The valuation of a Morgan Silver Dollar is a complex process determined by a confluence of intrinsic and numismatic factors, resulting in a wide spectrum of potential worth. A coin's baseline value is derived from its precious metal content. Composed of 90% silver and 10% copper, each Morgan Dollar contains approximately 0.7734 troy ounces of pure silver. Consequently, the minimum value for a common-date coin in circulated condition is closely tied to the current spot price of silver.
However, the numismatic or collectible value can elevate a coin's price significantly above its melt value. The primary determinants of this premium are the coin's condition, its rarity, and its specific year and mint mark. The condition, or grade, refers to the state of preservation; a pristine, uncirculated coin will command a much higher price than one that is heavily worn from circulation.
Rarity is established by the mintage year and the mint facility where the coin was produced. Morgan Dollars were minted from 1878 to 1904 and again in 1921 at several locations, including Philadelphia (no mint mark), San Francisco (S), New Orleans (O), and Carson City (CC). Certain year and mint mark combinations had very low production numbers, making them highly sought after by collectors. For instance, key dates such as the 1889-CC, 1893-S, and the 1895 issue are exceptionally rare and can be worth thousands of dollars, even in lower grades. Therefore, while a common Morgan Dollar may be worth an amount close to its silver value, a rare specimen in high-grade condition represents a significant numismatic asset.
