1884 Morgan Silver Dollar Value Guide

The 1884 Morgan Silver Dollar Value

The 1884 Morgan silver dollars minted in Carson City show consistently more value across the lower grades. Those from Philadelphia, New Orleans, and San Francisco are comparable in these grades.

You will see a big difference in the value of the coins from the San Francisco Mint from very fine and up. 

There is a massive jump in value in the mint-state grades from $72 to $1,000,000. The increase in value is due to the rarity of high mint-state coins from San Francisco.

Prooflike and deep (mirror) prooflike are more valuable than regular circulation strikes. 

Aside from the high mint-state coins from San Francisco, proof-strike versions consistently hold more value than circulation strikes, as they made fewer of them.

An N/A for a value below indicates no publicly known examples of that version of the 1884 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 1884 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	1884 Morgan Silver Dollar	1884-CC Morgan Silver Dollar	1884-O Morgan Silver Dollar	1884-S Morgan Silver Dollar
Good – G	$35	$138	$35	$42
Very Good – VG	$37	$153	$37	$44
Fine – F	$38	$176	$38	$48
Very Fine – VF	$42	$201	$42	$75
Extra Fine – XF	$49	$221	$49	$166
About Uncirculated – AU	$52-$66	$237-$290	$52-$66	$350-$3,900
Mint State – MS	$72-$48,000 (68)	$312-$44,000 (68)	$72-$13,000 (68)	$11,000-$1,000,00 (68)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1884 Prooflike Morgan Silver Dollar	1884-CC Prooflike Morgan Silver Dollar	1884-O Prooflike  Morgan Silver Dollar	1884-S Prooflike Morgan Silver Dollar
AU 50 PL	N/A	N/A	N/A	$480
AU 53 PL	N/A	N/A	N/A	$540
AU 55 PL	N/A	N/A	N/A	$985
AU 58 PL	N/A	N/A	N/A	$3,000
MS 60 PL	$92	$332	$92	$11,000
MS 61 PL	$100	$387	$102	$14,000
MS 62 PL	$112	$437	$117	$31,000
MS 63 PL	$182	$487	$162	$77,000
MS 64 PL	$252	$537	$205	N/A
MS 65 PL	$775	$837	$412	N/A
MS 66 PL	$2,900	$1,700	$1,200	N/A
MS 67 PL	$16,000	$8,100	$8,600	N/A
MS 68 PL	N/A	N/A	N/A	N/A
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	1884 Deep (Mirror) Prooflike Morgan Silver Dollar	1884-CC Deep (Mirror) Prooflike  Morgan Silver Dollar	1884-O Deep (Mirror) Prooflike Morgan Silver Dollar	1884-S Deep (Mirror) Prooflike Morgan Silver Dollar
MS 60 DPL/DMPL	$137	$387	$130	N/A
MS 61 DPL/DMPL	$177	$410	$157	$41,000
MS 62 DPL/DMPL	$242	$525	$215	N/A
MS 63 DPL/DMPL	$375	$625	$270	N/A
MS 64 DPL/DMPL	$1,000	$800	$457	N/A
MS 65 DPL/DMPL	$4,300	$1,700	$1,000	N/A
MS 66 DPL/DMPL	$11,000	$3,400	$4,500	N/A
MS 67 DPL/DMPL	N/A	$28,000	$23,000	N/A
MS 68 DPL/DMPL	N/A	N/A	$35,000	N/A
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

1884 Proof Morgan Silver Dollar
Grade Names	Coin Values
PR 55	$1,300
PR 58	$1,500
PR 60	$1,900
PR 61	$2,300
PR 62	$2,600
PR 63	$3,600
PR 64	$4,400
PR 65	$7,400
PR 66	$11,000
PR 67	$19,000
PR 68	$50,000
PR 69	N/A
PR 70	N/A

