The Morgan dollar has delighted American numismatists for more than 100 years. The intriguing silver dollar has enthralled collectors bent on finding every variety they can.
The history of the Morgan dollar is vast and includes a shift in U.S. Mint coinage away from the free coining of silver. The Morgan dollar is inextricably linked to elements of the Old West, especially as far as silver dollars from the Carson City Mint are concerned.
The Rarity of Morgan Dollars
An MS-64 Morgan dollar can be rare. It depends on the year of issue. Key dates Morgan dollars in MS-64 condition are typically rare and carry a high premium.
For instance, an 1888-O, VAM 4 Hot Lips Morgan dollar in MS-60 sold for $25,000 in 2021 and others, like the 1893-S, have sold for $600,000. Meanwhile, an 1888-0 MS-64 Morgan dollar without the Hot Lips designation sold for $1800 in 2023.
The Enduring Popularity of the Morgan Dollar
The Morgan dollar was the first silver dollar issued by the U.S. Mint following the Coinage Act of 1873. This act ended the free coining of silver as well as the design of the Seated Liberty dollar.
The free coining of silver was a U.S. economic policy in the 19th century. Advocates for free silver wanted an expansionary monetary system with unlimited coinage of silver into money on-demand.
The Morgan silver dollar was minted from 1878 until 1904 and again in 1921 and 2021. It is one of the most popular U.S. coins for collectors, and thousands of die varieties have been identified.
Morgan Dollar Die Varieties
VAM Morgan dollars are found by having unique dies from other issues of the same year. Some of these differences can be seen unaided by the eye, and others require magnification.
The number of VAM Morgan die varieties identified has contributed to the high value Morgan dollars hold. Collectors seek out specific VAM Morgan dollars, which drives the value of Morgan dollars up.
Which Morgan Dollars are the Rarest in MS-64?
Rare key date Morgan dollars will often be in MS-64 condition, but scarce date Morgan dollars, like the 1886-O, can be rare as well.
Issues like the 1894-S are easier to find in lower grades, but in MS-64 condition, they sell for as little as $3750 and or much as $105,000. This is due to heavy circulation, which leaves many lower grade Morgan dollars and few in MS-64 condition.
Common dates, like the 1921 Morgan Dollar, can be found for low prices between $125-160 in the MS-64 grade.
As these coins age, their populations shrink, and their values grow. As we have covered, the value of a coin is dependent on the coin’s rarity, condition, and market demand.
It is therefore reasonable to consider that the Morgan dollars with the highest populations stand some the best chances for having MS-64 coins. Inversely, Morgan dollars with the lowest populations should be exceedingly rare in MS-64 condition, if you can find one.
