1878 Morgan Silver Dollar Value Guide

The 1878 Morgan Silver Dollar Value

The 1878 Morgan silver dollar has consistent values across the grades up to about uncirculated for circulation strikes. In general, those minted in Carson City hold more value.  

You’ll see a greater variation in values across the mint-state grades.

The prooflike and deep (mirror) prooflike have comparable values across the grades. 

While all proof-strike versions hold greater value than the circulation strikes, of the proof strikes, the 1878 7TF Reverse of 1879 is by far the most valuable. 

An N/A for a value below indicates no publicly known examples of that version of the 1878 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 1878 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	1878 8TF Morgan Silver Dollar	1878 7/8TF Strong Morgan Silver Dollar	1878 7/8TF Weak Morgan Silver Dollar	1878 7TF Reverse of 1878 Morgan Silver Dollar	1878 7TF Reverse of 1879 Morgan Silver Dollar	1878-CC Morgan Silver Dollar	1878-S Morgan Silver Dollar
Good – G	$51	$40	$47	$42	$41	$163	$37
Very Good – VG	$60	$45	$52	$45	$45	$177	$40
Fine – F	$76	$56	$58	$51	$51	$206	$42
Very Fine – VF	$98	$67	$68	$62	$59	$233	$48
Extra Fine – XF	$126	$92	$81	$79	$74	$284	$55
About Uncirculated – AU	$140-$245	$105-$192	$92-$127	$90-$125	$97-$160	$330-$435	$60-$75
Mint State – MS	$270-$69,000 (67)	$232-$8,700 (66)	$135-$3,500 (66)	$135-$21,000 (66+)	$205-$43,000 (67)	$475-$56,000 (67)	$80-$45,000 (68)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1878 8TF Prooflike Morgan Silver Dollar	1878 7/8TF Strong Prooflike Morgan Silver Dollar	1878 7/8TF Weak Prooflike Morgan Silver Dollar	1878 7TF Reverse of 1878 Prooflike Morgan Silver Dollar	1878 7TF Reverse of 1879 Prooflike Morgan Silver Dollar	1878-CC Prooflike Morgan Silver Dollar	1878-S Prooflike Morgan Silver Dollar
MS 60 PL	$290	$247	$200	$157	$220	$485	$127
MS 61 PL	$387	$270	$225	$187	$285	$537	$142
MS 62 PL	$462	$392	$312	$242	$362	$675	$187
MS 63 PL	$642	$500	$420	$342	$612	$900	$237
MS 64 PL	$1,200	$1,100	$605	$587	$1,400	$1,800	$330
MS 65 PL	$5,200	$5,400	$3,800	$2,100	$4,600	$3,000	$612
MS 66 PL	N/A	N/A	N/A	$7,200	$20,000	$9,300	$3,100
MS 67 PL	N/A	N/A	N/A	N/A	N/A	$36,000	N/A
MS 68 PL	N/A	N/A	N/A	N/A	N/A	N/A	N/A
MS 69 PL	N/A	N/A	N/A	N/A	N/A	N/A	N/A
MS 70 PL	N/A	N/A	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	1878 8TF Deep (Mirror) Prooflike Morgan Silver Dollar	1878 7/8TF Strong Deep (Mirror) Prooflike Morgan Silver Dollar	1878 7/8TF Weak Deep (Mirror) Prooflike Morgan Silver Dollar	1878 7TF Reverse of 1878 Deep (Mirror) Prooflike Morgan Silver Dollar	1878 7TF Reverse of 1879 Deep (Mirror) Prooflike Morgan Silver Dollar	1878-CC Deep (Mirror) Prooflike Morgan Silver Dollar	1878-S Deep (Mirror) Prooflike Morgan Silver Dollar
MS 60 DPL/DMPL	$575	$387	$290	$250	$312	$537	$182
MS 61 DPL/DMPL	$620	$575	$350	$412	$462	$637	$245
MS 62 DPL/DMPL	$725	$687	$495	$562	$662	$1,000	$380
MS 63 DPL/DMPL	$1,600	$1,400	$762	$800	$1,400	$2,200	$545
MS 64 DPL/DMPL	$4,000	$4,800	$2,700	$1,600	$4,400	$4,100	$2,300
MS 65 DPL/DMPL	$20,000	$13,000	$7,000	$6,600	$19,000	$8,200	$7,500
MS 66 DPL/DMPL	$48,000	N/A	N/A	$41,000	N/A	$31,000	$23,000
MS 67 DPL/DMPL	N/A	N/A	N/A	N/A	N/A	N/A	N/A
MS 68 DPL/DMPL	N/A	N/A	N/A	N/A	N/A	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A	N/A	N/A	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Proof Strike (PR) Value Chart

