1897 Silver Dollar Value Guide

The 1897 Silver Dollar Value

The 1897 silver dollar from New Orleans holds a consistently higher value across the grades. 

Those minted in San Francisco are the second most valuable. The Philadelphia-minted dollars are the least valuable. 

There is a large range in the values for the mint-state grades, starting at approximately $72 and ramping up to $280,000 and up. 

Prooflike and deep (mirror) prooflike are more scarce and thus worth more. 

Aside from the 1897-O silver dollars, proof versions are the most valuable.  

An N/A for a value below indicates no publicly known examples of that version of the 1897 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 1897 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	1897 Silver Dollar	1897-O Silver Dollar	1897-S Silver Dollar
Good – G	$35	$43	$38
Very Good – VG	$37	$46	$40
Fine – F	$38	$49	$43
Very Fine – VF	$42	$53	$48
Extra Fine – XF	$48	$94	$51
About Uncirculated – AU	$52-$66	$120-$635	$58-$92
Mint State – MS	$72-$23,000 (67+)	$1,200-$280,000 (67)	$112-$36,000 (68)

Circulation Strike Prooflike (PL) Value Chart

	Coin Names And Coin Values
Grade Names	1897 Prooflike Silver Dollar	1897-O Prooflike Silver Dollar	1897-S Prooflike Silver Dollar
MS 53 PL	N/A	$455	N/A
MS 55 PL	N/A	N/A	N/A
MS 58 PL	N/A	$1,500	N/A
MS 60 PL	$100	$3,000	$112
MS 61 PL	$110	$5,000	$145
MS 62 PL	$125	$8,000	$202
MS 63 PL	$180	$13,000	$325
MS 64 PL	$265	N/A	$412
MS 65 PL	$612	N/A	$1,000
MS 66 PL	$2,500	N/A	$2,200
MS 67 PL	$10,000	N/A	$15,000
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	1897 Deep (Mirror) Prooflike Silver Dollar	1897-O Deep (Mirror) Prooflike Silver Dollar	1897-S Deep (Mirror) Prooflike Silver Dollar
MS 58 DPL/DMPL	N/A	$2,300	N/A
MS 60 DPL/DMPL	$130	$4,700	$150
MS 61 DPL/DMPL	$170	$7,200	$230
MS 62 DPL/DMPL	$195	$14,000	$310
MS 63 DPL/DMPL	$282	$27,000	$612
MS 64 DPL/DMPL	$562	$47,000	$1,500
MS 65 DPL/DMPL	$2,700	N/A	$2,600
MS 66 DPL/DMPL	$21,000	N/A	$8,700
MS 67 DPL/DMPL	N/A	N/A	$52,000
MS 68 DPL/DMPL	N/A	N/A	N/A
MS 69 DPL/DMPL	N/A	N/A	N/A
MS 70 DPL/DMPL	N/A	N/A	N/A

Proof Strike (PR) Value Chart

1897 Proof Silver Dollar
Grade Names	Coin Values
PR 53	$300
PR 55	N/A
PR 58	$1,400
PR 60	$1,900
PR 61	$2,100
PR 62	$2,600
PR 63	$3,900
PR 64	$4,500
PR 65	$6,600
PR 66	$8,700
PR 67	$15,000
PR 68	$30,000
PR 69	N/A
PR 70	N/A

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

1897 Cameo Proof Silver Dollar
Grade Names	Coin Values
PR 60 CA/CAM	N/A
PR 61 CA/CAM	N/A
PR 62 CA/CAM	$3,100
PR 63 CA/CAM	$4,300
PR 64 CA/CAM	$5,700
PR 65 CA/CAM	$8,500
PR 66 CA/CAM	$13,000
PR 67 CA/CAM	$20,000
PR 68 CA/CAM	$60,000
PR 69 CA/CAM	N/A
PR 70 CA/CAM	N/A

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

1897 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	$7,900
PR 65 UC/DCAM	N/A
PR 66 UC/DCAM	$20,000
PR 67 UC/DCAM	$31,000
PR 68 UC/DCAM	$72,000
PR 69 UC/DCAM	N/A
PR 70 UC/DCAM	N/A

What Makes An 1897 Silver Dollar Valuable?

Many factors, such as grading, mint marks, strike types, and die varieties, can add to or take away from the value of an 1897 silver dollar. 

Let’s start with grading.

Grading

As the grades increase, so does the coin’s value. Circulation strikes range in grade from ungradable to mint-state 70. 

Prooflike, deep (mirror) prooflike, and proof-strike versions range from grade 60 to 70. If they do not meet the standards, they can have a grade below 60, which is known as “impaired.”

However, even an impaired proof graded at PR 53 still has a value of $300 and up. 

