1878 Morgan Silver Dollar Value Checker: Errors List, “CC”, “S” & No Mint Mark Worth

The 1878 Morgan Silver Dollar holds a unique position in American numismatics as the inaugural year of the most popular silver dollar series ever produced. This first-year issue features a wide array of varieties distinguished by the number of tail feathers on the eagle’s reverse, the breast shape (flat versus rounded), and mint mark location, creating exceptional collecting opportunities for enthusiasts at every level.

Understanding the 1878 Morgan Silver Dollar value requires examining these critical variety differences alongside condition grades. Values fluctuate dramatically across different combinations, from as little as $40 for heavily circulated specimens to over $275,000 for the rarest proof cameo variants in pristine condition.

Whether you’re a seasoned collector building a comprehensive set or just discovered an 1878 Morgan Dollar in an old collection, knowing the specific variety and accurately assessing condition are essential steps to determining your coin’s true worth.

 

1878 Morgan Silver Dollar Value By Variety

The value of 1878 Morgan Silver Dollars varies significantly based on variety type (8TF, 7/8TF, or 7TF reverse variations), mint mark location, surface characteristics (standard, PL, or DMPL), and overall condition grade. MS refers to “Mint State,” meaning the coin shows no wear at all. PL stands for “Prooflike,” meaning the coin has reflective mirror-like fields. DMPL means “Deep Mirror Prooflike,” with deeply reflective fields that almost look like a proof coin.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Rarest Silver Dollar Coins Worth Money (Most Expensive)

 

Top 10 Most Valuable 1878 Morgan Silver Dollar Coins Worth Money

The 1878 7 Tail Feathers Reverse of 1879 in MS64 condition dominates the top position at $155,250, reflecting its exceptional rarity and historical significance as the scarcest first-year variety. This remarkable valuation demonstrates how correctly identifying the reverse type can multiply a coin’s value many times over comparable varieties.

High-grade examples consistently command premium prices across all varieties, with coins graded MS64 and above representing the elite tier of 1878 Morgan Silver Dollar collecting. The presence of multiple MS66 and MS67 specimens in the top ten underscores the importance of superior preservation and eye appeal in determining market value.

Proof strikes secure prominent positions within the rankings, with the 1878 7TF Reverse of 1878 PR67 achieving $84,000 and the 1878 8TF PR66 reaching $56,400. These specially struck presentation pieces represent the pinnacle of Mint craftsmanship and were produced in extremely limited quantities, making them highly coveted by advanced collectors.

The 8 Tail Feathers variety appears multiple times in the top ten despite its brief production run of only two weeks in March 1878. Coins graded MS67 command $70,500 and $55,813 respectively, while an MS66 example reaches $58,750, demonstrating strong collector demand for this historically significant first-strike design.

Both Reverse of 1878 and Reverse of 1879 varieties secure multiple positions in the rankings, though the latter generally achieves higher prices at equivalent grades due to its significantly lower population. The price differential between reverse types at similar grade levels provides clear guidance for collectors prioritizing rarity versus accessibility in their acquisition strategies.

 

History of The 1878 Morgan Silver Dollar

The 1878 Morgan Silver Dollar marked the first year of this iconic series, arriving five years after the Coinage Act of 1873 had ended silver dollar production and placed the United States on the gold standard. Following the Panic of 1873 and the subsequent economic depression, western silver mining interests — especially those connected to the massive Comstock Lode silver deposits discovered in Nevada in 1859 — lobbied intensely to restore silver’s monetary role.

On February 28, 1878, Congress overrode President Rutherford B. Hayes’ veto to pass the Bland-Allison Act, which required the Treasury to purchase between two and four million dollars’ worth of silver bullion at market value each month. Hayes vetoed the bill partly because he believed it overvalued silver coins by 8 to 10 percent and feared it would harm the nation’s ability to meet monetary contracts.

Production of the new Morgan dollar finally commenced on March 11, 1878, at 3:17 p.m. at the Philadelphia Mint, more than a week after the Act’s passage. The first acceptable strike was given to President Hayes, while the second and third pieces went to Treasury Secretary John Sherman and Mint Director Henry Linderman.

The coin’s designer, George T. Morgan (1845–1925), was a talented engraver originally from England who had joined the Philadelphia Mint only a few years earlier. His model for Liberty was Anna Willess Williams, a Philadelphia schoolteacher whose profile Morgan described as “nearly perfect Grecian.” She posed for him across five sessions in November 1876, and her likeness first appeared on Morgan’s Half Dollar patterns in 1877 before being adapted for the dollar.

The original dies produced at Philadelphia featured 8 tail feathers on the eagle, and these coins were struck for approximately two weeks with an estimated mintage of 750,000 to one million pieces. Critics were quick to mock the design — the Cincinnati Commercial noted the eagle resembled a “British grouse,” while the American Journal of Numismatics suggested the new dollar was the “crown of monstrosities” from the U.S. Mint.

Within two weeks of production, Mint Director Linderman visited Philadelphia with changes, wanting to reduce the relief and change the tail feathers from 8 to 7, as earlier U.S. coins depicted the bald eagle with an odd number of tail feathers. Because preparation of new dollar dies for all mints would take several weeks, the Philadelphia Mint simply impressed the new 7 tail feather design over the older 8-tailed feather dies, creating the famous 7/8 tail feathers variety.

