Morgan Silver Dollar (1878–1921)

Specifications

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

Public domain (Samjpshen, Wikimedia Commons File:1899 obverse.jpg). Obverse of an 1899 Morgan dollar, shown as a type example.

The dollar of the Wild West: 90% silver, minted under the Bland-Allison Act, and still the most-collected U.S. coin series of all time.

History

Designed by English-born engraver George T. Morgan, who joined the U.S. Mint as a special engraver in Philadelphia in 1876 and later became Chief Engraver in 1917 (U.S. Mint biography, accessed 2026-09-16).
The series was mandated by the Bland-Allison Act of 1878, which required the Treasury to buy millions of ounces of domestic silver each month and coin it into standard silver dollars (PCGS CoinFacts, accessed 2026-09-16).
Struck 1878–1904 at Philadelphia (no mint mark), Carson City (CC), San Francisco (S), New Orleans (O), and — in 1921 only — Denver (D); the 1921 resumption honored Pittman Act purchases replacing silver dollars melted during World War I (CoinWeek, accessed 2026-09-16).
The 1921 Morgan was the last issue of the original run, replaced late that year by the Peace dollar design (1921 Silver Dollar Commemorative Coin Act, Congress.gov, accessed 2026-09-16).
The obverse shows Liberty in left profile with a Phrygian cap wreathed in cotton and wheat; the reverse shows a heraldic eagle with arrows and an olive branch — the classic emblem of American westward expansion (The Spruce Crafts, accessed 2026-09-16).
Mintages ranged from the tiny 1893-S to the mammoth 44,690,000-piece 1921 (CoinWeek, accessed 2026-09-16).

1893-S — the lowest verifiable business-strike mintage of the series (CoinWeek, accessed 2026-09-16).
1895 Philadelphia — no business strikes are known; all were apparently melted, making it proof-only and the series king (CoinWeek, accessed 2026-09-16).
Carson City issues (1878–1893) — CC mint dollars command strong collector premiums across all dates, with the 1879-CC, 1889-CC, and 1893-CC the standout scarcities (PCGS Price Guide, accessed 2026-09-16).
1894 — a low-mintage Philadelphia key frequently counterfeited; buy certified (PCGS CoinFacts, accessed 2026-09-16).
1878 8-tail-feather and 7/8-tail-feather varieties — first-year die varieties heavily pursued by VAM specialists (CoinWeek references, accessed 2026-09-16).
1892-S and 1893-O — mid-1890s issues with genuinely low production and few survivors in Mint State (PCGS Price Guide, accessed 2026-09-16).

Weight: 26.73 grams (The Spruce Crafts, accessed 2026-09-16).
Composition: 90% silver, 10% copper (0.7734 troy oz actual silver weight) (CoinWeek, accessed 2026-09-16).
Diameter: 38.10 mm (The Royal Mint, accessed 2026-09-16).
Edge: Reeded (The Spruce Crafts, accessed 2026-09-16).
Designers: George T. Morgan, obverse and reverse (PCGS CoinFacts, accessed 2026-09-16).
Mint mark (if any): reverse, below the wreath above ‘DO’ in DOLLAR (Greysheet, accessed 2026-09-16).

Authentication: this is one of the most counterfeited U.S. series; verify weight (26.73 g), diameter (38.10 mm), and non-magnetic silver response before buying raw coins (The Spruce Crafts, accessed 2026-09-16).
Common circulated dates trade near silver melt plus a modest premium — a fine entry point; certified Mint State common dates are widely available (JM Bullion, accessed 2026-09-16).
Grading quirk: distinguish weak strike (common on 1921 issues) from wear — check Liberty’s hair above the ear and the eagle’s breast feathers.
VAM varieties (die cracks, doubled dates, micro-O mint marks) create an entire collecting sub-field; the Top 100 Morgan Dollar Varieties is the standard reference (CoinWeek references, accessed 2026-09-16).
Carson City issues were held in Treasury bags for decades and often survive with bag marks; expect contact marks even on uncirculated CC dollars.