Morgan Silver Dollar Value Guide 2026: What Yours Is Worth
Morgan Silver Dollar value — it’s the number one thing people ask me about when they bring in coins. I’m Chad Busby, owner of Busby Antiques in Oviedo, Florida. The Morgan dollar is America’s most collected coin, and I’ve been buying them for 25 years. Some are worth $35. Some are worth $100,000. The difference comes down to three things: date, mintmark, and condition. Let me walk you through all of it.
Morgan Dollar Basics: What You Need to Know
The Morgan Silver Dollar was minted from 1878 to 1904, then again in 1921. It was designed by George T. Morgan and contains .7734 troy ounces of pure silver (it’s 90% silver, 10% copper, weighing 26.73 grams total).
At today’s silver spot price of around $33 per ounce (March 2026), every Morgan dollar has a minimum melt value of about $25.50. That’s your absolute floor — no Morgan dollar is worth less than its silver content.
Morgan dollars were struck at five US Mint facilities, each identified by a mintmark on the reverse (back) below the wreath:
- No mintmark — Philadelphia
- S — San Francisco
- O — New Orleans
- CC — Carson City, Nevada
- D — Denver (1921 only)
The mintmark matters. A lot. Carson City (CC) Morgans carry premiums of 2x to 20x over Philadelphia examples of the same date.
Morgan Dollar Values by Date and Mintmark
Here are values for the most commonly encountered dates in average circulated (VF to XF) condition and uncirculated (MS-63) condition. Prices reflect the March 2026 market:
| Date-Mint | Mintage | VF to XF Value | MS-63 Value | Notes |
|---|---|---|---|---|
| 1878 8TF (Phil) | 749,500 | $80 to $120 | $300 to $500 | First year; 8 tail feathers variety |
| 1878-CC | 2,212,000 | $120 to $180 | $350 to $500 | First Carson City Morgan |
| 1879-S | 9,110,000 | $35 to $50 | $80 to $120 | Common; attractive coins |
| 1880-S | 8,900,000 | $35 to $50 | $80 to $120 | Often found in high grades |
| 1881-S | 12,760,000 | $35 to $50 | $80 to $110 | Most common uncirculated Morgan |
| 1882-CC | 1,133,000 | $120 to $180 | $250 to $350 | Popular CC date |
| 1883-CC | 1,204,000 | $120 to $180 | $250 to $350 | GSA hoard coins available |
| 1884-CC | 1,136,000 | $120 to $180 | $250 to $350 | Many survived in GSA holders |
| 1885-CC | 228,000 | $500 to $700 | $800 to $1,200 | Low mintage CC |
| 1889 | 21,726,000 | $35 to $45 | $70 to $100 | Common date |
| 1889-CC | 350,000 | $800 to $2,500 | $15,000 to $50,000 | Key date; very scarce |
| 1893-S | 100,000 | $4,000 to $6,000 | $100,000+ | The king of Morgan dollars |
| 1921 (Phil) | 44,690,000 | $30 to $40 | $60 to $80 | Most common Morgan overall |
| 1921-D | 20,345,000 | $30 to $40 | $60 to $90 | Only Denver Mint Morgan |
| 1921-S | 21,695,000 | $30 to $40 | $60 to $90 | Common; different design hub |
For a complete date-by-date reference, PCGS maintains a full Morgan dollar price guide updated regularly.
What Makes a Morgan Dollar Valuable
After handling thousands of Morgans, I’ve learned that value comes down to a clear hierarchy:
- Key dates — the 1893-S, 1889-CC, 1892-S, 1895 (proof only), and 1893-CC are the coins every Morgan collector is chasing. These trade for $1,000 to $100,000+ depending on grade.
- Carson City mintmark — every CC Morgan carries a premium because collectors love the Old West backstory. The Carson City Mint operated from 1870 to 1893 in the middle of the Nevada silver boom. That history sells.
- Condition — a common 1881-S in VF condition is worth $35. The same coin in MS-67 can bring $1,000 or more. For key dates, the condition multiplier is even more dramatic.
- Toning — natural rainbow or crescent toning on uncirculated Morgans can add 50 to 300% to the value. Artificial toning is worth nothing.
- GSA holders — the General Services Administration sold millions of Morgan dollars from Treasury vaults in the 1970s and 1980s. CC Morgans in original GSA hard plastic holders carry premiums of 20 to 50% over raw examples.
Common Morgan Dollar Questions I Get
These come up almost every time someone brings in Morgans:
“I have a bag of Morgan dollars — are they all the same value?” No. Check every single date and mintmark. A bag of “common” Morgans might have one 1889-CC hiding in it that’s worth more than all the others combined.
“Should I get my Morgans graded?” Only if you have key dates in apparent high grades (MS-64 or better) or coins that appear to have significant value. Grading costs $30 to $150 per coin depending on the service level. For common dates worth $35 to $50, grading fees eat most of the value.
“Are cleaned Morgans worth anything?” Yes, but cleaning reduces value by 30 to 60%. A cleaned coin is graded with a “Details” designation by PCGS and NGC, which means it won’t reach full market value. But a cleaned 1893-S is still a $2,000+ coin. Don’t throw it away.
Where to Sell Morgan Silver Dollars
- Local coin buyer — for most Morgan dollars, a reputable local buyer gives you the best net return. No fees, no shipping, same-day payment. Busby Antiques buys Morgans daily.
- Auction houses — for key dates graded MS-63 or higher, Heritage Auctions or Stack’s Bowers will attract the most competitive bidding. Read our full guide on where to sell coins.
- eBay — works for graded coins in PCGS/NGC holders. Raw (ungraded) Morgans sell for less on eBay because buyers can’t verify the grade. Factor in 13% fees.
- Coin shows — bring your best coins and get multiple offers from competing dealers. The annual FUN show in Orlando is one of the biggest in the nation.
FAQ: Morgan Silver Dollar Value
What is the most valuable Morgan Silver Dollar?
The 1893-S Morgan dollar is the key date of the series, worth $4,000 to $6,000 in circulated grades and over $100,000 in uncirculated condition. Only 100,000 were minted — by far the lowest mintage of any business strike Morgan.
How much silver is in a Morgan dollar?
A Morgan dollar contains .7734 troy ounces of pure silver. At the current silver spot price of around $33 per ounce (March 2026), that’s a melt value of about $25.50. Most Morgans trade above melt due to collector demand.
Are 1921 Morgan dollars valuable?
1921 is the most common Morgan dollar year with over 86 million struck across three mints. Circulated examples are worth $30 to $40. However, high-grade uncirculated 1921 Morgans (MS-65 and above) can bring $200 to $500.
Where can I sell Morgan dollars near Orlando?
Busby Antiques in Oviedo buys Morgan dollars and all US coins. We serve Orlando, Winter Park, and all of Central Florida. Call (407) 529-6952 for a free evaluation.
The Morgan Silver Dollar value picture in 2026 is strong. Silver prices support the floor, collector demand drives premiums on key dates, and Carson City coins keep climbing. Check your dates, check your mintmarks, and don’t clean anything. If you’ve got Morgans and want to know exactly what they’re worth, I’m here to help.