The final version featured 7 tail feathers with no traces of the original 8, and was divided into two types: the “Reverse of 1878” with a flat eagle breast and parallel top arrow feather, and the scarcer “Reverse of 1879” with a convex breast and slanted arrow feather. Dies were eventually sent to Carson City and San Francisco, arriving at both mints on April 16, 1878 — the first 100 Carson City pieces were struck on that same day.

The Bland-Allison Act was later replaced by the Sherman Silver Purchase Act of 1890, which required even larger silver purchases. After the reserves were depleted by 1904, Morgan Dollar production halted, resuming for one final year in 1921 following the Pittman Act’s mass melting of over 270 million silver dollars.

Also Read: Top 100 Most Valuable Morgan Silver Dollar Coins Worth Money List

Is Your 1878 Morgan Silver Dollar Rare?

Determining the rarity of your 1878 Morgan Silver Dollar requires expert analysis of its variety, mint mark, and condition. Our CoinValueChecker App instantly evaluates these critical factors to reveal your coin’s true scarcity and market value.

 

Key Features of The 1878 Morgan Silver Dollar

The 1878 Morgan Dollar marks one inaugural year of this iconic series, representing the first standard silver dollar minted since the Coinage Act of 1873 ended production of the Seated Liberty dollar. As a first-year issue, the 1878 Morgan holds special historical significance in American numismatic history.

The coin contains 0.77344 troy ounces of pure silver, which at current silver spot prices near $30 per ounce gives even the most worn examples a base metal value of roughly $23. This silver floor means 1878 Morgan Dollars always retain meaningful worth regardless of condition.

The Obverse Of The 1878 Morgan Silver Dollar

Liberty faces left wearing a Phrygian cap — a style of hat historically worn by freed Roman slaves and Phrygian people to symbolize freedom — with the word “LIBERTY” inscribed on the headband. A crown of cotton bolls and wheat sprigs adorns her hair, representing American agriculture and symbolizing unity between the agrarian North and South.

The Latin motto “E PLURIBUS UNUM” (meaning “Out of many, one”) arches above Liberty’s portrait, while the date “1878” appears at the bottom. Thirteen six-pointed stars representing the original thirteen colonies are arranged around the coin’s edges between the top inscription and date.

The portrait was modeled after Anna Willess Williams, a Philadelphia schoolteacher who sat for Morgan on five occasions in November 1876.

The Reverse Of The 1878 Morgan Silver Dollar

The reverse features an American bald eagle with outstretched wings, clutching an olive branch in its left talon and a bundle of arrows in its right, symbolizing peace and military readiness. The motto “IN GOD WE TRUST” is nestled between the eagle’s wings, with “UNITED STATES OF AMERICA” arcing across the top and “ONE DOLLAR” displayed at the bottom.

A laurel wreath curves below the eagle’s wings, with a ribbon holding it together tied in two loops. Two six-pointed stars separate the upper legend from the lower denomination inscription.

The 1878 reverse is distinguished by its tail feather variations — the earliest coins display eight tail feathers, while subsequent production changed to seven tail feathers in multiple reverse types. The mint mark, if present, appears on the reverse between the letters “D” and “O” in “DOLLAR,” indicating production at San Francisco (S), Carson City (CC), or no mark for Philadelphia.

Other Features Of The 1878 Morgan Silver Dollar

The coin features a reeded edge — vertical grooves running around the circumference — as a security measure against counterfeiting and coin clipping. Denticles, tooth-like ornamental beading, frame both the obverse and reverse rims, adding structural integrity and aesthetic detail to the design.

The coin measures 38.1 millimeters (about 1.5 inches) in diameter and 2.40 millimeters in thickness, weighing 26.73 grams (412.5 grains). The composition of .900 fine silver with .100 copper created durability while maintaining precious metal content, conforming to the Coinage Act of 1837.

The aging of steel dies during extended production created additional diagnostic characteristics, including die cracks and die breaks that were transferred onto coins, forming the basis for VAM variety identification. VAM stands for Van Allen-Mallis, named after Leroy C. Van Allen and A. George Mallis, the two numismatists who published the Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars in 1971.

Also Read: Top 80+ Most Valuable Sacagawea Dollar Worth Money (2000-P to Present)

 

1878 Morgan Silver Dollar Mintage & Survival Data

The 1878 Morgan Silver Dollar production totaled approximately 22.7 million coins across all mints and varieties, yet survival rates vary dramatically by type. The San Francisco Mint produced the highest quantity with 9,774,000 pieces, of which an estimated 2,990,000 survive today, representing a robust 30.59% survival rate.

Philadelphia’s production featured multiple reverse varieties, with the 7 Tail Feather issues dominating at 9,759,300 mintage each for both Reverse of 1878 and Reverse of 1879 types. Despite identical production numbers, the Reverse of 1879 shows significantly higher survival at 300,000 coins (3.07%) compared to the Reverse of 1878’s 175,000 (1.79%).

The scarce 8 Tail Feathers variety, produced only during the first two weeks of minting, had a limited mintage of just 749,500 pieces. Remarkably, this variety demonstrates the highest survival rate among business strikes at 33.36%, with approximately 250,000 coins remaining today.

The transitional 7/8 Tail Feathers Strong variety presents a paradox — despite a substantial mintage of 9,759,300 coins, it exhibits the lowest survival rate at merely 1.52% with only 148,650 estimated survivors. This suggests either higher attrition through circulation and melting, or challenges in variety identification among collectors.

