That is an excellent question, as the 1889 Morgan silver dollar is a fantastic piece of American history with a value that can be quite surprising. The true worth of your coin isn't a single, simple number; it's a story told by its condition and its place of origin, which is why the sources you found distinguish between "Circulated" and "MS" (Mint State) coins.
The value of an 1889 Morgan hinges almost entirely on two factors: its mint mark and its grade. A common, circulated 1889 Morgan dollar from the Philadelphia mint (which has no mint mark) is the most frequently encountered version. These coins, which show visible wear from their time in commerce, are typically valued in the $30 to $50 range. Their value is largely based on their silver content and basic collector appeal.
However, this is where it gets interesting. If your coin is uncirculated, or in "Mint State" condition as referenced by the NGC source, its value climbs dramatically. An 1889 Morgan that looks brand new, with sharp details and original luster, could be worth anywhere from $85 to over $400. The price escalates rapidly with each small improvement in condition, with pristine, gem-quality examples commanding the highest prices from serious collectors.
Furthermore, you must check for a small letter on the back of the coin, just below the eagle's tail wreath. While many 1889 dollars have no mint mark (Philadelphia), others were struck in New Orleans (O), San Francisco (S), or the legendary Carson City (CC). An 1889-CC Morgan is one of the great rarities in the series, and it is worth thousands of dollars even in very worn condition. To truly unlock the potential value of your coin, having it professionally graded is the most persuasive step you can take to discover if you're holding a common treasure or a rare prize.
