1887 Silver Dollar Value Guide: What's Your Morgan Worth Today?
Discover the true value of your 1887 Morgan Silver Dollar. Learn about mint marks, key varieties, grading, and current market prices to determine what your coin is worth.
By Appraisily TeamLast updated September 5, 2023
Introduction to the 1887 Morgan Silver Dollar
The 1887 Morgan Silver Dollar represents an important piece of American numismatic history. Minted during the height of the Morgan dollar production era, these coins have become highly sought after by collectors and investors alike. Whether you’ve inherited one of these silver treasures or are looking to add one to your collection, understanding its value is essential.
This comprehensive guide will walk you through everything you need to know about the 1887 Morgan Silver Dollar’s value, from identifying mint marks to understanding how condition affects price. We’ll examine current market trends, highlight valuable varieties, and provide you with the knowledge to accurately assess what your coin is worth in today’s market.
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<span>History of the 1887 Morgan Silver Dollar</span>
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<div class="section-header__body">The Morgan Silver Dollar, designed by George T. Morgan, was produced from 1878 to 1904, and again in 1921. The 1887 issue came during a period of high production, with coins minted at three different facilities.</div>
The Morgan dollar series came about as a result of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase large amounts of silver and convert it into silver dollars. This legislation was largely a response to lobbying from mining interests in the western United States after silver discoveries in Nevada and other states.
The 1887 issue saw substantial mintage numbers across three facilities:
1887 Morgan Dollar Production Timeline
1887
Philadelphia Mint (No Mint Mark)
Produced 20,290,000 Morgan dollars - the highest production of any mint for this year.
1887
New Orleans Mint (O Mint Mark)
Produced 11,550,000 Morgan dollars, making it the second highest in production volume.
1887
San Francisco Mint (S Mint Mark)
Produced 1,771,000 Morgan dollars - significantly fewer than the other two mints.
According to research from PCGS, the amount of silver used in the 1887 coinage was 28,588,682.89 standard ounces, at a cost of $25,343,272.39, representing a significant government investment in silver currency at the time.
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<span>Key Features of the 1887 Morgan Silver Dollar</span>
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<div class="section-header__body">Understanding the distinguishing characteristics of the 1887 Morgan dollar will help you properly identify your coin and assess its authenticity.</div>
Design Elements
The 1887 Morgan Silver Dollar features the following design elements:
Obverse (Front):
Portrait of Liberty facing left
“E PLURIBUS UNUM” motto above
Date (1887) below
13 stars surrounding Liberty’s head, representing the original colonies
Reverse (Back):
American eagle with wings spread, clutching arrows and an olive branch
“UNITED STATES OF AMERICA” and “ONE DOLLAR” inscriptions
“IN GOD WE TRUST” motto above the eagle
Mint mark (if present) below the wreath, above the “DO” in “DOLLAR”
Physical Specifications
1887 Morgan Dollar Specifications
Composition: 90% silver, 10% copper
Weight: 26.73 grams
Diameter: 38.1 mm (1.5 inches)
Edge: Reeded
Silver Content: 0.77344 troy oz pure silver
Mint Mark Identification
The mint mark on 1887 Morgan dollars can be found on the reverse (back) side of the coin, below the wreath and above the letters “DO” in “DOLLAR”:
No mint mark: Philadelphia Mint
“O” mint mark: New Orleans Mint
“S” mint mark: San Francisco Mint
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<span>1887 Morgan Dollar Value Chart</span>
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<div class="section-header__body">The value of an 1887 Morgan Silver Dollar varies significantly based on its mint mark and condition. Below are current market values for different mint marks and grades.</div>
1887 Morgan Dollar Value by Mint Mark and Grade
Market values as of April 2025
Category
Price
Notes
1887 (Philadelphia - No Mint Mark)
$32 - $48
Circulated (G-VF)
1887 (Philadelphia - No Mint Mark)
$50 - $65
About Uncirculated (AU)
1887 (Philadelphia - No Mint Mark)
$65 - $425
Uncirculated (MS60-MS66)
1887-O (New Orleans)
$32 - $55
Circulated (G-VF)
1887-O (New Orleans)
$60 - $75
About Uncirculated (AU)
1887-O (New Orleans)
$85 - $750+
Uncirculated (MS60-MS66)
1887-S (San Francisco)
$40 - $60
Circulated (G-VF)
1887-S (San Francisco)
$75 - $95
About Uncirculated (AU)
1887-S (San Francisco)
$100 - $1,200+
Uncirculated (MS60-MS66)
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As evident from the value chart, the 1887-S Morgan dollars typically command higher prices in better conditions due to their lower mintage numbers. The Philadelphia (no mint mark) coins, having been produced in the highest numbers, are generally the most affordable in circulated conditions.
