Morgan Silver Dollar Value
Byline: Reviewed by the Silver Value Chart Editorial Team · Updated September 19, 2026
$51.34 melt value per coin
0.77345 troy oz of silver at $66.38/oz
Quick answer
A Morgan silver dollar contains 0.77345 troy ounces of silver — 26.73 grams of 90% silver alloy — giving it a melt value of $51.34 as of September 19, 2026.
But melt value is the wrong number for many Morgans. This is the one coin on this site where running a calculator and selling in bulk regularly costs people real money. Date, mintmark and condition matter more here than metal content.
- Years struck
- 1878–1904, 1921
- Gross weight
- 26.73 g
- Fineness
- .900
- Actual silver weight
- 0.77345 troy oz
- Diameter
- 38.1 mm
- Face value
- $1
Why this coin is different
Most silver on this site is priced as metal. Morgans are priced as collectibles that happen to contain metal, and the gap between the two can be enormous.
The reason is history. Millions of Morgans were struck under legislation requiring the Treasury to buy silver, then sat in government vaults for decades without circulating. When the GSA hoard was dispersed in the 1970s, large quantities of uncirculated 19th-century dollars entered the market in original condition — coins that in any other series would be extreme rarities.
The result is a series where common dates in worn condition trade near melt, while the same design from a different mint in the same year can be worth hundreds of times more. Nothing about the silver differs. Everything about the scarcity does.
Melt value versus collector value
At today's price every Morgan holds $51.34 of silver. What it is worth depends on where it falls:
- Common date, heavily worn — trades near melt, perhaps slightly above. This is the "junk" end of the series.
- Common date, uncirculated — a substantial multiple of melt, because condition is the scarce thing.
- Better date or mintmark, any grade — can be many multiples of melt.
- Key date in high grade — can reach four or five figures.
The mintmark is on the reverse, below the wreath. No mintmark means Philadelphia; CC is Carson City, S San Francisco, O New Orleans, D Denver (1921 only).
Carson City coins carry a premium in every grade. The CC mint operated briefly and struck small quantities, so any CC Morgan is worth checking carefully before it goes anywhere near a scrap pile.
Dates that reward a second look include 1889-CC, 1893-S, 1895 (the proof-only "King of Morgans"), 1894, 1879-CC and 1892-S. Others exist; this is not a complete list and condition changes everything. The practical rule: any CC coin, any pre-1900 S or O coin, and anything that looks uncirculated deserves an expert opinion before you sell.
Morgan versus Peace dollars
Peace dollars (1921–1935) share the identical specification — 26.73 g, 90% silver, 0.77345 troy oz ASW — so their melt value is also $51.34.
They differ in collectability. The Peace series is shorter, with fewer famous rarities, so more of it trades closer to melt. The notable exceptions are 1921 high relief, 1928 and 1934-S.
If you have a mixed bag of silver dollars, they weigh and melt the same. Sort them by type and date anyway, because what they are worth is not the same.
How to tell a real one
Morgan dollars are heavily counterfeited, both as period fakes and modern replicas.
Weight and diameter: 26.73 g and 38.1 mm. Counterfeits struck in base alloys rarely match both.
Magnet: silver is not magnetic. A response means base metal.
Ring: a genuine coin balanced on a fingertip and struck rings clearly for a second or more.
Check the mintmark closely. The most damaging fakes are added or altered mintmarks — a common Philadelphia coin with a CC soldered or tooled on. Under magnification, look for seams, tooling marks, or a mintmark whose surface differs in texture or color from the surrounding field.
"Copy" marks. Modern replicas sold legally must be marked COPY, though the mark is sometimes removed.
For anything that might be a key date, third-party grading is the only real answer. The cost of certification is trivial against the value at stake, and an uncertified key date will always sell at a discount to a certified one.
Worked examples at today's price
| Quantity | Silver content | Melt value |
|---|---|---|
| 1 Morgan | 0.77345 oz t | $51.34 |
| 20 (1 roll) | 15.47 oz t | $1,026.83 |
| 100 | 77.35 oz t | $5,134.16 |
| $1,000 face bag | 773.45 oz t | $51,342 |
These are metal figures only. For any coin above the worn-common-date level, they understate the value, often severely.
Selling or buying?
If you are selling, do not sell Morgans as bulk silver without checking them first. This is the strongest version of the warning on this site. Sort by date and mintmark, set aside anything CC, anything pre-1900 with an S or O, and anything with original mint luster. Get those looked at individually.
For the genuinely common and worn remainder, melt value is a ceiling, not an offer — expect dealers to pay near melt, since silver dollars are easy for them to resell.
Do not clean them. A cleaned Morgan is worth dramatically less than the same coin untouched. Cleaning is the most common way collector value gets destroyed, and it is irreversible.
If you are buying for silver content specifically, Morgans are an expensive way to do it — you pay a collector premium for metal you could buy more cheaply as bullion. See what a realistic premium over spot looks like →
Related pages
American Silver Eagle value · Junk silver calculator · Silver half dollar value · Melt value calculator
FAQ
How much silver is in a Morgan silver dollar? 0.77345 troy ounces. The coin weighs 26.73 grams and is 90% silver, the remainder copper.
Are all Morgan dollars valuable? No. Common dates in worn condition trade close to melt. Value concentrates in specific dates, mintmarks and grades — particularly Carson City coins and anything uncirculated.
Where is the mintmark on a Morgan dollar? On the reverse, below the wreath and above the letters DO in DOLLAR. No mintmark means Philadelphia.
Is a 1921 Morgan worth more than other dates? Generally less. 1921 was struck in very large numbers after a two-decade gap, making it among the most common dates in the series.
Should I get my Morgan graded? Worth considering if it appears uncirculated or is a better date; the certification cost is small against the value difference. For worn common dates it is not worth the fee.
Data sources: Spot price via api.gold-api.com · COMEX futures (SI=F) via Yahoo Finance. Prices are for informational purposes only and may be delayed. Figures on this page were generated . Silver is quoted in US dollars per troy ounce.