1887 Morgan Silver Dollar Value Guide

The 1887 Morgan Silver Dollar Value

The 1887 Morgan silver dollar has a comparable value across the circulation-strike grades up to extra fine. 

Even though 1887 is a common year, the lower “good” grade still ranges from approximately $35 to $58.

The 1887/6-O Morgan silver dollar holds a consistently higher value across all grades, from $58 to $48,000. 

Because they are more scarce, prooflike and deep (mirror) prooflike versions increase the value of the coin. 

Proof-strike versions are even more rare and thus increase these values even further.

An N/A for a value below indicates no publicly known examples of that version of the 1887 Morgan silver dollar with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1887 Morgan silver dollar’s melt value is approximately $17. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1887 Morgan Silver Dollar	1887/6 Morgan Silver Dollar	1887-O Morgan Silver Dollar	1887/6-O Morgan Silver Dollar	1887-S Morgan Silver Dollar
Good – G	$35	$56	$37	$58	$36
Very Good – VG	$37	$59	$37	$62	$38
Fine – F	$38	$66	$39	$68	$40
Very Fine – VF	$42	$81	$44	$91	$46
Extra Fine – XF	$49	$150	$52	$154	$59
About Uncirculated – AU	$52-$66	$195-$350	$56-$107	$240-$562	$72-$127
Mint State – MS	$72-$23,000 (68)	$432-$9,700 (66)	$125-$29,000 (66)	$662-$48,000 (65)	$155-$57,000 (67)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1887 Prooflike Morgan Silver Dollar	1887/6 Prooflike Morgan Silver Dollar	1887-O Prooflike Morgan Silver Dollar	1887/6-O Prooflike Morgan Silver Dollar	1887-S Prooflike Morgan Silver Dollar
MS 55 PL	N/A	N/A	N/A	N/A	$118
MS 58 PL	N/A	N/A	N/A	$1,500	N/A
MS 60 PL	$92	$525	$155	N/A	$270
MS 61 PL	$102	$600	$215	N/A	$362
MS 62 PL	$117	$725	$250	N/A	$425
MS 63 PL	$162	$962	$400	N/A	$600
MS 64 PL	$210	$1,200	$850	N/A	$2,400
MS 65 PL	$382	$3,700	$6,600	N/A	$10,000
MS 66 PL	$862	$11,000	$49,000	N/A	N/A
MS 67 PL	$6,700	N/A	N/A	N/A	N/A
MS 68 PL	N/A	N/A	N/A	N/A	N/A
MS 69 PL	N/A	N/A	N/A	N/A	N/A
MS 70 PL	N/A	N/A	N/A	N/A	N/A

Circulation Strike Deep (Mirror) Prooflike (DPL/DMPL) Value Chart

	Coin Names And Coin Values
Grade Names	1887 Deep (Mirror) Prooflike Morgan Silver Dollar	1887/6  Deep (Mirror) Prooflike Morgan Silver Dollar	1887-O  Deep (Mirror) Prooflike Morgan Silver Dollar	1887/6-O  Deep (Mirror) Prooflike Morgan Silver Dollar	1887-S  Deep (Mirror) Prooflike Morgan Silver Dollar
MS 60 DPL/DMPL	$130	N/A	$312	N/A	N/A
MS 61 DPL/DMPL	$157	N/A	$365	N/A	$737
MS 62 DPL/DMPL	$215	$2,100	$475	N/A	$1,800
MS 63 DPL/DMPL	$282	$2,800	$875	N/A	$3,400
MS 64 DPL/DMPL	$487	$3,800	$3,100	N/A	$8,600
MS 65 DPL/DMPL	$962	$18,000	$16,000	N/A	$32,000
MS 66 DPL/DMPL	$3,000	N/A	$70,000	N/A	N/A
MS 67 DPL/DMPL	N/A	N/A	N/A	N/A	N/A
MS 68 DPL/DMPL	N/A	N/A	N/A	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A	N/A	N/A

Proof Strike (PR) Value Chart

1887 Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 58	$1,500
PR 60	$1,900
PR 61	$2,100
PR 62	$2,700
PR 63	$3,600
PR 64	$4,400
PR 65	$6,600
PR 66	$8,700
PR 67	$16,000
PR 68	$48,000
PR 69	N/A
PR 70	N/A

