Morgan Silver Dollar: History, Rarity & Values

The Morgan Silver Dollar is a United States dollar coin minted from 1878 to 1904, and again in 1921. It was designed by George T. Morgan and features Lady Liberty on the obverse and an eagle on the reverse. The coin contains 90% silver and 10% copper.

The Morgan Dollar was authorized by the Bland-Allison Act of 1878. It was minted at Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D, 1921 only). Production ended in 1904, resumed briefly in 1921, then was replaced by the Peace Dollar.

Morgan Dollars are popular for their large size, beautiful design, silver content, and historical significance. The Carson City mint coins are especially prized due to their low mintage and Wild West associations.

Key dates include the 1889-CC, 1893-S, 1895 (Proof only, known as the 'King of Morgan Dollars'), and 1901. The 1895 Proof is the rarest, with only 880 minted and perhaps 500-700 surviving.

Rarity varies dramatically by date and mint mark. Carson City Morgans generally have lower mintages and are rarer. High-grade examples (MS-65 and above) of any date are rare, as most Morgan Dollars circulated or were mishandled.

Morgan Dollars are graded on the Sheldon scale (1-70). Key condition factors include luster, contact marks (bag marks), strike quality, and eye appeal. Coins with full original luster and minimal bag marks command significant premiums.

Authentic Morgan Dollars can be verified by weight (26.73 grams), diameter (38.1mm), silver content, and design details. Counterfeits often have incorrect weight or surface texture. Professional grading by PCGS or NGC is recommended.

Counterfeit Morgan Dollars exist, particularly for key dates like the 1893-S and 1889-CC. Altered mint marks are also a risk. Buy from reputable dealers or in PCGS/NGC holders.

Morgan Dollar values are driven by silver spot price (for common dates), rarity, condition, and collector demand. Key dates in high grade can sell for tens of thousands of dollars.

Start with a type set or a year set. Consider buying certified coins for key dates. Common dates in MS-63 to MS-64 offer good value. Carson City Morgans in GSA holders have a premium.

Store coins in inert plastic holders (non-PVC). Avoid touching the surface. Keep in a cool, dry environment. Graded slabs from PCGS or NGC provide excellent long-term protection.

Peace Dollars, other US silver coins, silver certificates, and numismatic literature.