Minted between 1878 and 1904 (with a final run in 1921), Morgan Silver Dollars are among the most beloved and iconic coins in American history. Named after their designer, George T. Morgan, these coins were struck with 90% silver and 10% copper, with a weight of 26.73 grams and a diameter of 38.1 millimeters. They feature an image of Lady Liberty on the obverse side and a majestic eagle on the reverse.
What makes Morgan Silver Dollars particularly intriguing for collectors is the wide range of dates, mint marks, and varieties, some of which are extremely rare and valuable. While millions were minted, the scarcity of certain coins has led to a strong demand among collectors. In this post, we’ll dive into some of the rarest varieties of Morgan Silver Dollars and explore why they hold such allure.
Key Dates and Rare Morgan Silver Dollar Varieties
Not all Morgan Silver Dollars are created equal. Some varieties are rare due to limited mintage numbers, historical events, or high demand among collectors. Factors like where the coin was minted, specific minting errors, and the coin’s overall condition can all contribute to its rarity and value. Whether or not the coin has been authenticated and certified by a reputable company can also add to its value and desirability.
Coins from the Carson City (CC), San Francisco (S), and New Orleans (O) mints, for example, tend to be more valuable because of lower overall production numbers. The melting down of silver dollars under the 1918 Pittman Act also eliminated large quantities of certain Morgan Dollars, making surviving examples from certain years and mintmarks even more desirable.
1889-CC Morgan Silver Dollar
The 1889-CC Morgan Silver Dollar is one of the rarest and most coveted coins – not only as far as Carson City-minted Morgan Dollars go, but also as far as the overall series goes. Produced at the Carson City Mint in Nevada, this variety had a mintage of just 350,000 coins. Already a low mintage as far as Morgan Silver Dollars go, many of these coins were lost or melted down, making surviving examples – especially in high AU or MS condition incredibly valuable. In higher grades, an 1889-CC can easily command six figures at auction. Collectors prize it not only for its rarity but also for its connection to the storied history of the Wild West and the Carson City Mint, which only operated for a short period of time from 1870 to 1893.
1893-S Morgan Silver Dollar
The 1893-S Morgan Silver Dollar is another legendary coin, with only 100,000 minted at the San Francisco Mint. As one of the key date coins in the series, this variety is difficult to find in high grades, making it a “must-have” for serious collectors. Even in lower grades, the 1893-S often sells for tens of thousands of dollars. Many experts consider this the rarest regular-issue Morgan Dollar, and its desirability continues to grow.
1895 Morgan Silver Dollar (Proof)
Often referred to as the “King of the Morgans,” the 1895 Morgan Silver Dollar is perhaps the most mysterious variety of the entire series. While official mint records show that 12,000 business-strike 1895 Morgans were produced, none have ever been found. As a result, only proof versions of the 1895 dollar are known to exist, with just 880 minted. This extreme rarity has turned the 1895 Morgan into a legendary coin, with proof versions fetching upwards of $100,000, depending on condition.
1884-S Morgan Silver Dollar
The 1884-S Morgan Silver Dollar is another rarity, thanks to the low number of coins that have survived in mint condition. While over 3.2 million were originally minted, most of these were circulated extensively or melted down. As a result, finding an 1884-S in high grade (MS 65 or higher) is exceedingly difficult. When found in such conditions, these coins often bring five- or six-figure prices at auction. In lower grades, they are still highly sought after, though more affordable for collectors.
1901 Morgan Silver Dollar
The 1901 Morgan Silver Dollar is another elusive variety that poses a challenge for collectors. While over 6 million were minted, very few high-grade examples have survived, making uncirculated coins incredibly rare. This coin is known for its poor strike quality, which adds another layer of difficulty when searching for well-preserved pieces. High-grade 1901 Morgans can fetch significant sums, particularly in MS 65 or above.
How to Identify Rare Morgan Dollars
Identifying rare Morgan Silver Dollars is a blend of art and science. Experienced collectors and numismatists will look for a few key factors:
- Date and Mint Mark: Certain dates and mint marks are rarer than others, as we’ve seen with the 1889-CC and 1893-S varieties.
- Condition: Coins in mint-state condition (MS) are exponentially more valuable than those with significant wear.
- Strike Quality: Well-struck coins are harder to come by, especially from certain mints like New Orleans (O) or Carson City (CC).
- Authentication: Due to the high value of rare Morgans, forgeries are not uncommon. Professional grading and certification by companies like PCGS or NGC is essential to ensure authenticity.
Investing in Rare Morgan Silver Dollars
Investing in rare Morgan Silver Dollars can be a rewarding venture, both financially and historically. These coins not only hold significant numismatic value but also serve as tangible links to America’s past. Before diving in, it’s important to consider a few key factors:
- Research and Knowledge: Understanding the market, the rarity of specific coins, and their historical significance is crucial.
- Grading and Certification: Always seek professionally graded coins from reputable agencies like PCGS or NGC to avoid counterfeits and ensure quality.
- Market Trends: Like any investment, the value of rare Morgan Dollars can fluctuate based on demand, economic factors, and the coin market.
Morgan Silver Dollars are a cornerstone of American coin collecting, and the rare varieties highlighted in this post represent the pinnacle of numismatic achievement. Whether you’re a seasoned collector or just beginning your journey, owning a rare Morgan Dollar is both a rewarding and prestigious endeavor. For more insights into rare coin collecting and in-depth guides on specific coin varieties, be sure to visit our blog, where we regularly update our content to keep collectors informed.