What one Morgan dollar is worth in silver
One Morgan dollar contains 0.7735 troy ounces of pure silver, from a coin weighing 26.73 grams at 900 parts per thousand. At the current benchmark that metal is worth $49.38. The benchmark behind it was set on , and every figure on this page moves with it.
| How many | Face value | Pure silver | Melt value |
|---|---|---|---|
| 1 | $1.00 | 0.7735 ozt | $49.38 |
| 10 | $10.00 | 7.7345 ozt | $493.77 |
| 20 | $20.00 | 15.47 ozt | $987.54 |
| 50 | $50.00 | 38.67 ozt | $2,468 |
| 100 | $100.00 | 77.35 ozt | $4,937 |
What the coin is
The Morgan dollar was struck from 1878 to 1904 and again in 1921, to a specification of 26.73 grams at 90% silver and 10% copper. That works out at 0.77345 troy ounces of pure silver in each coin, which is where every figure on this page starts. The remaining 2.673 grams of copper is what made the coin hard enough to survive circulation, and it is worth a fraction of a cent.
Because the coin is 90% fine rather than pure, its melt value is always below the silver price for a full ounce. A dollar with three quarters of an ounce in it tracks silver at roughly 77% of the spot figure. The calculator at the top of this page does that conversion at the current London benchmark, so the number moves when the silver market moves.
Circulated examples weigh slightly less than the specification. A coin that spent forty years in tills and pockets can lose around 1% of its weight to wear, which is why the trade prices bags of worn silver at 0.715 troy ounces per dollar of face value rather than the 0.7234 they left the mint with. On a single coin that difference is pennies. On a bag of a thousand it is real money.
Is it worth more than its metal?
The Morgan is the most collected US coin series there is, and that demand puts a floor under even common dates that sits above melt. A worn, common-date Morgan typically trades a few dollars over its silver simply because people want Morgan dollars, and no refiner is the right buyer for one.
The mint mark matters more than the date on its own. It sits on the reverse below the wreath: no mark for Philadelphia, O for New Orleans, S for San Francisco, D for Denver (1921 only) and CC for Carson City. Any CC coin carries a substantial premium because the Carson City mint was small and short lived, and collectors chase the whole run.
The dates that are worth serious money include the 1893-S, which is the key to the series and worth thousands even heavily worn, along with the 1889-CC, the 1879-CC and the 1893-O. The 1895 Philadelphia coin is known only as a proof and is the famous gap in most collections. If your coin is any of these, or if it looks uncirculated with full mint lustre, stop and have it graded before anyone weighs it.
Selling it
For common circulated dates, a coin dealer and a bullion dealer will both make an offer and the coin dealer will usually win, because they can resell it as a collectable rather than as metal. Selling Morgans to a refiner is close to the worst option available: it pays the least and it destroys a coin that has a ready retail market.
Sell in one lot rather than one at a time if you have a quantity, and do not clean anything first. Cleaning is the single most common way people cut the value of a silver dollar, because collectors can see the hairline scratches a cloth leaves and will pay far less for a coin that has been polished. Toning and grime are not damage. Scrubbing is.
Melt, resale and appraisal value sets out why those three numbers differ for the same object, and how we calculate shows every constant used on this page.
Morgan dollar questions
How much silver is in a Morgan silver dollar?
Each coin is 26.73 grams of 90% silver, which is 0.77345 troy ounces of pure silver. The other 10% is copper, added to make the coin hard enough to circulate, and it adds nothing to the melt value.
What is a Morgan dollar worth today?
Its silver is worth the figure at the top of this page, which moves with the benchmark. As a coin it is almost always worth more than that: common circulated dates trade a few dollars over melt, and key dates like the 1893-S are worth thousands regardless of the silver price.
Which Morgan dollars are rare?
The 1893-S is the key date of the series. The 1889-CC, 1879-CC and 1893-O are all scarce, and every Carson City (CC) coin carries a premium. The 1895 Philadelphia strike exists only as a proof. Check the mint mark below the wreath on the reverse before assuming a coin is common.
Should I sell a Morgan dollar for melt value?
Almost never. Even a worn common date is worth more to a coin dealer than to a refiner, because the series has constant collector demand. Melt value is the floor under the coin, not its price.
Are 2021 Morgan dollars the same coin?
No. The 2021 commemorative reissue is struck in 99.9% silver to a different weight and is sold as a modern collectable, not as a circulating coin. Do not price it with the 1878 to 1921 specification on this page.