Did you know that the old silver dollar coin from 1888 in your coin jar is worth a fortune today? An extraordinary 1888 Morgan Silver Dollar in pristine condition sold for an astonishing $31,000 at a coin auction setting a record for this coin!
While most 1888 dollars are valued at $30-$50 in circulated condition, rare examples can be a real goldmine! Read on to find what factors make an ordinary 1888 silver dollar valuable!
Identifying a Real 1888 Morgan Dollar (Design & Composition)
The 1888 Morgan Silver Dollar features distinctive design on both sides created by George T. Morgan, Understanding these fine design elements will help you authenticate and distinguish genuine Morgan dollars and counterfeits.
1888 Morgan Dollar Obverse:
- A left-facing portrait of Lady Liberty with flowing hair
- 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 “1888” at the bottom
1888 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
Composition, Weight, & Size
The 1888 Morgan Silver Dollar consists of 90% silver and 10% copper, giving it a unique color recognizable among other American coins. The following table contains its other physical details.
| 1888 Morgan Silver Dollar | Key Facts |
| Material Composition | 90% Silver, 10% Copper |
| Minting Location | Philadelphia, New Orleans, & San Francisco |
| Year of Minting | 1888 |
| 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 | No Mint Mark – Philadelphia O – New Orleans S – San Francisco |
| Total Mintage | 31,990,833 coins |
How Much Is an 1888 Silver Dollar Worth? 4 Key Factors
An average 1888 Morgan Silver Dollar in circulated condition (grades below XF40) generally sells for $30 to $50, primarily reflecting its silver value. However, there are several factors that can dramatically increase this baseline value up to $30,000!
Let’s examine these factors!
1. Coin Condition & Grades
The value of an 1888 Morgan silver dollar is heavily influenced by its grade on the 70-point Sheldon scale, with higher numbers indicating better condition.
The most valuable 1888 Morgan Dollars typically fall within the Mint State (MS) range from MS65 to MS67+, which can reach $5,000 to $30,000, depending on other factors.
Some Morgan dollars feature a sharper strike than regular dollar coins. These special coins are designated as Proof-like and Deep Mirror Prooflike coins, which can be slightly more valuable than standard coins.
2. 1888 Morgan Dollar Mint Marks & Mintage
The total mintage for 1888 Morgan dollars across all three facilities was a stunning 31,990,833 coins. The coins from different locations bear different mint marks affecting their rarity and values.
1888 No Mint Mark Morgan Dollar Value
The main U.S. Mint facility produced 19,183,000 coins, making it the most common 1888 variant. Philadelphia-minted Morgan dollar coins bear no mint mark.
Here are the average values of an 1888 no mint mark dollar by grade:
- MS60-63: $30-100
- MS64: $100-180
- MS65: $150-400
- MS66: $450-1,500
- MS67: $2,500-15,000
- MS68: $15,500+
The most expensive 1888 No mint mark Morgan Dollar was an MS67 example sold for $18,400 on Heritage Auctions.
1888-O Morgan Dollar Value
The New Orleans Mint struck 12,150,000 coins, identifiable by the “O” mint mark below the wreath on the reverse. The 1888-O typically are worth slightly more than 1888 no mint mark dollars, especially in higher grades.
The highest price of an MS66 1888-0 dollar reached a whopping $20,560 on Legend Rare Coin Auction!
Here are the average values of an 1888-O Silver Dollar by grades:
- MS60-63: $40-90
- MS64: $100-250
- MS65: $300-700
- MS66: $1,200-4,500
- MS67: $6,500-12,000
1888-S Morgan Dollar Value
The San Francisco Mint produced the least 657,000 coins, making the 1888-S Morgan dollar substantially rarer and the most valuable of all counterparts. For example, an MS66 1888-S Silver dollar sold for the highest price of $31,200 on Heritage Auctions.
