The United States Mint did not strike any silver dollar coins to be used for commerce in the United States between 1874 and 1877, due to the Coinage Act of 1873. Silver miners, farmers, and merchants of the Midwest and the West joined forces and persuaded the politicians to pass the Bland-Allison Act in 1878. This obligated the U.S. Treasury to purchase between $2 to $4 million dollars’ worth of silver each month to be coined into silver dollars.
Morgan Dollar Rare & Key Dates
Because this series was struck from 1878 until 1921, there are a number of Morgan Dollars that are considered rare or key dates. The coins that generally meet this requirement are the following:
1889-CC
The 1889-CC Morgan Silver Dollar has an extremely low mintage of only 350,000 coins struck. It is believed that only 50,000 to 75,000 coins actually made it into circulation, with the rest possibly melted as they were not needed for commerce.
With the 1889 Philadelphia Mint striking nearly 22 million coins and nearly 12 million struck that year in New Orleans, there wasn’t a great need for silver dollars in 1889. In the 1.7 million “CC” dollars that were part of the GSA sales in the 1970s, only one 1889-CC was found.
The coin is scarce in all grades, and rare in uncirculated grades. A well-worn Good-4 coin is around $1,000! A low-grade Uncirculated coin is more than $25,000, so it truly is rare. This coin is found in semi-prooflike condition and even a few rare examples are truly prooflike.
A certified (NGC or PCGS only) example is highly recommended.
1893-S
The 1893-S Morgan Dollar is another rare coin. The mintage is a scant 100,000 coins. Most of these coins were immediately placed into circulation after minting. Given that there are more than 1 million Morgan Dollar collectors, you can understand how rare this coin actually is.
This coin has the lowest mintage of any circulation strike Morgan Dollar. Given that all of the mintage was released, the number of surviving uncirculated specimens is truly low indeed.
This is a coin that almost demands certification as quite a number of 1893 Morgan Dollars have had an “S” added by enterprising counterfeiters trying to make a quick score. Unless you know the die characteristics well, make certain you obtain a coin certified by PCGS or NGC.
A well-worn 1893-S in Good-4 condition is about a $3,500 coin while an extremely rare low end Uncirculated coin is over $200,000! PCGS or NGC graded specimens are highly recommended.
1895 (Proof)
The 1895 Morgan Dollar Proof is the undisputed king of Morgans. There were, reportedly, 12,000 uncirculated coins struck, but whether that mintage was actually struck, or it was just an erroneous entry, no one knows for certain. More than 150,000,000 silver dollars were being stored at the vaults in the US Treasury Building at that time.
That may explain why no circulation strikes have ever been seen or known to exist. There is even a rumor that all 12,000 coins were struck in Philadelphia but were being shipped and the ship was lost at sea.
So, to have an 1895-dated Morgan, some collectors will purchase an 1895 Morgan Dollar in Proof, which was struck at the Philadelphia Mint. There were 880 Proofs reportedly struck. In fact, in that year, the New Orleans Mint only struck 450,000 coins, while the San Francisco Mint struck only 400,000 coins.
An impaired Proof in Very Fine-25, which is a very low grade for a Proof coin, is about $50,000 while a Proof-61 is over $65,000. It truly is a rare coin and an expensive one.
Scarce Dates
Because this series extends from 1878 to 1921, there are a good number of coins that qualify as being a scarce date. The following are the widely accepted scarce date Morgan dollars:
1884-S
The 1884-S Morgan Silver Dollar had a mintage of 3,200,000 coins. The overwhelming majority of these coins were released directly into circulation, so this date is readily available in all grades up to About Uncirculated-55, where it jumps up to more than $1,000.00 in price. It is one of the few “S” mints that can be weakly struck.
1886-O
The 1886-O typically comes somewhat weakly struck, which is not unusual for early New Orleans mint coins. It has a mintage of 10,710,000 coins. This is a coin that is very scarce in true uncirculated grade. It jumps in price from around $500.00 in AU-58 to over $1,500.00 in Uncirculated MS60.
A small number of prooflike coins do exist and a handful of deep mirror prooflike (DMPL) coins do exist but they bring significant premiums.
1892-S
The 1892-S, with an original mintage of only 1,200,000 is a truly scarce date Morgan Dollar. Prices are less than $1,000.00 until the coin reaches About Uncirculated condition where retail prices begin at $3,000.00.
No hoards of this date were in the Treasury hoards released between 1962 and 1964, which is when this coin gained popularity as a scarce date.
1893-O
The year, 1893, is an important year for Morgan Dollars. Uncharacteristically, the highest mintages were struck by the Carson City Mint, of 677,000 typically had the lowest mintages.
The Philadelphia Mint struck 378,000 coins, and the San Francisco Mint struck a mere 100,000. The New Orleans Mint struck only 300,000 coins and coins in Extremely Fine condition break through the $1,000.00 price level.
No hoards in government vaults were ever discovered and prooflike coins are rare and, when found, are plagued by marks.
1895-O
The 1895-O Morgan Dollar, struck at the New Orleans Mint, coined a – Finding a lustrous and eye-appealing 1895-O Morgan in XF or AU condition can be quite challenging.
