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1898 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

1898 Silver Dollar Value (Rare Errors, “O”, “S” & No Mint Marks)

The US Mint produced Liberty Head dollars (Morgan dollars) from 1878 to 1904 and made one more attempt in 1921. A century later, new Morgans appeared on the market but with different silver content.

The 1897 silver dollar value significantly varies, depending on each particular coin grade. However, even pieces in low condition are worth the silver they contain. In any case, you can count on at least $30 per piece, regardless of the coin condition.

1898 Morgan silver dollar value Chart

Condition 1898 No Mint mark dollar 1898 O dollar 1898 S dollar
Good $28 $28 $33
Very good $34 $34 $38
Fine $40 $40 $45
Very fine $46 $46 $49
Extra fine $49 $49 $61
AU $51 $51 $119
MS 60 $61 $61 $321
BU MS 65 $292 $205 $2,531
PR 63 $3,222 / /

*by USA Coin Book

 

History of the 1898 Silver Morgan Dollar

The Bland-Allison Act of 1878 allowed the government to purchase silver worth several million dollars monthly for silver dollar minting. That was a way to stabilize the price of this precious metal, and the result was the most popular coins in the US coinage.

The first Morgan dollars appeared in 1878, and their production lasted until 1904 in five mints. So, you can recognize coins from:

  • Philadelphia
  • New Orleans
  • San Francisco
  • Denver
  • Carson City

1898 silver Morgan dollar

Location Year Minted
Philadelphia 1898 No Mint mark silver dollar 5,884,000
Philadelphia 1898 proof silver dollar 735
New Orleans 1898 O silver dollar 4,440,000
San Francisco 1898 S silver dollar 4,102,000
Total / 14,426,735

You can still use silver Morgan dollars as legal tender, but their price is typically far higher than one dollar. Therefore, these collectible coins are rarely in circulation but are more often a part of collections.

 

Features of the 1898 Silver Morgan Dollar

The obverse of the 1898 silver Morgan dollar

The obverse of the 1898 silver Morgan dollar

Image: coinvalues

The 1898 silver Morgan dollar has a beautiful obverse with Lady Liberty in the center. You can admire her flowing hair decorated with flowers and wheat and partially covered by a Phrygian cap.

She also wears a crown with the LIBERTY written along. Around her image is the motto E * PLURIBUS * UNUM, the DATE, and 13 stars, representing first states.

The reverse of the 1898 silver Morgan dollar

The reverse of the 1898 silver Morgan dollar

The heraldic eagle with widespread wings is centrally positioned on the coin reverse. It holds an olive branch, an International symbol of peace, and arrows, symbolizing war.

A laurel wreath with a bow surrounds the central composition, while the UNITED STATES OF AMERICA is along the rim. The denomination is on the bottom edge, while the IN GOD WE TRUST motto is struck above the eagle head.

1898 silver Morgan dollar

Face value One silver dollar ($1)
Shape Round
Coin weight 0.85940 troy ounces (26.73 g)
Silver content 0.77343 troy ounces (24 g)
Compound 90% silver with copper
Coin thickness 0.09449 inches (2.4 mm)
Coin diameter 1.5 inches (38.1 mm)
Edge Reeded

Other features of the 1898 silver Morgan dollar

The round 1898 silver Morgan dollar with a reeded edge weighs 0.85940 troy ounces (26.73 g). Silver content makes precisely 90% or 0.77343 troy ounces (24 g), while the rest of the alloy is copper. With 1.5 inches (38.1 mm) in diameter and a thickness of 0.09449 inches (2.4 mm), this beautiful coin is everything one collector would want.

 

1898 Silver Morgan Dollar Value Guides

The mintage of 1898 silver Morgan dollars from three mints was 14,426,735. Besides having the highest number of produced coins, the Philadelphia mint also struck proofs that year.

1898 No Mint mark silver Morgan dollar

1898 No Mint mark silver Morgan dollarSurprisingly, you can still find several 1898 silver Morgan dollars in the mint state of 5,884,000 minted in Philadelphia, despite their age. Unlike circulated pieces worth $30 to $60 on average, excellently-preserved coins can reach $500.

The best specimens with an MS 67 rating often cost $2,100 to $3,250. Proof-like Morgans in the same grade are even more pricey and can reach $8,500 to $10,200 at auctions.

