1896 Morgan Silver Dollar Value Guide

The 1896 Morgan Silver Dollar Value

The circulation-strike 1896 Morgan silver dollars from the San Francisco Mint hold a higher value across all grades. 

New Orleans comes in a close second to San Francisco as the most valuable. Circulation-strike coins from Philadelphia are the least valuable of the bunch.  

You will see a massive jump in the mint-state grades, reaching $550,000. 

Good quality prooflike and deep (mirror) prooflike coins tend to be rare for this year, which increases their value. 

Proof-strike coins are usually more valuable as fewer are minted, with cameo and ultra/deep cameo being even more valuable. However, very unusually, an 1896-S MS 69 is 3 times as valuable than a PR 69 UC/DCAM. This is due to their rarity. 

An N/A for a value below indicates no publicly known examples of that version of the 1896 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 1896 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	1896 Morgan Silver Dollar	1896-O Morgan Silver Dollar	1896-S Morgan Silver Dollar
Good – G	$36	$42	$50
Very Good – VG	$37	$45	$53
Fine – F	$39	$52	$105
Very Fine – VF	$43	$66	$217
Extra Fine – XF	$49	$114	$481
About Uncirculated – AU	$52-$66	$197-$837	$1,100-$2,100
Mint State – MS	$72-$26,000 (68)	$2,000-$540,000 (66)	$2,800-$550,000 (69)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1896 Prooflike Morgan Silver Dollar	1896-O Prooflike Morgan Silver Dollar	1896-S Prooflike Morgan Silver Dollar
MS 55 PL	N/A	$647	N/A
MS 58 PL	N/A	$2,100	$1,700
MS 60 PL	$92	$2,800	$3,300
MS 61 PL	$102	$4,700	$5,300
MS 62 PL	$117	$9,700	$10,000
MS 63 PL	$162	N/A	$15,000
MS 64 PL	$220	N/A	N/A
MS 65 PL	$530	N/A	N/A
MS 66 PL	$950	N/A	$110,000
MS 67 PL	$13,000	N/A	$160,000
MS 68 PL	N/A	N/A	N/A
MS 69 PL	N/A	N/A	N/A
MS 70 PL	N/A	N/A	N/A

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

	Coin Names And Coin Values
Grade Names	1896 Deep (Mirror) Prooflike Morgan Silver Dollar	1896-O Deep (Mirror) Prooflike Morgan Silver Dollar
MS 58 DPL/DMPL	N/A	$6,300
MS 60 DPL/DMPL	$130	$11,000
MS 61 DPL/DMPL	$157	$20,000
MS 62 DPL/DMPL	$215	$29,000
MS 63 DPL/DMPL	$285	$29,000
MS 64 DPL/DMPL	$512	N/A
MS 65 DPL/DMPL	$1,100	N/A
MS 66 DPL/DMPL	$5,800	N/A
MS 67 DPL/DMPL	N/A	N/A
MS 68 DPL/DMPL	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A

Proof Strike (PR) Value Chart

1896 Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 50	$1,000
PR 53	$1,100
PR 55	$1,300
PR 58	$1,400
PR 60	$1,900
PR 61	$2,100
PR 62	$2,700
PR 63	$3,700
PR 64	$4,400
PR 65	$6,600
PR 66	$8,700
PR 67	$17,000
PR 68	$30,000
PR 69	N/A
PR 70	N/A

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

1896 Cameo Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	N/A
PR 61 CA/CAM	$2,600
PR 62 CA/CAM	$2,900
PR 63 CA/CAM	$4,200
PR 64 CA/CAM	$5,200
PR 65 CA/CAM	$7,300
PR 66 CA/CAM	$12,000
PR 67 CA/CAM	$24,000
PR 68 CA/CAM	$46,000
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

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

1896 Ultra/Deep Cameo Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 60 UC/DCAM	N/A
PR 61 UC/DCAM	$3,400
PR 62 UC/DCAM	N/A
PR 63 UC/DCAM	$4,700
PR 64 UC/DCAM	$6,600
PR 65 UC/DCAM	$10,000
PR 66 UC/DCAM	$17,000
PR 67 UC/DCAM	$36,000
PR 68 UC/DCAM	$55,000
PR 69 UC/DCAM	$180,000
PR 70 UC/DCAM	N/A

What Makes An 1896 Morgan Silver Dollar Valuable?

Various factors, such as the rarity of a coin, its mint mark, grading, special designations, its strike type, or if it is an error coin or die variety, can affect the value of the 1896 Morgan silver dollar. 

Let’s start with grading.

Grading

High mint-state grades of the 1896 Morgan silver dollar are more valuable.  

The higher grades from the San Francisco Mint are incredibly rare and worth considerably more. It’s rare for any Morgan dollar to have a grade of MS 69, but the 1896-S Morgan silver dollar has one such coin. It is worth approximately $550,000. 

