1887 Morgan Silver Dollar Value Guide
Complete 1887 Morgan Dollar value guide. Values range from $50 (circulated) to $78,000 (rare errors). Expert grading advice, varieties, authentication tips.
The 1887 Morgan Silver Dollar is worth $50 to $78,000, depending on mint mark, condition, and variety.
- Circulated (G-4 to AU-50): $50 – $135
- Uncirculated (MS-60 to MS-65): $70 – $2,500
- Gem specimens (MS-66+): $345 – $31,000
- Key variety (1887/6-O): $75 – $48,500
- Proof strikes: $3,600 – $40,000
- Major error (55% off-center brockage): $78,000
The 1887-P Philadelphia issue is the most common Morgan Dollar, while the 1887-S San Francisco is the key-date business strike of the year, and valuable die varieties like the 1887/6 overdates command substantial premiums.
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1887 Morgan Silver Dollar: Overview and Market Position
The 1887 Morgan Dollar features Liberty's portrait on the obverse and a heraldic eagle on the reverse
The 1887 Morgan Silver Dollar represents one of the most fascinating years in the iconic series designed by George T. Morgan. Struck at three U.S. Mint facilities—Philadelphia, New Orleans, and San Francisco—under the provisions of the Bland-Allison Act of 1878, this year produced coins ranging from the most common Morgan Dollar ever made to significant key dates and valuable varieties. The market for 1887 dollars embodies extreme contrasts: the Philadelphia issue, with its record-breaking mintage of 20,290,000 coins, serves as an accessible type coin often trading near its silver melt value of approximately $37.90 in lower grades, while the low-mintage 1887-S San Francisco issue commands substantial premiums in all conditions. Adding further complexity are several scarce die varieties, including the highly prized 1887/6 overdates from both Philadelphia and New Orleans, which were created when the mint repurposed leftover dies from 1886. The Philadelphia Mint also struck a limited quantity of 710 Proof specimens for collectors, and the year produced one of the most spectacular error coins in the entire Morgan series—a 55% off-center strike with brockage that sold for $78,000 in 2024.
Identifying Your 1887 Morgan Dollar
Mint marks appear on the reverse beneath the eagle's tail feathers: 'O' for New Orleans, 'S' for San Francisco, or no mark for Philadelphia
All 1887 Morgan dollars share the classic design by George T. Morgan, featuring a left-facing portrait of Lady Liberty wearing a coronet inscribed with "LIBERTY" on the obverse, surrounded by stars and the date below. The reverse displays a heraldic eagle with outstretched wings, holding arrows and an olive branch, with the inscription "UNITED STATES OF AMERICA" and "ONE DOLLAR" surrounding the design.
Identifying the mint of origin is straightforward by examining the reverse of the coin. The mint mark appears on the reverse, located beneath the eagle's tail feathers. For New Orleans coins, look for a small "O" mint mark above the letters "DO" in the word "DOLLAR." San Francisco coins display a small "S" mint mark in the same general position, above the letters "OL" in "DOLLAR." Coins struck at the Philadelphia Mint, which produced the vast majority of 1887 dollars, bear no mint mark.
The specifications are consistent across all three mints: each coin weighs 26.73 grams, measures 38.1 mm in diameter, and contains 0.7734 troy ounces of pure silver in a composition of 90% silver and 10% copper. Proof strikes, identifiable by their specially prepared surfaces with mirror-like fields and frosted devices, were produced only at the Philadelphia Mint and feature sharp, squared rims along with exceptional strike quality.
For business strikes, strike quality can vary significantly. Collectors seeking premium examples should look for sharp details on Liberty's hair above her forehead and ear, as well as well-defined feathers on the eagle's breast. These high points are often weakly struck even on uncirculated examples, making sharply struck specimens more desirable and valuable.
1887 Morgan Dollar Value Guide by Mint
The market for 1887 Morgan dollars varies dramatically by mint of origin, with values driven by mintage rarity, condition rarity, and special designations. The intrinsic silver melt value of approximately $37.90 (based on a silver spot price of $49.00 per troy ounce as of November 2025) establishes a fundamental price floor for heavily circulated common-date examples. However, for uncirculated coins, key dates, and special varieties, numismatic premiums far exceed the melt value.
