Your Old Coin Could Be Valuable!
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The 1887 Morgan Dollar is worth anywhere from $35 in worn condition to over $2,500 in high-grade mint state. These iconic heavy silver coins are a favorite among American families and treasure hunters alike. Whether you found one in an old drawer or inherited a collection, its value depends largely on its mint mark and preservation.
| Condition | 1887 (No Mint Mark) | 1887-O (New Orleans) | 1887-S (San Francisco) |
|---|---|---|---|
| Good / Fine | $35 – $40 | $35 – $45 | $45 – $60 |
| About Uncirculated | $50 – $65 | $60 – $85 | $150 – $250 |
| Uncirculated (MS63+) | $75 – $200+ | $150 – $1,200+ | $450 – $3,000+ |
History of the 1887 Morgan Silver Dollar
The 1887 Morgan Silver Dollar represents a peak era in American westward expansion and industrial growth. Named after its designer, George T. Morgan, these coins were minted out of 90% silver and 10% copper. By 1887, the Philadelphia Mint was churning these out in massive quantities to satisfy the requirements of the Bland-Allison Act.
If you are just starting to identify your collection, using a top coin identifier app can help you distinguish between the different varieties instantly. Most Americans recognize the “Lady Liberty” profile on the obverse and the majestic eagle on the reverse.
Because millions were minted, many remained in bank vaults for decades, meaning you can still find them in beautiful “Mint State” condition today. However, the value fluctuations can be extreme based on where the coin was made. Using a tool like CoinKnow helps enthusiasts track these specific historical trends.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Identifying Mint Marks on an 1887 Morgan Dollar
To determine the true 1887 Morgan Dollar value, you must first look for the mint mark. This is a tiny letter located on the reverse (back) of the coin, just above the “DO” in the word “DOLLAR,” nestled between the eagle’s tail feathers and the wreath.
Philadelphia coins have no mint mark. If your coin is blank in that spot, it was minted in the main US facility. An “O” signifies the New Orleans Mint, while an “S” represents the San Francisco Mint. Each location had different production numbers, which directly impacts the current market price.
Your Old Coin Could Be Valuable!
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For those checking their coin’s pedigree, referencing the 1887 Morgan Dollar price guide for mint state coins is essential. San Francisco (“S”) coins are generally the scarcest of the three in high grades, often commanding a significant premium over their Philadelphia cousins.
| Mint Mark | Location | Mintage Quantity | Rarity Level |
|---|---|---|---|
| None | Philadelphia | 20,290,000 | Common |
| O | New Orleans | 11,550,000 | Common / Scarce in high grade |
| S | San Francisco | 1,771,000 | Scarce |
Determining the Condition and Grade
A coin’s “grade” is a measure of its wear and tear. Professional graders use a 1-to-70 scale, but for everyday Americans, it’s easier to think in terms of “Circulated” versus “Uncirculated.” A circulated coin has been used in daily commerce and shows wear on Liberty’s hair and the eagle’s breast feathers.
An Uncirculated or “Mint State” (MS) coin looks like it just came from the mint, with its original “luster” or shiny surface intact. Even tiny scratches can drop the value by hundreds of dollars. Many people use CoinKnow to snap a photo and get a rough estimate of the grade before sending it to a professional service.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
When researching, you can find more details on the 1887 silver dollar value across different grading tiers. Remember, cleaning a coin actually ruins its value! Never scrub an old silver dollar, as collectors prefer the natural patina or “toning” that develops over 130 years.
The Rare 1887/6 Overdate Error
One of the most exciting things about the 1887 Morgan Dollar is the “Overdate” error. During production, some dies from the previous year (1886) were re-punched with the 1887 date. If you look closely at the “7” in the date with a magnifying glass, you might see the faint outline of a “6” underneath it.
This is officially known as the “1887/6” variety. These error coins are highly sought after by collectors and are worth significantly more than the standard version. Even in lower grades, an overdate error can fetch a high price because of its historical uniqueness.
Your Old Coin Could Be Valuable!
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Collectors often use the CoinKnow app’s high-resolution zoom features to inspect the date area for these subtle clues. Finding an 1887/6 in your pocket change or an old jar would be a major win, as these regularly sell for double or triple the price of a standard 1887 dollar.
| Error Type | Approx. Price (Circulated) | Approx. Price (MS63) |
|---|---|---|
| 1887/6 (Philadelphia) | $75 – $120 | $500+ |
| 1887/6-O (New Orleans) | $100 – $150 | $2,000+ |
Why Silver Content Matters
Even if your 1887 Morgan Dollar is heavily damaged or worn smooth, it still has “melt value.” Every Morgan Dollar contains 0.77344 troy ounces of pure silver. This means the coin will never be worthless; its price will always stay above the current market price for silver.
When silver prices rise, the value of common-date Morgan Dollars usually rises with it. However, most 1887 dollars are worth more as collectibles than as scrap silver. If silver is $25 an ounce, the raw metal in the coin is worth about $19, but collectors are almost always willing to pay $30-$40 minimum for the coin’s history.
This “floor” value provides a safety net for people holding these coins. It is always wise to check a live price guide to see if the numismatic (collector) value has spiked recently. Investors often watch these coins as a hedge against inflation while enjoying the beauty of 19th-century American art.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Tips for Selling Your 1887 Silver Dollar
If you decide to sell your coin, don’t walk into the first pawn shop you see. Pawn shops often offer “melt value” or slightly below, which is great for them but bad for you. Instead, consider reputable local coin dealers or specialized auction sites.
To get the best price, have a clear idea of your coin’s grade and mint mark. Taking clear photos is the first step. You can use CoinKnow to organize your collection and get a ballpark figure of what you should expect from a buyer.
Be patient. If you have a high-grade San Francisco mint or an overdate error, it might be worth paying for professional certification from services like PCGS or NGC. This “slabbing” process authenticates the coin and confirms its grade, making it much easier to sell for a top-tier price to serious collectors.
FAQ
Q: Is my 1887 Morgan Dollar real silver?
A: Yes, genuine 1887 Morgan Dollars are composed of 90% silver and 10% copper. They should weigh approximately 26.73 grams. If your coin is magnetic or weighs significantly less, it may be a contemporary counterfeit.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Q: Why is there no mint mark on my 1887 dollar?
A: If there is no mint mark on the reverse side above the “DO” in “DOLLAR,” it means the coin was produced at the Philadelphia Mint. These were the most common coins minted that year.
Q: Should I clean my coin to make it look new?
A: No! You should never clean an old coin. Cleaning causes microscopic scratches and removes the original surface (luster), which can reduce a coin’s collector value by 50% or more. Collectors prefer coins in their natural aged state.
Q: How can I tell if I have the 1887/6 error?
A: You will need a magnifying glass or a jewelry loupe. Look at the “7” in the date on the front of the coin. If you see a small “tail” or loop of a “6” protruding from the top or inside of the 7, you likely have the overdate error.