Do you have an old 1878 Morgan Silver Dollar in your coin collection? If yes, then you could be sitting on a hidden fortune! This iconic silver coin is known for fetching staggering prices, with some rare coins selling for up to $75,000 at auction!
So, let’s find out if your 1878 silver dollar coin is worth the money! Get expert tips in this value guide to assess your coin’s condition and identify rare features, mint errors, and varieties that can manifold the true worth of your coin.
Brief History of the 1878 Morgan Dollar
Named after its designer, George T. Morgan, the 1878 Morgan Dollar was the first silver dollar coin, created as a result of the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase large quantities of silver and produce silver dollars.
The 1878 issue is particularly noteworthy for its multiple design variations, including the 8 Tail feathers (8TF) and 7 Tail feathers (7TF) reverse designs, as well as the Reverse of 1878 and Reverse of 1879 varieties.
This silver dollar coin was eventually replaced by the 1921 Peace Dollar series, making it highly sought-after by coin collectors today!
| 1878 Morgan Silver Dollar | Key Facts |
| Material Composition | 90% Silver, 10% Copper |
| Minting Location | Philadelphia, Carson City, & San Francisco |
| Year of Minting | 1878 |
| Face Value | $1.00 |
| Weight | 26.73 grams |
| Actual Silver Content | 0.7734 oz |
| Diameter | 38.1mm |
| Thickness | 2.4mm |
| Designer | George T. Morgan |
| Mint Marks | ‘CC’ – Carson City, ‘S’ – San Francisco |
| Total Mintage | 22,494,000 coins |
How to Identify an 1878 Morgan Dollar (Design & Composition)
The 1878 Morgan Dollar can be easily spotted by its iconic devices (raised features) on both sides and its physical features that set the standard for the entire series.
1878 Morgan Dollar Obverse:
- Liberty’s head facing left, wearing a Phrygian cap adorned with wheat and cotton
- The word “LIBERTY” inscribed on a ribbon in Liberty’s hair
- The motto “E PLURIBUS UNUM” above Liberty’s head
- 13 stars surrounding the portrait, representing the original colonies
- The date “1878” below Liberty’s neck
- Designer’s initial “M” on Liberty’s neck line (near hair)
1878 Morgan Dollar Reverse:
- An eagle with wings spread, clutching arrows and an olive branch
- “UNITED STATES OF AMERICA” arcing above the eagle
- “ONE DOLLAR” inscribed below the eagle
- The motto “IN GOD WE TRUST” above the eagle’s head
- A wreath encircling the lower half of the design
- Either 8 or 7 tail feathers on the eagle, depending on the variety
Coin Composition and Dimensions
The 1878 Morgan Dollar is composed of 90% silver and 10% copper with a total silver weight of 0.7734 troy ounces. The coin weighs 26.73 grams and measures 38.1 mm in diameter, with a thickness of 2.4 mm.
Another notable feature of the 1878 Silver Dollar is its reeded edge, featuring 180 reeds, made as a decorative element to prevent the illegal removal of silver from the coin’s edge. This composition and dimensions were standard for the U.S. Silver Morgan Dollar of the era.
Finding the 1878 Silver Dollar Value (5 Key Factors)
On average, an 1878 Morgan Dollar can be worth anywhere from $25 to $100 in circulated condition, whereas uncirculated dollar coins and ones with special characteristics can fetch up to thousands of dollars.
Let’s understand the key factors that determine the final market value of an 1878 Silver Dollar coin!
1. Coin Grading and Condition
The condition of an 1878 Morgan Dollar significantly impacts its value. While you can manually assess your dollar coin’s condition by its design details, professional grading services use the Sheldon Scale, ranging from Poor (P-1) to Perfect Mint State (MS-70), to grade coins.
Higher grades of 1878 silver dollar, like MS-66 and above, sell for premium prices. For instance, an 1878 Philadelphia Morgan in MS-63 might be worth $300-$400, while the same coin in MS-65 could fetch $2,500 to 3,000 or more!