Carson City production reached 2,212,000 pieces with an estimated 295,000 surviving (13.34% survival rate). Unlike later Carson City issues such as the 1883-CC and 1884-CC, the 1878-CC entered active circulation where merchants, miners, railroad workers, and gamblers handled these coins daily — which explains why most surviving examples show considerable wear. Releases during the 1950s temporarily increased marketplace supply, though they were modest compared to the large Treasury distributions of later-date CC Morgans in the 1960s.

Proof strikes present exceptional rarity, with mintages ranging from 250 to 500 pieces per variety. The 7 Tail Feathers Reverse of 1878 Proof shows the strongest survival at 40%, while the 7 Tail Feathers Reverse of 1879 Proof varieties demonstrate extremely low survival rates of only 6% for standard proofs and 4.8% for cameo specimens. CAM stands for “Cameo” — a designation for proof coins where the devices (raised design elements) appear frosty white against deeply mirrored fields, creating a dramatic two-tone contrast.

Keep in mind that millions of 1878 Morgan Dollars were melted during the early 20th century under the Pittman Act of 1918, and again during the silver boom of the late 1970s and early 1980s. Original mintage figures therefore significantly overstate how many actually survive today.

Also Read: Top 40+ Most Valuable Presidential Dollar Coins Worth Money

 

The Easy Way to Know Your 1878 Morgan Silver Dollar Value

Determining your 1878 Morgan Silver Dollar’s value requires examining some critical factors: variety (8 Tail Feathers, 7/8 Tail Feathers, or 7 Tail Feathers), mint mark location, and coin condition grade. The mint mark appears on the reverse below the eagle’s tail feathers — “CC” for Carson City, “S” for San Francisco, or no mark for Philadelphia.

Coin condition is graded on the Sheldon scale from 1 to 70, with higher numbers meaning better condition and higher values. A common circulated piece may be worth $40–$80, while an MS65 specimen can reach thousands of dollars, and higher grades can achieve tens of thousands. Additional features like Prooflike (PL) or Deep Mirror Prooflike (DMPL) surfaces, as well as specific VAM varieties with doubling or die errors, can substantially increase value.

Rather than spending hours researching price guides and attempting manual identification, our Coin Value Checker App instantly analyzes your coin’s variety, mint mark, and condition through advanced image recognition technology. Simply snap a photo and receive an accurate valuation within seconds — eliminating guesswork and ensuring you understand your coin’s true market worth. Download now to discover what your 1878 Morgan Silver Dollar is really worth.

 

1878 Morgan Silver Dollar Value Guides

The 1878 Morgan Silver Dollar represents one historic year of America’s most beloved silver dollar series, featuring an unprecedented diversity of varieties that fundamentally shaped numismatic collecting. This first-year issue witnessed unprecedented design evolution as the U.S. Mint experimented with eagle tail feather counts, breast contours, and arrow feather arrangements across multiple die revisions.

This experimental first year produced twelve major collecting categories spanning business strikes, transitional varieties, branch mint issues, and proof specimens. Philadelphia’s role as the primary production facility generated four distinct reverse combinations as engravers modified tail feather counts, eagle breast contours, and arrow feather arrangements. Meanwhile, Carson City and San Francisco contributed their own distinctive characteristics through unique striking qualities, survival patterns, and regional minting circumstances.

According to the Greysheet price guide, the 1878 Morgan Dollar series encompasses 307 distinct catalog entries, with values ranging from under $70 to over $100,000 for the rarest certified examples. The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars by Leroy C. Van Allen and A. George Mallis, first published in 1971, remains the standard reference for VAM variety attribution and is often simply called “the VAM book” by collectors.

1878 Morgan Silver Dollar Varieties:

• 1878 8TF Morgan Silver Dollar: Original eight tail feather design, scarce in gem grades, first Morgan reverse type.
• 1878 7/8TF Strong Morgan Silver Dollar: Transitional overstrike variety showing five or more original feathers beneath new design.
• 1878 7TF Reverse of 1878 Morgan Silver Dollar: Most accessible Philadelphia variety, flat eagle breast with parallel arrow feather.
• 1878 7TF Reverse of 1879 Morgan Silver Dollar: Scarcest Philadelphia issue, rounded breast and slanted arrow, highly sought after.
• 1878-CC Morgan Silver Dollar: Rarest mint location, well-struck Carson City production, commands consistent premiums.
• 1878-S Morgan Silver Dollar: San Francisco issue with excellent luster, heavily bagmarked, widely available in mint state.
• 1878 8TF Proof Morgan Silver Dollar: First proof Morgan striking, limited production, scarce survivors today.
• 1878 8TF CAM Morgan Silver Dollar: Extremely rare cameo proof with strong frosted contrast, premier first-year specimen.
• 1878 7TF Reverse of 1878 Proof Morgan Silver Dollar: Limited proof striking of second reverse, exceptional rarity, significant auction prices.
• 1878 7TF Reverse of 1878 CAM Morgan Silver Dollar: Cameo proof with superior eye appeal, highly prized by advanced collectors.
• 1878 7TF Reverse of 1879 Proof Morgan Silver Dollar: Rarest reverse proof type, seldom encountered, commands substantial premiums.
• 1878 7TF Reverse of 1879 CAM Morgan Silver Dollar: Ultimate first-year rarity combining scarcest reverse with cameo contrast, legendary status.

Understanding these distinct categories is essential for collectors and investors, as each variety carries unique characteristics, production circumstances, and survival patterns that dramatically affect both historical significance and market value. Each category offers collectors distinct opportunities ranging from accessible entry points to elite rarities commanding five- and six-figure prices at auction.