	Coin Names And Coin Values
Grade Names	1878 8TF Proof Morgan Silver Dollar	1878 7TF Reverse of 1878 Proof Morgan Silver Dollar	1878 Reverse of 1879 Proof Morgan Silver Dollar
PR 50	N/A	$2,300	N/A
PR 53	N/A	N/A	N/A
PR 55	N/A	N/A	N/A
PR 58	N/A	$2,700	N/A
PR 60	$2,000	$3,200	$19,000
PR 61	$3,100	$3,900	$24,000
PR 62	$4,300	$5,000	$33,000
PR 63	$5,300	$6,600	$72,000
PR 64	$7,300	$15,000	$152,000
PR 65	$12,000	$21,000	N/A
PR 66	$19,000	$38,000	N/A
PR 67	$48,000	$77,000	N/A
PR 68	N/A	N/A	N/A
PR 69	N/A	N/A	N/A
PR 70	N/A	N/A	N/A

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

	Coin Names And Coin Values
Grade Names	1878 8TF Cameo Proof Morgan Silver Dollar	1878 7TF Reverse of 1878 Cameo Proof Morgan Silver Dollar	1878 7TF Reverse of 1879 Cameo Proof Morgan Silver Dollar
PR 60 CA/CAM	N/A	$4,200	N/A
PR 61 CA/CAM	$4,400	$5,500	N/A
PR 62 CA/CAM	$5,200	$7,100	N/A
PR 63 CA/CAM	$7,900	$13,000	N/A
PR 64 CA/CAM	$13,000	$17,000	$195,000
PR 65 CA/CAM	$26,000	$46,000	N/A
PR 66 CA/CAM	$45,000	$68,000	N/A
PR 67 CA/CAM	$87,000	N/A	N/A
PR 68 CA/CAM	N/A	N/A	N/A
PR 69 CA/CAM	N/A	N/A	N/A
PR 70 CA/CAM	N/A	N/A	N/A

What Makes An 1878 Morgan Silver Dollar Valuable?

Several aspects can increase the coin’s value, such as grading, rarity of certain coins, strike types, design variations, special designations, error coins, and die varieties.  

Let’s start with grading.

Grading

As with all coins, circulation strikes feature grades from ungradable to mint-state 70 (MS 70).^45-46 The higher the grade, the more valuable the coin.  

Proof coins have grades from 60 to 70. Like the circulation strikes, their value also increases with their grade. Some proofs can have a grade lower than 60. These are known as impaired proofs. 

Mint-state circulation coins start in the low hundreds and reach nearly $70,000. Proof strikes begin in the low thousands for PR 60 and jump up to over a hundred thousand.  

Rarity

The Mint minted 1878 Morgan dollars approximately 22,495,550 times across all its versions. Please see the following list for the breakdown for each version:

• 1878 8TF: 749,500 minted in Philadelphia^1-2
• 1878 7/8TF (Strong And Weak): 9,759,300 minted in Philadelphia^3-6
• 1878 7TF Reverse Of 1878: Part of 7/8TF mintage^7-8
• 1878 7TF Reverse Of 1879: Part of 7/8TF mintage^9-10
• 1878-CC: 2,212,000 minted in Carson City^11-12
• 1878-S: 9,774,000 minted in San Francisco^13-14
• 1878 8TF Proof: 500 minted in Philadelphia^29-30
• 1878 7TF Reverse Of 1878 Proof: 250 minted in Philadelphia^31-32
• 1878 7TF Reverse Of 1879 Proof: Part of Reverse Of 1878 mintage^33-34

The 1878 Morgan silver dollar is a fairly common coin in the Morgan series. You can easily find one in all circulation grades. The higher mint-state grades, however, are more rare. 

Mint Marks

Carson City is the most valuable 1878 Morgan silver dollar for circulation-strike coins. The Carson City Mint minted fewer coins. As a result, fewer survived.

Additionally, collectors generally desire Carson City coins more than others.

