11 Morgan Silver Dollars That Were Both Common and Key Date Coins

Readers of Atlanta Gold & Coin’s blog may recognize that, at the time this article was published, the blog often write about Morgan silver dollars pretty extensively, since they remained among the coin industry’s most collectible pieces.

What set this article apart from the others? The original discussion was intended to be informative, while also offering an entertaining look at the subject.

For instance, were you aware that more than 650,000,000 Morgan silver dollars were struck during the 27-year period from 1878 – 1921? Basic arithmetic puts that at roughly 24 million coins annually across every mint, 66k per day, or 2,748 each hour!

Numbers on that scale help explain why these dollars continued to attract collectors more than a century later. Earlier Atlanta Gold & Coin posts had covered common-date, heavily minted coins; particular collectible coins with high values, commonly called key dates; and the distinctions between them.

Some Morgan dollars, however, can qualify as both common-date and key-date coins. It may sound contradictory: how can one coin be common and scarce simultaneously? The answer is what makes the subject especially interesting.

In short, the distinction depends on a coin’s condition. Coins with mintages above 1.5 million pieces are generally classified as common dates. Put another way, so many were made and entered circulation that they became common rather than especially collectible.

There are exceptions. Some high-mintage years saw extensive circulation, while other pieces were included among the large quantity (230,232,722) melted under the Pittman Act in 1918. As a result, uncirculated examples can be scarce and valuable despite their original production totals.

This article identifies 11 coins in date order. Each is considered a common date in circulated condition, but a key date in uncirculated condition. Fine serves as the common-date baseline, while MS60, meaning mint state, and higher grades represent uncirculated condition.

A pattern may become apparent among the coins selected here, although the original article did not want to reveal it immediately. At publication, readers were invited to enjoy the coins included and to consider why each one mattered.

1883-S Morgan Silver Dollar

At first glance, an 1883-S Morgan dollar can look like an ordinary common-date silver dollar. Its mintage of 6.25 million exceeded that of more than half of all Morgan dollars struck. Why, then, would a coin made in such volume be treated as a key date? Start with a typical circulated 1883-S Morgan. At the time of publication, the most recent Greysheet dealer price guide listed $34 for one in fine condition. The original article described this as roughly the usual retail level, because many collectors and investors used Greysheet to gauge market prices.

Further up the grading scale, prices rose gradually, passing the $1,000 threshold at the MS60 grade, which was historically listed at $1,075.

Despite the large original mintage, comparatively few examples had received an MS60 grade. That small number indicates that few were identified in uncirculated condition.

At publication, When this article was written, NGC and PCGS had certified only 119 and 147 coins, respectively, at MS60. Combining the counts certified from MS60 through MS63 produced a population of 4,600 coins. Compared with the total originally produced, that remained only a very small portion.

A caution from the original article: 99% of coins advertised as uncirculated but offered raw or uncertified were not actually uncirculated.

For collectors seeking an uncirculated example, the original article recommended purchasing one certified by NGC or PCGS. It described those as the industry’s two leading independent grading services and said certification helped confirm an accurately assigned grade.

1884-S Morgan Silver Dollar

The 1884-S Morgan dollar also had a substantial mintage of 3.2 million coins, though that was nearly half the number struck for the 1883-S Morgan dollars. Against the production totals for other Morgan dollars, its mintage placed in the bottom third of the series.

At publication, Put differently, about two-thirds of the remaining dates and mint marks were struck in greater numbers. Even so, 3.2 million coins is a meaningful total, making it a common-date coin.

At the time this article was written, the latest Greysheet figures listed $34 in fine condition, matching the 1883-S Morgan. The original article said these were readily obtainable at prices not far above silver’s spot price because of market availability at publication. Values rose toward uncirculated condition, then increased sharply beyond it.

How far could the price rise? The original article urged readers to prepare for the figure assigned to an uncirculated 1884-S example. At publication, Greysheet listed an MS60 1884-S Morgan dollar at $9,000! The listed difference across only two grades was $8,900. Population reports then showed only 825 of 3.2 million coins certified by NGC and PCGS as MS60 through MS63. This supported the conclusion that uncirculated pieces were scarce because so many had remained in circulation.

As with the 1883-S Morgan dollar, the original article strongly advised collectors interested in an uncirculated specimen to limit their purchase to a certified coin.

The original article warned that if 99% of raw advertised 1883-S Morgans were not uncirculated, then 99.9% of raw 1884-S coins advertised as uncirculated were not truly so either. Readers were cautioned not to rely on striking seller photographs on auction sites including eBay and Etsy.

1885-S Morgan Silver DollarAt publication,

By this point, the shared feature among the coins discussed was likely clear: each was produced at the San Francisco Mint. The 1885-S Morgan was another example. Its approximate mintage of 1.5 million coins was lower than that of the two previously discussed coins. Although that lower total might suggest substantially greater value, the original article explained that this was not the result.

