1881 Silver Dollar Value Guide

The 1881 Silver Dollar Value

The 1881-CC silver dollar from Carson City is the most valuable across the circulation-strike coin grades.

The other circulation-strike 1881 silver dollars from Philadelphia, New Orleans, and San Francisco have comparable values across the grades.

Carson City also has the most valuable prooflike and deep (mirror) prooflike versions. These range from approximately $600 to $41,000 and up.

San Francisco has the most valuable mint-state grade of the group at MS 69.

Proof strikes are the most valuable version of the 1881 silver dollar. This is because fewer than a thousand were minted, meaning even fewer survived. 

An N/A for a value below indicates no publicly known examples of that version of the 1881 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 1881 silver dollar’s melt value is approximately $19. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1881 Silver Dollar	1881-CC Silver Dollar	1881-O Silver Dollar	1881-S Silver Dollar
Good – G	$36	$335	$38	$36
Very Good – VG	$38	$402	$39	$38
Fine – F	$39	$435	$40	$40
Very Fine – VF	$43	$466	$44	$43
Extra Fine – XF	$49	$491	$51	$49
About Uncirculated – AU	$52-$66	$502-$545	$56-$68	$52-$66
Mint State – MS	$72-$45,000 (67+)	$575-$48,000 (68)	$72-$24,000 (66+)	$72-$105,000 (69)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1881 Prooflike Silver Dollar	1881-CC Prooflike  Silver Dollar	1881-O Prooflike Silver Dollar	1881-S Prooflike Silver Dollar
MS 60 PL	$112	$600	$120	$92
MS 61 PL	$122	$695	$145	$102
MS 62 PL	$152	$787	$190	$117
MS 63 PL	$210	$900	$230	$157
MS 64 PL	$437	$1,000	$525	$202
MS 65 PL	$2,200	$1,500	$3,500	$325
MS 66 PL	$4,600	$3,500	$18,000	$612
MS 67 PL	N/A	$10,000	N/A	$1,800
MS 68 PL	N/A	N/A	N/A	$8,600
MS 69 PL	N/A	N/A	N/A	N/A
MS 70 PL	N/A	N/A	N/A	N/A

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

	Coin Names And Coin Values
Grade Names	1881 Deep (Mirror) Prooflike Silver Dollar	1881-CC Deep (Mirror) Prooflike Silver Dollar	1881-O Deep (Mirror) Prooflike Silver Dollar	1881-S Deep (Mirror) Prooflike Silver Dollar
MS 60 DPL/DMPL	$232	$650	$195	$130
MS 61 DPL/DMPL	$302	$712	$255	$157
MS 62 DPL/DMPL	$355	$800	$297	$215
MS 63 DPL/DMPL	$650	$1,100	$482	$275
MS 64 DPL/DMPL	$1,800	$1,800	$1,000	$455
MS 65 DPL/DMPL	$11,000	$3,300	$9,200	$1,000
MS 66 DPL/DMPL	$29,000	$6,700	N/A	$2,400
MS 67 DPL/DMPL	N/A	$41,000	N/A	$9,700
MS 68 DPL/DMPL	N/A	N/A	N/A	$40,000
MS 69 DPL/DMPL	N/A	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A	N/A

Proof Strike (PR) Value Chart

1881 Proof Silver Dollar
Grade Names	Coin Values
XF 45	$701
AU 50	$1,100
AU 53	$1,200
AU 55	$1,300
AU 58	$1,400
PR 60	$2,000
PR 61	$2,300
PR 62	$2,700
PR 63	$3,600
PR 64	$4,700
PR 65	$6,600
PR 66	$9,100
PR 67	$16,000
PR 68	$30,000
PR 69	$85,000
PR 70	N/A

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

1881 Cameo Proof Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	$2,900
PR 61 CA/CAM	$3,300
PR 62 CA/CAM	$3,500
PR 63 CA/CAM	$4,200
PR 64 CA/CAM	$5,800
PR 65 CA/CAM	$8,600
PR 66 CA/CAM	$11,000
PR 67 CA/CAM	$24,000
PR 68 CA/CAM	$45,000
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

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

1881 Ultra/Deep Cameo Proof 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	N/A
PR 66 UC/DCAM	$30,000
PR 67 UC/DCAM	$85,000
PR 68 UC/DCAM	N/A
PR 69 UC/DCAM	N/A
PR 70 UC/DCAM	N/A

What Makes An 1881 Silver Dollar Valuable?