The Philadelphia (no mint mark) coins are the next most valuable, followed by San Francisco (“S” mint mark).^1-2,13-14

Only Philadelphia minted proof-strike 1878 Morgan silver dollars and have no mint mark. 

Strike Types

The 1878 Morgan silver dollar has circulation strikes and proof strikes.^38-39

Only Philadelphia minted the proof-strike versions of this coin. However, there are 3 varieties of the 1878 proof:

• 1878 8TF Proof
• 1878 7TF Reverse of 1878 Proof
• 1878 7TF Reverse of 1879  Proof

Because the Mint takes greater care in minting proof coins, their quality is far greater than the circulation strikes.^47-49 This makes them much more valuable.   

There are also cameo versions of these proof coins, which are worth even more. The elusive 1878 7TF Reverse of 1879 silver dollar PR 64 CA/CAM is valued at $195,000, for example.

Design Variations

This coin has several design variations. 

One set of variations was due to a mistake with eagle anatomy, and the other was due to criticism of the design.

Let’s start with the variations of the tail feathers.

1878 8TF

Interestingly, the first 1878 Morgan silver dollars minted featured an eagle on the reverse side with 8 tail feathers (8TF).^1-2 The Mint quickly realized bald eagles actually have an uneven number of tail feathers. They halted production and used a new eagle with the correct 7 tail feathers.

The Mint struck nearly three-quarters of a million before they changed the reverse side.    

This is a desirable and valuable version of the coin.

1878 7/8TF (Strong And Weak)

The Mint restruck some coins when changing from the 8 tail feathers to the 7 tail feathers.^3-6 In some cases, you can see the tips of the previous 8 tail feathers underneath the new, correct 7 tail feathers.  

These are designated as either 1878 7/8TF Strong or 1878 7/8TF Weak, depending on how apparent the lower 8 tail feather tips are.

This is a popular and valuable version of the coin.  

1878 7TF Reverse Of 1878

There were two variations once the Mint corrected the tail feather number to 7. The first was the “Reverse of 1878.”^7-8 This is also known as the “second reverse.”

The original eagle featured on the reverse side had a flat, or concave, breast. It also had a straight top arrow feather. 

This version of the eagle received criticism at the time and was described as “scrawny.”  

However, it is still a valuable coin. 

1878 7TF Reverse Of 1879

The other variation of the 7 tail feathers is the “Reverse of 1879.”^9-10 This is also referred to as the “third reverse.”

The Mint corrected the criticisms of the original eagle. It has a more rounded breast. The Mint also changed the top arrow feather to be slanted. 

The Mint produced far fewer of these coins, making them valuable.

Special Designations

There are two special designations for the 1878 Morgan silver dollar: prooflike and deep (mirror) prooflike.^{2,4,6,8,10,12,14-28}

Though they are circulation strike coins, they exhibit some qualities of proof coins.^47-49 For example, the fields are much more reflective than on a regular circulation-strike coin.^47-49 

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

Error Coins 

Error coins are when an unintentional error is made in the striking process. These create unique coins which are often more desirable to collectors and worth more. 

Some examples of the coins include:

• Struck off-center⁶⁰
• Rotated dies⁶¹
• Uncentered broadstrike⁶²

Die Varieties

There are many die varieties for the 1878 Morgan silver dollar. These are called VAMs after the last names of the original researchers who cataloged them, Leroy Van Allen and A. George Mallis.

VAMs tend to increase the value of a coin. 

These include but are not limited to the following:

• 1878 VAM-5: doubling on the obverse and reverse side of the coin, along with some extra feathers on the eagle’s wings⁴¹
• 1878 7/8TF VAM-41: broken point on a star and a deep gouge in Liberty’s hair, both on the obverse side⁴²
• 1878-CC VAM-24: doubled leaves in Liberty’s hair along with other elements on the obverse and reverse sides⁴³
• 1878 8TF VAM-9: the first set of dies the Mint used to make Morgan dollars⁴⁴

Composition

The 1878 Morgan silver dollar is 90% silver.  

The coin will always be worth its weight in silver. The current market price for silver is $17, but this fluctuates. 

We do not recommend melting any 1878 Morgan silver dollars. You will get more money from selling your coin than from melting it. 

How Do You Know If You Have A Valuable 1878 Morgan Silver Dollar?

The best way to know if you have a valuable 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

A loupe or some other form of magnification is helpful when looking at the grade of your coin.

This coin’s higher and more valuable grades will have fewer marks and imperfections.^45-46 The details will be clearly struck. 