 

1878 8TF Morgan Silver Dollar Value

The 1878 8TF Morgan Silver Dollar stands as the inaugural striking of America’s most beloved silver dollar series, featuring an ornithologically incorrect design with eight tail feathers despite bald eagles naturally possessing only seven. This brief production run lasted merely two weeks in March 1878 before the Mint corrected the error, resulting in just 749,500 pieces struck at the Philadelphia facility.

The three distinct surface designations — MS, PL, and DMPL — reflect the natural die deterioration cycle during the minting process. When fresh dies or recently repolished dies first enter production, the initial several hundred coins exhibit deeply reflective mirror fields, earning the coveted DMPL designation with surfaces approaching true proof quality.

Standard Mint State examples display typical satiny luster with frosty surfaces across both devices and fields. Values for MS examples span dramatically across the grading spectrum — from $150–$300 for MS60–62 grades to $500–$1,500 for choice MS64 specimens.

The legendary MS67 example achieved a remarkable auction record of $55,813 in June 2015 at Legend Rare Coin Auctions, demonstrating the premium collectors place on exceptional preservation. An MS66 example also brought $58,750 at auction, confirming that high-grade 8TF coins attract fierce competition.

Variety collectors should note that the 8TF series includes several notable VAM (Van Allen-Mallis) varieties. The VAM-18 Doubled Date is a Top 100 variety, with an MS66 example selling for $3,760 at Heritage Auctions in August 2016. The VAM-20 Doubled Date is designated a “Hot 50” variety, with GreatCollections reporting sales ranging from $203 to $714 in grades 58 through 64.

The following table documents this variety’s complete auction history across all certified grades.

Recent market activity demonstrates sustained collector interest in this first-strike design throughout the past year.

 

1878 7/8TF Strong Morgan Silver Dollar Value

The 1878 7/8TF Strong Morgan Silver Dollar represents a fascinating transitional variety where the Mint corrected the tail feather error by striking new seven-feather dies over the original eight-feather design without completely removing the underlying impression. The “Strong” designation indicates that five or more of the original eight tail feathers remain clearly visible beneath the seven-feather design, distinguishing it from weaker examples where fewer underlying feathers can be detected.

This emergency solution arose when the Mint needed to correct the ornithologically incorrect eight-feather design quickly but lacked sufficient time to manufacture entirely new dies from scratch. The resulting overstriking created a distinctive variety where careful examination reveals the ghostly remnants of the original feather pattern beneath the corrected design, making each specimen a tangible record of the Mint’s hasty design modification process.

Collectors should be aware that the 7/8TF series has over 30 documented VAM varieties, including VAMs 15, 32, 33, 34, 41A/B/C, and 50. Most of these varieties show distinct doubling at the bottom of the tail feathers. The Weak variety (where fewer than five original feathers are visible) is tracked separately from the Strong variety.

Standard MS examples remain common through MS64 grades, with values ranging from $100–$200 for lower mint state specimens to $500–$1,200 for MS64 pieces. The variety becomes significantly scarcer in Gem grades — an MS66 example realized $15,010 at Bowers & Merena in January 2011, while another MS66 achieved $9,600 in June 2018.

A comprehensive auction record reveals how this transitional variety performs across different quality levels and market cycles.

The chart below illustrates steady trading patterns and consistent demand among variety specialists over recent months.

 

1878 7TF Reverse of 1878 Morgan Silver Dollar Value

The 1878 7TF Reverse of 1878 Morgan Silver Dollar represents the most accessible Philadelphia variety among first-year issues, distinguished by its flat or concave eagle breast and parallel arrow feather arrangement — sometimes called “PAF” by variety specialists. This Second Reverse design emerged after the Mint corrected the ornithologically incorrect eight-feather error, with estimated production reaching approximately 7.2 million pieces.

To identify this variety, look at the eagle’s breast: it should appear flat or slightly concave rather than rounded. Then check the top feather on the bundle of arrows the eagle holds — it should run parallel to the feather below it, not at an angle.

Gem examples in higher grades represent significantly greater challenges for collectors, with an MS66+ specimen achieving $43,475 at Legend Rare Coin Auctions in July 2018. Prooflike and Deep Mirror Prooflike examples command premiums for their reflective surfaces, with an MS66 PL specimen realizing $9,988 in February 2017.

According to PCGS CoinFacts, PL and DMPL examples remain scarce in grades above MS65, where both surface designations approach genuine rarity status among advanced Morgan Dollar variety collectors.

The detailed auction table below captures price performance spanning multiple decades of numismatic sales.

Market activity trends indicate stable collector engagement with this most accessible Philadelphia variety.

 

1878 7TF Reverse of 1879 Morgan Silver Dollar Value

The 1878 7TF Reverse of 1879 Morgan Silver Dollar represents the scarcest Philadelphia variety among first-year issues, distinguished by its rounded or convex eagle breast and slanted top arrow feather (SAF — Slanted Arrow Feather). This Third Reverse design became the standard reverse for all subsequent Morgan Dollars from 1879 through 1904.

To identify this variety, check that the eagle’s breast appears rounded or convex rather than flat, and look for the top arrow feather being angled away from the arrow shaft rather than running parallel to it. These two features together confirm the Reverse of 1879 designation.