1887 Philadelphia Morgan Dollar (No Mint Mark)
PL designation shows reflective fields; DMPL designation shows deeply mirrored surfaces with exceptional contrast
With a record-breaking mintage of 20,290,000, the 1887 Philadelphia Morgan dollar stands as the most abundant issue in the entire series from 1878-1904. Survival estimates indicate approximately 2,000,000 coins exist in all grades, with an astonishing 900,000 surviving in Mint State (MS-60 or better). This extraordinary supply resulted from massive Treasury releases of bagged dollars from the 1930s through the 1960s, as well as dispersals from private hoards like the Continental-Illinois Bank hoard.
The market for this coin exemplifies condition-rarity pricing. With over 31,000 graded MS-65 by NGC alone and an estimated 59,000 surviving at that level or higher, Gem examples remain readily available at modest prices around $235-$325. Dramatic price escalations begin at the MS-67 level and become exponential at MS-68, where only a handful of coins are known (PCGS reports 2, NGC reports 7). This demonstrates that for the 1887-P, significant value concentrates only in the "Superb Gem" and near-perfect grades.
| Grade | PCGS Value | NGC Value | PL Value (NGC) | DMPL Value (PCGS) |
|---|---|---|---|---|
| G-4 | $55 | $50 | N/A | N/A |
| VF-20 | $55 | $53 | N/A | N/A |
| EF-40 | $56 | $55 | N/A | N/A |
| AU-50 | $60 | $58 | N/A | N/A |
| MS-60 | $80 | $70 | $75 | $175 |
| MS-63 | $125 | $110 | $150 | $375 |
| MS-65 | $275 | $235 | $315 | $2,000 |
| MS-66 | $525 | $345 | $850 | $5,500 |
| MS-67 | $2,500 | $1,750 | $4,950 | $17,500 |
| MS-68 | $25,000 | $17,500 | N/A | N/A |
Pricing data aggregated from PCGS and NGC Price Guides, last updated November 2025. PL/DMPL values are representative.
1887-O New Orleans Morgan Dollar
The 1887-O Morgan dollar was struck in substantial numbers, with a mintage of 11,550,000. While survival estimates remain high (1,000,000 in all grades, 500,000 in MS-60 or better), it proves considerably scarcer than its Philadelphia counterpart in Gem condition, with an estimated population of only 1,175 pieces at MS-65 or better. This relative scarcity in higher grades drives its value curve upward.
| Grade | PCGS Value | NGC Value | PL Value (PCGS) | DMPL Value (NGC) |
|---|---|---|---|---|
| G-4 | $55 | $50 | N/A | N/A |
| VF-20 | $55 | $53 | N/A | N/A |
| EF-40 | $54 | $55 | N/A | N/A |
| AU-50 | $60 | $58 | N/A | N/A |
| MS-60 | $135 | $115 | $200 | $200 |
| MS-63 | $275 | $225 | $500 | $700 |
| MS-64 | $650 | $525 | $1,250 | $2,550 |
| MS-65 | $2,500 | $2,150 | $7,500 | $20,500 |
| MS-66 | $28,000 | $31,000 | $40,000 | $75,000 |
Pricing data aggregated from PCGS and NGC Price Guides, last updated November 2025. PL/DMPL values are representative.
1887-S San Francisco Morgan Dollar
As the key-date business strike of the year, the 1887-S Morgan dollar features a significantly lower mintage of just 1,771,000 coins. Survival estimates reflect this scarcity, with approximately 180,000 coins known in all grades and only 1,300 estimated to exist in MS-65 or better. San Francisco Mint coins from this era are generally regarded for their high-quality, sharp strikes.
The market for the 1887-S behaves fundamentally differently from that of the 1887-P. Its value is driven by mintage rarity—an inherent scarcity established from the moment of its creation. This results in a much steeper value curve that begins in lower circulated grades. An About Uncirculated (AU-58) example commands $85-$135, already two to three times the price of its Philadelphia counterpart. This premium accelerates dramatically into the Mint State grades.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| G-4 | $55 | $50 |
| VF-20 | $55 | $53 |
| EF-40 | $60 | $55 |
| AU-50 | $100 | $58 |
| MS-60 | $170 | $140 |
| MS-63 | $475 | $280 |
| MS-64 | $775 | $735 |
| MS-65 | $1,750 | $1,900 |
| MS-66 | $10,500 | $7,500 |
| MS-67 | $75,000 | $39,000 |
Pricing data aggregated from PCGS and NGC Price Guides, last updated November 2025.
