So, you've got an 1878 silver dollar and want to know if you're holding a retirement fund or just a very fancy piece of metal. The short answer is: it depends! The value of these coins, the very first of the legendary Morgan Dollars, is less of a fixed price and more of a "choose your own adventure" story.
First, let's talk about its life story. If your coin looks like it paid for a round of drinks in a Wild West saloon and then got run over by a stagecoach, it's considered circulated. In that condition, its value is mostly tied to its silver content, putting it in the $30 to $50 range. However, if it’s a shiny, uncirculated specimen that looks like it was just minted yesterday, you could be looking at $70 to a few hundred dollars.
Now for the real drama: the mint mark and the eagle's tail feathers. Check on the back of the coin, just below the wreath. If you see a "CC," congratulations, you have a Carson City coin, which is the most desirable and valuable of the bunch. An "S" is for San Francisco, and no mint mark at all means it was made in Philadelphia.
But the truly juicy detail for 1878 is the bird's backside. The original design featured an eagle with 8 tail feathers. This was quickly deemed incorrect (eagles have 7), and the design was changed. This created three main varieties for that year: the 8 Tail Feathers, the 7 Tail Feathers, and a rare transitional version with 7 feathers stamped over the old 8. Identifying one of these rare varieties, especially on a high-grade Carson City coin, can launch its value from a nice dinner into the thousands of dollars.
So, before you do anything, grab a magnifying glass. The difference between a common coin and a serious collectible could literally come down to counting feathers on an eagle's rear end.
