Bullion Shark LLC · Follow
14 min read · Oct 10, 2023
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The Morgan dollar is an exciting and rewarding coin series for any level of collector. It’s an extremely popular issue with a high investment value.
A History of Major U.S. Hoards: The Redfield Hoard
A History of Major U.S. Hoards: The Redfield Hoard
https://www.pcgs.com/news/a-history-of-major-us-hoards-redfield-hoard
Individual coins can range from $1,000 to $1 million. Congress even authorized its reissue in 2020.
Why are Morgan dollars so popular and valuable? We have the answers to this and more! Read on to find out more about this remarkable silver dollar and how it preserves notable pieces of American history.
History of the Design
The https://www.historycentral.com/Industrialage/Brand-AllisonAct.html
of 1878 required the government to buy 2–4 million dollars worth of market price silver each month. Mints like Philadelphia, San Francisco, Carson City, and New Orleans produced silver dollars accordingly.
The U.S. government hired Englishman George Morgan to make a new silver dollar design in 1876. The Director of the Mint approved his completed design two years later, in the same month as the Bland-Allison Act’s passage.
Morgan’s design includes the profile of https://chalkboardchampions.org/anna-willess-williams-teacher-became-lady-liberty/, a school teacher, and a bald eagle on the coin’s tail side. Although Williams was still a teenager at the time, her portrait aged up to look more motherly in the style of Lady Liberty.
Morgan’s coin design affectionately became known as “Morgan dollars,” or “Morgan silver dollars.” Although Morgan went on to enjoy a long career at the U.S. Mint, Williams turned down offers for more modeling and acting jobs and remained a schoolteacher until shortly before her death in 1926.
VAM Varieties
The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars is an exhaustive catalog of die varieties for the Morgan dollar design. Originally published in 1976, VAM stands for the authors’ last names, Van Allen and Mallis.
VAMs can be very tiny imperfections seen through a magnifying glass or microscope. Or they can be large and consistent errors that create entirely separate versions of a coin, such as the rusted die marks on the 1879-CC Morgan Silver Dollar.
Morgan dollar VAM varieties currently have their own updatable wiki to continue Van Allen and Mallis’ work. PCGS also has many popular
Morgan Hit List 40 VAMs — PCGS CoinFacts
https://www.pcgs.com/coinfacts/vam/3
Notable Events for the Morgan Dollar
The Morgan Dollar had three stages of production:
- 1878–1904 (P, S, CC, and O)
- 1921 (P, D, S)
- 2021 (P, D, S)
After production stopped in 1904, Morgan had to make new dies for the 1921 Morgan silver dollar, according to Van Allen and Mallis. The
CCAC Meeting Images | U.S. Mint
View design images discussed at this year’s Citizens Coinage Advisory Committee (CCAC) meetings.
https://www.usmint.gov/news/ccac-meetings
approved the 2021 Morgan dollar’s design.
1878–1904 Morgan Dollars
From 1878–1904, the Morgan dollar was primarily affected by the Bland-Allison Act, the Sherman Silver Buying Act, and the Pittman Act. The Sherman Act faced repeal in 1893, and the Pittman Act was signed into law in 1918.
The Pittman Act required silver dollars to be melted into bullion. Nearly 300 million were destroyed this way, including Morgan dollars.
Although no one knows exactly how many Morgan dollars were melted, the Pittman Act accounts for much of their scant 10% survival estimate, according to the Professional Coin Grading Service (PCGS).
The 1921 Morgan Dollar
https://bullionsharks.com/classic-rare-coins/dollars/morgan-silver-dollars/
was a bit ironically issued to replace previous melted Morgan dollars. It faced competition from the Peace Dollar, designed to replace the Morgan dollar and commemorate the end of WWI.
These Morgan dollars are less rare than the older ones, but estimates include 10–15 million similarly melted by the U.S. government for their silver during WWII.
The 2021 Morgan Dollar
The U.S. House reauthorized the minting of Morgan dollars and Peace dollars for their 100 year anniversary. The mints struggled to meet the unexpectedly high demand for these coins.
The 2021 coins were issued in uncirculated condition. Some versions have mintmarks for previous Morgan dollar mints no longer in service, such as Carson City (closed 1893) and New Orleans (closed 1901) as homage.
Morgan Dollar Key Dates
The Morgan dollar key date list is very long, thanks in part to the work of Van Allen and Mallis. PGCS also notes there are many condition-rarities in addition to key dates.