Factors such as grading, strike types, special designations, and die varieties can all work to make an 1881 silver dollar more valuable.

Let’s start with grading.

Grading

Mint-state grades are the most valuable grades of circulation-strike 1881 silver dollars. 

While they start at approximately $72 at the lower end, they make a massive jump and are worth in the tens of, and even hundreds of, thousands at the upper end.

Despite its high mintage, the quality of the 1881-S silver dollars from San Francisco is very good.^8,34 In fact, NGC has certified over 250,000 1881-S silver dollars in the mint-state range.⁸ 

An 1881-S graded at MS 69 is valued at approximately $105,000. An MS 69 grade is quite rare for a Morgan dollar. 

Equally, the 1881-CC silver dollars from Carson City are of exceptional quality. It is even said that Carson City produced its highest quality Morgan dollars of the entire series in 1881.³³ 

Rarity

The Mint minted 1881 silver dollars approximately 27,927,984 times across all of its versions. Please see the following list for the breakdown for each version:

• 1881: 9,163,000 minted in Philadelphia^1-2
• 1881-CC: 296,000 minted in Carson City^3-4
• 1881-O: 5,708,000 minted in New Orleans^5-6
• 1881-S:12,760,000 minted in San Francisco^7-8
• 1881 Proof: 984 minted in Philadelphia^17-18

Overall, the 1881 silver dollar is not a rare coin. It is readily available across the grades.

Despite the small mintage from the Carson City Mint, a tremendous amount survived.⁴ This is because the majority were kept in storage and later sold in the GSA Hoard sales. 

Even with the high survival rate, the Carson City 1881 silver dollars are the most valuable circulation strike. This is often the case with Morgan dollars.

Due to the low quality of the 1881 proof silver dollars, cameo and ultra/deep cameo versions are rare.¹⁸ 

An 1881 ultra/deep cameo proof graded at a PR 67 DCAM sold at auction for $105,000.³⁵ This is the highest grade for 1881 proof silver dollars.  

Mint Marks

The Mint produced 1881 silver dollars in 4 locations. 

Philadelphia minted both circulation- and proof-strike versions. Neither has a mint mark.^1-2,17-19

Carson City has a “CC” mint mark.^3-4 This is the most valuable version.

New Orleans 1881 silver dollars have an “O” mint mark.^5-6

Coins from the San Francisco Mint have an “S” mint mark.^7-8 This is the most valuable for the high mint-state grades.

Strike Types

The 1881 silver dollar has 2 strike types: circulation and proof.^24-25

Mints produce proof coins using a process different from circulation-strike coins. 

They handle them with particular care, highly polish the planchets, use special dies, and strike the coin multiple times.

Proof coins usually have a grade between 60 and 70. However, they can have lower grades. These are known as “impaired” proofs, as they do not meet the normal standards of a proof coin.

Unfortunately, 1881 was not an especially good year for the quality of the proof silver dollars.¹⁸ Many have grades lower than 60, even as low as “extra fine.”

There are not a great number of cameo and ultra/deep cameo versions of the 1881 proofs. In fact, NGC has never certified an ultra/deep cameo version of the 1881 proof silver dollar.¹⁸

Design Variations

The 1881 silver dollar has no design variations.

Special Designations

Prooflike and deep (mirror) prooflike are the 2 special designations for the 1881 silver dollar.^2,4,6,8-16 

Although they are circulation-strike coins and, therefore, have not undergone any special minting process, they have some qualities of proof-strike coins. 

When an obverse die is combined with a reverse die and used for striking, it is known as a “die pairing” or a “die marriage.” Sometimes, the first strikes from brand-new die pairings can give prooflike qualities to a regular circulation-strike coin.

These special designations increase the value of a coin. 