Cameo (CA/CAM) Proof Strike (PR) Value Chart

1887 Cameo Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	$2,500
PR 61 CA/CAM	$2,800
PR 62 CA/CAM	$3,900
PR 63 CA/CAM	$4,100
PR 64 CA/CAM	$5,500
PR 65 CA/CAM	$8,500
PR 66 CA/CAM	$11,000
PR 67 CA/CAM	$27,000
PR 68 CA/CAM	N/A
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

Ultra/Deep Cameo (UC/DCAM) Proof Strike (PR) Value Chart

1887 Ultra/Deep Cameo Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 60 UC/DCAM	N/A
PR 61 UC/DCAM	N/A
PR 62 UC/DCAM	N/A
PR 63 UC/DCAM	N/A
PR 64 UC/DCAM	N/A
PR 65 UC/DCAM	$19,000
PR 66 UC/DCAM	N/A
PR 67 UC/DCAM	N/A
PR 68 UC/DCAM	$105,000
PR 69 UC/DCAM	N/A
PR 70 UC/DCAM	N/A

What Makes An 1887 Morgan Silver Dollar Valuable?

The 1887 Morgan silver dollar is not a rare coin. But things like grading, strike types, minting location, die varieties, VAMs, and errors can all add to the coin’s value.  

Let’s start with grading.

Grading

Circulation-strike 1887 Morgan silver dollars range from ungradable to mint-state 70.

Mint-state coins across the circulation-strike versions range from $72 to $57,000. 

Coming in a little lower in value are the about-uncirculated grades, which range from $52 to $562.

Prooflike, proof (deep) mirror prooflike, and proof-strike versions range with grades from 60 to 70. 

Proof coins can have a grade lower than 60. If so, they are known as “impaired.” 

With all versions of the coin, the higher the grade, the more valuable the coin.

Rarity

The Mint minted 1887 Morgan silver dollars approximately 33,611,710 times across all its versions. Please see the following list for the breakdown for each version:

• 1887: 20,290,000 minted in Philadelphia^1-2
• 1887/6: Part of the 1887 mintage^3-4
• 1887-O: 11,550,000 minted in New Orleans^5-6
• 1887/6-O: Part of the 1887-O mintage^7-8
• 1887-S: 1,771,000 minted in San Francisco^9-10
• 1887 Proof: 710 minted in Philadelphia^21-22

The 1887 Morgan silver dollar is one of the most commonly found coins in the Morgan series. Because of this, a wide variety of grades are readily available. 

Those from San Francisco are the rarest out of the bunch, especially at the higher grades.

The lack of rarity from Philadelphia and New Orleans does not add to this coin’s value. However, the rarer versions, such as proof-strike versions or the 1887/6 and 1887/6-O Morgan silver dollars, do increase the value. 

Mint Marks

The circulation-strike 1887 Morgan silver dollar has 2 mint marks:

• “O” for New Orleans ^5-6
• “S” for San Francisco.^9-10

Those minted in Philadelphia have no mint mark.^1-2

The 1887/6 version from New Orleans with the “O” mint mark is the most valuable across the grades, followed by the 1887/6 version minted in Philadelphia (no mint mark). For regular 1887 Morgan silver dollars, San Francisco is the most valuable, followed by New Orleans, and then Philadelphia comes in as the least valuable. 

Strike Types

The 1887 Morgan silver dollar has 2 strike types: circulation and proof.^25-26 

In general, proof strikes are more valuable than circulation-strike coins. This is because, in part, the Mint made fewer proofs.

In addition, the minting process is more involved for proof-strike coins. The planchets are highly polished prior to striking, they use special dies, and strike each coin more than once. 

There are also cameo and ultra/deep cameo versions of proof coins, which are more valuable. 

Remember that proof coins can have a grade below 60 if they show signs of imperfections, and these will be less valuable. 

Design Variations

The 1887 Morgan silver dollar has no design variations.

Special Designations

Prooflike and deep (mirror) prooflike are the two special designations of the 1887 Morgan silver dollar.^{2,4,6,8,10-20}

These are circulation-strike coins that show some proof-like qualities, thus the name.

Deep (mirror) prooflike coins are the most valuable, followed by prooflike and then regular circulation-strike coins.  

Error Coins 

Generally, error coins increase a coin’s value because they’re one-offs. The high mintage of the 1887 Morgan silver dollars means you can find several different error coin types.

Some increase the value. Others don’t. 