Rarity

The Mint minted 1897 silver dollars approximately 12,651,731 times across all of its versions. Please see the following list for the breakdown for each version:

• 1897: 2,822,000 minted in Philadelphia^1-2
• 1897-O: 4,004,000 minted in New Orleans^3-4
• 1897-S: 5,825,000 minted in San Francisco^5-6
• 1897 Proof: 731 minted in Philadelphia^13-14

The high mint-state grades of the 1897-O are the rarest and most valuable version. An 1897-O silver dollar graded at an MS 67 is over 18 times as valuable as a proof strike at the same grade. 

Likewise, the special designations of prooflike and deep (mirror) prooflikes of the New-Orlean-minted dollars are particularly rare.  

Proof strikes are generally rare due to the smaller amount minted. 

The 1897 ultra/deep cameo proof silver dollars are rare and are one of the finest examples of the entire Morgan series.¹ 

Mint Marks

There are 2 mint marks for the 1897 silver dollar: “O” for coins from New Orleans and “S” for coins minted in San Francisco.^3-6

Coins with no mint mark are from the Philadelphia Mint.^1-2

New Orleans is the most valuable mint mark, followed by the San Francisco “S” mint mark. The no-mint-mark coins from Philadelphia are the least valuable. 

Strike Types

There are 2 strike types for the 1897 silver dollar: circulation-strike and proof-strike.^17-18

The Mint strikes proof versions using a process different from circulation coins. 

This includes using special dies for the proofs, striking them several times on highly polished planchets, and treating them with much greater care. The result is a coin with fine details and few imperfections.

Cameo versions of a proof coin show a good contrast between the mirrored fields and the frosted devices.

This contrast is even greater in the ultra/deep cameo versions. The 1897 versions are an exceptional example of an ultra/deep cameo proof coin.   

Design Variations

The 1897 silver dollar has no design variations.

Special Designations

The 1897 silver dollar has two special designations: prooflike and deep (mirror) prooflike.^2,4,6-12 

These are still circulation-strike coins but have some characteristics of proof coins. These are often produced from a new die pairing (this is the combination of an obverse die and a reverse die that are “paired” together for striking) or when the dies are freshly polished. 

Reflectivity is one such characteristic. A prooflike or deep (mirror) prooflike dollar will appear much more “shiny” and mirrored than a regular circulation-strike coin. 

Error Coins 

Error coins, sometimes known as mint error coins, can add value to your coin. Many collectors favor error coins because of their uniqueness.

Some known errors for the 1897 silver dollar raise the coin’s value:

• Partial collar: this happens when the planchet is not fully contained in the collar at the time of striking¹⁹
• Die adjustment strike: this is when the pressure is being adjusted during striking, which can result in areas of the coin not being fully struck²⁶

Die Varieties

In the 1960s, Leroy Van Allen and A. George Mallis cataloged and published a list of die varieties for Morgan and peace dollars. These are known as VAMs (the name taken from the initials of their last names). 

Since that and the subsequent publications of the VAMs varieties, collectors have been keen to acquire the different varieties. This means that coins of a VAM variety will be worth more. 

Here are some examples of the 1897 silver dollar:  

• 1897 VAM-8: doubled stars and cap²⁰
• 1897-O VAM-6A: reverse breaks, near date, and tilted mint mark²¹
• 1897-S VAM-20: die scratch on the olive branch²²

Composition

The 1897 silver dollar is 90% silver. It will always be worth its weight in silver, but this value depends on the fluctuating silver market.  

Therefore, we do not recommend melting your coin. For example, the current melt value is $17, but your coin will have a value of at least $35 when sold.

How Do You Know If You Have A Valuable 1897 Silver Dollar?

The best way to know if you have a valuable 1897 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

You should look for 1897 silver dollars that are well-struck and have few marks or scratches. These will likely be mint-state coins and worth the most. 

This is especially true of the mint-state 1897-O silver dollars, which are worth between approximately $1,200 and $280,000. 

Mint Marks

Look at the reverse side of your 1897 silver dollar. Below the wreath’s bow is where you will find the mint mark. There are 2 for this year:

• “O” mint mark: this is from the New Orleans Mint and is the most valuable mint mark
• “S” mint mark: this is for coins minted in San Francisco, the second most valuable mint mark
• No mint mark: this is for coins minted in Philadelphia, the least valuable of the bunch.

All 1897 proof silver dollars came from Philadelphia. So, they also have no mint mark. 

Strike Types

An 1897 proof silver dollar will be of noticeably better quality than a regular circulation-strike coin. It will be well-struck, have good luster, and have very few marks. The edges are usually square and sharp. 

A cameo-proof version will have a mirror-like finish across its fields, and the devices (such as the eagle) will be nicely frosted. 

The appearance of the device standing out will be even more pronounced on an ultra/deep cameo version. This is because the contrast between the mirroring and frosting is much more apparent. 

The ultra/deep cameo version is the most valuable, followed by the cameo and then the regular proof version.

Design Variations

The 1897 silver dollar has no design variations.

Special Designations

Determining whether a coin is prooflike or deep (mirror) prooflike can be difficult. We recommend working with a professional to certify special designations of your 1897 silver dollar.

