1878 Morgan Silver Dollar Coin Value: How Much Is It Worth?

The US Mint produced Morgans from 1878 to 1904, with one more attempt in 1921. Americans loved these coins’ detailed design, making them one of the most popular American coinage ever.

Since it is the first minted in series, the 1878 silver dollar value is typically high. Even though you can expect these coins to be collectible regardless of the condition, only pieces in the mint stage are considered superb.

1878 Morgan silver dollar value Chart
Condition	1878 silver dollar 8 tail feathers	1878 CC silver dollar	1878 S silver dollar
Good	$47	$125	$36
Very good	$54	$126	$43
Fine	$58	$136	$47
Very fine	$60	$140	$54
Extra fine	$64	$165	$56
AU	$83	$194	$58
Mint state 60	$182	$348	$75
Mint state 65	$1,718	$1,896	$362
Proof 63	$3,878	/	/

 

1878 Morgan Silver Dollar Value Guides

Three mints produced 22,465,300 Morgan silver dollars during the first minting year. The Philadelphia mint struck two coin types from the regular strike with seven and eight tail feathers, plus proof coins.

1878 No Mint mark Morgan silver dollar Value

As soon as the Morgan silver dollar production began, the US Mint changed eight eagle tail feathers to seven, so you can find three variations minted this year:

• 1878 Morgan dollars with eight tail feathers
• 1878 Morgan dollars with seven tail feathers
• 1878 Morgan dollars with seven-over-eight tail feathers

1878 No Mint mark Morgan silver dollar value
Condition	1878 8 TF	1878 7 TF reverse 1878	1878 (strong) 7/8 TF	1878 (weak) 7/8 TF
MS 60	$295 to $340	$120 to $144	$240 to $290	$130 to $155
MS 61	$300 to $345	$125 to $150	$245 to $295	$135 to $160
MS 62	$320 to $370	$140 to $168	$275 to $330	$150 to $180
MS 63	$420 to $485	$220 to $264	$420 to $505	$225 to $270
MS 64	$675 to $780	$300 to $360	$550 to $660	$325 to $390
MS 65	$2,300 to $2,645	$600 to $800	$2,000 to $2,200	$600 to $800
MS 66	$5,000 to $5,750	$2,700 to $3,240	$8,000 to $9,000	$2,700 to $3,240
MS 67	$50,000 to $60,000	/	/	/
MS 68	$57,000 to $68,400	/	/	/

The 1878 8 TF Morgan silver dollars were produced in Philadelphia only before the Mint Director ordered design changes in March. Since weeks were necessary for the die replacement, the mint used to overpunch the new design over the old dies for a while.

The final coin version production started in all three mints when new dies came into use. While circulated variations with seven and 7/8 feathers typically cost $35 to $110, you can get $2,700 to $9,000 for pieces in the mint state, depending on the type.

1878 Morgan silver dollar (proof-like) value
Condition	1878 8 TF	1878 7 TF reverse 1878	1878 (strong) 7/8 TF	1878 (weak) 7/8 TF
MS 60	$360 to $430	$150 to $180	$250 to $300	$150 to $180
MS 65	$3,500 to $4,000	$2,000 to $2,500	$4,200 to $5,040	$3,000 to $3,600
MS 66	/	$4,600 to $5,520	/	/

Used 1878 8 TF Morgans are typically worth $55 to $300, while you can buy those in uncirculated condition starting at $300. The most expensive are specimens in an MS 68 grade with an estimated price of $57,000 to $68,000.

Depending on condition and variation, you can find proof-like silver dollars for $150 to $5,500. Deep-mirror proof-like specimens are even more costly, and those rated MS 66 are worth $22,000 to $42,000 on the market.

1878 proof Morgan silver dollar Value

This year was the first for Morgan silver dollars, and the Philadelphia mint produced a low number of proofs. However, no one is absolutely sure about the exact mintage, and experts estimate that 500 or 750 examples were struck.

Regardless of the exact number, not many specimens survived, and their price is typically high. You can count on at least $4,000 per piece, depending on the coin type. However, some coins reached $55,000 to $155,000 at auctions.

1878 S Morgan silver dollar Value

The San Francisco mint produced 9,744,000 Morgan silver dollars in 1878, but their value is high nowadays since only a low number survived almost a century and a half.

