1887 Morgan Silver Dollar Value

Morgan silver dollars are definitely at the top of popularity for US coins because of their attractive design and precious metal content. The 1887 silver dollar value can be incredibly high.

It is particularly true when dealing with specimens in the highest grades, perfectly-looked proofs, and rare error pieces. Besides being attractive collectibles, many Americans consider these silver specimens a profitable investment.

1887 Morgan dollar value

Condition 1887 No Mint Mark dollar 1887 7 over 6 dollar 1887 O dollar 1887 O 7 over 6 dollar 1887 S dollar
Good $36 $72 $39 $65 $37
Very good $38 $75 $39 $70 $39
Fine $40 $85 $40 $72 $41
Very fine $42 $95 $43 $90 $47
Extra fine $46 $160 $52 $150 $58
AU $50 $235 $57 $300 $90
MS 60 $75 $475 $135 $675 $170
MS 65 $240 $2,600 $2,700 $47,500 $1,750
Proof 63 $4,150 / / / /

 

History of the 1887 Morgan Silver Dollar

History of the 1887 Morgan Silver Dollar

The US Mint officially minted silver Morgan dollars from 1878 to 1921, but no coins were produced from 1905 to 1920. The reason for ceasing production was a shortage of silver for this purpose.

After the Pittman Act of 1918 allowed silver dollars melting and their recoining, the US Mint issued this coin type in 1921, but Peace dollars came the same year and took over the primacy.

1887 Morgan silver dollar Types

Location Year Minted
Philadelphia 1887 no mint mark silver dollar 20,290,000
Philadelphia 1887 proof silver dollar 710
New Orleans 1887 O silver dollar 11,550,000
San Francisco 1887 S silver dollar 1,771,000
Total / 33,611,710

The designer was George T. Morgan, and these popular coins were named after him. Once you decide to begin collecting these pieces, be aware that the set includes 96 date-and-mint combinations.

The US Mint produced about 657 million Morgan dollars, but hundreds of thousands of these silver coins were melted. Therefore, some specimens are unbelievably scarce.

Also read: 12 Most Valuable One-Dollar Coin Worth Money

Features of the 1887 Morgan Silver Dollar

Engraver George T. Morgan created these beautiful coins minted from 1878 to 1904, with the last mintage in 1921 after 16 years of pause. Besides 710 proofs, all 1887 Morgan dollars minted in three mints were from regular strikes.

The 1887 Morgan Silver Dollar (obverse)

The 1887 Morgan Silver Dollar (obverse)

This coin obverse shows Liberty’s head with a Phrygian cap decorated with flowers, wheat, and a ribbon with a written LIBERTY. Besides, it includes:

  • E · PLURIBUS · UNUM
  • 13 stars
  • 1887

The 1887 Morgan Silver Dollar (reverse)

The 1887 Morgan Silver Dollar (reverse)

The coin reverse is packed with inscriptions and symbols, including:

  • A bald eagle
  • Arrows and an olive twig
  • Laurel wreath
  • In God we trust
  • UNITED / STATES OF / AMERICA
  • ONE DOLLAR *

1887 Morgan silver dollar Details

Face value One dollar ($1)
Shape Round
Compound 90% silver with copper
Coin thickness 0.09449 inches (2.4 mm)
Coin weight 0.8594 troy ounces (26.73 g)
Silver weight 0.77344 troy ounces (24.5 g)
Coin diameter 1.5 inches (38.1 mm)
Edge Reeded

The 1887 Morgan Silver Dollar (other features)

The 1887 Morgan dollars weighing 0.8594 troy ounces (26.73 g) contain 90% silver or precisely 0.77344 troy ounces (24.5 g). Their thickness is 0.09449 inches (2.4 mm), and their diameter is 1.5 inches (38.1 mm).

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Also read: 14 Most Valuable Coins In Circulation

1887 Morgan Silver Dollar Grading

The most precise way to determine the 1887 Morgan silver dollars’ quality and value is to estimate them based on the Sheldon scale. If you suspect having a unique and potentially expensive coin, it is recommended to have it professionally graded.

# Grade
1 Basal State-1
2 Fair
3 Very Fair
4, 5, 6 Good
7, 8, 10 Very Good
12, 15 Fine
20, 30 Very Fine
40 Extremely Fine
50 About Uncirculated
60 Mint State
65 Mint State
70 Mint State

Please check our grading guides to know your coin scale, It’s the necessary step to know the exact value of your coin.

Check out now: How to Grade Morgan Silver Dollar?

1887 Morgan Silver Dollar Value Guides

Even though three mints produced 1887 Morgan silver dollars, only the one in Philadelphia minted two types. This year’s total mintage was 33,611,710, and only a third of the coins came from New Orleans and San Francisco.