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

	Coin Names and Coin Values
Grade Names	1884 Cameo Proof Morgan Silver Dollar	1884-CC Cameo Proof Morgan Silver Dollar
PR 60 CA/CAM	N/A	N/A
PR 61 CA/CAM	$2,600	N/A
PR 62 CA/CAM	$3,300	N/A
PR 63 CA/CAM	$4,300	N/A
PR 64 CA/CAM	$5,600	N/A
PR 65 CA/CAM	$8,700	N/A
PR 66 CA/CAM	$12,000	N/A
PR 67 CA/CAM	$22,000	N/A
PR 68 CA/CAM	$51,000	$178,000
PR 69 CA/CAM	N/A	N/A
PR 70 CA/CAM	N/A	N/A

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

1884 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	$17,000
PR 66 UC/DCAM	$27,000
PR 67 UC/DCAM	$38,000
PR 68 UC/DCAM	$60,000
PR 69 UC/DCAM	N/A
PR 70 UC/DCAM	N/A

What Makes An 1884 Morgan Silver Dollar Valuable?

The 1884 silver dollar is a common coin in the Morgan dollar series. But different things such as grading, minting location, strike type, errors, or if they are part of the GSA Hoard make them more valuable.

Let’s start with grading.

Grading

The higher the grade, the more valuable the coin. 

Circulation-strike coins range from ungradable to mint-state grades. 

Prooflike and proof-strike coins range from 60 to 70. It is possible for them to have a grade lower than 60. These are called impaired proofs. 

Several 1884 proof Morgan silver dollars have been graded as “impaired proofs.”^17-18 Likewise, many 1884-S prooflike Morgan silver dollars have been graded below 60.  

Proof strikes start in the low thousands and reach $178,000 and up. Mint-state circulation-strike coins range from $72 all the way up to $1,000,000.  

Rarity

The Mint minted the 1884 Morgan silver dollar approximately 28,136,879 times across all its versions. Please see the following list for the breakdown for each version:

• 1884: 14,070,000 minted in Philadelphia^1-2
• 1884-CC: 1,136,000 minted in Carson City^3-4
• 1884-O: 9,730,000 minted in New Orleans^5-6
• 1884-S: 3,200,000 minted in San Francisco^7-8
• 1884 Proof: 875 minted in Philadelphia^17-18
• 1884-CC Proof: Estimated 4 minted in Carson City^20-21

Due to the GSA Hoard sales in the 1970s and 1980s, the 1884-CC Morgan silver dollar is no longer a rare coin.^3,4,23

A wide variety of grades exist for the 1884 Morgan silver dollars. However, they become more scarce in the higher grades, especially those minted in San Francisco. Very few have been graded at MS 68 and, therefore, are highly sought after. 

Generally, this coin’s prooflike, deep (mirror) prooflike, and proof versions are rarer and more valuable.

Estimates say Carson City struck only 4 proof coins in Carson City. 2 have a grade of PR 66 Cameo. These are very rare and valuable. 

Mint Marks

The U.S. Mint made 1884 Morgan silver dollars in 4 locations:

• Philadelphia (no mint mark)^1-2
• Carson City (“CC” mint mark)^3-4
• New Orleans (“O” mint mark)^5-6
• San Francisco (“S” mint mark)^7-8

San Francisco is the most valuable in the mint-state grades for circulation-strike coins, with the highest grade valued at 1 million dollars. Carson City is the most valuable across the grades up to mint state. New Orleans and Philadelphia are comparable at the lower end of values for this year.  

Strike Types

There are circulation- and proof-strike versions of the 1884 Morgan silver dollar.^23-24

Proof coins have a different minting process than circulation-strike coins. They receive greater care, and they are of better quality. The Mint produces far fewer proof coins compared to circulation strikes. As a result, they are more valuable in most cases.

You will also find cameo and ultra/deep cameo versions of proof strikes.

Design Variations

The 1884 Morgan silver dollar has no design variations.

Special Designations

The 1884 Morgan silver dollar has two special designations: prooflike and deep (mirror) prooflike.^2,4,6,8-16

They are circulation-strike but are “prooflike” because they show some qualities of proof coins. The quality that makes them different from regular circulation-strike coins is the mirroring of their fields. 

Deep (mirror) prooflike coins are worth the most, followed by prooflike, with regular circulation-strike coins being the least valuable. 