Pieces in low grades are worth $35 to $65, while those in the mint state are more expensive. For instance, specimens with an MS 67 rating cost $7,350 to $8,800, while those in an MS 68 grade can reach $35,000 to $42,000 at auctions.

1878 Morgan silver dollar (deep-mirror proof-like) value
Coin type	MS 60	MS 64	MS 65	MS 66
1878 8 TF	$525 to $630	$3,600 to $4,600	$22,500 to $26,000	/
1878 7 TF reverse 1878	$250 to $300	$1,300 to $1,560	$7,500 to $9,000	$35,000 to $42,000
1878 (strong) 7/8 TF	/	$4,000 to $4,800	$14,000 to $22,50	$22,000 to $26,400
1878 (weak) 7/8 TF	$350 to $420	$2,450 to $2,880	$11,000 to $13,200	/
1878 S	/	$2,000 to $2,400	$5,200 to $7,500	$16,000 to $21,000
1878 CC	/	$3,150 to $3,780	$6,500 to $9,000	$25,000 to $30,000

Collectors particularly appreciate proof-like and deep-mirror proof-like coins and are prepared to pay $50 to an impressive $21,000 per piece. The price range is wide since it depends on the condition.

1878 CC Morgan silver dollar Value

With a modest 2,212,000 produced Morgan silver dollars, the Carson City mint had the lowest mintage in 1878. Therefore, these coins are expensive and highly collectible. Even good-graded pieces are worth at least $110.

Coins in the mint state cost $400 to $5,000, while collectors set aside $25,000 to $35,000 for those in an MS 67 grade. Proof-like specimens cost $450 to $45,000, depending on their condition, while 1878 DMPL Morgan silver dollars’ price is typical $650 to $30,000.

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1878 Morgan Silver Dollar Errors

As I have already mentioned, the original 1878 Morgan silver dollar design depicted an eagle with eight tail feathers. However, that quickly changed, and other coins showed only seven feathers in the eagle’s tail.

1878 No Mint mark error Morgan silver dollar value
Condition	1878 7/8 tail feathers	1878 7 TF with parallel arrow feather (reverse 1878)	1878 7 TF with slanted arrow feather (reverse 1879)
Good	$35	$35	$35
Very good	$45	$45	$45
Fine	$47	$47	$47
Very fine	$55	$55	$55
Extra fine	$60	$58	$58
AU	$86	$60	$60
MS 60	$195	$100	$120
MS 65	$2,560	$1,190	$2,345
Proof 63	/	$3,865	$68,390

As expected, such an instant solution created an error, the 7/8 tail feather Morgan silver dollars. Besides them, you can find two other versions:

• 1878 7 TF with parallel arrow feather and reverse of 1878
• 1878 7 TF with slanted arrow feather and reverse of 1879

Those coins cost $35 to $60 in circulated condition, while the most precious are pieces in an MS 65 grade. They are worth $1,200 to $2,500, depending on the reverse appearance.

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History of the 1878 Morgan Silver Dollar

The US Mint produced Morgan silver dollars from 1878 to 1921, after George Thomas Morgan’s unique design. He created the coin obverse after teacher Anna Willess Williams’s portrait and the beautiful reverse with a bold eagle.

1878 Morgan silver dollar
Year	Location	Minted
1878 8 TF No Mint mark silver dollar	Philadelphia	750,000
1878 7 TF No Mint mark silver dollar	Philadelphia	9,759,300
1878 proof silver dollar	Philadelphia	500 or 750
1878 CC silver dollar	Carson City	2,212,000
1878 S silver dollar	San Francisco	9,744,000
/	Total	22,465,300

This silver dollar design is considered the best in American coinage history. After 43 years of minting, the US Mint made a mistake and replaced it with the unpopular Peace silver dollar.

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How to Identify 1878 Morgan Silver Dollar?

The 1878 Morgan silver dollars are collectible and valuable coins, thanks to their age and the low number of pieces preserved in the mint state.

The obverse of the 1878 Morgan silver dollar

The 1878 Morgan silver dollar has Lady Liberty surrounded by the saying E PLURIBUS UNUM and the DATE on the obverse. You can also see seven stars on her left and six on the right sides, representing the first thirteen states.

