Well, hold your horses, because we've stumbled upon a classic case of mistaken identity in the world of shiny things! The term "1 oz Morgan Silver Dollar" is a bit of a mythical beast, and the answer to its worth depends on which creature you've actually captured.
First, let's talk about the genuine article: the historic Morgan Silver Dollar, minted by the U.S. government from 1878 to 1904 and again in 1921. This legendary coin is not, in fact, a full troy ounce of silver. It's a diva that weighs in with only about 0.7734 troy ounces of 90% silver. Its value is a dramatic cocktail of its silver content plus a "numismatic premium." That premium can make a common, circulated coin worth a little over the silver melt price, while a rare, pristine version could be worth thousands. It's all about date, mint mark, and condition.
Now, let's look at the other suspect. What you likely have or are looking at is a "1 oz Silver Round" that features the famous Morgan design, like the one from Austin Coins. This is the handsome, modern tribute act. It is not an official government coin or "dollar," but a piece of bullion made by a private mint. It contains exactly one full troy ounce of silver. Its value is much less complicated; it sticks very closely to the daily spot price of silver, plus a small premium the dealer adds for making it look so good.
So, to untangle this silver knot: if your item says "One Dollar" on it and is dated 1921 or earlier, you have a real Morgan Dollar with about three-quarters of an ounce of silver and a potentially complex value. If it says "One Troy Ounce," you have a modern silver round whose value is simply the price of an ounce of silver plus a little extra. One is a piece of history; the other is a piece of silver.