1887 Proof Morgan Dollar
Struck in limited quantities for collectors, the 1887 Proof Morgan dollar represents a significant rarity from the outset. With a mintage of only 710 pieces from the Philadelphia Mint, every surviving example is scarce and valuable. These coins were produced using a special manufacturing process involving polished planchets and dies, which were struck multiple times to create coins with sharp details, squared rims, and deeply reflective, mirror-like fields.
The contrast between the mirrored fields and the frosted design elements is a key element of their appeal and value. Coins with strong contrast receive the Cameo (CAM) designation, while those with exceptional, deeply frosted devices and watery fields receive the Deep Cameo (DCAM) or Ultra Cameo (UCAM) designation. These designations command significant premiums.
| Grade | NGC Value | Recent Auction Result |
|---|---|---|
| PR-63 | $4,500 | $3,600 (Stack's Bowers, Aug 2024) |
| PR-64 | $5,250 | N/A |
| PR-65 | $7,500 | $7,200 (PCGS PR-65 CAC, Stack's Bowers, Mar 2023) |
| PR-66 | $10,500 | $9,000 (PCGS PR-66 CAM, Stack's Bowers, Nov 2020) |
| PR-67 | $20,000 | $10,407 (NGC PF-67 CAM, Stack's Bowers, Jun 2010) |
| PR-68 | $40,000 | N/A |
Pricing data from NGC Price Guide, last updated November 2025. Auction results provide real-world market context.
Grading Your 1887 Morgan Dollar
Progression of wear from G-4 (heavy circulation) through VF-20 (moderate wear) to MS-65 (gem uncirculated)
Key areas to check for wear: Liberty's hair above forehead and ear, cheek, and eagle's breast feathers
Accurately grading a Morgan dollar requires careful examination of specific design elements that show wear first. Understanding these grading standards helps collectors assess their coins' values and make informed buying decisions.
Good (G-4): Heavy wear across the entire coin. On the obverse, Liberty's portrait is outlined but most hair detail is worn smooth. The rim may merge with the letters in places. On the reverse, the eagle is outlined but feather details are mostly worn away. The rims are typically worn down to the tops of the letters.
Very Good (VG-8): Considerable wear with major design elements visible but flat. On the obverse, at least three letters in LIBERTY are readable in the headband. Some hair detail shows above the forehead and ear. The rim is full but worn. On the reverse, some feather detail remains visible in the eagle's wings and body.
Fine (F-12): Moderate to heavy wear. LIBERTY is complete and bold in the headband. Hair details are visible but worn flat at the high points, particularly above the forehead and around the ear. On the reverse, approximately half of the eagle's feathers show some detail.
Very Fine (VF-20): Moderate wear on high points. On the obverse, hair detail is visible above Liberty's forehead and ear, though these areas show noticeable flattening. The hair lines are distinct in protected areas. On the reverse, two-thirds of the eagle's feathers show detail, particularly in the wings.
Extremely Fine (EF-40): Light wear on the highest points only. On the obverse, Liberty's hair shows nearly full detail with only slight wear above the forehead and ear. Individual strands are visible. On the reverse, the eagle's feathers are well-defined with only slight wear on the breast and at the tops of the wings.
About Uncirculated (AU-50 to AU-58): Slight traces of wear on the highest points. On the obverse, check Liberty's cheekbone and the hair above her forehead and ear for light friction. On the reverse, examine the eagle's breast feathers and the tops of the legs. Original mint luster may be present in protected areas. AU-58 specimens show minimal friction and retain most of their original luster.
Mint State (MS-60 to MS-70): No wear from circulation. Grading at this level focuses on the quality of strike, luster, and the number, size, and location of contact marks (bagmarks) acquired during the minting and storage process. MS-60 coins show numerous heavy marks, while MS-65 specimens display only minor marks that don't detract from overall eye appeal. MS-67 and higher grades represent exceptional preservation with virtually no distracting marks and typically strong, unbroken luster. Sharply struck coins with strong cartwheel luster command premiums over weakly struck examples.
