1878 Silver Dollar Value
1878 was the first year that the Morgan silver dollars were minted. These coins have value as both numismatic coins and as silver bullion. Keep reading to learn more about these coins.
Relative value of silver and gold. Since the time that silver was discovered by the Spanish in the New World in the 16th century, until the latter half of the 19th century, the value of gold in relation to silver maintained a relatively stable ratio of 15½:1. The reason for the subsequent sharp decline in the relative value of silver to gold has been attributed to Germany's decision to cease. 1878 CC US Morgan Silver Dollar $1 Coin 287H. Ending Oct 11 at 5:30PM PDT.
Specifications
Type: Morgan Silver Dollar
Year: 1878
Face Value: $1.00
Composition: 90% silver, 10% copper
Silver Weight: .77344 oz.
Total Weight: 26.73 grams
Current Silver Bullion Value: $21.07
The US minted the 1878 silver dollar with no mint mark and also the 1878 CC silver dollar and the 1878 S silver dollar. The mint mark, when present, can be found on the reverse side of the coin below the wreath.
The 1878 silver dollar with no mint mark has a few different variations, and each variation has a different value. These variations are on the reverse side of the coin. There is the First Reverse, where the eagle has 8 tail feathers. This is unique because the other variations all have 7 tail feathers. There is the second reverse, which has a parallel top arrow feather and a concave breast. Next there is the third reverse, which has a slanted top arrow feather is slanted and a convex breast. Finally there is the variation with 7 feathers minted over 8 where it's clear to see the doubled feathers.
| Series | Location | Quantity Minted |
|---|---|---|
| 1878, 8 feathers | Philadelphia | 749,500 |
| 1878, 7 feathers all variations | Philadelphia | 9,759,300 |
| 1878 CC | Carson City | 2,212,000 |
| 1878 S | San Francisco | 9,774,000 |
1878 Us Silver Dollar
Value
This coin in circulated condition is worth at least its weight in silver. The silver melt value for this coin is $21.07 as of February 09, 2021. This melt value is calculated from the current silver spot price of $27.24 per ounce.
The 1878 silver dollar with no mint mark 8 feather variation is worth around $85 in very fine condition. In extremely fine condition the value is around $100. In uncirculated condition the price is around $200 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,000.
The 1878 silver dollar with no mint mark 7 over 8 doubled feather variation is worth around $50 in very fine condition. In extremely fine condition the value is around $55. In uncirculated condition the price is around $200 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,500.
The 1878 silver dollar with no mint mark 7 feather variation with the second reverse is worth around $45 in very fine condition. In extremely fine condition the value is around $48. In uncirculated condition the price is around $90 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $900.
The 1878 silver dollar with no mint mark 7 feather variation with the third reverse is worth around $45 in very fine condition. In extremely fine condition the value is around $48. In uncirculated condition the price is around $110 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,750.
The 1878 CC silver dollar is worth around $125 in very fine condition. In extremely fine condition the value is around $150. In uncirculated condition the price is around $400 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,200.
The 1878 S silver dollar is worth around $45 in very fine condition. In extremely fine condition the value is around $47. In uncirculated condition the price is around $65 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $265.
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Proof Coins
A limited number of proof coins were minted and they can be quite valuable. These proof coins were minted in Philadelphia and they have no mint mark.
There were 500 proof coins minted for the 8 feather variations, and each coin is worth around $3,500 in PR 63 condition. There were 250 proof coins minted for the 7 feather variations. The 7 feather proof coin with the second reverse is worth around $3,750 with a grade of PR 63. Lastly the 7 feather proof coin with the third reverse is worth around $85,000 with a grade of PR 63.
Grading System
Very fine- About two thirds of Liberty's hair lines from above her forehead her ear are visible.
Extremely fine- Liberty's hair lines and ear look strong.
1878 Morgan Dollar
MS 60 Uncirculated condition- There are no signs of wear. The coin has luster, but there may be a few stains, abrasions, or surface marks.
MS 65 Uncirculated condition- There is strong luster and eye appeal. A few light contact marks are present but they are barely noticeable.