The higher mint-state grades of the 1896-O silver dollars are equally scarce. An 1896-O silver dollar graded MS 66 has a value of approximately $540,000. 

Lower grades of the 1896 Morgan silver dollar are worth significantly less. However, they still range from $36 to $50 at even the “Good” grade. 

Rarity

The Mint minted 1896 Morgan silver dollars approximately 19,876,762 times across all of its versions. Please see the following list for the breakdown for each version:

• 1896: 9,976,000 minted in Philadelphia^1-2
• 1896-O: 4,900,000 minted in New Orleans^3-4
• 1896-S: 5,000,000^5-6
• 1896 Proof: 762 minted in Philadelphia^13-14

Thanks to the release of many circulation-strike coins from the Treasury hoards, it is one of the most common Philadelphia Morgan dollars. 

New Orleans produced nearly 5 million 1896 Morgan silver dollars, but the higher min-state grades are extremely rare. This is because most surviving coins went out into circulation.

Like New Orleans, those from San Francisco are more common in the lower grades and become more rare as the grades go up. However, the rarity of the higher grades and the increased value has, in turn, raised the value of the lower grades. 

Mint Marks

There are 2 mint marks for the 1896 Morgan silver dollar: New Orleans with an “O” mint mark and San Francisco with an “S” mint mark.^3-6 

Coins minted in Philadelphia have no mint marks.^1-2 

The 1896 Morgan silver dollars minted in San Francisco are the most valuable for this year. This is followed by New Orleans, with those minted in Philadelphia being the least valuable. 

Strike Types

Circulation and proof are the 2 strike types for the 1896 Morgan silver dollar.^17-18 

Cameo proof and ultra/deep cameo proof versions also exist, which increase the value of proof coins. 

The 1896 Morgan silver dollar has several proof coins graded below the normal proof range of 60-70. These are “impaired” proofs. 

Despite its “impaired” status, an 1896 PR 50 is still valued at approximately $1,000 and up.

Design Variations

The 1896 Morgan silver dollar has no design variations.

Special Designations

There are 2 special designations for the 1896 Morgan silver dollar: prooflike and deep (mirror) prooflike.^2,4,6-12

These are more valuable than regular circulation coins.

This is especially true for the 1896 Morgan silver dollar, as high-quality ones are rare. 

Error Coins 

Error coins generally increase the value of a coin.

Some known examples of valuable error coins for the 1896 Morgan silver dollar are:

• Partial collar³²
• Clipped planchet³³
• Strike-through¹⁹

Die Varieties

Certain die varieties can increase a coin’s value. This is especially true of VAMs. 

Put together by Leroy Van Allen and A. George Mallis (VAM is taken from the initials of their last names), this list catalogs the numerous die varieties found in Morgan and peace dollars. They are very popular with collectors, which increases their value. 

Below are some of the more valuable VAMs for the 1896 Morgan silver dollar:

• 1896 VAM-4A (doubled stars & eye, low near date, gouges)²⁰
• 1896-O VAM-19 (shifted date)²¹
• 1896-S VAM-5 (shifted mint mark)²²

Composition

The 1896 Morgan silver dollar is 90% silver. It is worth its weight in silver, but the value depends on the fluctuating market.

We do not recommend melting your coin. Your coin will be more valuable when selling it rather than melting it.

How Do You Know If You Have A Valuable 1896 Morgan Silver Dollar?

The best way to know if you have a valuable 1896 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

Because, in general, the quality of the 1896 Morgan silver dollar is quite low, you want to look out for higher-graded coins, MS 63 and up. 

These coins will be well-struck, have good luster, and not many imperfections. 

Those that were kept in storage are often subject to bagmarks.^1-6 These won’t be worth as much. However, the toning that occurs from storage is often favored and can increase the value. 

Mint Marks

You will find the mint mark below the wreath’s bow on the reverse side of your coin.

An “O” will indicate that it came from New Orleans. An “S” means it came from San Francisco. If your coin has no mint mark, then it came from Philadelphia.

Look out for the “S” mint marks, as these are the most valuable.

Strike Types

Proof-strike coins will have a mirror-like look to their fields, they will be well-struck, and have very few flaws.

Unfortunately, many 1896 proof Morgan silver dollars have been graded as “impaired.” This happens when they do not meet the standards of a proof-strike coin and are graded lower than 60. 

However, impaired proofs are still valuable, starting in the low thousands. 

Cameo versions will show a good contrast between the mirroring of the coin’s fields and the frosting of the devices (such as the eagle). 

The ultra/deep cameo version shows an even greater contrast between the mirroring and the frosting. These are quite rare for this year and are the most valuable proof-strike versions.

Design Variations

The 1896 Morgan silver dollar has no design variations.

Special Designations

Establishing if you have a prooflike or a deep (mirror) prooflike 1896 Morgan silver dollar can be difficult. 

You want to remember that it is still a circulation-strike coin but has some of the qualities of a proof coin. Reflectivity, for example, is a quality to look out for. 

