The 1886 Morgan Silver Dollar is one of the most widely recognized and collected 19th-century American coins. With its iconic Liberty head design and status as a genuine silver coin from America’s past, collectors and investors alike are often curious about its value. This comprehensive guide will help you understand what your 1886 silver dollar is worth, how to identify different varieties, and what factors influence its value in today’s market.
1886 Morgan Silver Dollar at a Glance
Key Facts About the 1886 Morgan Dollar
Designer: George T. Morgan
Composition: 90% silver, 10% copper
Weight: 26.73 grams
Silver Content: 0.77344 troy ounces
Diameter: 38.1 mm
Mintage: Philadelphia (19,963,000), New Orleans (10,710,000), San Francisco (750,000)
The 1886 Morgan Silver Dollar features Lady Liberty’s profile on the obverse and an eagle with spread wings on the reverse. These coins were minted at three different locations: Philadelphia (no mint mark), New Orleans (O mint mark), and San Francisco (S mint mark).
Current Value of 1886 Morgan Silver Dollars
1886 Morgan Dollar Value by Mint Mark and Condition
Current market values as of May 2023
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It’s important to note that these values reflect average market conditions. Individual coins may be worth significantly more if they have exceptional eye appeal, toning, or other desirable characteristics.
Mint Mark Significance
1886 Philadelphia (No Mint Mark)
The Philadelphia Mint produced nearly 20 million Morgan dollars in 1886, making it the most common variety. These coins do not have a mint mark.
- Mintage: 19,963,000
- Location of mint mark: None (Philadelphia coins did not have mint marks)
- Value range: $34-$70 in circulated condition, $75-$400+ in uncirculated grades
- Availability: Common in most grades
1886-O New Orleans
The New Orleans mint produced over 10 million coins, but far fewer have survived in uncirculated condition.
- Mintage: 10,710,000
- Location of mint mark: On reverse below the wreath, above “DOLLAR”
- Value range: $50-$150 in circulated condition, $600-$1,400+ in uncirculated
- Availability: Common in circulated grades, scarce in uncirculated
1886-S San Francisco
The San Francisco mint had the lowest production of 1886 Morgan dollars, making these the scarcest of the three varieties.
- Mintage: 750,000
- Location of mint mark: On reverse below the wreath, above “DOLLAR”
- Value range: $150-$400 in circulated condition, $900-$1,700+ in uncirculated
- Availability: Scarce in all grades, especially uncirculated
Understanding Coin Grading and Condition
1886 Morgan Dollar Condition Assessment
Check applicable items to help determine your coin's approximate condition
- Full mint luster present (indicates uncirculated condition)
- No visible wear on high points (cheek, hair details)
- No significant contact marks or scratches
- Strong, clear striking details throughout design
- Attractive natural toning (if present)
- No cleaning, polishing, or artificial enhancement
- Sharp rim with no significant damage
- Good eye appeal overall
Common Coin Grades and Their Meaning
Circulated Grades (G-4 to AU-58)
- Good (G-4 to VG-8): Heavy wear, major details visible
- Fine (F-12 to VF-30): Moderate wear, most details visible
- Extremely Fine (EF/XF-40 to AU-58): Light wear, almost all details sharp
Uncirculated Grades (MS-60 to MS-70)
- MS-60 to MS-62: No wear but may have many contact marks
- MS-63 to MS-64: Fewer marks, better eye appeal
- MS-65 and higher: Exceptional quality with minimal imperfections
For 1886 Morgan dollars, the jump in value between circulated and uncirculated conditions can be substantial, especially for the New Orleans and San Francisco mint coins.
Rare Varieties and Errors
Doubled Die Varieties
Some 1886 Morgan dollars show doubling in certain parts of the design. Look for doubling in the date, inscriptions, or other design elements.