PR 63 proof- This coin has reflective surfaces and only a few blemishes away from the major focal points. There are no major flaws.
Sources:
See also:
1879 Silver Dollar
1878 Trade Dollar
Morgan silver dollars range in price from as low as $20 to as high as tens of thousands of dollars. It depends on their condition and the date they were minted, among other factors.
You're probably thinking: That's quite a wide range! This is why you should consult a numismatic expert to appraise the value of your coin when you’re ready to sell.
Each Morgan dollar is struck from 90% silver. Its fine silver weight is 0.77344 troy oz. (Gold and silver are measured in troy ounces.)
Popular Morgan Dollars
If your Morgan dollar is a special variety, it will likely command a higher price. These varieties are commonly known as VAMs. Some of them have earned fascinating nicknames. Most VAMs can only be seen under magnification, but a handful are visible with the naked eye.
Numismatists have even traced the history of each VAM to the dies used to strike the coins.
The abbreviation comes from 'Van Allen Mallis.' These are the last names of the experts who first documented the varieties.
Here are a few of the most popular VAM Morgan silver dollars.
1888-O 'Scarface'
'Scarface' Morgan dollar. Image source: VAMWorld
A die break caused one of the most famous Morgan dollar VAMs called 'Scarface.' A fracture in the die used to strike these coins left a prominent raised line on Lady Liberty's cheek.
1888-O 'Hot Lips'
'Hot Lips' Morgan dollar VAM. Image source: VAMWorld
The 'Hot Lips' VAM is the result of a mint error known as a doubled die. This causes parts of the design to appear doubled or overlapped. In this case, the effect is most obvious on Lady Liberty's lips. The Hot Lips variety is not especially rare but it is highly collectible.
1878-S 'Funky Feather'
1878-S 'Funky Feather' Morgan dollar. Image source: VAMWorld
This variety is from the first year the Morgan dollar was issued. The wing feathers of the eagle on the reverse design are noticeably crude. A portion of the wing exhibits a grainy appearance and is characterized by small raised dots.
Other varieties of the 1878 coin feature different numbers of tail feathers on the eagle.
A noteworthy pedigree will also influence the price of a Morgan silver dollar. In other words, who owned the coin before? Was it part of a famous collection or hoard? Sometimes this is also called the coin's provenance.
The 'PL' designation also adds collectible appeal to any silver coin. This stands for proof-like, meaning the coin has mirrored surfaces. Once unknown, these are now a favorite among collectors.
Below are some general guidelines to help you determine the value of your Morgan dollar.
How To Identify the Branch Mints
Several different branches of the U.S. Mint struck Morgan dollars. This is important to know because certain mints produced less coins in a given year than others.
Each branch corresponds to a mintmark. This is a short abbreviation on the coin that tells you the location where it came from:
- P (Philadelphia Mint)
- D (Denver Mint)
- O (New Orleans Mint)
- S (San Francisco Mint)
- CC (Carson City Mint)
In the case of coins from the Philadelphia Mint, the mintmark is omitted. You won't find a 'P' anywhere on the coin.
So if there is no mintmark, you'll know your coin comes from Philadelphia. As a general rule, these coins had higher mintages. That makes them less expensive than their counterparts from other mints.
How To Find the Mintmark
You will find the mintmark on the reverse of your Morgan near the bottom of the design.
Morgan dollar CC mint mark. Image source: CoinStudy
Silver dollar coins minted in Carson City, Nevada are prized by collectors. The mint sourced its silver from the legendary Comstock Lode. It was only briefly in operation, however.
Morgan Silver Dollar Price Chart
Here is a list of values for every Morgan dollar minted from 1878 through 1904, as well as 1921.