For 1887 Morgan dollars, strike quality varies. The Philadelphia Mint produced coins with typically average strikes, making sharply detailed specimens more desirable. Collectors should carefully examine hair details above Liberty's forehead and the eagle's breast feathers when cherrypicking for quality. Luster quality also varies—brilliant, unbroken "cartwheel" luster is preferred over subdued or interrupted luster patterns.
Important 1887 Morgan Dollar Die Varieties
The 1887/6 overdate shows remnants of the underlying '6' beneath the '7' in the date
The 1887 Morgan dollar series includes several significant and valuable die varieties cataloged using the Van Allen-Mallis (VAM) system. Varieties designated as part of the "Top 100" or "Hot 50" lists are particularly sought after by specialists and can command substantial premiums over regular strike examples.
1887/6-O Overdate (VAM-3, Top 100)
This major variety was created when the New Orleans Mint repurposed a die from 1886 by punching a '7' over the existing '6'. The key diagnostic feature is the visible remnant of the underlying '6' beneath and to the left of the '7' in the date. The overdate can be faint on later die states and often requires magnification to identify properly. This variety represents one of the most significant and valuable Morgan dollar overdates.
| Grade | PCGS Value | NGC Value |
|---|---|---|
| VF-20 | $125 | $75 |
| EF-40 | $250 | $125 |
| AU-50 | $650 | $180 |
| MS-60 | $1,150 | $650 |
| MS-63 | $3,500 | $2,175 |
| MS-64 | $6,500 | $4,250 |
| MS-65 | $37,375 | $48,500 |
Pricing data from PCGS and NGC Price Guides, last updated November 2025. The MS-65 auction record of $37,375 was achieved at auction.
1887/6 Philadelphia Overdate (VAM-2, Top 100)
Similar to its New Orleans counterpart, this variety resulted from an 1886 die being over-punched with an 1887 date at the Philadelphia Mint. While less valuable than the 1887/6-O, this variety still carries a strong premium. NGC lists values from $52 in VF-20 to $11,500 for an MS-66 example.
1887 VAM-5 Doubled Date (Top 100)
A popular and scarce repunched date variety, also known as Breen-5594. The diagnostics show clear doubling on the numerals of the date, most prominently on the 887. PCGS values range from $95 in AU-58 to $5,000 in MS-67. The auction record for this variety is $1,880 for a PCGS MS-66+ sold in 2015.
1887 VAM-12 "Gator Eye" Doubled Die Obverse (Top 100)
This popular Doubled Die Obverse (DDO) variety earns its nickname from the distinct doubling of Liberty's upper eyelid, which gives it an appearance reminiscent of an alligator's eye. While comprehensive price guide data is not publicly available from PCGS or NGC, retail listings indicate a significant premium. An MS-65 NGC example is offered in the $320-$495 range, and an MS-64+ PCGS is listed for $370. This suggests a value of approximately 3 to 5 times that of a regular 1887-P in the same grade.
1887 VAM-1A "Donkey Tail" (Top 100)
This variety features a prominent die break extending from the letter 'R' in PLURIBUS on the obverse. A PCGS MS-63 example sold at auction for $5,760, demonstrating the strong collector interest in this dramatic die break variety.
1887 VAM-1B "Partial E" (Hot 50)
A rare and valuable variety. An MS-65 example holds an auction record of $25,000. PCGS lists values from $1,600 in AU-53 to $8,250 in MS-64, indicating this is among the most valuable 1887 Philadelphia varieties.
1887 Morgan Dollar Mint Errors
Off-center strikes show partial design with blank planchet area visible; dramatic errors command significant premiums
Minting errors on Morgan dollars are highly collectible, with values determined by the type, severity, and visual appeal of the error. The year 1887 produced several notable error types, including one of the most spectacular error coins in the entire Morgan dollar series.
The Record-Setting 1887 Off-Center Brockage
The 1887 Morgan dollar series is notable for producing one of the most significant error coins in numismatic history. This Philadelphia Mint issue, graded MS-63 by PCGS, features a dramatic dual error: it was struck approximately 55% off-center and is also a brockage, meaning its reverse was impressed with the incuse (mirror-image) impression of another coin's obverse instead of being struck by the reverse die.
