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1897 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

1897 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

Liberty Head dollars (Morgan dollars) are coins produced from 1878 to 1904. After a pause, the US Mint struck them in 1921 and then began again in 2021. These beautiful coins are among the most famous and collectible American coinage.

You should be prepared that the 1897 silver dollar value can be pretty high in higher grades. Plus, they are an excellent investment regardless of the preservation level, thanks to their high silver content.

1897 Morgan Silver dollar value Chart

Condition 1897 No Mint mark dollar 1897 O dollar 1897 S dollar
Good $28 $28 $28
Very good $34 $34 $34
Fine $39 $39 $39
Very fine $46 $46 $46
Extra fine $48 $51 $48
AU $51 $119 $55
MS 60 $61 $997 $100
BU MS 65 $378 $68,399 $696
PR 63 $3,221 / /

*by USA Coin Book

 

History of the Silver 1897 Morgan Dollar

Engraver George T. Morgan did an excellent job designing Liberty Head dollars, popularly named Morgan dollars. Their production lasted from 1878 to 1904, but the US Mint had one more shoot in 1921. In honor of that date, the new minting started in 2021, but only pieces from the early series are highly collectible.

1897 silver Morgan dollar

Location Year Minted
Philadelphia 1897 No Mint mark silver dollar 2,822,000
Philadelphia 1897 proof silver dollar 731
New Orleans 1897 O silver dollar 4,004,000
San Francisco 1897 S silver dollar 5,825,000
Total / 12,651,731

Interestingly, silver Morgan dollars minted in 1897 were initially rare because most were never released in circulation. Large quantities were released decades later, and these coins began common by the 1950s, particularly in eastern banks.

Once the Treasury released more pieces without the mint mark from 1962 to 1964, their price decreased. However, all Morgans were valuable because of their silver content, and Americans considered them an excellent investment.

  

Features of the Silver 1897 Morgan Dollar

The 1897 silver Morgan dollar is a part of the early series. Nowadays, these pieces are in a group of the most beautiful and highly collectible American coinage.

The obverse of the silver 1897 Morgan dollar

A portrait of the beautiful Lady Liberty is centrally positioned on this coin obverse. The E*PLURIBUS*UNUM and 13 stars surround this composition, while the DATE is struck on the bottom coin rim. You can notice that the figure wears a Phrygian cap, a crown with written LIBERTY, and a bouquet of flowers and wheat in her hair.

The reverse of the silver 1897 Morgan dollar

The reverse of the silver 1897 Morgan dollar

The 1897 silver Morgan dollar reverse includes the centrally positioned heraldic eagle with a branch and arrows in its talons. A wreath made of laurel leaves surrounds the composition, symbolizing peace. Above the bird’s head is a motto, IN GOD WE TRUST, while the country name and the denomination are struck along the coin rim.

1897 silver Morgan dollar

Face value One silver dollar ($1)
Shape Round
Coin weight 0.85842 troy ounces (26.7 g)
Silver content 0.77162 troy ounces (24 g)
Compound 90% silver with copper
Coin thickness 0.09450 inches (2.4 mm)
Coin diameter 1.5 inches (38.1 mm)
Edge Reeded

Other features of the silver 1897 Morgan dollar

The 1897 silver Morgan dollar is a 0.85842 troy ounces (26.7 g) heavy coin, including 0.77162 troy ounces (24 g) of silver. This round one-dollar specimen with a reeded edge is thick precisely 0.09450 inches (2.4 mm) and has a diameter of 1.5 inches (38.1 mm).

 

1897 Silver Morgan Dollar Value Guides

A total of 12,651,731 silver Morgan dollars were struck in three mints in 1897. The San Francisco mint had the highest mintage of 5,825,000, while the one in Philadelphia produced two coin types.

1897 No Mint mark silver Morgan dollar

1897 No Mint mark silver Morgan dollar

Precisely 2,822,000 silver Morgan dollars were struck in Philadelphia in 1897. Each piece is worth some money because of the silver content, but collectible coins can be pricey.

For instance, specimens that spent time in circulation cost $30 to $60. On the other hand, those in the mint state can reach a price of up to $1,000. Only scarce coins in an MS 67 grade are worth $4,250 to $6,800.