Keep in mind that these prices are only a general guide. Actual market prices will vary slightly when you sell your coins. Again, it will always depend on the exact condition of the coin. Uncirculated silver Morgan dollar coins garner the highest prices.
| Date & Mintmark | Mintage | G | AU | MS |
|---|---|---|---|---|
| 1878 | 10,509,300 | $30 | $60 | $150 |
| 1878-S | 9,774,000 | $30 | $50 | $80 |
| 1878-CC | 2,212,000 | $100 | $180 | $300 |
| 1879 | 14,807,100 | $20 | $50 | $75 |
| 1879-S | 9,110,000 | $20 | $40 | $60 |
| 1879-CC | 756,000 | $180 | $2,000 | $4,000 |
| 1879-O | 2,887,000 | $30 | $50 | $100 |
| 1880 | 12,601,335 | $20 | $40 | $60 |
| 1880-S | 8,900,000 | $20 | $40 | $60 |
| 1880-CC | 495,000 | $180 | $325 | $500 |
| 1880-O | 5,305,000 | $25 | $50 | $100 |
| 1881 | 9,163,975 | $20 | $40 | $60 |
| 1881-S | 12,760,000 | $20 | $40 | $60 |
| 1881-CC | 296,000 | $320 | $450 | $520 |
| 1881-O | 5,708,000 | $30 | $45 | $60 |
| 1882 | 11,101,100 | $20 | $40 | $60 |
| 1882-S | 9,250,000 | $20 | $40 | $60 |
| 1882-CC | 1,133,000 | $80 | $180 | $250 |
| 1882-O | 6,090,000 | $20 | $40 | $60 |
| 1883 | 12,291,039 | $20 | $40 | $60 |
| 1883-S | 6,250,000 | $30 | $120 | $1,000 |
| 1883-CC | 1,204,000 | $60 | $150 | $275 |
| 1883-O | 8,725,000 | $20 | $40 | $60 |
| 1884 | 14,070,875 | $20 | $40 | $55 |
| 1884-S | 3,200,000 | $25 | $250 | $9,000 |
| 1884-CC | 1,136,000 | $100 | $200 | $250 |
| 1884-O | 9,730,000 | $20 | $40 | $60 |
| 1885 | 17,787,767 | $20 | $40 | $60 |
| 1885-S | 1,497,000 | $35 | $110 | $350 |
| 1885-CC | 228,000 | $500 | $620 | $700 |
| 1885-O | 9,185,000 | $20 | $40 | $60 |
| 1886 | 19,963,886 | $20 | $40 | $60 |
| 1886-S | 750,000 | $50 | $150 | $375 |
| 1886-O | 10,710,000 | $30 | $45 | $60 |
| 1887 | 20,290,710 | $20 | $40 | $60 |
| 1887-S | 1,771,000 | $25 | $55 | $160 |
| 1887-O | 11,550,000 | $20 | $50 | $100 |
| 1888 | 19,183,833 | $20 | $40 | $60 |
| 1888-S | 657,000 | $120 | $200 | $350 |
| 1888-O | 12,150,000 | $20 | $40 | $75 |
| 1889 | 21,726,811 | $20 | $40 | $60 |
| 1889-S | 700,000 | $40 | $110 | $290 |
| 1889-CC | 350,000 | $600 | $7,000 | $22,000 |
| 1889-O | 11,875,000 | $25 | $60 | $300 |
| 1890 | 16,802,590 | $20 | $40 | $60 |
| 1890-S | 8,230,373 | $20 | $40 | $100 |
| 1890-CC | 2,309,041 | $75 | $200 | $600 |
| 1890-O | 10,701,000 | $20 | $45 | $100 |
| 1891 | 8,694,206 | $25 | $50 | $100 |
| 1891-S | 5,296,000 | $25 | $50 | $140 |
| 1891-CC | 1,618,000 | $75 | $250 | $650 |
| 1891-O | 7,954,529 | $20 | $60 | $275 |
| 1892 | 1,037,245 | $30 | $100 | $400 |
| 1892-S | 1,200,000 | $50 | $1,400 | $55,000 |
| 1892-CC | 1,352,000 | $200 | $750 | $1,750 |
| 1892-O | 2,744,000 | $25 | $80 | $300 |
| 1893 | 378,792 | $200 | $400 | $1,400 |
| 1893-S | 100,000 | $2,500 | $20,000 | $225,000 |
| 1893-CC | 677,000 | $250 | $2,000 | $5,000 |
| 1893-O | 300,000 | $215 | $800 | $4,000 |
