Every Morgan dollar holds 0.7734 troy oz of silver, which sets a floor under its value. Above that floor, the date, the mint mark and the grade decide what a coin brings. Carson City coins, scarce dates such as the 1893-S and coins with full original luster sell for more than a worn common date like a 1921.
Silver content sets the floor
Morgan dollars were struck from 1878 to 1904 and again in 1921. Each one is 90% silver, weighs 26.73 grams and holds 0.7734 troy oz of pure silver. That silver gives every Morgan a floor price that moves with the live spot price of silver each day.
A heavily worn Morgan with a common date is priced mostly on that silver. As the date gets scarcer or the condition gets better, collector demand adds to the price, and on the best coins the silver becomes a small part of the offer. Separating those two kinds of coin is most of the work of pricing a group of Morgans.
For the silver part of an offer, we read the live spot price on the day of your appointment and weigh the coins on a calibrated scale you can see. The collector part comes from published price guides, dealer wholesale sheets and recent auction results for that date, mint mark and grade.
The Mint also made a collector Morgan dated 2021. It is a modern coin, and it is priced apart from the 1878 to 1921 series.
| Detail | Morgan dollar |
|---|---|
| Years | 1878 to 1904, and 1921 |
| Metal | 90% silver |
| Weight | 26.73 grams |
| Pure silver | 0.7734 troy oz |
| Carson City (CC) years | 1878 to 1893 |
| Famous rarity | 1893-S |
| Common date | 1921 |
Date and mint mark
The date and the mint mark together tell you which Morgan you have. The mint mark is a small letter that shows which Mint struck the coin, and some letters are far scarcer than others for the same year. Use a magnifier and good light, and hold the coin by its edges while you look.
There has never been a U.S. Mint in Chicago, so every Morgan found here came from one of the mints below. A coin with no letter was struck in Philadelphia.
If you can do it without much handling, jot down the date and mint mark of each coin before you call. A rough count of how many coins you have helps us plan enough time for the appointment.
| Mint mark | Mint |
|---|---|
| None | Philadelphia |
| O | New Orleans |
| S | San Francisco |
| CC | Carson City (1878 to 1893 for Morgans) |
| D | Denver (1921 only in the 1878 to 1921 series) |
Carson City and other better dates
Carson City Morgans, marked CC, were struck from 1878 to 1893. Collectors seek them out as a group, so a CC on your coin is worth checking closely even when the coin is worn. Grade and date still decide where a CC coin's price lands.
The 1893-S, struck in San Francisco, is the famous rarity of the series. If you find one, set it aside, do not clean it and have it looked at in person. A coin in a PCGS or NGC holder has already been examined by a grading service, which answers most questions about it.
At the other end, the 1921 Morgan is a common date, and a family group of Morgans often holds several of them. A worn 1921 leans mostly on its silver content. One with full luster and few marks still draws collector interest above its silver, so even the common dates get a look under the loupe.
If a coin sits in a paper roll, leave it rolled. We open rolls at the table and check each coin, since one better date can hide among common ones. Morgans worth a closer look include:
- Any coin with a CC mint mark, dated 1878 to 1893
- The 1893-S
- Any Morgan with full luster and few marks
- Coins already sealed in PCGS or NGC holders
Grade, luster and eye appeal
Grading runs on the 1 to 70 Sheldon scale. Higher numbers mean less wear.
On a Morgan, wear shows first on Liberty's cheek and the hair above her ear on the front, and on the eagle's breast feathers on the back. When those spots still show fine detail, the coin saw little circulation.
Many Morgans sat for decades in cloth bags and paper rolls, and coins in those bags rubbed against each other. That left small nicks called contact marks, even on coins that were never spent. A coin with few marks on Liberty's cheek and in the open fields beside her face grades higher than a coin of the same date covered in nicks.
Luster is the frosty shine a coin has when new, and it moves like a cartwheel across the surface as you tilt the coin. Natural toning, from pale gold to deep color, is accepted by collectors when it is even and original. We judge grade, luster and eye appeal together under a loupe at the appointment, in front of you.
A coin that never circulated can still grade low if bag marks cover Liberty's cheek, while a lightly worn coin with clean fields can look better in hand. So we look at every dollar in a roll, down to the last one, and give each its own grade.
What lowers a Morgan's value
Cleaning is the problem we see most. Polishing, scrubbing or dipping a Morgan strips its original surface and leaves fine hairlines, and collectors pay far less for a cleaned coin.
On a common date that may bring the coin down to silver value. On a better date it costs much more.
Damage works the same way. A hole, a bend or a deep scratch marks the coin as a problem coin. The silver is still there, so the coin never falls below its melt value, but most or all of the collector premium can go.
Collectors accept toning that formed over decades in a bag or album when it is even, so leave a dull or toned dollar as it is.
- Do not polish, dip or scrub the coins
- Do not break open PCGS or NGC holders
- Do not dump rolls or bags into a pile where coins scrape each other
- Hold each coin by its edges
| Problem | What to look for | Effect on value |
|---|---|---|
| Cleaning | Hairlines, a harsh shine, no luster in the fields | Collectors pay far less |
| Holes and solder | Drilled hole or solder from jewelry use | Priced close to silver |
| Heavy contact marks | Deep nicks on Liberty's cheek | Lowers grade and eye appeal |
| Rim dents | Flat spots or dings on the edge | Lowers grade |
| Corrosion | Dark or green spots on the surface | Lowers eye appeal |
Selling a group of silver dollars
Silver dollars often come in groups: a roll, a coffee can, a cloth bag or a coin box with Morgans and Peace dollars mixed together. Peace dollars were struck from 1921 to 1935 and carry the same silver as a Morgan: 90% silver, 26.73 grams and 0.7734 troy oz.
The year 1921 appears in both series, since the Morgan's last regular year was also the Peace dollar's first. We sort the two series as we go so each coin is checked against the right dates.
We sort collector coins from melt coins so a better date is never priced as bullion. Every coin is checked for date, mint mark, grade and eye appeal under a loupe.
Common worn dollars go on a calibrated scale you can read and are priced on the live spot price of silver. Better coins are priced one at a time on current collector demand, and each coin gets its own line on the written offer.
A handful of dollars takes about 10 minutes. A large collection can take 30 to 60 minutes.
Bring a government-issued photo ID to sell. If you accept, you are paid the same day in cash, or by same-day wire to your bank for a larger sale.
Morgan dollars in Chicago homes
Silver dollars are among the most common finds when a Chicago family clears out a longtime home. Factory families in Cicero, many with ties to the old Western Electric Hawthorne Works, set aside silver dollars and change for years. The same habit shows up in the brick bungalows of Berwyn and on the Northwest and Southwest Sides, where a coffee can of Morgans can sit in a basement cabinet for decades.
In the suburbs, the dollars more often turn up in a safe-deposit box or a bedroom drawer. We see them from estates in Oak Park, Elmhurst and Hinsdale, and from downsizers in Glenview, Arlington Heights and Orland Park. A box may hold a few Carson City coins next to a stack of 1921 dollars, and the difference between them matters to the offer, so every coin gets looked at.
Call (773) 241-8624 for a private, one-on-one appointment, Monday to Saturday from 10am to 6pm. We call back the same day and agree on where to meet when you book. For a large hoard or estate, ask whether a home visit makes sense.
A bag or a few rolls can take 30 to 60 minutes to sort, and we do it with you at the table. The appraisal is free, and you keep the written list if you decide to hold onto the coins.
Ready to sell? See how we handle selling silver dollars in Chicago, read about a free coin appraisal, or call (773) 241-8624.