1894 Morgan Dollar

Specifications

Denomination: $1
Series: Morgan dollar (1878-1921)
Designer: George T. Morgan
Engraver: George T. Morgan
Years of issue: 1894
Composition: 90% Silver, 10% Copper
Weight: 26.73 g
Diameter: 38.1 mm
Edge: Reeded
Mintage: 110000
Key mintages: 110,000 circulation strikes (PCGS CoinFacts); Heritage lists 110,972 delivered. Second-lowest circulation-strike mintage in the series after 1893-S. Hint figure 110,000 verified.

Melt value: $49.85silver $64.40/ozt, copper $0.44/ozt · prices as of Sep 16, 2026

Wikimedia Commons, Daniel1901100, CC BY-SA 4.0

110,000 struck — the lowest Philadelphia Morgan mintage except the proof-only 1895.

History

Philadelphia delivered just 110,000 circulation strikes in three batches — 48,000 in August, 12,000 in September, 50,000 in October — making it the lowest-mintage Philadelphia Morgan dollar of the design except the proof-only 1895 (PCGS CoinFacts; accessed 2026-09-16)
A few bags surfaced in the 1950s and early 1960s, including a solid bag of BU coins in Great Falls, Montana, but the date missed the big 1962–64 Treasury release, so Mint State coins cluster at the low end and true Gems are extremely rare (Heritage Auctions; accessed 2026-09-16)
Strike quality is average to above average with usually satisfactory luster, though weakly struck, low-luster coins exist; softness over Liberty’s ear is typical (PCGS CoinFacts; accessed 2026-09-16)
The issue is scarce or rare in all grades — medium-grade circulated coins are snapped up at a couple hundred dollars or more, and even average Uncirculated pieces bring strong three-figure prices (Heritage Auctions; accessed 2026-09-16)

Circulation-strike mintage 110,000 — the second-lowest in the Morgan series, only 10,000 pieces more than the 1893-S (Heritage Auctions; accessed 2026-09-16)
Combined PCGS+NGC census showed just over 1,700 certified in MS60 or higher, with only 28 graded MS65 or better (Heritage Auctions; accessed 2026-09-16)
Counterfeit alert: PCGS CoinFacts warns that 1894 dollars in high circulated and lower Mint State grades are sometimes fabricated by removing the mintmark from a branch-mint coin such as the 1894-O (PCGS CoinFacts; accessed 2026-09-16)

Certified populations: Combined PCGS+NGC ~1,700 certified MS60+, only 28 in MS65+ (Heritage Auctions, 2007 census)

Genuine diagnostics: a true 1894 has NO mintmark; inspect the reverse above the DO of DOLLAR for tooling marks, tiny scratches, or uneven metal flow that would betray a removed O or S mintmark (PCGS CoinFacts; accessed 2026-09-16)
Added/removed-mintmark detection generally: look for tooling marks in the metal around the mintmark area, inconsistent metal flow, or a mintmark slightly out of position — buy certified on this date (Midwest Precious Metals; accessed 2026-09-16)
Value factors: scarce in every grade; expect softness over Liberty’s ear on most examples; genuine Gem 1894-P dollars are condition rarities and Registry-set candidates (Heritage Auctions; accessed 2026-09-16)