According to USA Coin Book, an 1887 Morgan Silver Dollar (Philadelphia mint) is worth approximately $56 in average condition, while the NGC Price Guide indicates values between $42 and $63 for circulated specimens.
Recent Notable 1887 Morgan Dollar Auction Sales
Selected high-grade examples sold at major auction houses
Item
Price
Date
Auction House
1887 Morgan MS67
$7,200
January 2024
Heritage Auctions
1887-S Morgan MS65
$4,800
November 2023
Stack's Bowers
1887-O Morgan MS65 DMPL
$9,200
March 2024
Great Collections
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<span>Factors That Affect 1887 Morgan Dollar Value</span>
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<div class="section-header__body">Several key factors determine how much your 1887 Morgan Silver Dollar is worth. Understanding these can help you better assess your coin’s value.</div>
Mint Mark
As shown in the value chart, the mint mark significantly impacts value:
Philadelphia (No Mint Mark): Most common and generally lowest value
New Orleans (O): Moderate value, especially in higher grades
San Francisco (S): Most valuable due to lower mintage
Condition (Grade)
The condition or grade of your coin is perhaps the most critical factor affecting its value. Morgan dollars are graded on the Sheldon scale from 1 to 70:
Morgan Dollar Grading Indicators
Key features to examine when assessing your coin's condition
Look for wear on Liberty's hair above the forehead and ear
Check the eagle's breast feathers on the reverse for signs of wear
Examine the coin's rim for damage or imperfections
Look for bag marks (small nicks from contact with other coins)
Check for original luster on uncirculated specimens
Special Characteristics
Certain characteristics can significantly increase an 1887 Morgan dollar’s value:
Deep Mirror Prooflike (DMPL): Coins with mirror-like surfaces can be worth significantly more
VAM Varieties: Specific die variations cataloged by Van Allen-Mallis can command premiums
Toning: Attractive natural toning can increase value to collectors
Error Coins: Doubling, die cracks, or other errors can make a coin more valuable
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<span>Notable 1887 Morgan Dollar Varieties</span>
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<div class="section-header__body">Several significant varieties of the 1887 Morgan dollar are highly sought after by collectors, often commanding significant premiums over standard issues.</div>
VAM Varieties
“VAM” refers to the cataloging system created by Leroy Van Allen and A. George Mallis for Morgan and Peace dollar varieties. Several notable 1887 VAM varieties include:
Notable 1887 Morgan Dollar VAM Varieties
Premium values for key varieties (prices in addition to base coin value)
Category
Price
Notes
1887 VAM-1A (Doubled Date)
$75 - $250+
Visible doubling on date digits
1887 VAM-2 (Doubled Ear)
$50 - $200+
Doubling visible on Liberty's ear
1887-O VAM-3 (Clashed E)
$100 - $300+
Die clash marks visible
1887 VAM-10 (Alligator Eye)
$75 - $400+
Distinctive shape to Liberty's eye
1887 VAM-12 (Doubled Date)
$100 - $250+
Strong doubling on date
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Prooflike and Deep Mirror Prooflike Specimens
Prooflike (PL) and Deep Mirror Prooflike (DMPL) Morgan dollars exhibit mirror-like surfaces that resemble proof coins. These characteristics can significantly increase value:
Prooflike (PL): 50-100% premium over standard Mint State coins
Deep Mirror Prooflike (DMPL): 100-400+% premium over standard Mint State coins
According to PCGS, an 1887 Morgan dollar in MS65 condition might be worth around $175, while the same coin with DMPL characteristics could fetch $700 or more.
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<span>How to Determine If Your 1887 Morgan Dollar Is Authentic</span>
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<div class="section-header__body">With valuable coins like the 1887 Morgan dollar, counterfeits are unfortunately common. Here are key authentication points to examine.</div>
Key Authentication Points
Authentication Checklist for 1887 Morgan Dollars
Check these factors to help determine authenticity
Correct weight: should be 26.73 grams
Correct diameter: should be 38.1 mm (1.5 inches)
Reeded edge with the correct number of reeds
Authentic silver ring when tapped (not a definitive test)
Examine for casting seams, which indicate a counterfeit
Check for correct font styles and design elements
For definitive authentication of valuable Morgan dollars, professional grading services like PCGS, NGC, or ANACS are recommended. These services not only authenticate the coin but also grade its condition and encapsulate it in a tamper-evident holder.
