1887 Morgan Silver Dollar Value (O, S, No Mint Marks & Errors)

If you think old dollar coins from the late 19th century are worthless, think again! A rare 1887 Morgan Silver Dollar recently sold for an exceptional price of $78,000 in an auction, which is causing collectors to reconsider the worth of this one-dollar coin!

So, if you want to find out whether your 1887 Silver Dollar coin could earn you a big fortune, learn about all the factors that impact its value and understand how to identify rare signs and errors worth money!

Identifying a Real 1887 Morgan Dollar (Design & Physical Features)

Authentic 1887 Morgan Silver Dollars always feature distinctive design elements on both sides and specific physical characteristics. Verifying these details will help you differentiate genuine silver dollars from counterfeits.

1887 Morgan Dollar Obverse:

• A left-facing portrait of Lady Liberty
• A Phrygian (conical) cap on Liberty’s head
• Arranged flowers and “LIBERTY” on Liberty’s headband
• “E PLURIBUS UNUM” on the upper edge
• 13 stars (representing the thirteen US states) around the coin’s edge
• The mint date “1887” at the bottom

1887 Morgan Dollar Reverse:

• A left-facing bald eagle mid-flight with wide wings
• A group of arrows in its left claw and an olive branch in the right
• “UNITED STATES OF AMERICA/ONE DOLLAR” around the rim
• “IN GOD WE TRUST” above the eagle
• A laurel vine around the eagle
• The mint mark, if present, below the laurel vine knot

1887 Silver Dollar Composition, Weight & Size

The 1887 Morgan Silver Dollar followed the traditional composition of 90% silver and 10% copper. Find its other physical details in the following table:

How to Find an 1887 Silver Dollar Value (3 Key Factors)

On average, a circulated 1887 Morgan Silver Dollar (graded below XF40) is generally worth $25 to $45, due to its silver content value. However, this baseline value can dramatically increase, reaching up to $75,000 depending on several factors, such as grades, mint marks, and minting errors!

1. Coin Grades

The first and most important factor deciding an 1887 Morgan Silver dollar is its condition. The condition is assessed on the Sheldon scale ranging from Poor (P-1) to Perfect Mint State (MS-70), with each increment meaning better condition and, hence, higher value.

For instance, an 1887 Philadelphia Morgan graded MS-60 might be worth $60, while the same coin in MS-65 could command $400 or more and up to $8,000 or more in MS67 or higher grades.

Proof-Like (PL) and Deep Mirror Proof-Like (DMPL) Finishes

Beyond the standard grading scale, 1887 Morgan dollars can exhibit special reflective surfaces known as Proof-Like (PL) or Deep Mirror Proof-Like (DMPL). The presence or absence of these finishes significantly enhances the coin’s value.

For example, a regular MS-64 1887 Morgan might be worth $200-250. The same coin with a PL designation could command $350-450 With a DMPL designation, that value can increase up to $800-1,200.

2. Mint Marks & Mintage of 1887 Morgan Dollar

The mint marks and mintage of an old coin largely influence its value. For the 1887 Morgan Dollar, the total mintage reached an impressive 33,611,710 coins across all mints.

However, each mint produced different quantities with a unique mint mark, resulting in varying degrees of rarity and value of this silver coin:

1887 No Mint Mark Morgan Dollar Value

With a substantial mintage of 20,290,000, the 1887 Philadelphia Morgan is quite common in most grades. What differentiates these coins is the missing mint mark on the reverse.

The highest recorded sale for an 1887 Philadelphia Morgan Dollar was a superb MS63+ example that realized $34,500 at Heritage Auctions.

Here are the average values of an 1887 no mint mark Morgan dollar based on grades:

• MS60-63: $50-80
• MS64: $80-180
• MS65: $120-600
• MS66: $300-800
• MS67: $1,000-6,000
• MS68: $9,000-35,000

The Proof-like variety of an 1887 no mint mark dollar ranges from $70 to $8,500 in MS62 to MS67 grades, while the Deep Mirror Proof-like examples can fetch $150-5,800 in the same grades.