Error Coins 

Error coins, sometimes referred to as “mint error” coins, tend to be rare and can often significantly increase the coin’s value.

An example of an error found for 1884 Morgan silver dollars is the struck-through error.²⁵ 

There are also several partial collar errors found across the minting locations of the 1884 Morgan silver dollar.²⁵

Die Varieties

A repeated die characteristic across a series of coins indicates a die variety. They can also show a progression of this characteristic on the strikings. 

VAMs are a recognized list of such varieties. Leroy Van Allen and A. George Mallis created this list, which is specific to Morgan and Peace dollars.

VAM varieties of the 1884 Morgan silver dollar will be more valuable.  

Below are some examples of these varieties:

• 1884 VAM-3 (large dot next to initial “M” on obverse side, small dot next to initial “M” on reverse side)²⁶ 
• 1884-O VAM-56A (far date, tilted mint mark, doubled arrows, clashed “DO” and “IB”)²⁷
• 1884-S VAM-7 (far date, doubled mint mark)²⁸

GSA Hoard

Millions of Morgan silver dollars were stored in the U.S Treasury vaults. These were never put into circulation. Decades later, the U.S. Treasury started to release them. The U.S. General Services Administration (GSA) then sold these to the public in the 1970s and 1980s. 

These Morgan silver dollars are known as the GSA Hoard. 

The coins are in a plastic holder in a black box with a certificate of authenticity. 

Many 1884 Morgan silver dollars were part of the GSA Hoard. 

1884-CC Morgan silver dollars are the largest GSA Hoard release of any year in the Morgan series. Estimates say more than three-quarters of the 1884 dollars minted in Carson City never went into circulation and were later released in the GSA Hoard. 

GSA Hoard coins tend to be more valuable than their regular counterparts because they are a desired addition to any collection. 

^{Sources: 31-33}

Composition

The 1884 Morgan silver dollar is 90% silver. It is worth its weight in silver, but this value depends on the fluctuating market.

We recommend you do not melt your coin. This is because you will get more money from selling your coin than from melting it.

How Do You Know If You Have A Valuable 1884 Morgan Silver Dollar?

The best way to know if you have a valuable 1884 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

Higher grades will be well-struck and have little to no imperfections. These will be the most valuable.  

Lower grades will be more worn and have scratches and flaws. These are still worth over $30.  

Proof-strike coins show clear details and very little wear. Some of the 1884 Proofs have been graded lower than 60. These are impaired proofs. This happens if they have, for example, been in circulation or show various imperfections. 

Many of the 1884-S prooflike coins also have grades lower than 60. This makes them less valuable. These lower-graded prooflike coins show more wear and imperfections.

Mint Marks

There are 3 different mint marks that you might find on your coin.

You’ll find these below the bow of the laurel wreath on the reverse side of your coin.

The “CC” mint mark is from Carson City. The “O” mint mark is from New Orleans. The “S” mint mark is from San Francisco. If there is no mint mark on your coin, it is from Philadelphia.

Strike Types

Proof-strike coins will be of a noticeably better quality than that of circulation-strike coins. They are clearly struck and have very few scratches. They also have a clear mirrored field and frosted device.  

The contrast between the mirroring and frosting is more evident for cameo proof strikes. 

For the ultra/deep cameos, you will see heavy frosting on the devices and deeply mirrored fields. The contrast between the frost and mirroring is even greater than that in the cameos.  

There are quite a few poorly struck circulation-strike 1884 Morgan silver dollars, especially from New Orleans.^1-8 These are less valuable. 

Design Variations

The 1884 Morgan silver dollar has no design variations.

Special Designations

A prooflike or deep (mirror) prooflike coin needs to show significantly more mirroring of the field than a regular circulation-strike coin. 

This can be difficult to determine. We recommend working with a professional when assessing your coin.

Error Coins

You want to closely examine your coin for any errors. Sometimes they are quite obvious. Other times, you’ll want to use a loupe or other magnification device to help you determine if you have an error coin. 

To see if you have one of the known error coins found in 1884 Morgan silver dollars, we’ve listed some things you will want to look for below.

