1887 Silver Dollar Value Guide: What's Your Morgan Worth Today?

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.

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:

Produced 20,290,000 Morgan dollars - the highest production of any mint for this year.

Produced 11,550,000 Morgan dollars, making it the second highest in production volume.

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.

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

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

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.

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:

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

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:

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.

Key Authentication Points

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.

Selling Options

1. Coin Dealers

   • Advantages: Immediate payment, no fees
   • Considerations: Typically offer wholesale prices (60-80% of retail value)

2. Auction Houses

   • Advantages: Potential for highest prices, especially for rare varieties
   • Considerations: Commissions typically 10-20%, waiting period for payment

3. Online Marketplaces

   • Advantages: Wide audience, potentially higher prices than dealer offers
   • Considerations: Fees, shipping responsibilities, potential security concerns

4. Coin Shows

   • 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.

Storage Recommendations

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.

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+.

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.

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.

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.

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.

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.

NGC's comprehensive guide to the 1887 Morgan dollar, including pricing information, population reports, and grading standards.

Detailed information about the 1887 Morgan dollar, including historical background, auction records, and variety information.

Market values and historical price trends for the 1887 Morgan dollar across all grades and conditions.

Specialized information on the various VAM varieties of 1887 Morgan dollars, including identification points.

Comprehensive collector's guide to the 1887 Morgan dollar, including historical context and value information.

In-depth analysis of 1887 Morgan dollar values with market trends and collecting advice.

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:

1. Properly identify its mint mark and any special characteristics
2. Assess its condition using the guidelines provided
3. Consider professional grading for better specimens
4. Store it properly to preserve its condition
5. 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.