The reverse of the 1878 Morgan silver dollar

The 1878 Morgan silver dollar reverse contains a centrally positioned eagle with spread wings. You can recognize arrows and a curved olive branch it holds in talons.

The UNITED STATES OF AMERICA and the denomination ONE DOLLAR extend along the coin rim. You can see an inscription IN GOD WE TRUST above the eagle’s head and a wreath below.

1878 Morgan silver dollar
Face value	One dollar ($1)
Shape	Round
Coin diameter	1.5 inches (38.1 mm)
Compound	90% silver with copper
Silver weight	0.77345 troy ounces (24.06 g)
Coin weight	0.85939 troy ounces (26.73 g)
Edge	Reeded
Coin thickness	0.09450 inches (2.4 mm)

Other features of the 1878 Morgan silver dollar

The 1878 Morgan silver dollar is a round coin weighing 0.85939 troy ounces (26.73 g), while the silver share is 0.77345 troy ounces (24.06 g). It comes with a diameter of 1.5 inches (38.1 mm) and a thickness of 0.09450 inches (2.4 mm).

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What makes an 1878 Morgan silver dollar rare?

The Philadelphia mint produced three coin variations in 1878. Even though none is particularly rare, the 1878 8 TF Morgan silver dollar is scarce in the highest grades. Those with MS 68 rating are valuable and are typically worth $57,000 to $68,400.

Which are the most expensive 1878 Morgan silver dollars?

• 1878 PR 64 CAM 7 TF reverse 1879 Morgan dollar sold for $155,250 in 2004
• 1878 PR 67+ 7 TF reverse 1878 Morgan dollar sold for $84,000 in 2021
• 1878 PR 67 CAM 8 TF Morgan dollar sold for $70,500 in 2015
• 1878 PR 65 CAM 7 TF reverse 1878 Morgan dollar sold for $64,625 in 2012
• 1878 PR 66 8 TF Morgan dollar sold for $56,400 in 2017
• 1878 MS 67 8 TF Morgan dollar sold for $55,813 in 2015
• 1878 AU Details 7 TF reverse 1879 Morgan dollar sold for $50,000 in 2021
• 1878 MS 66+ 7 TF reverse 1878 Morgan dollar sold for $43,475 in 2018
• 1878 MS 66 DMPL 7 TF reverse 1878 Morgan dollar sold for $37,600 in 2019
• 1878 S MS 68 Morgan dollar sold for $35,938 in 2009
• 1878 CC MS 67 Morgan dollar sold for $34,500 in 2009
• 1878 CC MS 67 PL Morgan dollar sold for $31,200 in 2020
• 1878 MS 63 DMPL 8 TF Morgan dollar sold for $28,200 in 2014
• 1878 MS 65 DMPL 7 TF reverse 1879 Morgan dollar sold for $27,600 in 2008
• 1878 CC MS 66 DMPL Morgan dollar sold for $25,300 in 2011
• 1878 NGO DMPL strong 7/8 TF Morgan dollar sold for $21,000 in 2005
• 1878 MS 66 PL 7 TF reverse 1879 Morgan dollar sold for $18,213 in 2012
• 1878 S MS 66 DMPL Morgan dollar sold for $15,275 in 2020
• 1878 MS 66 Strong 7/8 TF Morgan dollar sold for $15,010 in 2011
• 1878 MS 62 PL 8 TF Morgan dollar sold for $13,800 in 2008
• 1878 PR 61 7 TF reverse 1879 Morgan dollar sold for $11,500 in 2000
• 1878 MS 66 PL 7 TF reverse 1878 Morgan dollar sold for $9,988 in 2017
• 1878 S MS 65 PL Morgan dollar sold for $9,600 in 2022
• 1878 MS 65 PL strong 7/8 TF Morgan dollar sold for $4,680 in 2020
• 1878 SP 64 8 TF Morgan dollar sold for $1,375 in 2021

How much is the 1878 No Mint mark Morgan silver dollar worth?

The price of Morgan silver dollars minted in Philadelphia depends on the variation and condition. Circulated coins typically cost $35 to $300, while you should set aside $2,700 to $68,000 for pieces in the mint state.

What is the most expensive Morgan silver dollar?

Many Morgan silver dollars in high grades are precious, but nine were sold for over half a million dollars. The most expensive was the 1889 CC MS 68 Morgan silver dollar paid $881,250 at an auction in 2013.