Popular key dates include:
- 1879-CC
- 1889-CC
- 1892-S
- 1893-CC
- 1893-S
- 1895
- 1895-O
All these key date coins have a current value at anywhere between a few thousand to a few hundred thousand for mint state and proof versions. Some key dates have sold for very high bids at auctions, like the 1893-S and the 1884-S.
How Much is a Morgan Silver Dollar Worth?
Morgan dollars are also made of 90% silver. Their melt value goes up and down with the price index of silver.
Morgan dollars are popular with collectors. Coins values come from condition and rarity. Auctions can fetch over 500%-1,000% in value markup.
Values range from $30 to $5,200 for very fine conditions. Extremely fine to uncirculated conditions can range upwards to $1,000-$7,000.
Scarcity and value have fluctuated as public and private hoards of Morgan dollars became available to buy. The U.S. government sold or exchanged over 200 million from their vaults in the 1950s-1980s, including as whole bags or coin rolls.
1. The GSA Hoard
The GSA Hoard came mostly from the Carson City Mint, which had 3 million coins in its vaults. These Morgan dollars included:
- 1878–1885 CCs
- 1889–1893 CCs
GSA coins in their original GSA holders are prized by some collectors. Many holders were initially discarded throughout the GSA’s multiple sale periods, so the original package adds to the collector value.
2. The Redfield Hoard
The Redfield Hoard discovery occurred in 1974, after the death of eccentric coin collector LaVere Redfield. The Redfield Hoard included:
- 1879-CC
- 1892-P
- 1893-P
- 1893-CC
- 1889-CC
- 1895-S
- 1903-S
Around 400 bags contained 400,000 coins, the majority of them uncirculated. Many Redfield coins still remain in their original holders, marked with Redfield or Paramount.
3. The New York Bank Hoard
An anonymous family brought their inherited collection to the Mid-American Rare Coin Galleries in 2018. This hoard included 16,000 Morgan dollars from the 1870s-1880s. The issues included were:
- 1878-S
- 1880-S
- 1881-S
- 1883-O
- 1884-O
- 1885
- 1885-O
- 1886–1889
A financier collected the coins and secured them in a Wall Street vault. The hoard had 16 unopened bags. It included four 1885-O Morgan dollars that NGC graded as MS-67.
4. The Great Southern Treasury Hoard
The Great Southern Treasury Hoard came to coin enthusiasts’ attention in early 2020 by the anonymous widow of a coin collector. Around 13,000 Morgan dollars from the New Orleans Mint were in 13 unopened bags. The issues included:
- 1881-O
- 1882-O
- 1888-O
- 1901-O
- 1902-O
Like the New York Bank Hoard, a few MS-65 or higher coins were discovered. Higher grades are rare from the New Orleans Mint, which had a low overall production quality value for silver dollars.
10 of the Rarest Morgan Dollars
Many Morgan dollars from 1878–1904 escaped melting by being placed into circulation. Circulation was a double-edged preservation sword for collectors, however.
Some bank bags and hoards of Morgan dollars were found to have escaped the Pittman Act. Being placed in circulation lowered their chances of being melted, but also lowered the chance of finding them preserved in vaults.
Additionally, circulation wear lowered the grade and value of many coins. This makes certain high-grade Morgan dollars rare or practically impossible to find, even when lower-grade circulated coins are plentiful.
1. 1879-CC Morgan Silver Dollar
- Mintage: 756,000
- Morgan dollar value: $335-$1,700
The 1879-CC had a higher mintage than other Carson City Morgan dollars, but its survival rate is much lower. Only 4,100 were in the GSA hoard, compared to a few hundred thousand for 1880–1885 CCs.
Their survival estimate is 14,900 according to PCGS. While 5,859 are grade 60 or more, a mere 207 are +65 grade. In contrast, there are 9,750 of the 1880-CCs and 22,000 of the 1881-CCs at that same grade.
Out of all the Carson City minted Morgan dollars, only the 1889-CC is rarer than the 1879-CC.
History and Trivia
In 1879, the Carson City mint tried to retool the CC mint mark from small to large, according to Van Allen-Mallis, 3rd edition. This resulted in capped dies and a different variety of the 1879-CC, with some coins having a rusted mint mark.
The Capped Die version is scarce even within these rare Morgan dollars. Some collectors look for both a regular and a Capped Die version to complete their collection.
An MS-65 coin from the Coronet Collection of Morgan Dollars sold for $58,750 in 2015.
2. 1884-S Morgan Silver Dollar
- Mintage: 3,200,000
- Morgan Dollar Value: $32-$290
The 1884-S has a relatively higher mintage compared to other rare coins. However, unlike other Morgan Silver Dollars, which were mostly stored by banks, the majority of 1884-S immediately went into circulation. Additionally, the San Francisco mint did not produce proofs.