1887-O Morgan Dollar Value

The New Orleans Mint struck 11,550,000 Morgan dollars in 1887, bearing the ‘O’ mint mark on the reverse below the eagle. Due to lower mintage, the 1887-O silver dollar is more valuable than the Philadelphia coins, with the highest MS-66+ example reaching $78,000!

Here are the average values of an 1887-O Morgan dollar based on grades:

• MS60-63: $75-300
• MS64: $400-800
• MS65: $1,500-7,000
• MS66: $15,000-78,000
• MS67: N/A
• MS68: N/A

As for the 1887-O PL silver dollar, the value can range from $80 to $62,000 in MS60 to MS66+ grades, while DMPL specimens reach up to $69,000 in MS66 grade, like this example sold on Heritage Auctions!

1887-S Morgan Dollar Value

The San Francisco Mint produced only 1,771,000 Morgan Dollars in 1887, making them the least common. That’s why, the 1887-S silver dollar is more challenging to find in gem condition (MS-65 or better), with fewer than 150 coins certified in high grades.

Here are the average values of an 1887-S Morgan dollar based on grades:

• MS60-63: $150-475
• MS64: $500-1,000
• MS65: $1,200-3,500
• MS66: $5,000-50,000
• MS67: $30,000-60,000
• MS68: N/A

Moreover, Proof-like 1887-S Morgan Dollar examples are valued at $200 to $19,000 in MS60 to MS66 grades. On the other hand, the DMPL examples can fetch up to $27,000 for MS65 grade, like this example sold for $27,600 on Heritage Auctions!

1887 Morgan Dollar Proof Value

Apart from standard coins, the Philadelphia Mint also produced 710 proof dollars, known for their highly reflective, mirror-like surface and frosted devices (raised designs). Due to the extremely low mintage and unique appearance, proof 1887 Morgan Dollars are way more valuable than standard coins.

For example, a regular 1887 Philadelphia dollar coin in MS65 grade sells for $120-600, while a proof dollar in the same grade can fetch $4,000 to $7,000, like this example realized $7,200 on Stack’s & Bowers.

The highest MS68 examples of an 1887 Morgan proof dollar can reach a premium price of over $50,000. One stunning specimen auctioned for a record price of $51,750 on Heritage Auctions.

3. 1887 Morgan Dollar Mint Errors

The 1887 Morgan Dollar is known to bear some stunning minting errors, impacting its rarity and value. These errors are as follows:

1887/6 Overdate Error

One of the most valuable error varieties in the 1887 Morgan series is the overdate, where an 1887 date was punched over an 1886 date on the Philadelphia coins. You can spot this error by tracing the remnants of the “6” beneath the second “7” in the date under magnification.

Due to its rarity, this error can command premium prices, with uncirculated examples selling for $3,000-15,000 depending on grade. For example, MS65 examples can be valued at $2,500 to $5,800 and MS66 examples can fetch $7,000 to $16,000.

1887/6-O Overdate Error

Similar to the Philadelphia overdate, the 1887/6-O features both the overdate and the New Orleans mint mark. Due to the ‘O’ mint mark, this overdate variety is even more valuable than the Philadelphia coins.

The value of this variety ranges from $2,000 in circulated grades to $35,000+ for gem examples. For example, an MS65 1887/6-O example sold for a whopping $37,375 on Heritage Auctions.

Obverse Misaligned Die

This error happens when the obverse die isn’t properly aligned with the planchet, resulting in part of the design being off-center. Depending on the misalignment, the value of this 1887 Morgan dollar silver coin error can range from $150-300 for minor shifts (5-10% off-center) and $500-800 for dramatic examples of misalignment.

Tilted Partial Collar

This dramatic error happens when the coin planchet isn’t properly seated in the collar die during striking, causing part of the edge to be struck outside the collar, resulting in an unusual shape with a part of the coin expanding outward.

The 1887 Tilted Partial Collar errors typically command $100-500 or more in the circulated state, like this AU50-example sold for $252 on Heritage Auctions. Mint gem specimens can fetch higher returns.