How Much Is a Morgan Silver Dollar Worth?

How Much Is a Morgan Silver Dollar Worth?

As of 2025, a Morgan Silver Dollar is worth $30 to $50 in circulated condition, while uncirculated coins graded MS65 can sell for $200 to over $1,000. Rare dates like the 1893-S or 1895 Proof can exceed $100,000 at auction. Final value depends on date, mint mark, condition, and market demand.

Key Factors That Determine Morgan Silver Dollar Value

Understanding how much a Morgan Silver Dollar is worth requires examining a few core factors: date, mint mark, coin grade, rarity, and market demand. Here’s how each one affects pricing in 2025:

Date and Mint Mark
Some dates and mints are significantly rarer than others, especially coins minted in Carson City (CC). These coins command higher premiums due to low mintages and strong collector demand.

Here are verified 2025 values for key Morgan Silver Dollars:

1896 Silver Dollar No Mint Mark (Philadelphia)

• Circulated: ~$30–$50
• MS65: ~$250–$350
• MS67: ~$6,500
• MS68 DMPL: Auction prices up to $30,000+

1880 Morgan Silver Dollar No Mint Mark (Philadelphia)

• Circulated: ~$40–$85
• MS65: ~$300–$700
• Top Prooflike Grades: Valued up to $30,000+

1884 P Morgan Silver Dollar

• Circulated: ~$35–$45
• MS65: ~$150–$250
• MS67–MS68: Ranges from $1,000 to $7,000+

1891 Carson City Morgan Silver Dollar (1891-CC)

• Circulated: $150–$300
• MS65: ~$3,500+
• MS66 and higher: Can exceed $45,000

These examples show how mint location and date combinations significantly impact value, especially in uncirculated or prooflike conditions. These coins are also considered some of the most valuable Morgan Silver Dollars available to collectors and traders.

Understanding Grading: Circulated vs Mint State
Coin grading is one of the most important value drivers. Morgan Dollars are graded using the Sheldon Scale (1–70), with higher grades commanding higher prices. Grading is typically done by trusted third-party services like PCGS and NGC.

• Circulated (VG to XF): $30–$80
• Uncirculated (MS60–MS64): $100–$300
• Mint State 65+ (MS65–MS66): $300–$1,000+
• Premium Prooflike/DMPL (MS67–MS68): Up to $30,000+, especially for key dates

Grading isn’t just cosmetic, it assures authenticity and investor confidence, often doubling or tripling the price compared to raw, ungraded coins.

What Drives Value in 2025?

From a trader’s point of view, Morgan Silver Dollar value in 2025 is shaped by three core market forces:

Silver Spot Price
Each Morgan Dollar contains 0.7734 troy ounces of silver. At a spot price of $28/oz, its melt value is around $21.65. While this is the base value, most Morgan Dollars trade well above melt due to numismatic demand.

Numismatic Demand
Coins with low mintage, excellent condition, or key dates drive strong interest among collectors. For example, an 1893-S Morgan Dollar can sell for $4,000 to $100,000+, depending on grade.

Market Sentiment
Morgan Dollars are increasingly viewed as a hedge against inflation and fiat currency risk, similar to gold. In uncertain markets, both investors and collectors turn to tangible assets like silver coins for preservation of value.

How Many Morgan Dollars Are in a Pound?

Each Morgan Dollar weighs 26.73 grams, so one pound (453.59 grams) holds approximately 17 Morgan Silver Dollars. However, coins are never sold this way due to numismatic differences.

Year-by-Year Value Chart (Verified 2025)

Year	Mint Mark	Circulated Value	MS65+ Value	Rarity Level
1880	None	$40-$85	$300–$700	Medium
1884	P	$35-$45	$150–$250	Common
1891	CC	$150-$300	$3,500+	Rare
1896	None	$30-$50	$250–$350	Common
1893	S	$3,000-$10,000+	$100,000+	Ultra Rare

Most Valuable Morgan Silver Dollars

Here’s a list of highly sought-after Morgan Silver Dollars in today’s market:

1893-S Morgan Silver Dollar

• Value: $4,000–$100,000+
• Why it’s valuable: Key date with the lowest mintage of the entire Morgan series (only 100,000 struck)

1889-CC Morgan Silver Dollar (Carson City Mint)

• Value: $1,500–$50,000+
• Why it’s valuable: Scarce due to low survival rates; heavily melted under the Pittman Act

1895 Morgan Silver Dollar (Proof Only Issue)

• Value: $50,000–$200,000+
• Why it’s valuable: No business strikes exist—only 880 Proofs were minted, making it a major rarity

1891-CC Morgan Silver Dollar (Carson City Mint)

• Value: $200–$3,500+
• Why it’s valuable: Limited mintage, strong demand for CC-marked coins

1880 Morgan Silver Dollar (Deep Mirror Prooflike – DMPL)

• Value: Up to $30,000+
• Why it’s valuable: DMPL coins with strong eye appeal and high grades (MS67–MS68) are extremely rare and sought-after

Conclusion

The value of a Morgan Silver Dollar in 2025 ranges from $30 to $50 for common circulated coins, and $200 to over $1,000 for uncirculated pieces graded MS65 or higher. Rare issues like the 1893-S or 1895 Proof Morgan Silver Dollars can command $100,000 or more at auction. Final pricing depends on factors like date, mint mark, condition, rarity, and current market demand.

At Ultima Markets, we understand that tangible assets like Morgan Silver Dollars are increasingly favored by traders and investors looking to hedge against inflation and currency risks. With their blend of historical significance and intrinsic silver content, these coins offer both collectible value and real asset diversification.

Stay ahead of precious metals and collectible trends with expert insights from Ultima Markets.