Estimated production reached only approximately two million pieces, making it roughly twice as scarce as the Reverse of 1878 counterpart. According to PCGS CoinFacts, the MS65 population is still above 300 coins, but high collector demand creates intense competition for these pieces. The finest known examples are only six MS66 coins, making this grade extremely rare. Prooflike examples represent less than a tenth of the total population, and DMPL coins are roughly twice as rare as regular Prooflikes.

An extraordinary AU Details example achieved $50,000 on eBay in May 2021, illustrating that exceptional eye appeal and originality can command significant premiums even for coins with technical impairments.

Historical auction results establish a well-documented pricing trajectory for this scarcer reverse type.

Contemporary market trends reflect growing recognition of this variety’s relative scarcity among first-year issues.

 

1878-CC Morgan Silver Dollar Value

The 1878-CC Morgan Silver Dollar marks the inaugural year of Carson City Mint production for the Morgan Dollar series, holding special appeal among collectors due to the legendary status of the “CC” mintmark representing Nevada’s storied silver mining heritage. Carson City stood near the massive Comstock Lode silver deposits, making it the natural facility to transform Nevada silver into Morgan dollars.

With a production of 2,212,000 pieces, this first-year Carson City issue utilized the Second Reverse design featuring the flat or concave eagle breast and parallel arrow feather. Unlike later Carson City issues, the 1878-CC entered active daily circulation — handled by merchants, miners, railroad workers, and gamblers — which is why most surviving examples show heavy wear, often grading from Good to Fine.

A portion of the mintage remained in Treasury vaults and was released during the 1950s. An estimated one million or more pieces were melted under the 1918 Pittman Act, while approximately 60,993 examples were held back from the 1962–1964 Treasury release and subsequently sold by the General Services Administration (GSA). Those GSA-packaged examples often command premiums for their historical packaging.

Standard MS examples remain accessible in lower mint state grades below MS66. A dramatic price jump occurs at the MS66 level, with specimens commanding $5,750. Condition census MS67 examples are genuine rarities with values around $65,000, and the auction record of $34,500 was achieved in January 2009 at Heritage Auctions. As recently as March 2026, a PCGS MS-67 example was offered at GreatCollections, confirming active market pursuit of elite-grade specimens.

The auction record table showcases the premium prices commanded by this legendary Carson City issue.

Market activity patterns reveal consistent collector pursuit of “CC” mintmarked examples throughout all seasons.

 

1878-S Morgan Silver Dollar Value

The 1878-S Morgan Silver Dollar represents the San Francisco Mint’s inaugural contribution to the Morgan Dollar series, exclusively featuring the Second Reverse design with seven tail feathers, parallel arrow feather, and flat eagle breast. San Francisco received its dies on April 16, 1878 — the same day as Carson City — and struck all its 1878 coins from only two of the 10 die pairs originally shipped, as three obverses and eight reverses were condemned by the coiner as unusable.

With a substantial production of 9,774,000 pieces, this issue became particularly significant due to the San Francisco Mint’s practice of storing an estimated five to six million coins in reserve, subsequently releasing massive quantities during the 1950s Treasury dispersals and the 1962–1964 distribution period. This is why so many 1878-S examples survive in excellent condition — many spent decades in Treasury vaults untouched.

According to Q. David Bowers’ Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia (Bowers and Merena Galleries, 1993), an estimated 600,000 to 1,000,000 examples survive in MS60–62 grades, 100,000–160,000 in MS63, 40,000–80,000 in MS64, and 12,000–20,000 in MS65 or better. Most examples are well struck with excellent luster, though many carry very heavy bagmarks.

Prooflike coins are fairly common, with an estimated 15,000–30,000 existing. DMPL coins are about five times rarer than regular Prooflikes. An MS66 DMPL specimen realized $15,275 in May 2020 at Legend Rare Coin Auctions. At the condition census level, a single MS68 specimen achieved $35,938 in January 2009 at Heritage Auctions, establishing this grade as the finest known.

The 1878-S also has notable VAM varieties. The VAM-58 Long Arrow Shaft is a Top 100 Morgan variety, identifiable by an unusually long arrow shaft and a distinctive spike protruding from Liberty’s eye. The 1878-S VAM-17A Multiple Denticle Clashes in Reverse is another extremely rare variety among specialists.

A complete listing of auction milestones provides insight into long-term value trends for this San Francisco issue.

The market activity chart tracks buyer interest for this widely available variety.

 

1878 8TF Proof Morgan Silver Dollar Value

Proof Morgan Dollars made their historic debut in 1878 with the eight-feather reverse design, representing the Philadelphia Mint’s first specially struck presentation pieces in the new silver dollar series mandated by the Bland-Allison Act. Proof coins differ from business strikes in that they are made using specially polished dies and hand-selected planchets, resulting in mirror-like fields and sharply detailed devices.

With reported production estimates ranging from 500 to 750 pieces, the actual survival rate suggests significantly fewer examples exist today, with approximately 400 specimens believed to survive across all grade levels. This makes the inaugural proof issue substantially scarcer than mintage figures alone would indicate.

Gem proof examples become genuinely rare above the PR64 level. A PR66 example achieved $56,400 in January 2017 at Heritage Auctions, demonstrating strong collector demand for premium quality survivors free from the hairlines and friction typical of lower proof grades.

The following comprehensive table documents auction achievements across the full spectrum of proof grades.

Market dynamics illustrate strong specialist demand for these first-year presentation strikes.