Struck-Through Error 

You want to look for lines, grooves, or imprints that are not supposed to be on the design.³⁶  

These errors could be on either side of the coin. So check both the obverse and the reverse side of your coin. 

While struck-through errors don’t always increase the value of all coins, few exist for the 1884 Morgan silver dollar. If you have one, it will likely make your coin more valuable. 

Partial Collar Error

This error happens when the planchet doesn’t sit properly in the collar die.³⁵ This misalignment, when struck, allows some of the planchet’s metal to overflow. 

So, for this error, you want to look at the edge and rim of your coin. Does anything look out of the ordinary? 

There are 3 different kinds of partial collar errors. 

Tilted partial errors appear as ridges or steps on the rim. 

Partial collars on non-reeded edges appear as a “wagon wheel” look around the coin’s edge. 

Finally, “railroad rim” coins, AKA straight partial collar errors on reeded edges, have a line around the rim. 

This isn’t as rare as a broadstrike error (when struck completely without a collar), but it will still add some value to your coin. 

Die Varieties

Below are some tips to help you determine if you have a VAM variety of the 1884 Morgan silver dollar.

Let’s start with the 1884 VAM-3 variety.

1884 VAM-3 

Look for a large dot to the right of Morgan’s initial “M” at the base of Lady Liberty’s neck on the obverse side of your coin.²⁶ 

On the reverse of your coin, look for a smaller dot next to Morgan’s initial “M” on the left loop of the wreath’s bow. 

1884-O VAM-56A

To determine if you have this variety, you will likely need a loupe or some form of magnification. 

Look for the date on the obverse side of your coin to be far to the right.²⁷ Look between the “I” and “B” of “Pluribus” for a fully clashed “D.” This has a white appearance. 

On the reverse side, look for a fully clashed “B” between the “D” and “O” of “Dollar.” This also has the same white appearance. 

The bottom of the arrows are clearly doubled. Morgan’s initial “M” is doubled on the bow, and there is a scratch in the center of the bow loops. Look at the mint mark “O” below the wreath. It will be tilted left and also positioned high. 

1884-S VAM-7 

Look at the date on the obverse side of your coin. You’ll see it set far to the right.²⁸ 

Check the mint mark below the wreath on the reverse side of your coin. You’ll see strong doubling with lines on the upper and lower loops of the bow.

This is a tricky variety to determine as several similar VAMs for the 1884-S Morgan silver dollar exist. We recommend consulting a professional to determine if you have a VAM.

GSA Hoard

1884 Morgan silver dollar GSA Hoard coins come with certificates of authenticity.

GSA Hoard coins are usually in a plastic holder and a black box. However, many removed them from their packaging.

If you don’t have a box or plastic holder, you should still have the certificate to authenticate your coin.

Additional Information About The 1884 Morgan Silver Dollar

History

The Mint continuously minted Morgan silver dollars from 1878-1904 and for 1 year in 1921. Collectible proof versions returned in 2021 and onwards.

Collectors once considered 1884 a scarce year for the Morgan silver dollar, but this quickly changed with the release of hundreds of mint-sealed bags from the U.S. Treasury vaults. 

The sales by the General Services Administration in the 1970s and 1980s, known as the GSA Hoard, made the 1884 Morgan silver dollar readily available across the grades. 

^{Sources: 1-8,23-24,34}

The Coin’s Obverse Side

Lady Liberty’s profile fills the center of the obverse side of the 1884 Morgan silver dollar. She wears flowers in her hair, a cap, and a headband inscribed with “Liberty.” 

Morgan’s initial “M” is at the base of Liberty’s neck. 

“E Pluribus Unum” curves the rim above her head. “E Pluribus Unum” means “Out of many, one,” and it is the motto of the United States Of America. 

The year “1884” is at the bottom of the coin. 

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

^{Sources: 1-2}

The Coin’s Reverse Side

The reverse side of the 1884 silver dollar has a heraldic eagle in the center. The eagle holds 3 arrows and an olive branch. 

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

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

Below the wreath is, if present, the mint mark.

Around the coin’s rim is “United States of America” at the top and “One Dollar” at the bottom. A single star separates these two.

^{Sources: 1-8}