44.69 million, more than twice that of any other issue. NGC has certified more than 150,000 of them, nearly all in Mint State, including more than 70,000 in NGC MS 63, according to the NGC Census.

1921 Morgan Dollar Click images to enlarge.

The Pittman Act of 1918 mandated the striking of a massive number of new silver dollars. Sadly, the original hubs for the Morgan Dollars were no longer available, so the US Mint created new ones. This is why the Morgans from 1921 look different than the ones struck earlier.

Earlier Morgan Dollars

While the 1921 Morgan Dollar is the only one available for under $100 in MS 63, according to the NGC Price Guide, take a slight step to the left and there are 31 date-and-mintmark combinations in MS 62 listed for $85. They include the 1878-S from the inaugural year of the Morgan Dollar.

1878-S Morgan Dollar Click images to enlarge.

The others are 1880, 1880-S, 1881, 1881-O, 1881-S, 1882, 1882-O, 1882-S, 1883, 1883-O, 1884, 1884-O, 1885, 1885-O, 1886, 1887, 1888, 1888-O, 1889, 1890, 1896, 1897, 1898, 1898-O, 1899-O, 1900, 1900-O, 1901-O, 1902-O and 1904-O. In addition, the 1879 in MS 62 is listed at $90 and the 1879-S in MS 62 is listed at $95.

Expensive Morgan Dollars

Building a complete set of Morgan Dollars or targeting the key dates for an impressive collection is not an easy task. For example, the 1893-S is a conditional rarity, where the NGC Census shows 3,755 examples certified, but less than 1% of them in Mint State grades. In February 2023, an 1893-S Morgan Dollar graded NGC MS 64 realized $372,000 at a Heritage Auctions sale. This is one of more than 50 NGC-certified Morgan Dollars that has realized more than $100,000 through Heritage Auctions.

Click images to enlarge.

NGC has certified almost 4 million vintage Morgan Dollars and more than 300,000 modern Morgan Dollars. The NGC website has a wealth of resources for researching the history, rarity and price of Morgan Dollars, listed below.

Related Links:

• NGC Price Guide: Morgan Dollars (1878-1921)
• NGC Price Guide: Anniversary Coins and Medals (including modern Morgan Dollars)
• NGC Coin Explorer: Morgan Dollars
• NGC Special Labels and Designations for the 2023 Morgan and Peace Dollars
• News about Morgan and Peace Dollars

All values are based on the NGC Price Guide as of November 2023.