1898 silver Morgan dollar value

Condition 1898 No Mint mark dollar 1898 O dollar 1898 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 $35 to $43 $41to $53
Extra fine $36 to $48 $36 to $48 $70 to $96
AU $43 to $61 $43 to $61 $145 to $450
MS 60 $53 to $64 $53 to $64 $450 to $517
MS 61 $54 to $66 $55 to $66 $475 to $547
MS 62 $56 to $71 $59 to $71 $500 to $575
MS 63 $80 to $96 $75 to $90 $875 to $1,006
MS 64 $86 to $106 $88 to $111 $1,100 to $1,265
MS 65 $165 to $210 $170 to $215 $1,825 to $2,099
MS 66 $450 to $495 $300 to $360 $5,300 to $6,095
MS 67 $2,100 to $3,250 $1,225 to $1,500 $28,500 to $32,775
MS 68 / $23,000 to $27,600 $85,000 to $105,000

 *by Greysheet

Only rare DMPL silver coins struck this year are highly expensive, and collectors are prepared to purchase them for $30,000 to $38,000. The current auction record for this coin type is $30,550.

1898 silver proof Morgan dollar

1898 silver proof Morgan dollar

Image: pcgs

Besides coins from regular strikes, the Philadelphia mint also produced 735 silver Morgan dollar proofs in 1898. Thanks to low mintage, these coins are highly expensive, regardless of preservation level.

1898 silver proof Morgan dollar value

Condition 1898 dollar 1898 CAM dollar 1898 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 $3,600
PR 61 $2,350 to $2,820 $2,585 to $3,102 $3,250 to $3,900
PR 62 $2,600 to $3,000 $2,860 to $3,300 $3,500 to $4,200
PR 63 $2,975 to $3,300 $3,273 to $3,630 $4,300 to $5,160
PR 64 $3,550 to $4,260 $3,905 to $4,900 $6,750 to $8,100
PR 65 $4,800 to $5,500 $5,280 to $6,800 $9,000 to $10,800
PR 66 $7,500 to $10,000 $8,250 to $11,000 $13,500 to $16,200
PR 67 $11,200 to $14,000 $12,342 to $15,400 $20,000 to $26,500
PR 68 / / $40,000 to $50,000

 *by Greysheet

Their price range is $1,000 to $10,000, but the best-graded pieces can be worth up to $14,000. Those with a cameo contrast are even more costly, and you can find one for $12,500 to $15,500 at auction.

If you look for top-quality specimens, you can find them among DMPL coins that cost $20,000 to $50,000. The most costly 1898 silver Morgan dollar is the one with deep cameo contras and a PR 68+ rating that won an auction record of $64,625 in 2017.

1898 S silver Morgan dollar

1898 S silver Morgan dollar

Most 1898 silver Morgan dollars with the mint mark S struck on the reverse of the totally produced 4,102,000 pieces are valuable. Those that spent years circulating cost $30 to $450, depending on the preservation level.

1898 PL silver Morgan dollar value

Condition 1898 No Mint mark dollar 1898 O dollar 1898 S dollar
AU $50 to $90 $50 to $90 $425 to $500
MS 60 $90 to $108 $90 to $108 $495 to $569
MS 61 $95 to $114 $95 to $114 $522.50 to $600
MS 62 $100 to $120 $100 to $120 $550 to $632
MS 63 $145 to $174 $135 to $160 $900 to $1,107
MS 64 $210 to $252 $176 to $211 $1,320 to $1,584
MS 65 $400 to $480 $255 to $304 $3,300 to $3,800
MS 66 $1,150 to $1,380 $650 to $800 $7,500 to $9,000
MS 67 $8,500 to $10,200 $4,300 to $6,500 /

 *by Greysheet

On the other hand, you should set aside $450 to $6,095 for coins in an uncirculated condition. The most expensive pieces’ value is estimated to be $28,500 to $105,000, but the auction record is even higher. One collector paid $117,500 for the 1898 S silver MS 68 Morgan dollar at Legend Rare Coin Auctions in 2015.

1898 O silver Morgan dollar

The 1898 silver Morgan dollars minted in New Orleans came with the O mint mark on the reverse, below the wreath. It seems that all preserved of 4,440,000 struck pieces are the most affordable in the series. For instance, circulated coins are worth $30 to $60, while most Morgans in the mint state cost about 1,500.