The average values of an 1888-S Morgan Silver Dollar by grades are as follows:
- MS60-63: $40-90
- MS64: $100-250
- MS65: $300-700
- MS66: $1,200-4,500
- MS67: $6,500-12,000
1888 Morgan Dollar Proof Coin
Apart from regular dollar coins, the Philadelphia Mint also produced proof Morgan Dollars. These special coins draw attention due to their contrasting proof finish with fine details. With a small mintage of 833, proof Morgan dollars are much more valuable than standard coins.
The average value of a proof 1888 Morgan dollar is:
- MS60-61: $1,200-1,700
- MS62: $1,500-3,500
- MS63: $2,500-3,700
- MS64: $3,000-4,500
- MS65: $4,300-9,000
- MS66: $6,000-12,000
- MS67: $11,00-$16,500
3. Valuable 1888 Morgan Dollar Errors
Mint errors create some of the most fascinating and valuable variants of the 1888 Morgan Silver Dollar. These production flaws can significantly affect an old 1888 silver dollar value.
Double Die Obverse (DDO)
One of the most valuable mint errors for the 1888 Morgan dollar, a DDO occurs when the die used to strike the coin gets multiple impressions, slightly offset from each other.
On 1888 Morgans, the DDO error can occur on different parts, identified by VAM numbers. The most notable DDO shows doubling visible on Liberty lips, known as VAM-4 “Hot Lips”
The value of an 1888 DDO Morgan dollar can range from $50 to $5,000 for circulated examples while mint state examples can reach up to $20,000, like this MS61 1888-O DDO dollar sold for $19,200 on Heritage Auctions.
Partial Collar Strike
These errors happen when the coin planchet isn’t properly centered inside the collar die during striking, resulting in a coin with partially unstruck or rounded edge. The diameter of the affected part will be slightly more than the regular coin.
Depending on the severity and the coin’s condition, these 1888 silver dollar errors can sell for $150-$1,000. An MS61 1888 dollar with partial collar strike sold for $180 in a coin auction.
Rotated Reverse Die
A rotated reverse die error happens when the reverse die of Morgan Dollar is not properly aligned with the obverse die, causing the reverse design to appear rotated.
Slight rotations of 5-10 degrees on an 1888 Morgan dollar add minimal value, but dramatic rotations of 80 degrees or more can command $300-1,500 premiums. For example, an MS63 1888 Morgan dollar with 80 degrees rotated reverse sold for almost $1,100 on Heritage Auctions.
Misaligned Obverse Die
Similar to the rotated die error, a misaligned die occurs when one die is not properly centered with the other. However, unlike rotation, misalignment causes the designs to appear off-center relative to each other.
The value of this 1888 Morgan dollar error depends on the degree of misalignment and the coin’s condition. Minor shifts might be worth $100-200 while major misalignments can bring $500-2,500 above standard values.
An XF-graded 1888 Morgan dollar with a misaligned obverse die sold for over $275 in an auction. Almost Circulated and Mint State error coins can fetch higher values.
VAM-7 (Doubled Die Reverse)
The rare VAM-7 1888 Morgan features doubling on the reverse, particularly visible in the wreath, eagle’s feathers, and arrows, creating gouges on the surface. The doubling might only be visible through a magnifying lens.
The average value of a well-preserved VAM-7 specimen in grades MS63-65 ranges from $300-1,200, while superb examples in MS66-67 can reach $3,000-8,000 depending on eye appeal.
Struck Thru Reverse
This dramatic error happens when foreign material comes between the die and the 1888 Morgan dollar planchet during striking! The result is the material’s impression being transferred on the finished coin.
Common materials include grease, cloth fibers, staples, or even other coins. An example of this error coin was auctioned on Heritage Auctions for over $80. It was an MS61-specimen.
The most valuable “struck thru” errors on 1888 Morgans involve large objects creating dramatic impressions, with values ranging from $200 to $1,000 or more for mint state coins.