Prooflike coins are quite common for the Philadelphia-minted 1897 silver dollars, though they are not always of the best quality.^2,7 So, be selective when choosing one. The deep (mirror) prooflike versions are more attractive and more valuable.^2,10 

Prooflike and deep (mirror) prooflike coins from the New Orleans Mint are rare, so keep an eye out for them. They are valuable. 

Error Coins

Here are some ways to help you identify an 1897 silver dollar error coin.

Partial Collar Errors

A partial collar error happens when a coin is not fully contained in the collar during its striking. 

You will want to look at your coin’s edge and rim for evidence of this error. The partial collar error falls into 3 different types:

• Straight partial collars on reeded edges: there will be 2 lines around the coin’s edge (this is known as “railroad rims”) 
• Tilted partial collars: you will see an uneven appearance around the rim of your coin (these are known as “steps”)
• Partial collars on non-reeded edge: there will be a ring of plain metal without any design features around the edge of your coin (these are known as “wagon wheel” coins) 

Die Adjustment Errors

This error isn’t as easy to identify as some others. It can often be mistaken for a weakly struck coin. 

The adjustment of pressure results in parts of the design not being fully struck. So, look for areas on your coin with apparent design weaknesses. This may just be evident on part of the design, such as Lady Liberty.

Because this is quite difficult to determine, we suggest consulting a professional to authenticate this error.  

Die Varieties

Below are some tips on how to identify some VAM varieties.

1897 VAM-8

For the 1897 VAM-8, look at the obverse side of your coin.²⁰ The 7 stars on the left-hand side will all have strong doubling.

The top line of Liberty’s cap will also show clear doubling. You can see a fainter doubling of her profile from the “Liberty” on her headband down to her chin.

This is a Hot 50 Morgan VAM, which further increases the coin’s value. 

1897-O VAM-6A

The 1897-O VAM-6A is a WOW! Morgan VAM, and it is quite rare and valuable.²¹

For this variety, you will want to look for die cracks on the reverse side of your coin. The key indicator for the VAM-6A variety is the displaced field from the broken star across to the “U” and above “United.”  

There will also be a clear crack from the right hand side of the wreath diagonally down through the “DO” of “Dollar.”

The “O” mint mark will be set high and tilted to the right. 

On the obverse side of your coin, the date should be positioned nearer to Liberty’s neck than normal.  

1897-S VAM-20

The 1897-S VAM-20 is a more recent VAM variety, only being cataloged in 2022.²² However, having a VAM variety will always increase the value of your coin.

For this variety, the main area to look at is around the olive branch on the left-hand side. There will be a distinct vertical scratch from the eagle’s talon down to the arrow feathers.   

Also, look at the wreath’s bow for further scratches. There will be two clear scratches: one in the middle of the loop and one to the right of the loops. 

On the obverse side, the date is set slightly to the left. There is faint doubling on the “1” and on the inside of the loops of the “8.”  

Additional Information About The 1897 Silver Dollar

History

The Morgan silver dollar was designed by and named after the British engraver George T. Morgan. The Morgan series ran uninterrupted between 1878 and 1904. It was minted for 1 year in 1921 and then returned as a collectible coin from 2021 onward.  

The 1897 silver dollars from Philadelphia follow suit with many other Morgan dollars. A coin once thought to be a real rarity soon changed with the release of hundreds of mint-sealed bags from the Treasury hoards during the 1950s and 1960s. 

Estimates believe that up to half of the Philadelphia mintage was melted due to the 1918 Pittman Act.  

Due to a sales agreement the United States of America had with Great Britain, the Pittman Act required the melting of millions of silver dollars into bullion. 

However, the Pittman Act also required further purchases of silver from American mines to be minted into replacement silver dollars. The Morgan dollar was brought back for 1 year’s mintage in 1921 to fulfill this requirement.

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

The Coin’s Obverse Side

In the center of the 1897 silver dollar’s obverse side is the profile of Lady Liberty. She wears a headband inscribed with the word “Liberty,” a cap, and flowers in her hair. 

Circling the coin’s rim above her head is “E Pluribus Unum.” This is America’s Latin motto, which means, “Out of many, one.” Below Liberty is the year “1897.”

Separating the motto and the year are 13 stars, 7 on the left and 6 on the right. These represent the 13 states, which declared independence in 1776.  

^{Sources: 1-2}

The Coin’s Reverse Side

Curving the rim of the 1897 silver dollar’s reverse side is “United States of America” at the top and “One Dollar” at the bottom. A single star separates these on each side.

In the middle is a bald eagle with its wings spread. It holds an olive branch and 3 arrows in its talons.

Above the eagle’s head is “In God We Trust.” Below the eagle is a curved wreath tied with a bow. 

If present, the mint mark is positioned below the wreath’s bow. An “O” mint mark is for coins minted in New Orleans, and an “S” mint mark is for those from San Francisco.  

^{Sources: 1-6}

Sources

1897 Silver Dollar Value Guide Sources