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<span>Where to Sell Your 1887 Morgan Silver Dollar</span>
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<div class="section-header__body">If you’re looking to sell your 1887 Morgan dollar, several options are available, each with its own advantages and considerations.</div>
Selling Options
Coin Dealers
Advantages: Immediate payment, no fees
Considerations: Typically offer wholesale prices (60-80% of retail value)
Auction Houses
Advantages: Potential for highest prices, especially for rare varieties
Considerations: Commissions typically 10-20%, waiting period for payment
Online Marketplaces
Advantages: Wide audience, potentially higher prices than dealer offers
Advantages: Multiple dealers for price comparison, immediate payment
Considerations: Limited to show schedule and location
For most common 1887 Morgan dollars in average circulated condition, coin dealers often provide the most convenient option. However, for high-grade or rare varieties, auction houses or specialized online auctions may yield better results.
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<span>Storing and Preserving Your 1887 Morgan Dollar</span>
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<div class="section-header__body">Proper storage is essential to maintain both the condition and value of your Morgan dollar over time.</div>
Storage Recommendations
Morgan Dollar Storage Best Practices
Follow these guidelines to preserve your coin's condition and value
Use non-PVC coin holders or capsules
Store in a cool, dry environment with stable humidity
Avoid handling coins directly - use cotton gloves or hold by the edges
Don't clean your coins - this can significantly reduce their value
Consider professional grading and encapsulation for valuable specimens
For 1887 Morgan dollars of significant value (generally MS63 and above), professional grading and encapsulation by services like PCGS or NGC provide both authentication and protection while potentially increasing marketability.
Common Questions About 1887 Morgan Silver Dollars
How much is a silver dollar 1887 coin worth?
An 1887 silver dollar (Morgan dollar) value ranges widely based on condition and mint mark. In circulated condition, an 1887 Philadelphia (no mint mark) Morgan is worth between $32 and $48. In uncirculated condition (MS60+), values range from $65 to over $425 for gem specimens. The 1887-S is generally more valuable, with circulated examples worth $40-$60 and uncirculated specimens commanding $100 to $1,200+.
Where is the mint mark on a 1887 Morgan Dollar?
The mint mark on an 1887 Morgan Silver Dollar is located on the reverse (back) side of the coin, below the wreath and above the letters "DO" in "DOLLAR." If there is no mint mark, the coin was minted in Philadelphia. An "O" mint mark indicates New Orleans, while an "S" indicates San Francisco.
How much is a 1887 silver dollar worth with no mint mark?
An 1887 Morgan Silver Dollar with no mint mark (from the Philadelphia Mint) is generally worth between $32 and $48 in circulated condition (G-VF). In About Uncirculated (AU) condition, it's worth approximately $50-$65. Uncirculated examples (MS60+) range from $65 to $425, with gems in MS66 condition or higher commanding significant premiums.
How rare is an 1887 silver dollar?
The 1887 Morgan Silver Dollar is not considered rare in most conditions. The Philadelphia Mint produced over 20 million examples, making it quite common in circulated and lower uncirculated grades. The 1887-S is the scarcest of the three mint marks, with just 1.77 million produced. True rarity for 1887 Morgan dollars is generally found only in superb gem condition (MS66+) or in specific varieties and error coins.
What makes an 1887 Morgan dollar valuable?
Several factors determine an 1887 Morgan dollar's value: mint mark (S is most valuable), condition (higher grades command significant premiums), special characteristics (DMPL surfaces, attractive toning), VAM varieties, and errors. The highest values are seen in perfect or near-perfect specimens (MS65+) with original surfaces and eye appeal, particularly for the San Francisco issue.
How can I tell if my 1887 Morgan dollar is real?
To authenticate an 1887 Morgan dollar, check its weight (should be 26.73 grams), diameter (38.1 mm), and edge reeding. Examine the design details for sharpness and accuracy compared to known authentic examples. Be wary of unusual luster, wrong metallic color, or casting seams. For valuable coins, professional authentication through PCGS, NGC, or ANACS is recommended. These services can verify authenticity and grade the coin's condition.
Conclusion: Is Your 1887 Morgan Dollar a Treasure?
The 1887 Morgan Silver Dollar represents both a tangible piece of American history and a potentially valuable collector’s item. While most examples in circulated condition are worth modest premiums over their silver content, certain specimens—particularly high-grade 1887-S dollars, DMPL examples, and rare varieties—can be worth hundreds or even thousands of dollars.
To maximize the value of your 1887 Morgan dollar:
Properly identify its mint mark and any special characteristics
Assess its condition using the guidelines provided
Consider professional grading for better specimens
Store it properly to preserve its condition
Research current market values before selling
Whether your 1887 Morgan dollar is worth $35 or $3,500, it remains a beautiful example of classic American coinage and a tangible connection to the late 19th century. With the information provided in this guide, you’re now equipped to make informed decisions about your coin’s value and care.
