Coin values · 90% silver · 1878–1921
Morgan silver dollar value: melt value today and key dates
A Morgan silver dollar (1878–1904, then 1921) is 90% silver and holds 0.7734 troy oz, so its value starts at melt. Common dates trade a few dollars over melt; Carson City coins, key dates and high grades are worth far more to collectors. At the Nov 3, 2026 close ($49.78/oz silver), one coin’s 0.7734 oz of silver was worth $38.50.
Morgan silver dollar specifications
| Years struck | 1878–1904 and 1921 |
|---|---|
| Designer | George T. Morgan |
| Mints | Philadelphia (no mintmark), Carson City (CC), New Orleans (O), San Francisco (S), Denver (D, 1921 only) |
| Composition | 90% silver, 10% copper |
| Weight | 26.73 g |
| Diameter | 38.1 mm, reeded edge |
| Silver content (ASW) | 0.7734 troy oz |
| Face value | $1 |
| Melt value | $38.50 at the Nov 3, 2026 close ($49.78/oz silver); live value above |
Weights, fineness and mintages come from the primary records listed under Sources; melt is computed from the gold or silver content.
Morgan silver dollar melt calculator
Melt = pure metal content × recent spot (silver $49.78/oz). This is the bullion floor; collectible coins can be worth far more. Federal rules restrict melting only 1¢ and 5¢ coins (31 CFR Part 82; 1942–1945 silver war nickels are exempt). This estimates intrinsic value.
What a Morgan silver dollar’s silver has been worth since 1968
A Morgan silver dollar held about $1.52 of silver in 1968, peaked near $79.81 in 2026, and its metal is worth $38.50 today. That is melt only; a scarce date or high grade can carry a collector premium on top.
Morgan silver dollar melt value by decade
Melt of one coin at each decade’s December close. The peak month was Jan 2026 at $79.81; the low was Oct 1971 at $1.01. Melt has been above the $1.00 face value in every month since 1968, and is now about 38 times face.
| Close | Silver price | Melt per coin |
|---|---|---|
| Dec 1970 | $1.63 | $1.26 |
| Dec 1980 | $15.50 | $11.99 |
| Dec 1990 | $4.19 | $3.24 |
| Dec 2000 | $4.58 | $3.54 |
| Dec 2010 | $30.63 | $23.69 |
| Dec 2020 | $26.49 | $20.48 |
| Nov 3, 2026 | $49.78 | $38.50 |
Prices: LBMA benchmark history, then Bullion Trading LLC 5 pm ET spot closes (monthly observations).
About the Morgan silver dollar
The Bland-Allison Act of 1878 required the Treasury to buy silver every month and coin it into dollars, and George T. Morgan’s design was the result. The Sherman Silver Purchase Act of 1890 kept the presses running until 1904.
Under the Pittman Act of 1918 the government melted 270,232,722 silver dollars, much of the silver going to Britain for India. It then struck new Morgans in 1921 before switching to the Peace design.
Millions of uncirculated Morgans sat in Treasury vaults for decades; the 1962–1964 releases and the GSA sales of Carson City dollars in the 1970s are why bags of mint-state Morgans exist today. The mintmark is on the reverse, below the wreath.
Key dates and mintages
- 1893-S: 100,000 struck, the key date of the series.
- 1889-CC: 350,000 struck at Carson City, the first year after the mint reopened.
- 1895 (Philadelphia): Mint records list 12,880 struck, but only the 880 proofs are known; no business strike has been found.
- 1921-D: the only Morgan dollar struck at Denver.
When is a Morgan silver dollar worth more than melt?
Common circulated dates sell near melt plus a premium. Carson City coins, the keys above, and gems with deep mirror surfaces are priced by collectors; we do not publish collector prices. Since 2021 the US Mint has also struck .999 fine Morgan dollars for collectors, which have more silver than the originals.
Buy at Bullion Trading LLC
Store prices as of 2026-11-03. Today's price is on each product page.
Sources
- Bland-Allison Act (Feb 28, 1878), 20 Stat. 25
- Pittman Act (Apr 23, 1918), 40 Stat. 535
- US Mint, Annual Report of the Director of the Mint 1894 (Carson City and San Francisco)
- US Mint, Annual Report of the Director of the Mint 1897 (Philadelphia 1895)
- US Mint, Annual Report of the Director of the Mint 1922 (Pittman Act melting)