Discovered by a Las Vegas slot machine technician in the 1960s, this spectacular error sold for $78,000 at a Stack's Bowers auction in November 2024. The extraordinary price realized highlights a key principle in the error coin market: the rarity and visual impact of the error itself are the primary value drivers, often making the host coin's date or intrinsic rarity secondary. An MS-63 1887-P dollar is a common coin worth around $110-$155, but the addition of this record-setting, visually stunning error increased its value by a factor of over 500.
Off-Center Strikes
More common off-center strikes occur when the planchet is not properly centered in the collar during striking. Minor off-center strikes (5-15%) on common dates typically trade for a few hundred to a few thousand dollars, depending on the grade and visibility of the date. The more dramatic the misalignment, and the more of the date that remains visible, the higher the value. An off-center strike showing 30-40% blank planchet with a full date visible would command a significant premium.
Lamination Errors
Lamination errors are planchet defects where a piece of the coin's surface flakes off, typically due to impurities in the metal or improper alloy mixture during planchet preparation. A minor reverse lamination on an AU/UNC 1887-P is listed for approximately $87, demonstrating that minor lamination errors on common dates command modest premiums.
Struck-Through Errors
A struck-through error occurs when a foreign object—such as cloth, grease, wire, or another coin fragment—is struck into the coin's surface, leaving an impression or void. An NGC-certified MS-63 1887-P with an obverse struck-through error is offered for $250, showing that even common struck-through errors on accessible dates can command premiums among error collectors.
Authentication and Counterfeit Detection
Cleaned coins show hairline scratches, unnatural luster, and dull appearance when tilted
Due to their popularity and value, Morgan dollars are frequently counterfeited. Collectors must develop authentication skills to protect their investments. Basic authentication steps are crucial before purchasing any coin, particularly when buying outside of certified holders from major grading services.
Begin by verifying the coin's physical specifications using precise measuring tools. An authentic Morgan dollar weighs exactly 26.73 grams and has a diameter of 38.1 mm. Use a digital scale accurate to at least 0.01 grams and precision calipers to confirm these measurements. Counterfeits are frequently underweight or have incorrect dimensions, as replicating the exact specifications of silver coinage proves difficult for counterfeiters. Perform a simple magnet test: authentic Morgans contain 90% silver and are non-magnetic. If a coin is attracted to a strong magnet, it is certainly a forgery.
Visual inspection reveals many counterfeits. Carefully examine the coin's edge for a seam, which indicates the piece was cast or made from two joined halves—a common counterfeiting technique. Study the overall appearance of the design details: counterfeit coins often display a mushy or soapy appearance where fine details like hair strands and feather lines should be crisp and well-defined. Pay particular attention to the font and placement of the date and mint mark. Counterfeiters frequently fail to replicate Liberty's eye correctly—the genuine eye has a specific almond shape and positioning that fakes often miss. Be aware of impossible date and mint mark combinations. For example, the Carson City Mint did not strike Morgan dollars in 1887, so any coin marked "1887-CC" is fraudulent.
For valuable varieties, errors, or high-grade specimens, purchasing coins already certified and encapsulated by PCGS or NGC provides the highest level of authentication assurance. These third-party grading services employ expert authenticators and use advanced detection equipment. While certification does not eliminate all risk, it dramatically reduces the likelihood of purchasing a counterfeit or altered coin.
Another critical authentication concern involves detecting cleaned coins, which the numismatic community considers damaged. Cleaning severely reduces a coin's value, often by 50% or more. A cleaned coin submitted for grading will typically receive a "Details" designation rather than a numeric grade. Key signs of cleaning include fine, parallel hairline scratches across the surfaces, best seen when tilting the coin under a single focused light source. These hairlines result from wiping with an abrasive cloth. A cleaned coin may appear shiny but lacks the vibrant, rotating "cartwheel" luster characteristic of an original Mint State coin. The shine often looks flat, dull, or greasy. When tilted at an angle to a light source, a cleaned coin's surface may shift from bright white to a dull, lifeless gray or blue, whereas an original coin tends to retain its silvery-white appearance across viewing angles. Additionally, look for dark toning or dirt remaining in protected areas around the date or lettering that was missed during the cleaning process.