These coins were not known to exist in Government hoards and the overwhelming majority of these coins are weakly struck. Fully struck specimens are worth a considerable premium.
1896-O
The 1896-O Morgan Silver Dollar, like nearly all New Orleans Mint silver dollars from the 1890’s, is a very scarce coin. However, the 1900-O issue had a mintage of 12,290,000 coins.
Only 4,900,000 1896-O Morgan dollars were minted. This coin crosses the $1,000 threshold in About Uncirculated grade. No government hoards were known to exist and, again, this is another poorly struck issue.
1901-P
This 20th Century Philadelphia Mint coin is a scarce item with only 6,692,000 coins struck. Borderline Uncirculated (AU-58) start at the $1,000.00 level. This date does typically come with a decent strike.
But this date trails only the 1896-O in rarity at the Gem level, Some collectors, frustrated by an inability to find a Gem example, often substitute a 1901-P Morgan Dollar in Proof for a Gem circulation strike.
Over Dates & Other Varieties
This series, due to being struck at five different mints over an inconsistent period of 43 years, has more than its share of different varieties and over-dates on these coins. 96 different date and mintmark combinations were struck. A book by Leroy Van Allen and George Mallis, published in 1998, started a craze of collecting Morgan Dollars by VAM die varieties.
The list of over date and varieties is as follows:
1878 7 Tail Feathers with the Reverse of 1878
The 1878 Morgan dollars come with both 7 and 8 Tail Feathers on the eagle on the reverse. This variety will have 7 Tail Feathers, a flat breast on the eagle, and the feathers on the arrows will be parallel.
1878 7 Over 8 Tail Feathers Strong
The dies in 1878 were modified to display 7 tail feathers instead of the 8 on the original dies. The eagle’s breast feathers will usually come well-defined.
The strong designation means that four or more ‘under feather’ tips will be easily visible.
1878 7 Over 8 Tail Feathers Weak
The dies in 1878 were modified to display 7 tail feathers instead of the 8 on the original dies. The eagle’s breast feathers will usually come well-defined.
The weak designation means that fewer than four ‘under feather’ tips are easily visible. The word ‘weak’ does not refer to the strike of the coin.
1878 7 Tail Feathers Reverse of 1879
This coin is considerably scarcer as well as more expensive than the Reverse of 1878 version. The breast feathers are ‘well rounded’ on the 1879 variety as opposed to being ‘flat’ on the 1878 version.
All of the 1878 coins struck in Proof condition all used this same Reverse of 1879 dies.
1879-CC Capped Die Variety
A very popular coin, the 1879-CC comes in both large CC variety and the popularly known “Capped CC” variety which is a “Large CC over a Small CC.” You can see traces of the “CC” under the top mintmark.
This “Capped CC” variety is more scarce than the perfect “Large CC” coin. The “Capped CC” is truly the scarcer and, hence, the more expensive variety. This variety may also come with one or both sides exhibiting prooflike surfaces.
1879-S Reverse of 1878
The 1879-S Morgan has two distinct varieties – the reverse of 1878 and the 1879. The reverse of 1878 has a flat eagle’s breast as well as parallel top arrow feathers.
The reverse of 1878 is much more scarce and expensive.
1879-S Reverse of 1879
The 1879-S Morgan, Reverse of 1879, exhibits a fully rounded breast on the eagle as well as arrow feathers that are not parallel to one another. The top arrow feathers are considerably shorter than the remaining arrow feathers.
This is the most common variety of 1879-S with prooflike coins being common, especially if they are prooflike on only one side.
1880/79-S
This is an overdate of 1880-S over 79. For all overdate Morgan Silver Dollars this is one of the most common. But in comparison to typical Morgan Dollars, this is a relatively scarce coin.
You can usually see the top of the “7” and/or the tail of the “9” underneath.
1880-CC Reverse of 1879
1880-CC Morgan Dollars come with the Reverse of 1879 as well as the reverse of 1878. The reverse of 1879 is identified as having a slanted top arrow feather on the arrows in the eagle’s talon on the reverse.
Of the two varieties, the reverse of 1879 is the more common and encountered much more frequently.
1880-CC Reverse of 1878
The 1880-CC Morgan Dollar is identified as having rounded eagle’s breast feathers. It is the scarcer of the two varieties and certification by NGC or PCGS is strongly suggested and encouraged.
1880/79-O
The 1880-O/79 is also identified as having rounded breast feathers on the eagle on the reverse as well as slanted top arrow feathers on the arrows in the eagle’s talon.
1880-S 8 Over 7
This Morgan Dollar is scarce and the second 8 in the date is higher than the 7 underneath.
1880-S 0 Over 9
This overdate clearly displays the “0” in the date over a “9” that was part of an original “1879” date on the die that was used. Look for parts of the 9’s tail protruding through the “0”.
1882-O Over S Weak
This overdate is a great addition to a collection. However, the weak variety is NOT the one to purchase. The STRONG variety is a highly desirable acquisition.
1882-O Over S Strong
The strong variety is the desirable version to look for and buy. Look in the center of the “0” and you should see part of the “S” clearly on the strong version.
