What Is a Morgan Silver Dollar Worth?
A Seller's Guide for Arizona

Morgan silver dollars are one of the most collected — and most misunderstood — coins in American numismatics. They were minted from 1878 to 1904, then again in 1921, and contain 0.7734 troy ounces of pure silver each. Whether yours is worth $35 or $35,000 depends almost entirely on date, mint mark, and condition.

The Silver Content Floor

Every Morgan dollar contains 0.7734 troy ounces of pure silver, regardless of date or condition. At $30/oz silver spot, that's a melt floor of about $23. At $35/oz, about $27. This is the minimum any Morgan dollar should ever sell for — if someone offers you less, walk away.

Most common-date Morgans in circulated condition sell for a small premium over melt — typically $28–$40 depending on condition and silver price. The collector premium on common dates is modest because millions were minted and tens of millions survive.

Key Dates and Their Value

Certain dates are genuinely rare and worth far more than melt. Before selling any Morgan, check the date and mint mark (a small letter below the eagle on the reverse: CC = Carson City, O = New Orleans, S = San Francisco, no letter = Philadelphia).

High-value dates to know:

• 1893-S: The king of Morgan dollars. Even in Good-4 condition: $3,000–$5,000. In VF: $15,000–$25,000+
• 1895 (Philadelphia proof only): No business strikes known. Proof examples: $50,000–$100,000+
• 1889-CC: VG: $500+, VF: $2,000+, MS-63: $15,000+
• 1884-S: VG: $200+, VF: $600+
• 1892-S: VG: $150+, VF: $500+
• 1893-O: VG: $200+, VF: $700+
• 1893-CC: VG: $400+, VF: $1,500+
• 1895-O: VG: $150+, VF: $500+
• 1895-S: VG: $200+, VF: $700+

Semi-key dates worth a premium but more affordable:

• 1878-CC, 1879-CC, 1880-CC, 1881-CC, 1885-CC, 1890-CC
• 1882-O/S, 1887/6, 1900-O/CC

The Mint Mark Makes a Huge Difference

The same date from different mints can vary by 10× in value. The 1881-S (San Francisco) in MS-65 is worth about $400 because millions were saved in bank vaults. The 1881-CC (Carson City) in MS-65 is worth $2,000–$3,000 because far fewer were minted and fewer survived in high grades.

Always check the mint mark before assuming a coin is common. A loupe or magnifying glass makes the small letter below the eagle clearly readable.

Condition: The Range Is Enormous

For most Morgan dollars, the grade range from VG (Very Good) to MS-65 (Gem Uncirculated) represents a 5–20× difference in value. For key dates, the difference between grades can be 50–100×.

Signs of uncirculated condition: full luster present (cartwheel effect when tilted under light), no wear on the high points of Liberty's hair above the ear and on the eagle's breast feathers. Any wear means the coin is circulated regardless of how nice it looks overall.

Should You Get Morgan Dollars Graded?

PCGS or NGC grading ($30–$80 per coin) makes sense if:

• The coin appears to be Mint State (MS-60 or better)
• You have a key or semi-key date in any grade
• The coin might grade MS-63 or above — where collector premiums become significant

For common-date circulated Morgans, grading costs more than the premium you'd gain. Sell those at melt-plus and save the grading fees for the coins that matter.

Selling Morgan Dollars in Arizona

YML Refinery buys Morgan silver dollars — common dates, key dates, and everything in between. We'll tell you honestly if a coin has collector value above melt and price it accordingly. We serve Scottsdale, Phoenix, and Mesa area coin sellers.

Bring your collection in. No appointment needed, Monday–Saturday 9am–5pm. For large collections, call ahead: (623) 974-3772.

FAQ

I have a Morgan dollar with no mint mark. Is it valuable?

No mint mark means Philadelphia. Most Philadelphia Morgans are common-date coins worth near melt in circulated grades. The exception is the 1895-P, which was minted as proof only — if you have a proof 1895, it's extremely valuable. Most "no mint mark" Morgans are not the 1895 proof.

My Morgan looks like it was cleaned. Does that matter?

Yes, significantly. Cleaned coins are worth noticeably less than original-surface examples and PCGS/NGC will not grade them as mint state — they receive a "cleaned" designation that substantially reduces value. Cleaning removes the original surface and can't be undone.

What's the difference between a Morgan dollar and a Peace dollar?

Both are silver dollars (same silver content), but different designs. Morgan dollars (1878–1921) feature Liberty on the obverse with a spread eagle reverse. Peace dollars (1921–1935) feature a different Liberty design with a perched eagle reverse. Both are collected, but Morgans generally command higher premiums for key dates.