1897 silver Morgan dollar value

Condition 1897 No Mint mark dollar 1897 O dollar 1897 S dollar
Good $29 to $36 $29 to $36 $29 to $36
Very good $31 to $38 $31 to $38 $31 to $38
Fine $34 to $41 $34 to $41 $34 to $41
Very fine $35 to $43 $41 to $50 $35 to $43
Extra fine $36 to $48 $65 to $90 $36 to $48
AU $43 to $61 $125 to $575 $50 to $84
MS 60 $53 to $64 $1,100 to $1,265 $90 to $100
MS 61 $55 to $66 $1,250 to $1,500 $95 to $110
MS 62 $61 to $73 $1,175 to $1,890 $105 to $120
MS 63 $115 to $138 $3,350 to $4,260 $185 to $200
MS 64 $150 to $172.50 $10,500 to $14,000 $310 to $335
MS 65 $250 to $287.50 $50,000 to $65,000 $500 to $575
MS 66 $850 to $960 $80,000 to $100,000 $1,200 to $1,380
MS 67 $4,250 to $6,800 $200,000 to $250,000 $6,000 to $6,750
MS 68 / / $32,000 to $38,000

*by Greysheet

Precious and highest-rated proof-like Morgans can cost an astonishing $8,000 to $9,600. Collectors always look for DMPL specimens, but their price is always high, particularly in an MS 66 grade. Such coins often reach $15,000 to $18,000 at auctions.

1897 silver proof Morgan dollar

1897 silver proof Morgan dollar

Image: pcgs

Since the Philadelphia mint produced only 731 proof silver dollars in 1897, you can expect them to be expensive nowadays. Even the lowest-graded pieces are worth $1,000, while the best specimens cost a fantastic $10,200 to $12,400.

As expected, the most pricey are coins with cameo contrast. A price range is wide, from $2,500 for pieces in a PR 60 grade to $38,000 for those with a PR 68 rating.

1897 silver proof Morgan dollar value

Condition 1897 dollar 1897 CAM dollar 1897 DCAM dollar
PR 50 $975 to $1,170 / /
PR 53 $1,000 to $1,200 / /
PR 55 $1,050 to $1,260 / /
PR 58 $1,280 to $1,536 / /
PR 60 $2,150 to $2,580 $2,365 to $2,838 $3,000 to $3,500
PR 61 $2,350 to $2,820 $2,585 to $3,102 $3,250 to $4,000
PR 62 $2,600 to $3,000 $2,860 to $3,300 $3,400 to $4,200
PR 63 $3,000 to $3,300 $3,273 to $3,630 $4,400 to $5,160
PR 64 $3,750 to $4,460 $4,105 to $5,100 $6,750 to $8,100
PR 65 $4,800 to $5,500 $5,280 to $6,800 $9,100 to $11,000
PR 66 $6,400 to $7,500 $9,000 to $11,000 /
PR 67 $10,200 to $12,400 $11,220 to $14,500 /
PR 68 / $33,500 to $38,000 /

 *by Greysheet

The highest existing grade for 1897 DCAM silver dollars is PR 65, and their prices are typically $9,000 to $10,800. The best price at auctions reached the 1897 PR 68 CAM silver Morgan dollar since one collector paid $58,750 to get it.

1897 S silver Morgan dollar

Each of the 5,825,000 silver dollars minted in San Francisco in 1897 is expensive. Those with the lowest rating cost $30 to $85, while coins in uncirculated condition come in a price range of $90 to $6,750.

1897 PL silver Morgan dollar value

Condition 1897 No Mint mark dollar 1897 O dollar 1897 S dollar
AU $55 to $99 / $75 to $144
MS 60 $99 to $118.80 / $160 to $192
MS 61 $115 to $134 $6,000 $175 to $210
MS 62 $120 to $140 $7,500 $200 to $240
MS 63 $145 to $170 $9,200 to $11,040 $300 to $360
MS 64 $192 to $230.40 / $440 to $528
MS 65 $340 to $408 / $900 to $1,080
MS 66 $1,000 to $1,200 / $1,900 to $2,280
MS 67 $8,000 to $9,600 / $10,000 to $12,000

 *by Greysheet

The best-graded species can reach $32,000 to $38,000 at auctions. Those with deep mirror proof-like features are even more expensive and can cost $40,000 to $50,000.