Some examples of errors are:

• Off-center strikes³⁸
• Partial collars³⁹
• Lamination⁴⁰
• Rotated dies⁴¹

Die Varieties

Die varieties for Morgan and peace dollars are called VAMs, named after the last names of the original catalogers, Leroy Van Allen and A. George Mallis. 

VAM varieties tend to increase the value of the coin. 

Some notable 1887 Morgan silver dollar VAM varieties are:

• 1887 VAM-2 (7/6 overdate)²⁸ 
• 1887-O VAM-3 (7/6 overdate, sunken eagle breast)²⁹
• 1887-S VAM-2A (re-punched mint mark, damaged denticles)³⁰

GSA Hoard

The U.S. General Services Administration (GSA) auctioned approximately 3 million Morgan silver dollars to the public in the 1970s and the beginning of the 1980s.^35-37

Known as the GSA Hoard, these coins are a desirable addition to a collection.

The most prominent coins from the GSA Hoard were those minted in Carson City. 1887 Morgan silver dollars were also released in these sales. 

The GSA coins came with a black card in a plastic holder. They also came with a black box and a certificate of authenticity. 

1887 Morgan silver dollar GSA Hoard coins are more valuable than their regular counterparts.

Composition

The 1887 Morgan silver dollar is 90% silver. 

The current melt value for silver is $17.12. But this market value fluctuates. 

We advise against melting your coin because it is more valuable when sold than when melted.

How Do You Know If You Have A Valuable 1887 Morgan Silver Dollar?

The best way to know if you have a valuable 1887 Morgan silver dollar (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

As it is a common year, be particular in looking for higher grades of the 1887 Morgan silver dollar. These will be more valuable. 

Higher grades will be well-struck, have little flaws, and good luster. 

On the other hand, lower grades will be more worn and have more scratches and imperfections. These will be easily found but will be worth less. 

However, your coin would still be over $30 at this lower grade.  

Sometimes, a loupe is helpful when determining the grade of your coin.

Mint Marks

Look for the mint mark above the “D” and “O” of “Dollar” on the reverse of your coin.

The Mint minted the 1887 Morgan silver dollar in 3 locations:

• Philadelphia has no mint mark
• “O” for New Orleans
• “S” for San Francisco

The Mint only struck proof coins in Philadelphia, so they also have no mint mark.

Strike Types

You want to look for the higher grades for either circulation- or proof-strike coins, as they will be more valuable.

The strike quality of the circulation coins from the San Francisco Mint is usually high, especially when compared to the quality from the Philadelphia and New Orleans Mints.   

For proof-strike coins, you want to look for very few imperfections. If there are many flaws or signs of wear, it could be graded as an “impaired” proof. 

For a cameo proof, look for a mirrored look on the coin’s field and frosting on the device.

For an ultra/deep cameo, the coin’s field will be even more highly mirrored, and the device will show heavy frosting. 

An 1887 ultra/deep cameo proof Morgan silver dollar is worth more than double that of a proof version. 

Design Variations

The 1887 Morgan silver dollar has no design variations.

Special Designations

Some 1887 prooflike and deep (mirror) prooflike Morgan silver dollars are only graded as such on one side of the coin.^1-20 You can find this most often with those minted in San Francisco. 

You want to look for a mirror-like field on one or both sides of the coin. 

Those graded as full prooflike or deep (mirror) prooflike are worth more than those graded just on one side.

Error Coins

To know if you have an 1887 Morgan silver dollar error coin, look for the following:

Off-Center Errors

This happens when the planchet or the die is misaligned during the striking process.

This is a simple error to see. Look for the design of your coin to be shifted off-center in some direction (it can be any). 

This error will increase the value of your coin. 

Partial Collar Errors

This error happens when the coin isn’t fully contained in the collar when being struck. 

For this error, you want to look at your coin’s edge and rim. There are 3 different types of partial collar errors to look out for:

• Straight partial collars on reeded edges: look for 2 lines around the rim (this is known as “railroad rims”) 
• Tilted partial collars: look for lines around the edge of your coin (these are known as “steps”)
• Partial collars on non-reeded edge: look for a space of plain metal around the edge of your coin (these are called “wagon wheel” coins) 

Lamination Errors 

This is an error in the planchet. It happens when something is in the planchet’s metal and can occur before or after striking. Look for marks or streaks on your coin. Sometimes, they appear as cracks.

Don’t mistake these for die cracks.

This error doesn’t always increase the value of your coin. 

Rotated Die Errors

This is an easier error to spot. Look at your coin and flip it over: if the two sides do not match in orientation, it is likely a rotated die error. 