2. Mint Marks & Mintage
The 1878 Silver Morgan Dollar was minted at three locations: Philadelphia, San Francisco, and Carson City. Each mint mark carries its implications for rarity and value:
- 1878 No Mint Mark Silver Dollar: The coins from this mint are the most common, with a total mintage of around 10,5 million for the 7 Tail Feathers variety and 750,000 for the 8 Tail Feathers variety. The value of these coins ranges from $40 to $300 in circulated grades, with higher grades, like MS-65 and above, fetching up to $1,500 to $55,000 or more!
- 1878 S Silver Dollar: With a mintage of 9.7 million coins, the 1878 Morgan Dollars minted in San Francisco with an “S” mint mark are less common and more valuable. Their value ranges from circulated 1878 S Morgan Dollars worth $30-$150 and uncirculated ones ranging from $50 to $40,000 or more.
- 1878 CC Silver Dollar: Coins minted in Carson City with a “CC” mint mark are the most sought-after due to their lower mintage of about 2.21 million. Circulated 1878 CC Morgan Dollars generally value between $150-$480, while uncirculated coins can range from $300-$35,000 or more!
| Coin Grades | Condition Details | 1878 No Mint Mark Dollar Value (8TF) | 1878 S Morgan Dollar Value | 1878 CC Morgan Dollar Value |
| Poor (0) to Extremely Fine (XF45) | Significant wear, faded but visible details | $30 – $70 | $20 – $50 | $60 – $200 |
| Almost Uncirculated (AU50) to Mint State (AU58) | Slight wear on highest points, visible marks or blemishes | $50 – $270 | $40 – $80 | $250 – $500 |
| Mint State (MS60 – MS64+) | Uncirculated with minimal wear | $100 – $950 | $50 – $270 | $200 – $1,500 |
| Mint State (MS65 – MS66+) | Nearly flawless with very minor imperfections | $2,000 – $22,000+ | $300 – $3,200+ | $1,600 – $16,800+ |
| Mint State (MS67 – MS67+) | Well-preserved with no major flaws | $20,000 – $55,000+ | $5,000 – $15,000+ | $15,000 – $35,000+ |
| Mint State (MS68 or Above) | Nearly perfect, luster, no major marks or flaws | N/A | Up to $35,900+ | N/A |
3. 1878 Morgan Dollar Proof & Proof Like Coins
Apart from the regular silver dollars, the United States Mint produced 500 proof Morgan Dollars in 1878, all at the Philadelphia facility. Struck with special dies and planchets, the 1878 8TF proof Morgan Dollars feature deep mirror-like surfaces and frosted design elements, creating a striking cameo contrast.
Proof coins are graded on a scale from PR-60 to PR-70, with PR-65 and above examples reaching extremely high prices of $15,000 to $30,000 or more!
Generally, the 1878 proof silver dollars are designated into two categories:
- Proof (PR): These are standard-proof coins with mirrored surfaces. An 1878 8TF Proof Morgan in PR-65 can be worth $30,000 to $40,000.
- Cameo Proofs: These 1878 proof dollar coins feature a strong contrast between the mirrored fields and frosted devices. An 1878 8TF Cameo Proof in PR-65 might fetch $50,000 to $70,000 or more.
Here’s is a price chart for 1878 Proof Silver Dollar coins values:
| Proof Coin Grades | 1878 Proof Silver Dollar Value | 1878 Proof Silver Dollar CAM Value |
| PR60 – PR62+ | $1,100 – $5,000 + | $3,000 – $5,000 |
| PR63 – PR64+ | $2,500 – $7,500+ | $5,000 – $14,000+ |
| PR65 – PR65+ | $5,000 – $12,000+ | $10,000 – $25,000+ |
| PR66 – PR66+ | $11,000 – $18,000+ | $12,000 – $55,000+ |
| PR67 – PR67+ | $14,000 – $30,000+ | $25,000 – $75,000+ |
Remember that Deep Cameo (DCAM) designations are extremely rare for 1878 proofs and can fetch even higher returns than CAM examples when they appear on the market.
