Ah, the 1887 Morgan silver dollar, a true classic from the Gilded Age. Asking how much one is worth is a bit like asking the price of a car; it all depends on the mileage and condition. Are we talking about a coin that's been jangling in pockets since the Grover Cleveland administration, or one that’s been living a pampered life in a collector's album?
The most critical factor is the coin's grade. A heavily circulated coin, looking like it's seen a few too many saloon bar tops, will be worth much less than a pristine "Mint State" beauty that looks like it just strutted off the press yesterday.
To put a number on it, one retailer, Littleton Coin Company, lists an Uncirculated MS60 grade for a cool $172.00. That's for a coin that has avoided the rough and tumble of daily commerce. A more worn version in a lower grade, say "Very Good," would fetch significantly less, likely closer to its silver melt value plus a small premium, typically in the $25 to $40 range. On the other end of the spectrum, a near-perfect, professionally graded specimen could command hundreds or even thousands.
The 1887 Morgan from the Philadelphia mint is quite common, with over 20 million made, so it's not the Hope Diamond of the coin world. Its value is almost entirely tied to its state of preservation. So, the short answer is: it depends if you're holding a well-loved piece of history or a shiny silver masterpiece.