VAM Varieties
VAM varieties (named after researchers Van Allen and Mallis) are specific die variations that collectors actively seek. Notable 1886 VAMs include:
- VAM-1A (Doubled Date): Shows doubling in the date area
- VAM-17 (Doubled Arrows): Displays doubling on the arrow feathers
- VAM-21 (Doubled Stars): Features doubling on some of the stars
Error Coins
Various production errors can significantly increase the value of an 1886 Morgan dollar:
- Off-center strikes: When the coin is struck outside the normal centered position
- Die breaks and cracks: Resulting in raised lines on the coin
- Clashed dies: When dies strike each other without a planchet between them, transferring design elements
Historical Context and Silver Content Value
Morgan Silver Dollar Historical Timeline
- 1878
Morgan Dollar Introduction
The Morgan dollar was first minted following the Bland-Allison Act, which required the Treasury to purchase silver for dollar coin production. - 1886
Year of Production
Over 31 million Morgan dollars were struck across three mints. On July 31, 1886, silver reached its lowest price of the year, valued at just 78 cents per ounce. - 1904
Production Halted
Morgan dollar production was temporarily stopped as silver reserves were depleted. - 1921
Final Year
Morgan dollar production briefly resumed before giving way to the Peace dollar design. - 1970s
Silver Boom
The release of Treasury silver dollar bags led to increased interest in Morgan dollars among collectors.
Silver Content Value
Each 1886 Morgan Silver Dollar contains 0.77344 troy ounces of pure silver. This means the coin has an intrinsic “melt value” based on the current silver spot price. Even the most common 1886 Morgan dollars are typically worth more than their silver content due to their numismatic (collector) value.
At a silver price of $30 per ounce, the intrinsic silver value would be approximately $23.20. However, virtually all 1886 Morgan dollars sell for a premium above this melt value.
Where to Sell Your 1886 Morgan Silver Dollar
Selling Options for Your 1886 Silver Dollar
Coin Dealers: Local or national coin dealers can provide immediate offers. Best for convenience but may offer less than maximum market value.
Auction Houses: For rare or high-grade specimens, traditional auction houses or specialized numismatic auctions might yield the best results.
Online Marketplaces: Platforms like eBay allow you to reach a wide audience but require shipping and payment handling.
Coin Shows: Selling at coin shows lets you get multiple offers in one venue and compare them on the spot.
Specialized Coin Websites: Sites dedicated to coin buying and selling often attract knowledgeable buyers willing to pay fair prices.
For the best results, consider having your coin professionally graded by PCGS or NGC before selling if you believe it’s in uncirculated condition or has special characteristics.
Tips for Collecting 1886 Morgan Dollars
Collecting Strategies
Mint Mark Set: Acquire one example from each mint (Philadelphia, New Orleans, and San Francisco)
Condition-Based Collection: Focus on obtaining the highest quality specimens within your budget
VAM Variety Collection: Specialize in the different VAM varieties that exist for 1886
Complete Date Set: Include the 1886 as part of a larger Morgan dollar collection spanning multiple years
Toning Specialization: Some collectors focus on attractively toned specimens with natural color development
Authenticity Concerns
When collecting valuable coins like the 1886 Morgan dollar, authenticity is paramount. Here are some red flags that might indicate a counterfeit:
- Incorrect weight (genuine coins weigh 26.73 grams)
- Poor detail reproduction, especially in Lady Liberty’s hair or the eagle’s feathers
- Incorrect metal composition (should be 90% silver)
- Unusual mint marks or irregularities in the date
For valuable specimens, professional authentication through third-party grading services like PCGS or NGC is highly recommended.
Common Questions About 1886 Morgan Silver Dollars
Where can I sell my 1886 silver dollar?
There are multiple options for selling your 1886 Morgan Silver Dollar:
- Local coin shops or dealers
- Online marketplaces like eBay
- Specialized coin auction houses
- Coin shows and conventions
- Direct to collectors through forums
For higher-value specimens, consider having your coin professionally graded before selling. Experts at reputable auction houses can also help find your coin a home where it will be properly valued.
How much is a dollar in 1886 worth today?
A dollar in 1886 has the equivalent purchasing power of approximately $33.58 in today's currency, representing an increase of $32.58 over 139 years. This reflects an average inflation rate of 2.56% per year, resulting in a cumulative price increase of 3,257.50%.
However, this economic equivalent is entirely separate from the numismatic (collector) value of an 1886 Morgan Silver Dollar coin, which can be worth between $34 and several thousand dollars depending on condition, mint mark, and other factors.