Proper Care and Preservation
Proper storage and handling practices are essential to preserve a coin's condition and protect its value over time. Never clean a Morgan dollar or any collectible coin. Cleaning invariably causes microscopic scratches and surface damage that dramatically reduce numismatic value. Even gentle cleaning with soft cloths leaves hairline scratches visible under magnification. The numismatic market strongly penalizes cleaned coins, and the damage is permanent and irreversible.
Always handle coins by their edges to avoid transferring oils, dirt, and moisture from your fingers to the coin's surfaces. Fingerprints contain acids that can etch into the silver over time, causing permanent damage. When examining a coin, hold it over a soft surface to prevent damage if dropped. Store Morgan dollars in inert, archival-quality holders that are free of polyvinyl chloride (PVC) and other harmful chemicals. Coin flips, rigid plastic holders, and certified slabs from PCGS and NGC all provide appropriate protection. Avoid storage materials containing PVC, as this chemical can migrate to the coin's surface and cause green corrosion that is difficult or impossible to remove.
Maintain a stable, low-humidity environment for coin storage. High humidity accelerates toning and can promote corrosion, particularly on silver coins. Store coins in a cool, dry location away from temperature fluctuations. For valuable collections, consider using a safe or safe deposit box that provides both security and environmental stability. Never store coins in cardboard, paper envelopes, or other materials that contain sulfur or other reactive chemicals, as these can cause undesirable toning and surface damage over time.
Notable Auction Results
Auction records provide valuable insight into current market trends and collector demand for specific 1887 Morgan dollar issues, varieties, and special designations. The following recent results illustrate the strong prices achieved for exceptional quality and rare varieties.
The record-setting error coin—an 1887 Philadelphia Morgan dollar struck 55% off-center with a brockage reverse, graded MS-63 by PCGS—realized $78,000 at Stack's Bowers Galleries in November 2024. This spectacular price demonstrates the premium commanded by dramatic, visually striking errors on popular series.
For proof strikes, an 1887 Morgan dollar graded PR-65 by PCGS with a CAC (Certified Acceptance Corporation) sticker sold for $7,200 at Stack's Bowers in March 2023. An 1887 proof graded PR-66 with Cameo designation by PCGS brought $9,000 at Stack's Bowers in November 2020. These results demonstrate the strong demand for high-quality proof Morgans with attractive contrast.
Among varieties, the 1887/6-O overdate (VAM-3) has achieved strong prices, with gem examples approaching or exceeding $37,000 at auction. The rare 1887 VAM-1B "Partial E" variety reached $25,000 for an MS-65 specimen. The popular VAM-12 "Gator Eye" doubled die obverse trades actively in the $320-$495 range for MS-65 examples, while the VAM-1A "Donkey Tail" die break brought $5,760 for a PCGS MS-63 coin.
These auction results confirm that exceptional quality, important varieties, dramatic errors, and coins with strong eye appeal continue to command significant premiums in the current market. Collectors should monitor recent auction prices when evaluating potential purchases or assessing the value of coins in their collections.
Frequently Asked Questions
How much is my 1887 Morgan Dollar worth?
The value of your 1887 Morgan dollar depends on the mint mark, condition (grade), and whether it exhibits any special characteristics like die varieties or mint errors. A common circulated 1887 Philadelphia dollar (no mint mark) typically values between $50 and $60 in grades G-4 through AU-50. Uncirculated examples range from $70 (MS-60) to $25,000 (MS-68). The scarcer 1887-S San Francisco issue commands premiums at all grade levels, while the 1887-O New Orleans falls between these two. Special varieties like the 1887/6 overdates and proof strikes command substantially higher prices.
How do I identify the mint mark on an 1887 Morgan Dollar?
The mint mark appears on the reverse (back) of the coin, beneath the eagle's tail feathers. For New Orleans coins, look for a small "O" above the letters "DO" in "DOLLAR." San Francisco coins display a small "S" above the letters "OL" in "DOLLAR." Philadelphia-minted coins bear no mint mark. You may need a magnifying glass to clearly see the mint mark, as it is quite small. The absence of any mark indicates the coin was struck at the Philadelphia Mint, which produced the vast majority (over 20 million) of 1887 Morgan dollars.
