1887 Morgan Silver Dollar Value Guide: what to document first
Document the mint mark, grade, luster, toning, cheek and field marks, rim issues, cleaning, damage, holder information, and any prooflike or variety claim before comparing values.
This guide does not assign a guaranteed value or authenticate auction claims from photos alone. Treat online prices as context until composition, condition, mint or product details, and comparable market evidence are verified.
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.
History of the 1887 Morgan Silver Dollar
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.
Key Features of the 1887 Morgan Silver Dollar
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
1887 Morgan Dollar Value Chart
1887 Morgan Dollar Value by Mint Mark and Grade
Market values as of April 2025
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.
| 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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Factors That Affect 1887 Morgan Dollar Value
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
Image reference removed; use object photos and documented condition details for appraisal.
Notable 1887 Morgan Dollar Varieties
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)
| 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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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.
Image reference removed; use object photos and documented condition details for appraisal.
How to Determine If Your 1887 Morgan Dollar Is Authentic
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.
Where to Sell Your 1887 Morgan Silver Dollar
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
- Considerations: Fees, shipping responsibilities, potential security concerns
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.
Storing and Preserving Your 1887 Morgan Dollar
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?
Where is the mint mark on a 1887 Morgan Dollar?
How much is a 1887 silver dollar worth with no mint mark?
How rare is an 1887 silver dollar?
What makes an 1887 Morgan dollar valuable?
How can I tell if my 1887 Morgan dollar is real?
External Resources for Morgan Dollar Research
NGC Coin Explorer - 1887 Morgan Dollar
NGC's comprehensive guide to the 1887 Morgan dollar, including pricing information, population reports, and grading standards.
PCGS CoinFacts - 1887 Morgan Dollar
Detailed information about the 1887 Morgan dollar, including historical background, auction records, and variety information.
USA Coin Book - 1887 Morgan Dollar Value
Market values and historical price trends for the 1887 Morgan dollar across all grades and conditions.
VAMWorld - 1887 Morgan Dollar Varieties
Specialized information on the various VAM varieties of 1887 Morgan dollars, including identification points.
Gainesville Coins - 1887 Morgan Dollar Guide
Comprehensive collector's guide to the 1887 Morgan dollar, including historical context and value information.
CoinStudy - 1887 Morgan Silver Dollar Value
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:
- 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.
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