Error Coins 

Errors can often add value to a coin because they make it unique. Some errors add more value than others.

One error example for the 1881 silver dollar is when it is struck off-center.²⁶ An off-center error increases the coin’s value.

Another example is when they have been struck through a foreign object.²⁷ This doesn’t always increase the coin’s value, but that can depend on the object.

There are also partial collar errors.²⁸ This error adds value to an 1881 silver dollar.

Die Varieties

In the 1960s, Leroy Van Allen and A. George Mallis released a cataloged list of different Morgan and peace dollar die varieties. The list is called VAM, after the initials of their last names.

These VAM varieties are very popular with collectors, increasing the coin’s value.  

Some examples of VAM varieties for the 1881 silver dollar are:

• 1881 VAM-6: tripled 18, liberty doubled²⁹
• 1881-CC VAM-2: doubled 88³⁰
• 1881-O VAM-1D: flaky eye³¹
• 1881-S VAM-1B: large die chip on eagle’s wing³²

Composition

The 1881 silver dollar is 90% silver. The value of this silver is dependent on the fluctuating market.

While your coin is worth its weight in silver, we don’t advise that you melt it. It will be more valuable when selling it intact.

How Do You Know If You Have A Valuable 1881 Silver Dollar?

The best way to know if you have a valuable 1881 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

If you are looking for attractive and valuable 1881 silver dollars, look to those minted in Carson City and San Francisco. 

Aside from the 1881-S silver dollar at an MS 69 grade (no Carson City 1881 silver dollar has been professionally certified at MS 69), the silver dollars from San Francisco will be less expensive than those from Carson City. So, this is a good choice if you are looking to complete a collection.

For mint-state grades, look for a nice luster, few imperfections, a good strike quality, and eye appeal.  

If your coin shows signs of wear or many scratches, it might be graded lower. However, even the lowest “good” grade is worth $36. 

Mint Marks

Look at your 1881 silver dollar’s reverse side to find its mint mark. The mint mark is positioned below the bow of the laurel wreath. 

There are 4 different versions:

• “CC” for coins minted in Carson City
• “O” for dollars minted in New Orleans
• “S” for those from San Francisco
• No mint mark for coins minted in Philadelphia 

Strike Types

A proof-strike coin will be of much better quality than a circulation-strike coin. 

Look for a well-struck coin with clear details and sharp, square edges. 

For a cameo version, look for mirroring on your coin’s fields and frosted devices (such as Lady Liberty). 

This will give a nice contrast to your coin and make the devices stand out.

An ultra/deep cameo version will have an even greater contrast. These are the most valuable versions but are especially rare for the 1881 proof silver dollar.  

Design Variations

The 1881 silver dollar has no design variations.

Special Designations

Remember that prooflike and deep (mirror) prooflike coins are still circulation strikes. You will want to look for a good amount of reflectivity on the fields of your 1881 silver dollar. 

Reflectivity is key for prooflike and deep (mirror) prooflike coins. 

Many 1881-O silver dollars have been graded prooflike on only one side. So, keep an eye out for those as they will be less valuable.⁵

Because special designations can be tricky to determine, we recommend consulting a professional to get your coin certified.

Error Coins

Luckily, determining if your coin is off-center is pretty simple. You’ll just need to look at it.

The design will be shifted off-center in any direction. The amount it is off-center is referred to in percentages, such as 5% or 30%. Usually, parts of the coin’s design will be missing. 

A struck-through error occurs when an object gets between the die and the planchet at the time of striking. This object leaves an impression on the coin.

This can sometimes be difficult to discern depending on what object was struck through. 

For example, a struck-through wire error is easier to determine because it leaves a distinct line, whereas a struck-through debris error is harder because it leaves a series of marks or scratches.

So, examine both sides of your coin for evidence of marks, lines, or grooves that are not supposed to be there.

A partial collar error happens when the planchet was not sitting fully in its collar during the striking process. 

Look for evidence of this error around the edge and rim of your coin. 

