
The value of a Silver Dollar is determined by a combination of its intrinsic precious metal content and its numismatic, or collectible, value. These coins, minted from 1878 to 1904 and again in 1921, consist of 90% silver and 10% copper, containing a total of 0.7734 troy ounces of pure silver.
At a minimum, any Morgan Dollar is worth its melt value, which is based on its silver content and fluctuates with the daily spot price of silver. For common-date, circulated coins, this melt value often represents the bulk of their worth. However, the numismatic value can cause the price to be significantly higher than the base silver value.
Several key factors determine the coin's collectible premium. The most important of these is the coin's condition, or grade. A heavily worn coin in "Good" condition will be worth far less than a pristine, "Uncirculated" example that retains its original mint luster. Additionally, the coin's rarity, established by its specific date and mint mark, plays a crucial role. For example, a common 1921 Morgan Dollar is worth considerably less than a rare date from the Carson City (CC) mint in the same condition. Therefore, a precise valuation requires a careful assessment of the individual coin's specific attributes.