Traces of rust, from the dies, are completely normal and do not detract from the originality or the value. But avoid the weak variety and continue to look for the strong variety where under low power magnification, the under mintmark is clearly visible.
1887/6
The 1887/6 Morgan Dollar is elusive to collectors in virtually all grades. This is one of those overdates that requires a 10X magnifier to clearly see the overdate.
Many collectors give up on finding a clearly visible overdate as it is a scarce variety. While it is a known VAM number, many collectors just ignore this variety.
1887-O 7/6
Likewise the 1887-O overdate over 6 is also just as scarce and as elusive as the Philadelphia overdate of this same year. It also had been ignored for years but since the grading services are looking to identify this date and variety it is gaining in popularity.
1888-O Scar Face
The 1880-O ‘Scar Face’ Morgan Dollar is extremely easy to identify. There is a very long scratch that looks like a scar, from Miss Liberty’s mid-cheek down into her neck. A very popular VAM variety because it is so easy to identify.
1888-O Hot Lips
Another popular VAM variety is the 1888-O “Hot Lips” Morgan Silver Dollar.
There is prominent doubling of Miss Liberty’s lips due to the doubling of the dies when the coins were struck. There appears to be a prominent indentation on t upper lip.
1899-O Micro “O”
The 1899-O Micro “O” variety Morgan Dollar is highly elusive in all grades. The typical “O” mintmark on the 1899 coins is a medium size at best. The Micro O is the most elusive of all of these O-mint coins.
1900-O/CC
The 1900-O Over CC is an important overdate. The underlying “CC” mintmark is usually easy to see. The coins are available in circulated to Mint State.
It is estimated that approximately 10% of the total mintage of 1900-O Morgan Dollars may contain the O/CC mintmark. At least six “CC” dies were re-manufactured to accommodate the New Orleans “O” mintmark.
1903-S Micro “S”
The final variety of Morgan Dollar is the 1903-S Micro “S” Morgan Silver Dollar. This variety was created as a Philadelphia-intended die was re-tooled to add an “S.”
However, the “S” mintmark that was added was intended for a Quarter, rather than a significantly larger “S” mintmark intended for a silver dollar.
The 1903-S Morgan Dollar is a scarce coin, regardless of the micro S.
Valuations
| Date MM | Mintage | Very Fine | About Unc | Choice Unc |
| 1889-CC | 350,000 | $3,000 | $15,000 | $50,000 |
| 1893-S | 100,000 | $10,000 | $60,000 | $400,000 |
| 1895 Proof | 880 | $45,000 | $60,000 | $75,000 |
| 1884-S | 3,200,000 | $125 | $2,000 | $40,000 |
| 1886-O | 10,710,000 | $75 | $600 | $4,000 |
| 1892-S | 1,200,000 | $400 | $10,000 | $125,000 |
| 1896-O | 4,900,000 | $100 | $500 | $7,500 |
| 1893-O | 300,000 | $1,000 | $4,000 | $12,000 |
| 1895-O | 450,000 | $800 | $6,000 | $65,000 |
| 1896-O | 4,900,000 | $100 | $600 | $7,000 |
| 1901-P | 6,962,000 | $200 | $1,500 | $12,000 |
| 1878 7 Tail Feathers Reverse 78 | Included | $70 | $130 | $350 |
| 1878 7/8 Tail Feathers Strong | Included | $70 | $300 | $675 |
| 1878 7/8 Tail Feathers Weak | Included | $60 | $200 | $400 |
| 1878 7 Tail Feathers Reverse 79 | Included | $60 | $275 | $600 |
| 1879-CC Capped | Included | $1,100 | $4,500 | $12,000 |
| 1879-S Reverse of 78 | Included | $140 | $475 | $1,750 |
| 1879-S Reverse of 79 | Included | $60 | $85 | $150 |
| 1880/79-S | Included | $80 | $200 | $1,000 |
| 1880-CC Reverse of 79 | Included | $300 | $600 | $950 |
| Date MM | Mintage | Very Fine | About Unc | Choice Unc |
| 1880-CC Reverse of 78 | Included | $400 | $1,000 | $1,400 |
| 1880/79-O | Included | $70 | $150 | $750 |
| 1880-S 8/7 | Included | $45 | $70 | $130 |
| 1880-S 0/9 | Included | $50 | $75 | $140 |
| 1882-O/S Weak | Included | $60 | $200 | $380 |
| 1882-O/S Strong | Included | $85 | $300 | $600 |
| 1887/6 | Included | $150 | $450 | $1,100 |
| 1887-O 7/6 | Included | $250 | $700 | $2,250 |
| 1888-O Scar Face | Included | $1,500 | $3,000 | $10,000 |
| 1880-O Hot Lips | Included | $250 | $2,500 | $35,000 |
| 1899-O Micro O | Included | $100 | $1,000 | $10,000 |
| 1900-O/CC | Included | $250 | $700 | $1,500 |
| 1903-S Micro | Included | $900 | $25,000 | $75,000 |
| 1878- 1904 Com | Unknown | $50 | $75 | $110 |
| 1921 | 44,690,000 | $45 | $55 | $75 |