 

1878 8TF CAM Morgan Silver Dollar Value

The cameo (CAM) designation elevates the 1878 8TF Proof Morgan Dollar to elite status through dramatic visual contrast, where heavily frosted devices stand in sharp relief against deeply mirrored fields, creating a stunning three-dimensional appearance unmatched by standard proof strikes. Think of it like a white frosted figure sitting on a perfectly reflective mirror — the visual impact is immediate and striking.

The technical production circumstances that create cameo proofs demand freshly prepared dies with heavily frosted device areas paired with highly polished field surfaces — a combination achieved only during the earliest strikes from new die pairs before repeated striking gradually diminishes the frost intensity. This means cameo examples represent the very first coins struck from each proof die pair.

A PR67 CAM example achieved $70,500 in January 2015 at Heritage Auctions, while the condition census PR67+ CAM specimen is valued at $120,000. Premium pricing reflects the exceptional visual appeal and technical superiority of cameo examples across all grade levels.

Auction history reveals the significant premiums achieved by superior cameo examples at major numismatic sales.

Market patterns demonstrate elite collector focus on this visually exceptional surface designation.

 

1878 7TF Reverse of 1878 Proof Morgan Silver Dollar Value

Following the correction of the ornithologically incorrect eight-feather design, the Philadelphia Mint produced an estimated 250 proof strikes of the 1878 7TF Reverse of 1878 Morgan Dollar, representing the second proof variety in the inaugural Morgan Dollar series. This extremely limited production makes the 1878 7TF Reverse of 1878 Proof substantially scarcer than its business strike counterpart.

Proof strikes of this variety typically demonstrate light striking weakness above Liberty’s ear — a common characteristic noted across early Morgan Dollar proof production — while exhibiting medium to low cameo contrast between frosted devices and mirror fields. Finding examples with strong eye appeal and minimal hairlining presents genuine challenges for collectors pursuing premium quality specimens.

Values escalate dramatically as preservation quality improves, with PR65 examples valued at $25,000 and PR65+ specimens reaching $32,500. PR66 examples command $50,000 and PR67 pieces reach $85,000, making this one of the most valuable non-cameo proof varieties in the first-year series.

The detailed auction record below chronicles sales of this limited mintage proof variety over time.

Market activity reflects specialized collector interest in securing examples of this scarce proof issue.

 

1878 7TF Reverse of 1878 CAM Morgan Silver Dollar Value

The cameo designation transforms the already rare 1878 7TF Reverse of 1878 Proof into an elite collectible through exceptional visual presentation, where heavily frosted devices create dramatic contrast against deeply mirrored fields producing a striking three-dimensional appearance.

Market recognition of superior cameo characteristics establishes significant value premiums across all grade levels, with PR62+ CAM examples commanding $8,500 and PR63 specimens reaching $13,000. The progression continues through PR63+ at $15,500 and PR64 at $18,500, while PR66 examples achieve $72,500.

A PR65 CAM specimen realized $64,625 in October 2012 at Heritage Auctions, while current market valuations place PR65 CAM examples at $47,500, reflecting the premium placed on cameo contrast within this already scarce proof variety.

Historical auction data establishes pricing benchmarks for this challenging cameo proof designation.

Recent market trends indicate heightened awareness of this variety’s superior visual characteristics.

 

1878 7TF Reverse of 1879 Proof Morgan Silver Dollar Value

The 1878 7TF Reverse of 1879 Proof represents the rarest proof variety in the entire first-year Morgan Dollar series, with an estimated production of merely 50 proof strikes despite records indicating 250 pieces across all 1878 proof varieties.

This Third Reverse design featuring the rounded eagle breast and slanted arrow feather established the definitive reverse standard that would persist throughout the Morgan Dollar series from 1879 through 1904, making this proof striking historically significant as both one of the scarcest first-year varieties and the prototype for all subsequent production.

The extreme rarity of this proof variety is confirmed by PCGS population data, with only seven examples certified across all grades: two in PR61, one in PR62, two in PR63, and two in PR64. No examples have been certified above PR64 by PCGS, establishing this grade as the condition census and highlighting the extraordinary challenge of locating any specimen regardless of quality.

Market recognition of this legendary rarity establishes dramatic value premiums beginning at the lowest proof grades, with PR61 examples valued at $27,000 and PR62 specimens reaching $35,000. The progression continues through PR63 at $75,000, PR63+ at $95,000, and the condition census PR64 level achieves $165,000.

Market activity underscores the intense competition among advanced collectors pursuing this legendary rarity.

 

1878 7TF Reverse of 1879 CAM Morgan Silver Dollar Value

The cameo designation transforms this 1878 7TF Reverse of 1879 Proof Morgan Silver Dollar’s already legendary rarity into an elite collectible approaching mythical status among proof Morgan Dollar specialists, with fewer than five examples believed to exist exhibiting certifiable cameo contrast meeting modern grading service standards.

Professional population data reveals the extreme scarcity of cameo examples, with a single PR64+ CAM specimen representing the finest known example across all certification services. This unique specimen commands a current market valuation of $275,000, while PR64 CAM examples achieve $225,000 — values that exceed comparable standard proofs by substantial multiples.

The auction record of $155,250 for a PR64 CAM example was achieved in November 2004 at David Lawrence Rare Coins, though this figure represents significant appreciation over the past two decades as collector recognition of this variety’s supreme rarity has grown.

The intersection of near-zero original production, historical importance as the proof striking of the definitive Morgan Dollar reverse, and exceptional cameo surface characteristics establishes 1878 7TF Reverse of 1879 CAM Proofs as legendary rarities transcending typical numismatic categories.