Circulated and low-grade coins are common, but the mint condition is extremely rare. PGCS estimates less than 200,000 have survived, with 1,980 at grade 60, and only 5 at +65 grade.
Coin specialist Quentin D. Bowers has noted no 1884-S coins have been sold in bag quantity based on available dealer information. The only Treasury Department mint state coins came from coin rolls.
History and Trivia
In 1884, the New Orleans mint produced over 9 million Morgan silver dollars, and the Philadelphia mint produced 14 million. San Francisco’s production was comparatively lower at only 3 million.
In November 2020, the 1884-S “Wonder Coin” from the Larry Miller collection sold for $750,000 in an auction. The MS-68 grade Morgan dollar is the finest certified grade of 1884-S by PCGS.
Out of all Morgan silver dollars in such a high condition, the Wonder Coin is considered one of the rarest.
3. 1886-O Morgan Silver Dollar
- Mintage: 10,710,000
- Morgan Dollar Value: $42-$75
The 1886-O Morgan dollar rarity is a bit of a contradiction. Although a whopping 10 million were produced, less than 10% remain. While no one knows for sure, most are assumed to have been destroyed with the Pittman Act.
This Morgan dollar wasn’t even considered rare until coin specialists realized just how many weren’t available. They never materialized in large numbers of Treasury bags or hoards like other coins.
PCGS has estimated 1 million survived, with 19,000 of grade +60. Just 3 survived with a grade of +65.
History and Trivia
The New Orleans Mint had many problems during its history, and this affected the silver coins it produced. The press and die quality were often weak and sloppy.
Most of the surviving coins were circulated, so they have wear marks on top of low production value. Even with low grades being relatively commonplace, GEM value coins are nearly non-existent. NGC has yet to grade any at GEM level.
4. 1889-CC Morgan Silver Dollar
- Mintage: 350,000
- Morgan Dollar Value: $1,150-$7,000
The 1889-CC is the rarest of Morgan silver dollars minted at Carson City. Although it doesn’t have the lowest mintage of the CCs, most of them immediately went into circulation like the 1884-S.
PCGS estimates 25,250 have survived, with 4,250 coins at grade 60 or better. Only 7 are at +65 grade.
Just one 1889-CC was in the GSA hoard of Morgan dollars, in contrast to the nearly 3 million other 1878–1885 CC coins.
History and Trivia
The Carson City Mint ceased operations in 1885. It didn’t reopen until October 1889. From October-November, the mint produced 2,000 coins, and another 150,000 in December, according to NGC.
Because silver coins were a rarity after the shutdown, very few of the 1889-CCs were stored in vaults. Even though they were mostly circulated and very few are in mint condition, the coins are still valuable because of their low mintage scarcity.
To make fake 1889-CCs, counterfeiters will commonly take an 1889 Phildephia coin and change the mintmark. These are generally more difficult to detect than fake copies.
5. 1893-O Morgan Silver Dollar
- Mintage: 300,000
- Morgan Dollar Value: $300-$775
The 1893-O coin has the lowest mintage of all Morgan dollars produced in New Orleans. Its low mintage makes it few and far between in both circulated and uncirculated coins, and very rare in mint state.
PCGS estimates 29,960 of these coins have survived, with 5,960 at grade 60 or higher. Only 27 above the +65 grade are still around, however.
History and Trivia
The New Orleans Mint produced the 1893-Os in January. The overall circulation of silver dollars was low in New Orleans, with most stored in bank bags.
A few Treasury bags of the 1893-O sold from the 1940s-1950s, according to Quentin D. Bowers. By the 1960s, only coin rolls were sold on record.
New Orleans silver dollars were known for commonly being weakly or lightly struck, and this mint didn’t produce proofs. Combined with frequent bag marks, this makes sharply struck and proof-like versions very hard to find.
6. 1893-S Morgan Silver Dollar
- Mintage: 100,000
- Morgan Dollar Value: $5,200-$145,000
The 1893-S is one of the rarest coins for collectors. Its mintage is the lowest of all the Morgan silver dollars.
Quentin D. Bowers calculates only 6,000–12,000 still exist today. PCGS has a similar estimate of around 10,000.
In mint condition, the 1893-S is one of the rarest of all. There are 123 mint state survivors, with only 18 at +MS-65.
History and Trivia
This coin series production occurred in San Francisco in January. A handful of mint state coins were in a bag with 1894-S Morgan silver dollars during the U.S. Treasury vault discovery.