1887 Morgan No Mint mark dollar Value

1887 Morgan No Mint mark dollar

The Philadelphia mint minted almost one-third of the total Morgan silver dollar number in 1887, or precisely 20,290,000 pieces. Since most ended up in circulation, these coins are relatively inexpensive nowadays for such old coinage.

You can buy one circulated dollar coin for $32 to $48, while almost flawless pieces are worth $50 to $425. Expectedly, the most valuable are those in the highest grades, so you can expect them to reach prices of:

  • $1,700 to $1,750 (MS 67-graded silver dollars)
  • $17,500 to $30,000 (MS 68-graded silver dollars)

However, the auction record exceeded all expectations after the 1887 MS 68 Morgan dollar was sold at $34,500 in 2005.

There are also proof-like coins available at $110 to $875, depending on the condition. The costliest specimens with MS 67 rating often reach $4,950 to $8,500, while one was paid $8,100 in 2019.

The 1887 silver dollars with DMPL quality are estimated at $180 to $3,600. However, one 1887 MS 66+ DMPL Morgan dollar won an auction record of $5,875.

1887 proof Morgan dollar Value

1887 proof Morgan dollar

Besides regularly struck Morgans, the Philadelphia mint issued 710 proofs for collectors in 1887. Most coins cost $750 to $11,500, but the best-quality pieces in PR 68 grade are assessed at $52,500. The auction winner is even more expensive, precisely $51,750 reached in 2011.

The 1887 PR CAM silver dollars are collectible, and most dedicated collectors are prepared to set aside $2,600 to $14,500 for one such coin. However, one auction showed that this price was not limiting after one 1887 PR 67 CAM silver dollar sold at $31,200 in 2021.

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As expected, the most expensive pieces have a deep cameo contrast quality. You can buy one of them after setting aside the following:

  • $18,000 to $21,600 for PR 65 dollars
  • $26,000 to $31,200 for PR 66 dollars
  • $42,000 to $50,400 for PR 67 dollars
  • $90,000 to $108,000 for PR 68 dollars

The current auction record for this type of coin is $90,000. One collector bought it for this sum in 2020.

1887 O Morgan dollar Value

1887 O Morgan dollar

The New Orleans mintage of silver dollars was 11,550,000 coins in 1887. You can find most pieces used for years for $39 to $125, while uncirculated ones come in a price range of $135 to $650 for MS 60- to MS 64-graded dollars.

Better-ranking specimens cost significantly more, so you should consider paying:

  • $2,150 to $2,700 for the 1887 silver dollar in MS 65 grade
  • $28,000 to $31,000 for the 1887 silver dollar in MS 66 grade

Interestingly, the costliest piece was paid twice as much in 2022, $78,000. The 1887 O PL Morgan dollars are also expensive. Their auction prices are approximate:

  • $5,750 to $7,500 (MS 65-rating coins)
  • $49,000 to $50,000 (MS 66-rating coins)

However, the auction record is only slightly higher, precisely $61,688. If your budget is limited, you can purchase one coin in lower grades and pay about $125 to $1000 for one.

The 1887 O DMPL Morgans are typically the most collectible, significantly affecting their prices. So, you should set aside $200 to $4,500 per piece.

The best-ranking ones cost $13,000 to $20,500 (MS 65) or even $65,000 to $75,000 (MS 66). The most expensive is the one that sold at $69,000 at an auction in 2005.

1887 S Morgan dollar Value

1887 S Morgan dollar

Survived silver dollars of 1,771,000 minted in 1887 in San Francisco that spent years in circulation cost approximately $37 to $160. On the other hand, you need to set aside higher sums for those in the mint state. For instance, an average price is about $210 (MS 61), while it is necessary to set aside $8,250 for MS 66-rating coins.

The most expensive MS 67-graded 1887 silver dollars are estimated at $39,000 to $75,000. However, one piece with MS 66+ rating was bought for $58,800 in 2018, winning the auction record.

The 1887 S proof-like silver dollars are sought-after among collectors, and their price range is from $120 to $5,500, depending on quality. One collector didn’t hesitate to add one beautiful piece to their collection. That particular 1887 S MS 65 PL Morgan reached $18,975 at an auction in 1999.

Finally, you can enjoy one of the lovely 1887 S DMPL silver dollars after paying over $1,000 per piece. Their price range is from:

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  • $475 to $1,000 (MS 61)
  • $1,500 to $2,350 (MS 62)
  • $3,100 to $4,000 (MS 63)
  • $9,750 to $12,000 (MS 64)

However, coins in MS 65 grade stand out from the crowd due to their beauty and preservation. Despite their estimated price of $30,000 to $34,000, the currently most expensive specimen is the one sold in 2024 at $27,600.