Deep (mirror) prooflike coins are rare for this year, so look out for these.^2,4,6,10-12 These have a deeper reflectivity than just prooflike coins.

Error Coins

Here are some ways to identify an 1896 Morgan silver dollar error coin, starting with partial collar errors.

A partial collar error happens when the planchet isn’t properly positioned in the collar at the time of striking. A “tilted” partial collar often happens in Morgan dollars. 

For this, you will want to inspect the edge of your coin for what’s known as “steps.” Often, this is shown when part of the coin is fully reeded, and another part is smooth. This error usually increases the value of your coin.

A clipped planchet error is due to misalignment during the striking process. 

For this error, look for part of the coin’s edge to be missing. The remaining edge might appear curved, smooth, or ragged. This error can raise the value of your coin.

Several strike-through errors in the 1896 Morgan silver dollar are quite pronounced and easy to identify.¹⁹ But this is not always the case.

A strike-through error happens when an item comes between the die and planchet during the strike. This results in the impression of that item being left on the coin.

So look for lines, grooves, and marks that aren’t supposed to be there. Depending on how much of an impression was left or the item itself, this can increase the value of your coin. 

Die Varieties

Here’s how to identify some notable 1896 Morgan silver dollar VAMs.

1896 VAM-4A

For the 1896 VAM-4A, you will want to look at the obverse side of your coin.²⁰ The stars to the right of the date will be clearly doubled, as will Lady Liberty’s eye. 

Look at her cap for a clear die gouge coming diagonally from the crease to the cotton leaf. Further die gouges are around the “U” and “N” of “UNUM.”

The date is set much lower than normal, and it almost touches the denticles. It is also shifted left.

1896-O VAM-19

This variety has a clear repunched date.²¹ So, you will want to look at the obverse side of your coin. A loupe or some form of magnification may be useful. 

The date is considerably shifted to the left. In the loops of the repunched dates, you will see evidence – in the form of curved lines – of the original date, which was much higher. 

This variety has also been found in prooflike versions of the coin.

1896-S VAM-5

For this variety, look at the reverse side of your coin.²² Under the bow of the wreath is the mint mark. This has been clearly repunched. 

The original “S” mint mark is visible underneath, slightly higher and to the right of the second mint mark.

How To Spot A Fake 1896 Silver Dollar

Unfortunately, 1896 was subject to several counterfeit Morgan silver dollars.^24-27 

Most notably, it is part of the group of forgeries known as the “micro Os.” These forgeries include the years 1896-O, 1900-O, and 1902-O. 

This group of counterfeit coins was independently struck and so convincing they spent many decades in circulation with the legitimate Morgan dollars.

The 1896-O VAM-4 is one such forgery.

To identify the counterfeited 1896-O VAM-4, the main element to look for is the “micro O.” The small rounded “O” mint mark on the coin’s reverse side sits much higher than its normal position. It is also clearly tilted to the right.

This VAM (and others) saw acknowledgment as a counterfeit in the early 2000s. 

Even though these coins are widely known as forged Morgan silver dollars, they still continue to be desirable collector’s items.

Other counterfeit 1896-O Morgan silver dollars include VAM-21, VAM-25, and VAM-30, among others.

Additional Information About The 1896 Morgan Silver Dollar

History

The Morgan silver dollar series ran uninterrupted from 1878 to 1904. It returned 1 year in 1921 before being brought back as a collectible coin in 2021 and on.

After the repeal of the Sherman Silver Act (an Act which required the U.S. Government to purchase vast quantities of silver each month), the Mints greatly reduced the mintage of Morgan silver dollars. 

In 1896, the U.S. economy started recovering. This saw the mintage of the Morgan silver dollar increase significantly. 

The U.S. Mint minted over 23 times the amount of dollar coins in 1896 compared to the previous year, 1895.

^{Sources: 1-6,17-18}

The Coin’s Obverse Side

The obverse side of the 1896 Morgan silver dollar has America’s motto, “E Pluribus Unum,” curved around the rim at the top and the year “1896” at the bottom. Stars separate these on each side.

In the middle of the coin is the profile of Lady Liberty. In her hair are flowers, a cap, and a headband with the word “Liberty” written on it. At the base of her neck is Morgan’s initial “M.” 

^{Sources: 1-2}

The Coin’s Reverse Side

Circling the rim of the 1896 Morgan silver dollar’s reverse side is “United States of America” at the top and “One Dollar” at the bottom. A star separates them on each side.

In the middle is a heraldic eagle holding a cluster of arrows and an olive branch. Above its head is “In God We Trust.” Below the eagle curves a laurel wreath. On the left loop of the bow that ties the wreath is Morgan’s initial, “M.”

Below the bow is the mint mark.

“O” is for the coins from New Orleans. “S” is for those from San Francisco. 

^{Sources: 1-6}

Sources

1896 Morgan Silver Dollar Value Guide Sources