Market trends reveal the exceptional scarcity and elite status of this supreme first-year cameo proof.

Also Read: 17 Rare Dollar Coin Errors List with Pictures (By Year)

 

Rare 1878 Morgan Silver Dollar Error List

While 1878 Morgan Silver Dollars are renowned for their tail feather varieties, numerous die production errors also occur throughout the series due to the difficult and laborious die-making process of the era. Dies were often used beyond their practical life and frequently re-polished in ways that imparted errors to coins, making error specimens particularly collectible among Morgan Dollar enthusiasts.

Most 1878 Morgan Dollar varieties are caused by doubling or tripling on the dies. The 7/8 tail feather overstrike alone has over 30 documented varieties. Collectors should also look for DDOs — Doubled Die Obverse errors — particularly on the word “LIBERTY” and on Lady Liberty’s tiara.

1. Die Crack Errors

Die cracks appear as raised lines on coins caused by fractures that develop in overused dies during the striking process. These cracks manifest as thin, jagged raised lines crossing various parts of the coin’s surface, most commonly appearing near high-stress areas where the die must repeatedly strike metal.

Most die crack errors are minor and add minimal collector value, with recent market transactions showing premiums ranging from $22 to $65 over base coin value for 1878 Morgan Dollars. Minor cracks typically add little value unless they are particularly dramatic, cross significant design elements like Liberty’s face or the eagle, or appear in unusual locations that create visually striking effects.

2. Die Break and Cud Errors

Die breaks and cuds represent advanced stages of die deterioration where the die material has actually fractured or fallen away. A retained die break crosses the coin’s face from rim to rim with the area on one side of the break slightly higher than the other, while a cud appears as a raised, rounded, blank area along the coin’s edge where broken die material has completely fallen away.

Die breaks affecting 1878 Morgan Dollars can range in value from $50 for minor examples to several thousand dollars depending on size, location, and visual impact. Most cud errors are worth approximately $100 or more, with prominent cuds at significant design locations commanding premium prices that increase substantially in higher mint state grades.

3. Die Gouge Errors

Die gouges are marks left when foreign objects contact the die surface before or during production, creating voids that become raised features on struck coins. Gouges appear as raised lines or irregularities varying in size and shape, differing from die cracks by their non-linear, irregular appearance that reflects the shape of whatever object damaged the die.

The 1878 8TF VAM-4 variety is an example where a chipped die caused denticle damage visible on coins. Values for 1878 Morgan Dollars with die gouges vary based on size and location — minor gouges can add $20–$50 in premiums, while dramatic gouges affecting Liberty’s portrait or major lettering can command $75–$200+ over base value.

4. Clashed Die Errors

A die clash error occurs when obverse and reverse dies strike each other without a planchet between them, causing mirror images to transfer between the opposing dies and appear on subsequently struck coins. On Morgan Dollars, clash marks commonly appear as lines on Liberty’s neck from the eagle’s wing tip, or leaf transfers near her chin and lips from the reverse wreath design.

The 1878-S VAM-17A features Multiple Denticle Clashes in the Reverse, making it among the most dramatic clash die varieties known for this date. The sought-after “Clashed E” varieties — where the letter E from UNITED appears distinctly below the eagle’s tail feathers — command substantial premiums ranging from $80 in AU condition to over $1,100 in MS65 grades, with top gem examples reaching $4,800 at auction.

5. VAM Doubled Die Obverse (DDO) Errors

Doubled Die Obverse errors occur when the hub used to make a working die was pressed into the die steel more than once at slightly different angles or positions, causing design elements to appear doubled on struck coins. On 1878 Morgan Dollars, look for doubling on the lower RIB serifs in “PLURIBUS” — a Top 100 variety known to specialists.

An MS65 example of the Top 100 “Doubled E in Pluribus” variety sold for $2,550 in May 2019. The VAM-6 Doubled Date variety reached $5,280 in an MS66 at Heritage Auctions in June 2018. Tripling errors also exist — an MS65 with a tripling error was worth approximately $1,825 in 2021, while by 2023 PCGS had graded only one VAM-7 at MS65 with an estimated value around $6,400.

 

Where to Sell Your 1878 Morgan Silver Dollar

Before selling your 1878 Morgan Silver Dollar, always compare its variety and condition through a professional market. The right selling venue depends on your coin’s value — common circulated pieces may sell quickly through online marketplaces, while rare high-grade specimens deserve specialized numismatic auctions.

Remember, knowledge is profit: understanding your coin’s true worth ensures you receive fair market value regardless of where you choose to sell.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1878 Morgan Silver Dollar Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ About The 1878 Morgan Silver Dollar Value

1. What is my 1878 Morgan Silver Dollar worth in 2026?

The value of a 1878 Morgan Silver Dollar in 2026 ranges from roughly $40 for a heavily worn circulated example all the way to $275,000 for the rarest proof cameo varieties. A common circulated 7TF Reverse of 1878 in Good condition is worth $40–$60, while an MS65 example of the same variety commands around $1,375. The 8 Tail Feathers variety is priced at $145 in MS60 and $2,600 in MS65. The silver melt value alone is approximately $23 based on the coin’s 0.77344 troy ounces of silver content, providing a floor even for heavily worn pieces.