1898 DM proof-like silver Morgan dollar value

Condition 1898 No Mint mark dollar 1898 O dollar 1898 S dollar
MS 61 $120 to $144 $120 to $144 $575 to $660
MS 62 $160 to $192 $160 to $192 $660 to $759
MS 63 $240 to $283 $240 to $258 $1,400 to $1,680
MS 64 $425 to $510 $400 to $480 $2,600 to $3,120
MS 65 $1,000 to $1,500 $850 to $1,020 $12,500 to $15,000
MS 66 $5,000 to $7,000 $2,250 to $3,000 /
MS 67 $30,000 to $38,000 $14,000 to $16,800 /
MS 68 / $40,000 to $50,000 /

 *by Greysheet

The rarest silver Morgan dollars minted this year are those with an MS 68 rating, and their price is about $23,000 to $27,600. Only deep mirror proof-like Morgans are rare and precious, and collectors are prepared to pay $40,000 to $50,000 per piece.

 

1898 Silver Morgan Dollar Errors

The 1898 silver Morgan errors are valuable because only a few hundred examples still exist. Several pieces come with a rare Wounded Eagle error, containing an eagle without the standard number of wing feathers.

In some cases, you can also find double-struck coins during minting. Recognizing them is effortless, thanks to a faint second image on the surface.

 

FAQ about the 1898 Silver Morgan Dollar

What makes an 1898 silver Morgan dollar rare?

Silver Morgan dollars are rare, but deep mirror proof-like pieces are scarce and highly valuable.

Which 1898 silver Morgan dollar is worth a lot of money?

  • 1898 O silver MS 67 Morgan dollar won an auction record of $348,000 at Stacks Bowers in 2020
  • 1898 S silver MS 68 Morgan dollar won an auction record of $117,500 at LRC Auctions in 2015
  • 1898 silver PR 68+ DCAM Morgan dollar won an auction record of $64,625 at Heritage Auct. in 2017
  • 1898 O silver NG0 DM proof-like Morgan dollar won an auction record of $50,000 at Stacks in 2007
  • 1898 silver PR 68 CAM Morgan dollar won an auction record of $47,000 at Lyn Knight in 2017
  • 1898 silver PR 68 Morgan dollar won an auction record of $32,200 at Stacks in 2008
  • 1898 silver MD 67 DM proof-like Morgan dollar won an auction record of $30,550 at Heritage Auct. in 2012
  • 1898 silver MS 67 Morgan dollar won an auction record of $17,250 at Heritage Auct. in 2005
  • 1898 O silver MS 63 proof-like Morgan dollar won an auction record of $15,600 at Heritage Auct. in 2019
  • 1898 S silver MS 65 DM proof-like Morgan dollar won an auction record of $13,800 at Heritage Auct. in 2006
  • 1898 silver MS 67 proof-like Morgan dollar won an auction record of $10,281 at LRC Auctions in 2015
  • 1898 S silver MS 65+ proof-like Morgan dollar won an auction record of $6,463 at LRC Auctions in 2018
  • 1898 O silver MS 63 GSA hoard Morgan dollar won an auction record of $6,000 at Heritage Auct. in 2019
  • 1898 S silver MS 63 GSA hoard Morgan dollar won an auction record of $455 on eBay in 2019

How much is 1898 No Mint mark silver Morgan dollar worth?

Most 1898 silver Morgan dollars produced in Philadelphia are worth $30 to $60 on average, but coins in uncirculated condition can reach $500.

The best-rated proof-like Morgans in an MS 67 grade cost $8,500 to $10,200 at auctions, while rare DMPL pieces come with an estimated price range of $30,000 to $38,000.

What is the most pricey silver Morgan dollar?

Numerous silver Morgan dollars are worth over one hundred thousand dollars, but the most expensive are:

  • 1889 CC silver MS 68 Morgan dollar ($881,250)
  • 1886 O silver MS 67 DM proof-like Morgan dollar ($780,000)
  • 1884 S silver MS 68 Morgan dollar ($750,000)
  • 1893 S silver MS 65 Morgan dollar ($735,000)
  • 1896 S silver MS 69 Morgan dollar ($720,000)
  • 1892 S silver MS 68 Morgan dollar ($630,000)