Morgan Silver Dollar (1878–1904, 1921)
The Morgan dollar is the most widely collected classic American coin. It is large, heavy and 90% silver, it was struck at five mints, and it comes with a story of political battles, Western mints and Treasury vaults full of forgotten bags. Most dates are plentiful, but the series also includes genuine rarities and a deep layer of varieties.
This page covers the history and design, how to grade a Morgan, the dates and mints that matter, counterfeits, and how Morgans trade on Changes Hands.
Quick facts
| Years | 1878–1904, 1921 |
|---|---|
| Designer | George T. Morgan |
| Denomination | One dollar |
| Composition | 90% silver, 10% copper (0.7734 troy oz silver) |
| Weight | 26.73 g |
| Diameter | 38.10 mm |
| Mints | Philadelphia (no mint mark), New Orleans (O), San Francisco (S), Carson City (CC), Denver (D, 1921 only); mint mark on the reverse above the DO of DOLLAR |
| Edge | Reeded |
History: silver politics in coin form
The Morgan dollar exists because of the Bland–Allison Act of 1878, which required the Treasury to buy large amounts of domestic silver and coin it into dollars, a concession to Western mining interests. The Sherman Silver Purchase Act of 1890 continued the purchases. Far more dollars were struck than commerce needed, and millions went straight into bags in Treasury and Mint vaults.
Production ended in 1904 when the bullion bought under the acts ran out. In 1918 the Pittman Act authorized melting silver dollars, and more than 270 million Morgans were destroyed. Striking resumed briefly in 1921 to replace that silver, using new, shallower dies, before the Peace dollar took over later that year.
Many of the bags survived. When the Treasury paid out its remaining stocks in the early 1960s, dates long thought rare, such as the 1903-O, turned up by the thousand. Later the government sold its remaining Carson City dollars to the public in a series of sales during the 1970s. These hoards are why so many Morgans exist in uncirculated condition today.
The design
George T. Morgan, an English-born engraver who joined the Mint in 1876, modeled Liberty on Anna Willess Williams, a Philadelphia teacher. She wears a cap with cotton blossoms and heads of wheat. The reverse shows an eagle with outstretched wings holding arrows and an olive branch above a wreath. Morgan's M appears on both sides.
How to grade a Morgan dollar
Wear starts on the hair above the forehead and ear, the cotton blossoms and the cheek, and on the eagle's breast, wing tops and head. The Changes Hands Grading Standard sets these diagnostics for the house bands, on both sides:
- Very Fine: some separated strands in the hair above the ear, partial cotton blossom detail, most wing feathers, and breast feathers visible along the edges.
- Extremely Fine: hair detail with light wear only on the highest strands, detailed cotton blossoms, breast feathers complete apart from slight flatness at the center.
- About Uncirculated: trace friction on the cheek, hair, breast and wing tops only, with luster on at least half of each side.
Strike, prooflike and varieties
Many New Orleans Morgans and some San Francisco dates are weakly struck on the hair above the ear and the breast feathers, so flatness there is not always wear. The 1921 issue has lower relief and is judged against other 1921 coins. Some uncirculated Morgans have mirror-like fields and earn PL (prooflike) or DMPL (deep mirror prooflike) designations from the major graders.
Morgans are also the classic die-variety series. VAM numbers, named for the researchers Leroy Van Allen and A. George Mallis, catalog thousands of die marriages. A few, such as the 1888-O Hot Lips and the 1878 7 over 8 Tail Feathers, are widely collected. Changes Hands keeps VAM varieties out of its common pools.
Counterfeits and problems
Die-struck counterfeits of nearly every date are common, so weight, diameter and a metal test matter on every Morgan regardless of value. Carson City coins are faked by adding a CC, and the genuine 1893-S shows a diagonal die line through the top of the T in LIBERTY. Cleaning is the most frequent problem on genuine coins: bright, hairlined fields on a coin with worn high points.
Buying and selling Morgan dollars on Changes Hands
Common circulated Morgans trade in house-graded pools: Very Fine, Extremely Fine and About Uncirculated, each covering a published list of common dates and mints. Certified classes cover popular coins such as the 1881-S in PCGS MS64, the 1921 in PCGS MS64 and the 1884-O in PCGS MS64, as well as the 1893-S in PCGS VF20 and the 1889-CC in PCGS VF20. Genuine coins with problems trade in the cull bulk class.
Buyers pay no fees; sellers pay 3% plus a one-time grading fee when a coin sells. See the fee schedule and start a submission.
Key dates
| Date | Why it matters |
|---|---|
| 1893-S | The key business strike, with 100,000 struck. Genuine coins show the die line through the T in LIBERTY. |
| 1895 | Known only as proofs; any circulated business-strike claim needs certification. |
| 1889-CC and 1893-CC | Scarce Carson City dates, especially in uncirculated condition. |
| 1879-CC | A popular early Carson City key. |
| 1884-S, 1892-S and 1901 | Available in circulated grades but rare uncirculated. |
| 1886-O and 1904-S | New Orleans and San Francisco issues that are scarce in high grade. |
| 1903-O | Once considered rare until Treasury bags were released in the early 1960s. |
Morgan Dollar markets
- Morgan Dollar, Culls
- Morgan Dollar, Common Morgan dollars, Very Fine
- Morgan Dollar, Common Morgan dollars, Extremely Fine
- Morgan Dollar, Common Morgan dollars, About Uncirculated
- Morgan Dollar 1881-S, PCGS MS64
- Morgan Dollar 1881-S, NGC MS65
- Morgan Dollar 1921, NGC MS63
- Morgan Dollar 1921, PCGS MS64
- Morgan Dollar 1884-O, PCGS MS64
- Morgan Dollar 1893-S, PCGS VF20
- Morgan Dollar 1889-CC, PCGS VF20
Frequently asked questions
Is a Morgan dollar silver?
Yes. Every Morgan dollar is 90% silver and 10% copper, weighing 26.73 grams and containing about 0.7734 troy ounces of silver.
How can you tell if a Morgan silver dollar is valuable?
Look at the date and mint mark first: Carson City coins and certain San Francisco and New Orleans dates are scarce. Then judge condition, from the hair above the ear and the eagle's breast, and check for cleaning. Uncirculated coins with strong luster and prooflike fields carry the largest premiums. This is general information, not investment advice.
What is the rarest Morgan dollar?
The 1895 Philadelphia dollar is known only as a proof. Among coins struck for circulation, the 1893-S is the key date, with 100,000 struck.
How do you spot a fake Morgan dollar?
Weigh it (26.73 grams), measure it (38.1 millimeters) and check it with a magnet, since many fakes are base metal. Mushy detail, wrong letter shapes and impossible dates such as 1910 are red flags. For valuable dates, buy certified or authenticated coins.
What does CC mean on a Morgan dollar?
CC is the mint mark of the Carson City Mint in Nevada, which struck Morgans from 1878 to 1885 and from 1889 to 1893. Carson City coins are popular for their Old West history and are generally scarcer than other mints.