There are 3 different types of partial collar errors to look out for:

• Straight partial collars on reeded edges: this will show 2 lines around the rim (also called “railroad rims”) 
• Tilted partial collars: this error will have lines around the edge of your coin (these are called “steps”)
• Partial collars on non-reeded edge: this error will show an area of plain metal around the edge of your coin (known as “wagon wheel” coins) 

Die Varieties

We recommend working with a professional to get your die varieties certified. However, here are some tips to get you started with the following 1881 silver dollar VAMs.

1881 VAM-6

For this variety, look at the obverse side of your coin.²⁹ 

Liberty’s eyelid will show clearly doubling. Her nose, lips, and chin will also show doubling.

The “18” of the date will be tripled. This is very apparent on the inside loops of the “8.”

1881-CC VAM-2

Locate the date on your coin’s obverse side. Both of the “8s” in the date will be clearly doubled.³⁰ 

The first “8” also has a die chip in the top left-hand corner of the upper loop.

The second “8” has die chips in the middle of the top loop.

On the reverse side of your coin, check if the mint mark (below the wreath’s bow) is tilted to the left. 

You will also see some doubling on the bottom of “United States of America” and on “In God We Trust.” 

1881-O VAM-1D

For the 1881-O VAM-1D, look at the obverse side of your coin.³¹ 

A cluster of die flakes is right in front of Liberty’s eye. It has a distinct, bumpy, scaly look. 

This is on the WOW! Morgan VAM list, as well as the Hit List 40. This makes this a valuable variety. 

1881-S VAM-1B

For this variety, look at your coin’s reverse side.³² 

On the eagle’s left wing (as you look at it), you will see a large die chip. Look to the tip of the wreath on the left-hand side. It is just on the wing next to it. 

This chip is very large and should be relatively easy to spot.

This is a WOW! Morgan VAM, which will make your coin more valuable.  

Additional Information About The 1881 Silver Dollar

History

The Morgan dollar was designed by (and named after) British engraver, George T. Morgan. The series ran from 1878 to 1904, for 1 year in 1921 and then again in 2021 (and on) as a collectible coin. 

Morgan wanted his depiction of Lady Liberty to represent an American woman rather than in the traditional Greek style. So, he based his design on the profile of a local American school teacher, Anna Willess Williams.

Because the Philadelphia Mint’s focus was on minting gold coins in 1881, the New Orleans Mint increased its mintage of Morgan dollars. 

Many of the 1881-O silver dollars were only in circulation for a short period of time. They were then returned to the Mint’s vaults. They remained in storage until the New Orleans Mint closed, and they were transferred to the federal vault in Washington.

Unusually for the low mintage of 1881 silver dollars from Carson City, many survived as they were not put into circulation. Approximately half the original mintage was estimated to be stored and sold in the GSA Hoard sales in the 1960s. 

Similarly, the 1881 silver dollars from the San Francisco Mint have a high survival rate. Amazingly, estimates say that up to a third of their original mintage still exists today.

Overall, 1881 has an impressive survival rate for Morgan silver dollars.   

^{Sources: 2,4-8,24-25}

The Coin’s Obverse Side

In the center of the 1881 silver dollar’s obverse side is the profile of Lady Liberty. She has a headband, a cap, and flowers in her hair. Morgan’s initial “M” is at the base of her neck.

Following the rim of the coin is America’s motto, “E Pluribus Unum,” at the top. This means “Out of many, one.” At the bottom is the year, “1881.” Separating these two are 13 stars, 7 on the left-hand side and 6 on the right. 

^{Sources: 1-2}

The Coin’s Reverse Side

The center of the reverse side of the 1881 silver dollar features a bald eagle with its wings outstretched. It holds an olive branch and 3 arrows. 

Above the eagle is “In God We Trust.” Beneath the eagle is a laurel wreath tied with a bow in the middle. 

Below the bow, if present, is the mint mark. A “CC” is for dollars from Carson City. An “O” is for New Orleans coins. An “S” is for those coins from the San Francisco Mint. 

Curving the coin’s rim at the top is “United States of America” and at the bottom “One Dollar.” One star separates them on each side. 

^{Sources: 1-8}

Sources

1881 Silver Dollar Value Guide Sources