| 1894 | 110,972 | $800 | $1,500 | $3,500 |
| 1894-S | 1,260,000 | $65 | $470 | $1,000 |
| 1894-O | 1,723,000 | $50 | $180 | $1,800 |
| 1895 (proof only) | 880 | n/a | $40,000 | $52,500 |
| 1895-S | 400,000 | $300 | $1,600 | $4,000 |
| 1895-O | 450,000 | $225 | $1,200 | $15,000 |
| 1896 | 9,976,762 | $20 | $40 | $60 |
| 1896-S | 5,000,000 | $40 | $800 | $3,000 |
| 1896-O | 4,900,000 | $30 | $120 | $1,500 |
| 1897 | 2,822,731 | $20 | $40 | $60 |
| 1897-S | 5,825,000 | $20 | $45 | $100 |
| 1897-O | 4,004,000 | $20 | $100 | $1,250 |
| 1898 | 5,884,735 | $20 | $40 | $60 |
| 1898-S | 4,102,000 | $30 | $100 | $390 |
| 1898-O | 4,440,000 | $20 | $40 | $60 |
| 1899 | 330,846 | $125 | $200 | $290 |
| 1899-S | 2,562,000 | $35 | $150 | $500 |
| 1899-O | 12,290,000 | $20 | $40 | $60 |
| 1900 | 8,880,938 | $20 | $40 | $60 |
| 1900-S | 3,540,000 | $30 | $90 | $275 |
| 1900-O | 12,590,000 | $20 | $40 | $60 |
| 1901 | 6,962,813 | $40 | $300 | $3,000 |
| 1901-S | 2,284,000 | $35 | $200 | $500 |
| 1901-O | 13,320,000 | $20 | $40 | $60 |
| 1902 | 7,944,777 | $20 | $45 | $65 |
| 1902-S | 1,530,000 | $100 | $230 | $400 |
| 1902-O | 8,636,000 | $20 | $35 | $50 |
| 1903 | 4,652,755 | $35 | $50 | $65 |
| 1903-S | 1,241,000 | $80 | $1,600 | $4,500 |
| 1903-O | 4,450,000 | $275 | $325 | $400 |
| 1904 | 2,788,650 | $30 | $65 | $140 |
| 1904-S | 2,304,000 | $40 | $50 | $2,000 |
| 1904-O | 3,720,000 | $30 | $40 | $55 |
| 1921 | 44,690,000 | $20 | $30 | $40 |
| 1921-S | 21,695,000 | $20 | $40 | $50 |
| 1921-D | 20,345,000 | $20 | $40 | $50 |
Price guide excludes all proofs and special varieties. Non-proof varieties are accounted for in annual mintage totals.
Prices derived from NGC Coin Explorer, PCGS price guide, and USA CoinBook.
The price chart above is provided for general information purposes. It should not be used or construed as investment advice.
Historical Significance of the Silver Morgan Dollar
Two pieces of legislation in the United States bookend the history of the Morgan dollar. These are the Bland-Allison Act and the Sherman Silver Purchase Act.
The Bland-Allison Act gave birth to the Morgan silver dollar. It marked the first $1 coin issued in the U.S. in five years (aside from the 'Trade dollar').
There was very little demand for dollar coins, however. In 1890, the Sherman Silver Purchase Act attempted to address this problem. The law required the U.S. government to buy $4 million of silver every month from miners in the American West.
The coin is named for its designer, George T. Morgan. His design of Lady Liberty was modeled after Anna Willess Williams. She was a teacher and writer in Philadelphia at the time.
1891 portrait of Anna Willess Williams. Image source: Chalkboard Champions
The 1921 Morgan dollar was the last coin in the series. That year also saw the introduction of the Peace dollar. The theme of 'peace' was a celebration of the end of the First World War.