Also read: Top 10 Most Valuable Morgan Silver Dollar Worth Money

Rare 1887 Morgan Silver Dollar Errors List

As with most American coinage, the 1887 Morgan dollar set includes numerous error coins. The rule of thumb is that they are more collectible than regularly struck specimens, making them surprisingly expensive.

The 7 over 6 in the date

1887 Morgan dollar 7 over 6 in the date

Two mints issued a limited number of 1887 Morgan dollars with an overlap error. You can see the number 7 over 6 of the date from last year’s minting. Since they are rare, you can expect them to be highly sought after and valuable.

1887/6 silver dollar

The 1887/6 silver dollars from Philadelphia came without the mint mark and cost approximately $70 to $400 after spending some period in circulation. Uncirculated specimens are typically worth $475 to $3,500, while the best-quality ones are precious, so you can buy them for:

  • $8,000 to $11,500 (MS 66-graded dollars)
  • $10,000 to $12,500 (MS 67-graded dollars)

The auction record holds the1887/6 MS 66 silver dollar sold at $16,100 in 2008. Proof-like specimens cost approximately $625 (MS 60) to $11,500 (MS 66), while the most expensive are the 1887/6 DMPL silver dollars.

Their average prices are from $2,000 to $17,500 for MS 62- to MS 65-rated pieces. Despite this high rate, the record price paid for one 1887/6 MS 65 DMPL Morgan is even higher, $27,600.

1887/6 O silver dollar

A part of the 1887/6 O silver dollars issued in New Orleans ended up in circulation, and you can purchase one such piece for $62 to $650. However, untouched and flawless coins can be pricey.

For instance, those ranking MS 60 to MS 64 are available at $675 to $5,350, while better-graded ones are worth significantly more:

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  • MS 65 – $32,500 to $48,500
  • MS 66 – $48,000 to $57,600

Other errors

Sometimes, you can find a few other errors among 1887 Morgan dollars, such as:

  • Double die obverse (Alligator eye) on coins minted in Philadelphia that are worth $100 to $300
  • Re-punched mint mark with a faint letter S that cost over $2,500
  • Double-struck errors are available at several hundred dollars
  • Die break (Donkey tail) coins from Philadelphia with damage on the D in the word DOLLAR on the coin reverse

Where to Sell Your 1887 Silver dollar ?

Now that you know the value of your coins, do you know where to sell those coins online easily? Don’t worry, I’ve compiled a list of these sites, including their introduction, pros, and cons. 

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

FAQ about the 1887 Morgan Dollars

What makes 1887 Morgan dollars rare?

The 1887 silver dollars are historically significant as the last American dollars containing 90% silver. Pieces with the highest grades and unique errors can be scarce and exceptionally valuable.

Which 1887 Morgan dollars won auction records?

  • 1887 PR 68 DCAM dollar – $90,000 (2020)
  • 1887 O MS 66+ dollar – $78,000 (2022)
  • 1887 O MS 66 DMPL dollar – $69,000 (2005)
  • 1887 O MS 66+ PL dollar – $61,688 (2015)
  • 1887 S MS 66+ dollar – $58,800 (2018)
  • 1887 PR 68 dollar – $51,750 (2011)
  • 1887/6 O MS 65 dollar – $37,375 (2008)
  • 1887 MS 68 dollar – $34,500 (2005)
  • 1887 PR 67 CAM dollar – $31,200 (2021)
  • 1887/6 MS 65 DMPL dollar – $27,600 (2008)
  • 1887 S MS 65 DMPL dollar – $25,300 (2005)
  • 1887 S MS 65 PL dollar – $18,975 (1999)
  • 1887/6 MS 66 dollar – $16,100 (2008)
  • 1887/6 MS 66 PL dollar – $13,225 (2002)
  • 1887 MS 67 PL dollar – $8,100 (2019)
  • 1887 MS 66+ DMPL dollar – $5,875 (2019)
  • 1887 MS 66 GSA Hoard dollar – $1,700 (2022)
  • 1887/6 O AU 58 PL dollar – $1,635 (2015)

How much do the 1887 Morgan dollars from Philadelphia cost?

The 1887 Morgan No Mint mark dollars in circulated condition cost about $30 to $61, but you should set aside $53 to $1,450 for those in the best condition. The rarest are MS 68-graded silver dollars, so it is accurate to expect them to be worth $14,000 to $18,000.

What are the priciest Morgan dollars?

The most expensive Morgan silver dollar from the regular strikes is the 1889 CC MS 68 coin, sold at $881,250 in 2013. The auction winner among the Morgan proofs is the 1893 CC PR 66 silver dollar that was paid $323,125 in 2013.

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