Lower grades will be more worn, faded, and have a lower strike quality.^45-46 These are quite easily found for the 1878 Morgan silver dollar and will be less valuable. But even the lower grades are worth around $40. 

Sometimes, proof strikes can have a grade lower than 60, such as the 1878 7TF Reverse of 1878 proof Morgan silver dollar. These show imperfections or more wear than the typical high standard of proof-strike coins. 

We do recommend that you have a professional certify your coin. This is helpful and, in many cases, essential for resale. 

Mint Marks

The Mint minted 1878 Morgan silver dollars in 3 locations:

• Carson City – “CC” mint mark
• San Francisco – “S” mint mark
• Philadelphia – no mint mark

You will find the mint mark on the reverse side of your coin above the “D” and “O” in “Dollar.” No mint mark means Philadelphia minted the coin.

Strike Types

Proof coins are better quality than circulation-strike coins. They will be clearly struck and won’t have many scratches or imperfections. Also, they will be more mirrored than circulation strikes. 

For a cameo proof strike, it will show a greater contrast between the shiny (mirrored) field and the frosting of the device.  

Of particular note is the 1878 8TF and the 1878 7TF Reverse of 1878. Collectors have often mistaken these varieties for poorly struck coins when, in fact, they are the original version of the eagle showing almost sunken breast feathers.

Design Variations

Look for the following signs to get you started on identifying what 1878 Morgan dollar design variation you have.

Let’s start with the 1878 8TF Morgan dollar.

1878 8TF

Count the eagle’s tail feathers on the coin’s reverse side to determine if you have this version.^1-2 You will need 8 tail feathers for this die version. 

1878 7/8TF

Again, you need to look at the tail feathers of the eagle.^3-6 Can you see the tips of tail feathers below the 7, which are clearly struck? The amount of tips can vary, but if you see them like this, you may have an 1878 7/8TF coin. 

To help you identify this version, you may want to use a loupe or another form of magnification. This may help you determine if you have a strong or weak version.

1878 7TF Reverse Of 1878

Look at the eagle on the reverse side. The “Reverse Of 1878” coins feature an eagle with a flatter, concave breast.^7-8 

The top arrow feather held by the eagle will also be straight. 

1878 7TF Reverse Of 1879

For the “Reverse of 1879” the eagle’s breast will be more rounded and full.^9-10 

The top arrow feather will be angled rather than straight. 

Special Designations

To know if you have a prooflike or a deep (mirror) prooflike 1878 Morgan silver dollar can be quite difficult. They will have reflective qualities and some frosting but not exhibit other proof-strike characteristics. 

Also, be aware that some prooflike or deep (mirror) prooflike 1878 Morgan silver dollars are only regarded as prooflike or deep (mirror) prooflike on one side of the coin.^1-28 This can make it even harder to determine.  

In short, we highly recommend consulting with a professional if you think you have one of these.

Error Coins

To see if you have an error coin, you want to examine your coin for any discrepancies from the original design. Some errors can be very obvious, such as a coin missing large parts of the design. Others can be harder to determine. 

To check if you have one of the known 1878 Morgan silver dollar error coins, here are some things you can look for.

Struck Off-Center

This error is quite simple to find. The pattern of your coin will be off-center. It can be off-center in any direction. 

This happens when the die or planchet is misaligned during the striking process.⁵⁸ These errors make your coin more valuable.

Rotated Die Errors

Again, this is quite an easy error to spot, as the obverse and reverse sides of the coin will not line up.⁵⁶ One side of the coin will be offset by varying degrees. This can be clockwise or counterclockwise. 

This type of error will increase the value of your coin.

Uncentered Broadstrike

Is your coin larger than usual? This could be a broadstrike error. This happens when the coin is struck without a collar, making the metal expand into a larger-than-normal coin.⁵⁷

In the case of an uncentered broadstrike, the design will be shifted off-center in some direction. Parts of the design may also be missing.  

These errors will increase the value of your coin because they are quite rare. 

Die Varieties

We recommend consulting with a professional to officially determine what die variety you have. 

However, here are some pointers to get you started.

1878 VAM-5

Look on the obverse side of the coin. You’re specifically looking for a doubled motto, doubled stars on the left side, and a doubled “78” on the date.⁴¹

The reverse side shows a doubled “United” at the top and bottom. “States of America” is also doubled. The left wreath is doubled as well as “One Dollar.” 

