Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
The Morgan Silver Dollar remains among the most popular and sought-after coins in the pantheon of American silver coins. A staggering 600 million have been minted over the coin’s prestigious history, leading to an array of dates, conditions, and versions. Naturally, many investors wonder which version earns the title of the most valuable Morgan Silver Dollar in history.
A Brief Overview of the Morgan Silver Dollar
The Morgan Silver Dollar was the first silver coin produced by the US Mint following the Coinage Act of 1873 which ended the minting of silver to promote the use of gold. Initial production lasted between 1878 and 1904 with a brief resurgence in 1921. In 2021, the government reissued a collectible version of the Morgan Silver Dollar to mark the centennial anniversary of the shift between Morgan and Peace Dollars. The Morgan Dollar has remained a staple investment among coin collectors and precious metal holders given the diversity of options, its historical significance, high silver purity, and impressive evaluations.
The Most Valuable Morgan Dollars: 15 Record-Setting Coins
When looking at the most valuable Morgan Dollars, it’s crucial to remember that most versions don’t reach these astronomical evaluations. The overwhelming majority of the following Morgan Dollars are mint state coins, highlighting their extreme rarity.
1. 1889-CC Mint State – $881,250
The most valuable Morgan Silver Dollar ever sold achieved its exceptional evaluation due to its Ultra Gem grading, clear provenance, and heightened scarcity among the rarest of the famed Carson City series.
Related Reading: Why Are Non-Mint 1889 CC Morgan Silver Dollars Worth So Much?
2. 1886-O Mint State – $780,000
Dubbed “The Most Spectacular Morgan Dollar Now Known”, this coin received high praise for its impressive MS-67 rating from PCGS and proof-like finish, making it the finest example of its mint year.
3. 1884-S Mint State – $750,000
This MS-68 Morgan Silver Dollar is highly regarded for its pristine condition, frosty mint finish, and iridescent gold toning. It’s by far one of the finest specimens in the 1884 production year from all mints.
4. 1893-S Mint State – $735,000
This is one of the highest-graded examples from the Morgan Dollar’s rarest routinely issued coin with a mintage of only 100,000. Given this immense scarcity, the coin’s sharp details, excellent condition, and golden-blue hues make it even more valuable.
5. 1896-S Mint State – $720,000
The 1896-S Mint State has been exceptionally well preserved since its initial striking. The preeminent example from this key mint year, this specimen features near-perfect condition and intense mint luster.
6. 1892-S Mint State – $630,000
The 1892-S Morgan Silver Dollar stands as the finest certified example of its kind, boasting remarkable luster and a sharp strike that accentuates its beauty and rarity in the Morgan series. Its rarity is furthered by the coin’s leading condition.
7. 1901 Mint State – $587,500
Highly valued for its strong luster, satiny surfaces, and fantastic quality, the 1901-P Morgan Dollar is regarded by many to be worthy of an MS 65+ grade.
8. 1895-O Mint State – $575,000
Nearly absent of bag marks and with one of the highest grades of its kind, the 1895-O Mint State Morgan Dollar is distinguished by its incredible luster and exceptional preservation.
9. 1896-O Mint State – $528,000
With a spectacular MS-66 grade and CAC approval, this 1896-O Morgan Silver Dollar is highly scarce considering its splendid condition. It’s known for its shiny luster, champagne-gold iridescence, and superior strike.
10. 1893-O Mint State – $458,250
This 1893-O specimen is one of the finest known examples of its years with only microscopic ticks and virtually flawless mirrors. It closes out the list of the top 10 most valuable Morgan Silver Dollars.
11. 1897-O Mint State – $348,000
Known for its unrivaled luster, full strike, and undeniable iridescence, this is arguably the most aesthetic and rarest coin of its mint year. This coin is exceptionally scarce considering its high grading despite being of a large mint year.
12. 1895-S Mint State – $336,000
This coin enjoys the recognition as one of the only MS-67 Morgan Silver Dollar in existence. This 1895-S Mint State coin features a proof-like appearance, a complete strike, and a brilliant sheen.
13. 1893-CC Proof – $323,125
The only other product of the near-mythic Carson City Mint on this list, this 1893-CC Morgan Silver Dollar boasts an outstanding Proof-66 rating. It’s one of only around 12 known Branch Mint Proofs, furthering its extraordinary scarcity.
14. 1883-O Proof – $270,250
Believed to be one of only a dozen pieces, this 1883-O Proof is a remarkable coin given its stunning cameo contrast. It boasts an impressive provenance having gone through many famed numismatic collections.
15. 1895 Proof – $269,500
This 1895 Morgan Dollar is exceedingly rare as one of the handful of survivors from an original mintage of just 880. In fact, this coin has only been surpassed by a single specimen at PCGS, underscoring its flawless appearance and perfect strike.
Source: https://www.pcgs.com/auctionprices/category/morgan-dollar-1878-1921/744
What determines a Morgan dollar’s value?
Condition & Grade
Morgan Dollars were extensively circulated in the late 19th and early 20th centuries, leaving the majority of coins with signs of wear and tear. That’s precisely why the condition of these coins heavily influences their value. The better the shape of the coin, the more it’s worth. Commonly, the condition of a Morgan Dollar is assessed through coin grading where reputable grading companies evaluate a coin’s strike, luster, details, and markings.
Related Reading: Introduction to Coin Grading
Mint Date & Mint Mark
Given the series’ impressive length of production, the mint year and mint mark of a Morgan Silver Dollar can play a crucial role in its evaluation. While most production years don’t mean much given the sheer number of coins minted, there is a handful that stands out due to a variety of factors such as historical significance, scarcity, or low mintages. Morgan Dollars bearing the highly coveted Carson City (CC) mint mark are valued highly because of the history of this defunct branch and the limited numbers it produced.
Historical Significance
Morgan Dollars associated with a momentous point in history can also attract higher evaluation. For instance, the 1878 Morgan Dollars (the initial year of production) or the 1921 series (the final year before the transition to the Peace Dollar) carry historical significance which contributes to their numismatic appeal and collectibility. This extends to special issues or unique mint errors which can be of higher value too.
Scarcity
With over half a billion Morgan Silver Dollars produced, scarcity might not seem like a relevant factor in evaluating these coins. However, a handful of exceptionally rare iterations attract impressive evaluations. The rarity of these coins is determined by the original mintage quantity and the number of surviving coins from a particular year, mint, or variety. Morgan Silver Dollars from low production years or relatively inactive mints tend to be more scarce and, as a result, more valuable.
Market Demand
Demand is a commonly overlooked factor impacting the value of Morgan Silver Dollars, primarily because it’s challenging to predict. The interests of collectors and investors change over time which affects the value of certain coins. When a particular mint year, mint date, or grade becomes popular, these particular coins fetch higher prices. It’s worth bearing in mind that a boost in demand for a coin can contribute to higher dealer premiums too.
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