This coin followed the same general pattern as the 1883-S & and 1884-S Morgans: at publication, its fine-condition list price was $34. Prices rose gradually with improved condition, but the original article did not find the dramatic uncirculated-condition increase seen for the 1883-S and 1884-S coins.

At publication, Although still meaningful, the publication-era listed value of $320 for MS60 condition was far below the $1,000+ values reported for the previously covered Morgans at that same grade.

Why would a coin with a much smaller mintage carry such a markedly lower price? The explanation lies in survival rates and in how many coins were certified uncirculated. Population reports showed 115 and 108 coins, respectively, certified by NGC and PCGS at MS60. Yet the higher-grade population—above MS60—was substantial. Nearly 11,000 coins had been certified by each service from MS60 through MS63.

That was substantially higher than the population for the coins previously listed, meaning more graded uncirculated pieces were available from the relatively small 1.5-million-coin population.

1892-O Morgan Silver Dollar

The original article then moved away from San Francisco Morgans to cover two New Orleans silver dollars. An “O” mint mark on the reverse identifies these coins. The first New Orleans example discussed was the 1892-O Morgan dollar.

This coin’s approximate mintage was a respectable 2.7 million pieces, placing it roughly in line with the mintage of 1884-S Morgan dollars.

Like the earlier examples, its fine-condition list price at publication was $34. The listed price then increased gradually up the grading scale, reaching $400 in MS60 condition. From there, published prices continued higher and reached $2,500 at MS65.

As with the other coins, the population report helps explain the historical value levels. Approximately 8,000 coins had been certified by NGC and PCGS between MS60 and MS63. That made it more common in uncirculated condition than the 1883-S and 1884-S San Francisco Morgans noted earlier, while it still carried substantial value at publication.

1892-P Morgan Silver Dollar

The 1892-p Morgan silver dollar was the first Philadelphia Mint Morgan dollar included here, though it would not be the last. Its mintage was approximately 1 million, substantially below the production totals for the other coins discussed. Ordinarily, that lower figure could place a coin at least in semi-key-date territory. In this case, however, enough examples apparently escaped melting, a positive circumstance for both collectors and investors.

Like the other coins already discussed, this coin was listed at $34 in fine condition, with values rising gradually as examples near the uncirculated grade. According to Greysheet, the historical value listed for this coin was $500 in MS60 condition.

At publication, The population report showed just 91 & 54 coins, respectively, certified by NGC and PCGS in MS60 condition, although totals grew at MS61 and higher. With only a few thousand pieces certified as uncirculated against a mintage of 1 million, the original article considered it an important and valuable coin.

1894-o Morgan Silver Dollar

The 1894-o Morgan silver dollar was the second New Orleans issue included in the list. Its mintage of 1.7 million was neither among the highest nor the lowest totals. Still, because production was nearly 1 million coins lower than for the 1892-o Morgan, it might reasonably be expected to command substantially more than the 1892-o Morgan dollar.

The next details examined whether that expectation held true.

In the historical Greysheet review, this coin was listed at $40 in Fine condition. Its value rose noticeably at the Almost Uncirculated (AU) level, followed by a substantial jump at the MS60 grade, where the then-current listing was $2,150 for an MS60 example.

The population report helps explain that substantial price difference. Only 235 examples had been certified by NGC and PCGS in MS60 condition, and only 1,765 reached MS61 or higher. That meant very few pieces had been identified as Mint State. As with the 1884-s Morgan, the original article cautioned readers about raw coins advertised as uncirculated because they were likely not genuinely uncirculated.

1897-o Morgan Silver Dollar

The third and last New Orleans Morgan silver dollar on this list was the 1897-o issue. With a fairly strong mintage of 4 million coins, it sat near the middle of the group when the featured coins were compared by production volume.

At the time of publication, an 1897-o Morgan in Fine condition was listed at $34, as with the earlier coins. The general public might not recognize it as a key date, but its value rose sharply when it appeared uncirculated, reaching $1,100. The then-most-recent Greysheet listed an even striking price of $10,500 in MS64. The article noted that, among 1897-o Morgans, examples above XF were probably difficult to locate because high-end pieces were scarce.

At publication, The then-most-recent population report supported the coin’s rarity. The two leading third-party grading services had certified 3,300 coins from MS60 through MS63. Why was an MS64 1897-o Morgan so much pricier? Fewer than 100 coins had earned that grade. The finest known example was MS67 and had sold for as much as $348,000.

1898-s Morgan Silver Dollar

The 1898-s Morgan silver dollar was the fourth San Francisco issue discussed. Its substantial mintage totaled 4.1 million coins, so many collectors may have regarded it as an unimportant or low-value coin. As the earlier examples illustrated, however, original mintage alone does not always indicate a coin’s value.