1897 O silver Morgan dollar

1897 O silver Morgan dollar

Even though the mintage of 4,004,000 Morgan dollars produced in New Orleans was the second highest in 1897, most were spent years in circulation. Despite that, these coins are pricey in any condition.

Even the heavily worn-out specimens are valuable because of their silver content, while collectible pieces can reach a price of $30 to $575. All well-preserved Morgans are expensive and typically cost $1,100 to $65,000.

1897 silver Morgan dollar (DMPL) value

Condition 1897 No Mint mark dollar 1897 O dollar 1897 S dollar
AU / $2,800 to $3,360 /
MS 60 / $4,800 to $5,760 /
MS 61 $120 to $144 $6,500 to $7,800 $250 to $300
MS 62 $160 to $192 $15,000 to $18,000 $340 to $408
MS 63 $240 to $283 $ 24,000to $28,800 $425 to $510
MS 64 $430 to $516 $50,000 to $60,000 $1,400 to $1,680
MS 65 $1,700 to $2,200 / $2,800 to $3,360
MS 66 $15,000 to $18,000 / $8,000 to $8,500
MS 67 / / $40,000 to $50,000

*by Greysheet

However, there is even better news! Specimens in an MS 66 grade quickly reach $80,000 to $100,000 at auctions, while those with an MS 67 rating always win a premium. Rare existing pieces of such quality are worth $200,000 to $250,000.

The most expensive 1897 O silver MS 67 Morgan dollar is even more costly. One collector grabbed it in 2020 for $348,000 at Stack’s Bowers to add such a unique piece to his collection.

 

1897 Silver Morgan Dollar Errors

Even though you can sometimes find 1897 silver Morgan dollar errors, they are sporadic and not particularly valuable. Some come with an impure metal streak, double die, or obverse struck-through errors, but these imperfections are not recognized as typical for coins struck this year.

 

FAQ about the 1897 silver Morgan Dollar

What makes an 1897 silver Morgan dollar rare?

Silver Morgan dollars are probably the most beautiful and collectible American coins. Since they are over a century old, pieces in perfect condition are rare and valuable. The most precious and scarce coins struck in 1897 are those from New Orleans.

Which 1897 silver Morgan dollar is worth a lot of money?

  • The silver 1897 O MS 67 Morgan dollar is worth $348,000 (Stack’s Bowers in 2020)
  • The silver 1897 PR 68 CAM Morgan dollar is worth $58,750 (Legend Rare Coin Auctions in 2018)
  • The DMPL silver 1897 O NG0 Morgan dollar is worth $50,000 (Stacks in 2007)
  • The silver 1897 PR 68 DCAM Morgan dollar is worth $45,600 (Heritage Auct. in 2019)
  • The DMPL silver 1897 S MS 67 Morgan dollar is worth $38,813 (Heritage Auct. in 2008)
  • The silver 1897 PR 68* Morgan dollar is worth (Heritage Auct. for $35,250 in 2014)
  • The silver 1897 S MS 67+ Morgan dollar is worth $34,800 (Heritage Auct. in 2022)
  • The silver 1897 MS 67+ Morgan dollar is worth $24,675 (Legend Rare Coin Auctions in 2019)
  • The silver 1897 S MS 67 PL Morgan dollar is worth $20,563 (Heritage Auct. in 2015)
  • The DMPL silver 1897 MS 66 Morgan dollar is worth $18,400 (Heritage Auct. in 2009)
  • The silver 1897 O MS 63 PL Morgan dollar is worth $15,600 (Heritage Auct. in 2019)
  • The silver 1897 MS 66+ PL Morgan dollar is worth $9,400 (Heritage Auct. in 2014)

How much is 1897 No Mint mark silver Morgan dollar worth?

The circulated 1897 silver Morgan dollar costs $30 to $60 on average, but the best-preserved specimens are worth up to $1,000. Collectors are prepared to pay about $4,250 to $6,800 for rare coins with the highest rating.

What is the most pricey silver Morgan dollar?

Many silver Morgan dollars are expensive, and more than a dozen are worth over one hundred thousand dollars. Three pieces that reached the highest prices at Stack’s Bowers are:

  • The 1889 CC silver MS 68 Morgan dollar worth $881,250 in 2013
  • The 1886 O silver MS 67 DMPL Morgan dollar worth $780,000 in 2020
  • The 1884 S silver MS 68 Morgan dollar worth $750,000 in 2020