From July-August 2021, GreatCollections auctioned a grade MS-67 coin with 127 bids. The winning bid was $1,855,000 with a final total of $2,086,875.
This particular 1893-S Morgan dollar once belonged to the prominent Vermeule family, who acquired it right after its production.
It stayed in the family until 2001. Coincidentally, its initial auction was on Sept. 11, 2001, but ended up delayed due to the World Trade Center attacks.
7. 1894 Morgan Silver Dollar
- Mintage: 110,000
- Morgan Dollar Value: $925-$1,700
Only the 1893-S has a confirmed lower mintage than the 1894 Morgan dollar, apart from the 1895’s mysterious maybe/maybe not mintage.
A few bags survived the Pittman Act and the mint made proofs, so its true rarity wasn’t known to collectors until very few materialized in the mid-1960s.
PCGS estimates nearly 9,000 survived, with 6,490 at grade 60 or higher. Only 125 are at +65 grade, however, making higher-level coins comparably rare.
History and Trivia
The 1894 owes its low mintage to the panic of 1893. The repeal of the Sherman Silver Purchase Act broke down the silver industry, and the production of silver coins fell.
The Philadelphia Mint went from producing over a million coins in 1891 and 1892 to just 378,000 in 1893, and even lower in 1894.
The New Orleans and San Francisco mints still managed to produce a million coins in 1894. But by 1895, they were down to only a few hundred thousand like Philadelphia, which is why 1895 is a tough year for collectors.
8. 1895 Morgan Silver Dollar
- Mintage: 880 (Proof) and 12,000 (Circulation Strike)
- Morgan Dollar Value: ?
The 1895 is the rarest of all Morgan dollars produced at the Philadelphia mint. It could also be considered the rarest of all Morgan dollars ever made. It’s known to many collectors as “King of the Morgans.”
No circulation strike coin was ever found. Only the proofs survived, and coin experts are unsure what happened to the others, or if they were even struck in the first place. Some speculation even holds they were lost at sea in a shipwreck.
PCGS has a scant 400 survival estimate for the 1895 proofs. Out of that half, 225 are grade 60 and up, with 20 at +65 grade.
History and Trivia
The 1895 year has a very low Morgan dollar mintage from all the mints. Only the Philadelphia Mint, the New Orleans Mint (450,000), and the San Francisco mint (400,000) produced any coins that year.
The 1895’s circulation strike existence is known only because of its entry in the Philadelphia mint records. Many coin experts think it could be a ledger error and none of those coins were actually made.
So far, the highest price paid to obtain an 1895 proof is $269,500 for a grade 67 coin.
9. 1895-O Morgan Silver Dollar
- Mintage: 450,000
- Morgan Dollar Value: $350-$1,200
The 1895-O has a very low mintage, just like the 1893-O and 1893-S. David Q. Bowers believes only around 1,000 were placed into circulation.
Most were probably melted, as comparatively few were sold by the Treasury in the 1950s. No 1895-Os were available during the 1960s Treasury sale.
Over 37,400 probably survived, according to PCGS’s estimate. Of those, 718 are grade +60, with only 18 at +65 grade. PL and DMPL finishes are also very rare.
History and Trivia
At this time, the notoriously problematic New Orleans Mint focused on speed and not quality. The overall workmanship of these coins is low, even for an O-mintmark Morgan dollar.
This makes the quality versions very pricey. Even an MS-60 is still worth five figures, according to NGC.
In November 2005, the Jack Lee Collection sold an MS-67 for $575,000. And in 2016, an MS-66 from the Rev. Dr. James G. K. McClure Collection sold for $258,500.
10. 1901 Morgan Silver Dollar
- Mintage: 6,962,000
- Morgan Dollar Value: $55-$280
The 1901 is the second rarest Philedphia mint coin, only surpassed by the 1895. Very few went into circulation, so most were probably melted with the Pittman Act.
Nearly 700,000 are estimated to have survived, according to PCGS. A substantial 10,000 are +60 grade. But only 8 are grade +65, with NGC grading a mere 3 at GEM level.
David Q. Bowers notes that PL or DMPL finishes are also very rare, with only two DMPLs verified to exist so far.
History and Trivia
This coin generally has a poor strike and low luster. Additionally, because not many were put in circulation, a large portion of the survivors have bag marks.
The Coronet Collection sold the only MS-66 grade coin in October 2015, for $587,500. This is the highest bid so far for a year 1901 Morgan dollar.
Many Philadelphia minted coins don’t have a mintmark. So counterfeiters will try to capitalize on the 1901’s value by removing the mintmark on 1901-O or 1901-S coins.