2. How can I tell which variety of 1878 Morgan Silver Dollar I have?

Start by examining the reverse to count the eagle’s tail feathers — the original design had 8 feathers, while later versions have 7. For 7 tail feather coins, check the eagle’s breast shape: a flat or slightly concave breast indicates the Reverse of 1878, while a rounded or convex breast identifies the Reverse of 1879. Then check the top arrow feather — parallel to the shaft means Reverse of 1878, angled (slanted) means Reverse of 1879. The hardest variety to spot is the 7/8 tail feathers, where you’ll see tips of the original 8 feathers peeking out from under the 7-feather design.

3. What does DMPL mean on a Morgan Silver Dollar?

DMPL stands for Deep Mirror Prooflike, a designation given to business-strike coins whose fields (flat background areas) are deeply reflective like a mirror. This occurs naturally when fresh or recently polished dies first enter production — the polished die surface transfers mirror-like fields to the earliest coins struck. DMPL Morgan Dollars are among the most desirable of all Morgan dollars and can command premiums many times the value of a standard Mint State example. An 1878-S in MS66 DMPL sold for $15,275 in 2020, compared to a few hundred dollars for a standard MS66 of the same variety.

4. What are VAM varieties and do they add value to my 1878 Morgan Dollar?

VAM stands for Van Allen-Mallis, named after Leroy C. Van Allen and A. George Mallis who cataloged Morgan Dollar die varieties in their 1971 Comprehensive Catalog and Encyclopedia. VAM varieties are specific die combinations identified by minor differences in die position, doubling, damage, or other characteristics. Most VAMs don’t add significant value, but the “Top 100” and “Hot 50” VAMs — lists compiled by authors Michael Fey and Jeff Oxman — are widely traded at premiums. For example, the 1878 8TF VAM-18 Doubled Date (Top 100) sold for $3,760 in MS66, and the 1878-S VAM-58 Long Arrow Shaft (Top 100) is a recognized premium variety.

5. Why did the 1878 Morgan Dollar have so many design changes in its first year?

The 1878 Morgan Dollar changed so rapidly because Mint Director Henry Linderman made corrections almost immediately after production began. The original 8-feather eagle was considered ornithologically incorrect (bald eagles have 7 tail feathers) and critics also mocked its overall appearance. Rather than waiting weeks for entirely new dies, the Mint overstruck the 8-feather dies with 7-feather punches to create the transitional 7/8TF variety, then introduced proper 7-feather dies in two different styles — the Reverse of 1878 and the improved Reverse of 1879 — resulting in four distinct Philadelphia reverse varieties within a single year.

6. How do I know if my 1878 Morgan Dollar is a genuine coin or a fake?

A genuine 1878 Morgan Dollar weighs exactly 26.73 grams and measures 38.1 mm in diameter. Counterfeit examples — especially 1878-CC fakes — are often lighter and may show defects along the rim area or under the eagle’s tail feathers where the “CC” mintmark sits. The best way to confirm authenticity is to have your coin graded and certified by PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation), the two most respected third-party grading services. Both encapsulate authenticated coins in tamper-evident plastic holders that guarantee the coin’s grade and genuineness.

7. What is the “Pittman Act” and how did it affect 1878 Morgan Dollar survival?

The Pittman Act of 1918 authorized the melting of over 270 million silver dollars — mostly Morgan Dollars — so the silver could be sold to Britain during World War I. This mass melting significantly reduced the surviving population of many Morgan Dollar dates, including 1878 issues. An estimated one million or more 1878-CC dollars were melted under this act. The act also required that the melted silver be replaced with new silver dollars, which is partly why Morgan Dollar production resumed in 1921 after a 17-year gap.

8. Are 1878 Morgan Silver Dollars a good investment in 2026?

This is a question for a financial advisor rather than a coin price guide, but we can share some factual context. The 2026 market for Morgan Dollars reflects a two-tier dynamic: high silver spot prices near $103 per ounce provide a floor of approximately $23 in melt value even for worn examples, while gem and condition rarity pieces have increasingly decoupled from bullion prices as registry set collectors compete aggressively for top-population coins. High-grade examples in MS66 and above, or rare varieties like the Reverse of 1879 and CC mint issues, have shown strong auction results. As with any collectible, individual coin quality, eye appeal, and certification status play a major role in realized prices.

9. What books or references should I read to learn more about 1878 Morgan Dollar varieties?

The foundational reference is the Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars by Leroy C. Van Allen and A. George Mallis — simply called “the VAM book.” For Top 100 varieties, Top 100 Morgan Dollar Varieties: The VAM Keys (4th Edition) by Michael Fey and Jeff Oxman is essential. For the Hot 50 list, refer to the SSDC Official Guide to the Hot 50 Morgan Dollar Varieties by Jeff Oxman. Q. David Bowers’ Silver Dollars & Trade Dollars of the United States: A Complete Encyclopedia (Bowers and Merena Galleries, 1993) provides detailed historical and population data for each date and mint.

10. How can I get my 1878 Morgan Silver Dollar professionally graded?

To get your 1878 Morgan Silver Dollar professionally graded, you can submit it directly to PCGS or NGC through their websites or through an authorized dealer. Both services encapsulate coins in a plastic “slab” and assign a grade on the 1–70 Sheldon scale. Fees start around $30–$50 per coin for standard service and increase for faster turnaround. Getting a coin certified is strongly recommended before buying or selling any 1878 Morgan Dollar worth over $200, as the grade assigned dramatically affects value — for example, the difference between MS64 and MS65 on a 1878-CC can mean thousands of dollars. PCGS will also attribute VAM varieties for an additional $20 fee per coin.