Among the most iconic coins in American numismatic history, Morgan silver dollars are prized for their historical significance, beautiful design, and investment appeal. First minted in the late 19th century, these coins have captivated collectors for generations.

Whether you're new to coin collecting or looking to better understand a piece of family history, this guide breaks down what Morgan dollars are, why they're important, and what factors influence their value today.

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The Origins of the Morgan Dollar

The Morgan silver dollar was introduced in 1878 and continued production until 1904, with a one-year revival in 1921. Named after its designer, George T. Morgan, the coin was created in response to the Bland-Allison Act, which required the U.S. Treasury to purchase large amounts of silver to be minted into coins.

The result was a silver dollar that combined economic utility with artistic flair. The obverse (front) features a profile of Lady Liberty, while the reverse (back) displays a bald eagle with outstretched wings, clutching arrows and an olive branch—a symbol of peace and strength.

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Composition and Specs

Morgan dollars were minted using 90% silver and 10% copper, with a total weight of 26.73 grams and a diameter of 38.1mm. Each coin contains just under one troy ounce of pure silver (approximately 0.7734 oz).

These coins were struck at several U.S. Mint locations, including:

• Philadelphia (no mintmark)
• New Orleans (O)
• San Francisco (S)
• Carson City (CC)
• Denver (D – 1921 only)

Mint marks are located on the reverse side beneath the wreath.

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Why Collectors Love Morgan Dollars

There are several reasons Morgan silver dollars have remained a staple of American coin collecting:

• Historical Appeal: Minted during a dynamic period of U.S. expansion, Morgan dollars carry with them the legacy of the post-Civil War economy and the American West.
• Classic Design: The intricate engraving of Liberty and the eagle makes the coin a standout even to non-collectors.
• Silver Content: As bullion-backed coins, Morgans hold intrinsic value based on silver prices, offering both collector and melt value.
• Rarity and Variety: With dozens of date and mintmark combinations—some far rarer than others—there’s wide room for specialization and discovery.

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Common vs. Rare Dates

While many Morgan dollars are relatively easy to find, especially those from the early 1880s and 1921, others are considered key dates and can command substantial premiums:

• 1893-S: One of the rarest and most valuable, with high-grade examples worth tens of thousands of dollars.
• 1889-CC: Carson City coins in general are prized, and this one is a standout due to limited mintage.
• 1895 (Proof only): No circulation strikes were issued, making the few proof coins extremely scarce.

These rarer pieces are highly sought after by advanced collectors, often certified and encapsulated by grading services like PCGS or NGC.

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What Affects Value?

The value of a Morgan silver dollar is shaped by:

• Date and Mintmark Rarity
• Condition/Grade (from circulated to MS-70)
• Luster and Eye Appeal
• Market Demand at Time of Sale
• Proof vs. Business Strike

Coins in uncirculated condition (Mint State) fetch the highest prices. A common-date Morgan in average circulated condition may only be worth $30–$50, while a top-grade example or key date can climb well into the thousands.

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Final Thoughts

Morgan silver dollars are more than just coins—they're windows into a transformative period of American history. Their enduring appeal lies in the combination of artistry, silver content, and collectibility, making them ideal for both beginner and seasoned collectors.

Whether you're drawn to their investment potential or the thrill of completing a full set, understanding the intricacies of Morgan dollars can help you appreciate—and care for—these timeless treasures.