You may need some magnification to see the doubling. You’re looking for even minor signs that the above design elements appear twice, even parts of them.

There are 2 extra feathers added to the bottom of the eagle’s left wing and 3 on the right wing. 

1878 7/8TF VAM-41

The obverse side shows a broken point on the 4th star to the right.⁴² 

You’ll also see a deep gouge next to the cotton leaf in Liberty’s hair.

1878-CC VAM-24

A few features determine the 1878-CC VAM-24 die variety from other 1878 Morgan dollar die varieties.⁴³ 

The first features appear on the coin’s obverse side. Most notable are the doubled leaves in Liberty’s hair, along with doubling of the top of the top eyelash.

The other feature appears on the coin’s reverse side. You’ll see a die scratch on the eagle’s left wing (your right).

1878 8TF VAM-9 (First Die Marriage)

Check for a comma-shaped feather on the eagle’s right wing.⁴⁴ You may need magnification to identify this. 

Look for doubling on the obverse side. You can see it on the stars, “E PLUR,” and “U M.” 

Additional Information About The 1878 Morgan Silver Dollar

History

1878 is the inaugural year of the Morgan dollar. The U.S. Mint minted Morgan dollars from 1878-1904. They returned for 1 year in 1921 before returning again in 2021 and on.

However, many things had to happen in order for the Mint to make Morgan dollars in the first place.

The first was the Coinage Act of 1873, which ended the free coining of silver. Free coining was the act of taking silver bullion to a Mint and having it made into coins.

But Congress wanted to resume coining silver. Representatives brought various bills to the House of Representatives in 1876 to pursue this.

The U.S. Congress passed a bill known as the Bland-Allison Act. This Act ordered the purchase of vast quantities of silver. The Mint was to turn this silver into silver dollars.

Meanwhile, the Mint Director, Henry R. Linderman, was unhappy with its current Chief Engraver, William Barber, and his son, Charles Barber. Disliking their work ethic and designs, Linderman sought new talent.

In 1876, he contacted the London Mint Director, Charles W. Freemantle. He was seeking recommendations for the Assistant Engraver position at the Philadelphia Mint. 

Fremantle replied to Linderman, recommending George T. Morgan, who swiftly accepted.

Morgan wanted to represent an American woman on the coin. So, he used a local Philadelphia woman, Anna Willess Williams, as the model for Lady Liberty’s profile. This design was later chosen for the dollar and is the famous image we know on the Morgan silver dollar.   

Around 1877, Linderman saw the upcoming need for a silver dollar, so he challenged Morgan and Barber to design the dies for one. Linderman made it clear he was only going to choose one.

Ultimately, Linderman chose Morgan’s design featuring Lady Liberty on the obverse and a bald eagle on the reverse. Thus, the Morgan dollar came into existence.

^{Sources: 1-14,38-39,50-53,59}

The Coin’s Obverse Side

Lady Liberty’s profile fills most of the 1878 Morgan silver dollar’s obverse side. 

She wears flowers in her hair, a cap, and a headband inscribed with “Liberty.”

Morgan’s initial “M” is tucked between the base of her neck and the bottom of her hair.

“E Pluribus Unum” circles around her head by the coin’s rim. “E Pluribus Unum” is Latin for “Out of many, one,” and is the motto of the United States Of America. The year “1878” is at the bottom by the rim. Stars separate these two, 7 on the left and 6 on the right.

^{Sources: 1-2}

The Coin’s Reverse Side

An eagle with its wings spread is at the center of the 1878 Morgan silver dollar’s reverse side. It holds 3 arrows and an olive branch in its talons.

The number of tail feathers present on the eagle will determine the variety:

• 1878 8TF will show 8 tail feathers
• 1878 7/8 TF will show 7 tail feathers with some tips of the previous 8 tail feathers below
• 1878 7TF will show 7 tail feathers 

Above the eagle are the words “In God We Trust.”

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

The words “United States of America” follow the rim’s curve at the top and “One Dollar” at the bottom. A single star separates them on each side.

The mint mark (if present) is above the “D” and “O” of “Dollar.”

A “CC” indicates Carson City minted the coin. An “S” indicates San Francisco minted the coin. The absence of a mint mark indicates Philadelphia minted the coin.

^{Sources: 1-14}

Sources

1878 Morgan Silver Dollar Value Sources