At the time of publication, its Fine-condition list price was $34, in line with the previously discussed coins. As condition improved, the published value climbed gradually, reaching $495 in MS60 condition.

At that grade, its value was nearly the same as the 1892-p Morgan silver dollar, despite that Philadelphia issue having a mintage 3 million coins lower.

The population report indicated that about 4,000 examples had been certified by NGC and PCGS between MS60 and MS63. Interestingly, more coins were certified at MS63 than across MS60 through MS62. As noted earlier, MS60 is the lowest uncirculated grade, so the count may or may not fully represent all certified uncirculated examples.

1899-s Morgan Silver Dollar

The 1899-s Morgan silver dollar had an approximate mintage of 2.5 million coins. Compared with the other San Francisco Morgans in this list, its production appeared to fall near the middle. The closest mintage among coins already covered belonged to the 1892-o Morgan, which had a mintage of 2.7 million coins.

In circulated condition, this was an ordinary coin, with a published value of $34 at the time of publication. Like the other pieces, its value increased as condition improved, reaching $600 in MS60 condition. Though it had not quite reached four figures, the reported value remained notable and exceeded that of several coins discussed earlier.

At publication, The population report showed only 4,000 coins certified by NGC and PCGS from MS60 through MS63, which partly explained the notable value. From an appearance standpoint, the original article recommended MS62 or better: these coins often showed fewer contact marks, a cleaner cheek on Lady Liberty, and a more appealing overall look.

1900-s Morgan Silver Dollar

Like several other San Francisco Morgans discussed, the 1900-s Morgan seemed to be a standard issue, with a mintage of roughly 3.5 million.

Many investors and collectors may have overlooked this coin because it was not among the better-known key dates, including the especially popular Carson City silver dollars. Its reported value, however, could still be surprising.

At the time of publication, the Greysheet gave it a Fine-condition value of $36. It followed the pattern established by the other coins discussed, climbing to $485 in MS60 condition.

At publication, The population report did not show anything especially unexpected: approximately 5,000 coins were certified from MS60 through MS63. Within that range, the largest total received MS63, a solid uncirculated grade. Coins at this level show limited contact marks and typically have attractive, bold mint luster across their surfaces.

Several coins discussed earlier had similar values at the MS60 grade. The original article then closed on a stronger note by moving to its next and final featured coin.

1901-p Morgan Silver Dollar

The final coin was the 1901-p Morgan silver dollar. It was the second Philadelphia issue on the list and, with roughly 7 million coins struck, the most heavily produced Morgan discussed. A mintage that large might suggest the lowest price in the group, yet this issue was instead among the most valuable.

Historically, the 1901-p Morgan silver dollar carried a listed price of $40 in fine condition, generally in line with the other coins discussed. Its value pattern differed from some of those pieces, however, because examples in top condition showed a pronounced jump. At the time, it was the fourth coin in the group to enter four-figure territory, with a listed price of $4,100 in MS60 condition. By value, it ranked behind only the 1884-s Morgan silver dollar.

A coin listed above $4,000 would be expected to have relatively few certified uncirculated examples, and the report supported that expectation. At the time of publication, only about 1,600 of 7 million coins had received an MS60 through MS63 grade from NGC or PCGS. That was considerably fewer than for most previously reviewed coins, making uncirculated examples quite scarce.

As with the other coins discussed, the original article stated that 99.9% of raw, advertised uncirculated 1901-p Morgan silver dollars were actually circulated. When the article was originally published, it advised readers seeking an uncirculated piece for a collection to purchase a certified coin.

Summary

In closing, the article highlighted eleven Morgan silver dollars that were common dates in circulated grades but highly valued when uncirculated. Most listed coins came from the San Francisco Mint, while Philadelphia and New Orleans issues were also included.

The article did not include any Carson City silver dollars because each is at least a semi-key date. The only Denver-issued Morgan silver dollar dated from 1921 and was described as a common-date coin.

For collectors seeking any of these coins in uncirculated condition, the original article recommended choosing certified examples or raw coins from a reputable coin dealer. It noted that many advertised pieces observed at publication did not actually meet the uncirculated standard, a difference that could cost a buyer thousands of dollars over time. For readers selling Morgan silver dollars when this article was originally published, it directed them to read this article first for useful perspective.

Atlanta Gold & Coin hoped readers found the assembled coin list as engaging as the team found it to prepare. At the time of publication, readers were invited to contact the business for buying and selling needs. The original article described Atlanta Gold & Coin as one of the nation’s leading Morgan silver dollar dealers and stated that its expertise could help sellers maximize profit or help buyers make a sound investment.

At the time of publication, Contact us today was presented as a way to see why Atlanta Gold & Coin was described as Atlanta’s premier coin dealer and among the leading U.S. coin experts.

At publication, The article closed with “Happy Treasure Hunting!” and invited readers to call that day at 678-515-5763!