The amount of degrees they are offset can vary. It can be clockwise or counterclockwise. 

This error raises the value of your coin. 

Die Varieties

Here are some things to get you started in identifying if you have an 1887 Morgan silver dollar VAM variety.

1887 VAM-2

The 1887 VAM-2 is a “7/6” overdate coin.²⁸ These are also known as 1887/6 Morgan silver dollars. 

Look at the date on the obverse side of your coin. You can see part of the “6” to the right of the “7.” It will appear as a curved line coming up to the right. On the left side of the “7,” you will see a short line coming out diagonally up to the left. 

1887-O VAM-3

Again, you will want to look for the “7/6” overdate for this variety.²⁹ 

This happened when some coins were struck with an “1886” date, and then the Mint repunched the “7” over the top to correct the date to “1887.”

On the obverse side of your coin, look closely at the “7” in the date. A loupe would be helpful for this. The bottom loop of the original “6” is visible to the right of the bottom of the “7.”  

Look at the eagle on the reverse side of your coin. Some (not all) 1887-O VAM-3s show the eagle to have a sunken breast from the weak strike. 

1887-S VAM-2A

For the 1887-S VAM-2A, look for damaged denticles below the “1887” on the obverse side of your coin.³⁰ There will be grooves on the field just above the denticles. 

Look on the reverse side of your coin for a repunched “S” mint mark. You will see parts of the original “S” in the loops on the repunched “S.”

The denticles will also show similar signs of damage below the “D” and “O” of “Dollar.” 

Die varieties can be very difficult to identify. Because of this, we advise that you consult with a professional.

GSA Hoard

All 1887 Morgan silver dollar GSA Hoard coins were sold with a black box, plastic holder, and a certificate of authenticity.^35-37 

You may not have the plastic packaging or the box, as many were removed at the time. However, you should have the certificate of authenticity. 

Watch out for forged GSA Hoard coins. Examples of forged GSA Hoard coins include fake GSA Holders. These are usually from Carson City, as they are worth more. 

An easy way to check this is to see if your Morgan silver dollar was minted in Carson City that year. None were minted there in 1887.

Additional Information About The 1887 Morgan Silver Dollar

History

Named after its designer, the British engraver George T. Morgan, Morgan silver dollars were minted between 1878 and 1904 and again for 1 year in 1921. They returned in 2021 and on as collectible coins. 

1887 was the most common Morgan dollar of the earlier years (1878-1904). It had the highest mintage of Morgan dollars from the Philadelphia Mint until the Morgan dollar’s return in 1921. 

Estimates say that, on average, a die pair from Philadelphia struck approximately 350,000 coins. This did not help with the quality of the coins produced.  

By 1887, the 10th year of mintage, such was the volume of coins that the Mint vaults were overflowing with uncirculated Morgan dollars, so much so that they had to store them in various places. 

Because of the lack of storage, the Director of the Mint, James P. Kimball, was concerned with losses from the repeat handling, weighing, and moving of the coins. He estimated that each coin was handled 8 times. He requested additional vault facilities at the Philadelphia and New Orleans Mints so that they could be stored undisturbed. 

^{Sources: 1-10,25-26,31-32,34}

The Coin’s Obverse Side

Lady Liberty’s profile sits in the center of the obverse side of the 1887 Morgan silver dollar. She has flowers in her hair. She wears a cap and a headband inscribed with the word “Liberty.”

Morgan’s initial “M” is positioned sideways at the bottom of Lady Liberty’s neck. 

The motto of the United States of America, “E Pluribus Unum” curves the rim above her head. It is Latin for “Out of many, one.” 

The year “1887” is at the bottom. 

13 stars separate the words on each side—7 stars on the left and 6 stars on the right. 

^{Sources: 1-2}

The Coin’s Reverse Side

An eagle is the central feature of the reverse side of the 1887 Morgan silver dollar. The eagle has its wings raised and holds an olive branch and 3 arrows.

Above the eagle’s head is “In God We Trust.” 

Beneath the eagle is a wreath tied with a bow. Morgan’s initial “M” is on the bow’s loop.  

Mint marks will be below the wreath if the coin has one.

“United States of America” curves the coin’s rim at the top and “One Dollar” at the bottom. One star separates these two on each side. 

^{Sources: 1,2,5,6,9,10}

Sources

1887 Morgan Silver Dollar Value Guide Sources