What a Morgan silver dollar is worth and why — silver content, key dates and mintmarks (including the 1921 Morgan and Carson City CC dollars), grade, and how value is determined.
What Determines a Morgan Silver Dollar’s Value
The Morgan silver dollar, designed by George T. Morgan and struck from 1878 to 1904 and again in 1921, is one of the most collected U.S. coins. Its value comes down to four things: silver content, date and mintmark, grade (condition), and any die variety or special pedigree. A common-date, well-worn Morgan trades close to its silver value plus a modest collector premium, while a key date in high grade can be worth many multiples of that.
Because Morgan dollars span dozens of date-and-mint combinations, two coins that look almost identical can carry very different values. The fastest way to know what you have is to identify the date, find the mintmark, and judge the wear — then have it evaluated. We do that for free at our San Antonio showroom, and we explain exactly what is driving the number.
How Much Silver Is in a Morgan Dollar
Every business-strike Morgan dollar is 90% silver and 10% copper. It weighs 26.73 grams and contains 0.7734 troy ounces of pure silver (its actual silver weight). That silver content sets the floor value for any genuine Morgan, so even the most common, heavily circulated examples are worth at least their melt value as the silver market moves.
Above that silver floor, collector demand adds a premium. How large that premium is depends entirely on the date, the mintmark, and the coin’s condition.
Mintmarks: Finding the CC, O, S, and D
Morgan dollars were struck at five mints: Philadelphia (no mintmark), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D, only in 1921). The mintmark is on the reverse, centered below the eagle, above the letters “DO” in “DOLLAR.” Coins with no mintmark were made in Philadelphia.
Carson City (CC) Morgans are the collector favorites. The Carson City Mint operated only briefly, so CC dollars were made in small numbers and command strong premiums across almost every date. Many CC Morgans were later sold by the U.S. government in the 1970s in black “GSA” holders, which collectors specifically seek out.
Morgan Silver Dollar Key Dates & Semi-Keys
The most valuable Morgan dollars are the recognized key dates. The 1893-S is the rarest business strike and the most valuable regular-issue Morgan. The 1895 (a proof-only year for collectors) is famously called the “King of Morgan Dollars.” Other strong key and semi-key dates include the 1889-CC, 1893-O, 1894, 1895-O, 1895-S, 1879-CC, 1892-S, 1903-S, and 1904-S.
Carson City dates as a group — 1878-CC through 1893-CC — are desirable even when they are not technically rare. If your coin is a CC, an early-date key, or a sharp uncirculated example, it deserves a closer look before you sell.
Is the 1921 Morgan Silver Dollar Rare?
The 1921 Morgan dollar is the single most common date in the series. After a 17-year pause, the design was revived for one year and struck in huge numbers at Philadelphia, Denver (D), and San Francisco (S). As a result, circulated 1921 Morgans usually trade near their silver value with only a small premium.
There are exceptions. High-grade uncirculated 1921 Morgans, sharp strikes, and certain die varieties carry more value, and the 1921-D and 1921-S are scarcer than the no-mintmark Philadelphia coin in top condition. Note that the 1921 Morgan is a different coin from the 1921 Peace dollar, which began in the same year — the designs and values are not the same.
Grade, Varieties & Why Certification Matters
Condition can change a Morgan’s value dramatically. Collectors pay sharply more for uncirculated (Mint State) coins with original luster than for worn examples, and small differences in grade can mean large differences in price for better dates. Eye appeal, strike quality, and toning all factor in.
For valuable coins, third-party certification from PCGS or NGC verifies authenticity and grade and makes the coin easier to sell. Some Morgans also carry collectible die varieties (VAMs) that add value. We evaluate raw and certified coins, explain when grading is worth it, and never represent our in-store opinion as a third-party grade.
Frequently asked questions
How much is a Morgan silver dollar worth?+
It depends on the date, mintmark, and grade. Common-date, circulated Morgans trade near their silver value (about 0.7734 troy oz of silver) plus a modest premium, while key dates and high-grade coins can be worth many times more. Bring it in for a free evaluation and we’ll show you exactly what’s driving the value.
How much silver is in a Morgan dollar?+
A Morgan dollar is 90% silver and weighs 26.73 grams, containing 0.7734 troy ounces of pure silver. That silver content sets the minimum value for any genuine Morgan.
What is the rarest or most valuable Morgan dollar?+
The 1893-S is the rarest regular-issue Morgan and the most valuable business strike. The 1895 is a proof-only year nicknamed the “King of Morgan Dollars.” Carson City (CC) dates and other key dates like the 1889-CC and 1893-O also carry strong premiums.
Are Carson City (CC) Morgan dollars valuable?+
Yes. Carson City Morgans were struck in small numbers and carry premiums across nearly every date. Examples still in their original government “GSA” holders are especially sought after.
Is a 1921 Morgan silver dollar rare?+
No — the 1921 is the most common Morgan dollar and circulated examples usually trade near silver value. High-grade uncirculated coins and the 1921-D and 1921-S in top condition are worth more. The 1921 Morgan is also a different coin from the 1921 Peace dollar.
Where can I sell a Morgan silver dollar in San Antonio?+
Lone Star Coins buys Morgan dollars — single coins, key dates, and full collections — with free walk-in evaluations and same-day payment. We are PCGS/NGC authorized with 40+ years in San Antonio.