Some 1878 dollar coins are also graded as Proof Like and Deep Mirror Proof Like coins, based on their resemblance to the proof coins. While highest mint grade 1878 PL Silver Dollars range from $13,000 to $30,000, DMPL examples can be worth around $15,000 to $35,000 or more!
4. Valuable Varieties of 1878 Morgan Silver Dollar
1878 7/8TF $1 Strong
This variety is a result of the 7 Tail Feathers design being overpunched onto an 8 Tail Feathers die. You can identify it by the strong impression of the eighth tail feather visible beneath the seven feathers on the eagle’s tail.
In circulated condition, these 1878 dollar coins might fetch $100-$300. In lower uncirculated grades (MS-60 to MS-63), it can be worth $400-$1,000. In higher grades (MS-64 to MS-65), prices range from $1,500 to $5,000 or more. MS-66 or higher examples can fetch $15,000 to $20,000 or more!
1878 7TF $1 Reverse of 1878
This variety features seven tail feathers on the eagle and the original 1878 reverse design. The easiest way to identify this variety is by looking at the arrow feathers – they have a parallel arrangement.
A 1878 7TF $1 Reverse of 1878 in circulated condition might be worth $50-$150, while Uncirculated coins in MS-60 to MS-63 can fetch $100 – $250. High grades (MS-64 to MS-65) might bring $250 – $2,500, with higher examples in MS-66 or better selling for $3,000 – $20,000 or more.
1878 7TF $1 Reverse of 1879
This rare coin has seven tail feathers but uses the revised reverse design introduced in 1879. The key difference is in the arrow feathers, which are slanted in a “broken” arrangement rather than parallel.
Circulated 1878 Morgan Dollars of this variety might sell for $60-$200, while uncirculated conditions (MS-60 to MS-63) values can range from $250 to $500. MS-64 to MS-65 can fetch $600 – $3,500, while MS-66 and above coins can fetch $5,000 – $37,000 or more.
5. Rare 1878 Silver Dollar Mint Errors & VAMs
Several mint errors and VAM varieties (named after numismatists Leroy Van Allen and A. George Mallis) can increase the value of your 1878 Morgan Dollars. Some notable 1878 VAMs and errors are:
Rotated Reverse Die
This error happens when the reverse die is rotated out of its normal alignment during striking, resulting in the reverse design being rotated relative to the obverse. Examples with a subtle 30-45 degree tilt can fetch $200 to $400, while those with a major tilt, like 90 to 180 degrees off, are rarer and more valuable.
VAM-1 Spear Point
The VAM-1 Spear Point VAM is characterized by a unique die scratch that resembles a spear point located near the eagle’s wing on the reverse. In circulated grades, this variety ranges from $40 to $100, while higher grade examples such as MS63, it can be valued around $200, while MS65 examples may reach $1,000!
VAM 11 Line In Wing
This 1878 Silver Dollar VAM features a prominent line or scratch that appears in the eagle’s wing on the reverse. The value ranges from $30 to $100 in circulated conditions. In mint state, it can be valued at around $300 – $700, while MS65 examples may reach values between $800 and $2,200!
Doubled Leaves
This VAM features doubling in the leaves of olive branch leaves on the 1878 Silver Dollar reverse. Common mint grade examples are worth around $500 – $700, with MS-65 examples fetching up to $1,700 or more!
4 Steps to Spot a Fake 1878 Silver Morgan Dollar
If you want to ensure your 1878 Morgan Dollar is a real silver coin, follow these simple steps:
- Check the Weight and Dimensions: Measure the coin’s weight, diameter, and thickness. Authentic 1878 Morgan Dollars should match the specifications mentioned earlier.
- Examine the Reeding: Count the reeds on the edge. Genuine 1878 Morgans should have 180 reeds. Fake coins may have irregular reeding.
- Verify the Date and Mint Mark: Ensure the mint date “1878” and mint mark (if present) are correctly styled and positioned. Fakes may have forged or poorly formed digits or letters.
- Check the Composition: Ensure the 1878 dollar coin is silver. Use a magnet – If the coin reacts to a magnet, it’s likely counterfeit.