Where is the mint mark on an 1886 Silver Dollar?
On 1886 Morgan Silver Dollars, the mint mark (if present) is located on the reverse (back) side of the coin, below the wreath and above the word "DOLLAR."
- Philadelphia-minted coins have no mint mark
- New Orleans-minted coins have an "O" mint mark
- San Francisco-minted coins have an "S" mint mark
The mint mark is relatively small, so you may need a magnifying glass to see it clearly, especially on worn specimens.
What makes a 1886 Silver Dollar rare?
Several factors can make an 1886 Morgan Silver Dollar particularly rare and valuable:
- Mint mark: The 1886-S (San Francisco) is the rarest of the three mint marks, with only 750,000 produced
- Condition: High-grade uncirculated examples (MS-65 and above) are rare for all mint marks
- VAM varieties: Certain die varieties classified in the VAM system can be quite scarce
- Error coins: Off-center strikes, die breaks, and other minting errors are rare
- Exceptional toning: Coins with beautiful natural toning patterns can command significant premiums
The 1886-O (New Orleans) mint in uncirculated condition is particularly challenging to find despite its relatively high mintage, as most were heavily circulated.
How can I tell if my 1886 Morgan Dollar is authentic?
To verify the authenticity of an 1886 Morgan Silver Dollar:
- Check the weight - should be 26.73 grams
- Measure the diameter - should be 38.1 mm
- Examine the edge - should have a reeded (ridged) edge
- Check for proper silver luster - a genuine silver coin has a distinct appearance
- Look for sharp design details, particularly in Liberty’s hair and the eagle’s feathers
- Verify the mint mark position (if present)
For valuable specimens, consider professional authentication through PCGS or NGC grading services. Be particularly cautious of coins offered at prices significantly below market value.
External Resources for Morgan Dollar Collectors
NGC Coin Explorer: 1886 Morgan Dollar
Comprehensive information about 1886 Morgan Dollars with current price guides and grading standards.
PCGS CoinFacts: 1886 Morgan Dollar
Detailed coin specifications, auction records, and historical information about 1886 Morgan Dollars.
USA Coin Book: 1886 Morgan Values
Current market values and pricing information for 1886 Morgan Silver Dollars.
CoinStudy: 1886 Morgan Dollar Value Guide
Regular updates on the value of 1886 Morgan Silver Dollars with historical background.
VAMWorld: 1886 VAM Varieties
Database of known VAM varieties for 1886 Morgan Dollars with identification photos and rarity ratings.
Coin Value Checker: 1886 Morgan Dollar Analysis
Comprehensive analysis of 1886 Morgan Silver Dollar values, including error coins and varieties.
Conclusion
The 1886 Morgan Silver Dollar represents an important piece of American numismatic history. While Philadelphia-minted specimens are relatively common and affordable in circulated grades, the New Orleans and San Francisco issues can command significant premiums, especially in uncirculated condition.
Before buying or selling an 1886 Morgan dollar, take the time to properly identify its mint mark and assess its condition. For valuable specimens, professional grading is highly recommended to authenticate the coin and establish its true market value.
Whether you’re a seasoned collector or someone who just discovered an 1886 silver dollar in a family collection, understanding these factors will help you appreciate the true value of these historic silver coins. With proper care and handling, these pieces of American history can continue to be preserved and cherished for generations to come.
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| Category | Price | Notes |
|---|---|---|
| 1886 (No Mint Mark - Philadelphia) | $34 - $70 | Circulated condition |
| 1886 (No Mint Mark - Philadelphia) | $75 - $175 | Uncirculated (MS60-MS63) |
| 1886 (No Mint Mark - Philadelphia) | $200 - $400+ | Premium Uncirculated (MS64+) |
| 1886-O (New Orleans) | $50 - $150 | Circulated condition |
| 1886-O (New Orleans) | $600 - $1,400+ | Uncirculated |
| 1886-S (San Francisco) | $150 - $400 | Circulated condition |
| 1886-S (San Francisco) | $900 - $1,700+ | Uncirculated |