What is the difference between PL, DMPL, CAM, and DCAM designations?
PL (Proof-Like) and DMPL (Deep Mirror Proof-Like) designations apply only to business strike coins that exhibit unusually reflective, mirror-like fields reminiscent of proof coins. PL coins show moderate field reflectivity, while DMPL coins display deeply mirrored fields with strong contrast. CAM (Cameo) and DCAM (Deep Cameo) or UCAM (Ultra Cameo) designations apply exclusively to proof strikes and indicate the degree of contrast between the frosted devices and mirrored fields. CAM proofs show good contrast, while DCAM proofs exhibit exceptional contrast with deeply frosted devices against watery, reflective fields. All of these special designations command significant premiums over regular examples.
Should I get my 1887 Morgan Dollar professionally graded?
Professional grading by PCGS or NGC is advisable for coins that appear to grade MS-63 or higher, scarce varieties (such as any VAM variety, especially Top 100 designations), proof specimens, mint errors, or coins with special designations like PL, DMPL, CAM, or DCAM. The cost of grading typically ranges from $30 to $150+ depending on service level and turnaround time. For common-date circulated examples in grades below AU-50, the grading cost usually exceeds any value premium the certification would provide. However, for higher-grade examples where small grade differences translate to substantial value differences, certification provides authentication, grade verification, and protection that enhance marketability.
What is the 1887/6 overdate and how can I identify it?
The 1887/6 overdate varieties (both Philadelphia and New Orleans) resulted from the mint repurposing leftover dies from 1886 by punching a '7' over the existing '6' in the date. The key diagnostic is visible remnants of the underlying '6' beneath and to the left of the '7'. This feature can be faint on later die states and often requires magnification and proper lighting to identify. The 1887/6-O (New Orleans) is particularly valuable, with examples ranging from $75 in VF-20 to over $48,000 in MS-65. These overdates are cataloged in the Van Allen-Mallis (VAM) system and are included in the prestigious Top 100 VAM varieties list.
How should I store and care for my Morgan Dollar?
Never clean your Morgan dollar, as cleaning causes microscopic scratches that severely reduce value. Always handle coins by their edges to avoid fingerprints and oils on the surfaces. Store your Morgan dollars in inert, archival-quality holders free of PVC and other harmful chemicals. Suitable storage options include coin flips, rigid plastic holders, and certified slabs from PCGS or NGC. Maintain a stable environment with low humidity—high moisture levels accelerate toning and can promote corrosion. Store coins in a cool, dry location away from temperature fluctuations. For valuable collections, use a safe or safe deposit box that provides both security and environmental stability.
What makes the 1887-S a key date?
The 1887-S is considered the key-date business strike of the year due to its significantly lower mintage of just 1,771,000 coins—less than one-tenth the mintage of the Philadelphia issue. This mintage rarity translates to higher values across all grade levels, from circulated examples through gem uncirculated specimens. Even in lower grades like AU-50, the 1887-S commands $100 compared to $60 for the common Philadelphia issue. In high grades, the disparity becomes dramatic, with MS-67 examples valued at $39,000-$75,000. Additionally, San Francisco Mint Morgan dollars from this era are generally recognized for superior strike quality, adding to their desirability among collectors.
Are 1887 Morgan Dollars made of real silver?
Yes, all 1887 Morgan dollars contain 90% silver and 10% copper, with a total weight of 26.73 grams. Each coin contains 0.7734 troy ounces of pure silver. Based on a silver spot price of $49.00 per troy ounce (November 2025), the intrinsic melt value is approximately $37.90. This silver content establishes a fundamental price floor for even the most common, heavily circulated examples. However, for uncirculated coins, key dates, varieties, and proofs, the numismatic (collector) value far exceeds the melt value, sometimes by hundreds of times.
What is the most valuable 1887 Morgan Dollar variety or error?
The most valuable 1887 Morgan dollar is the spectacular error coin—struck 55% off-center with a brockage reverse, graded MS-63 by PCGS—which sold for $78,000 in November 2024. Among die varieties, the 1887/6-O overdate (VAM-3) is the most valuable regular issue, with MS-65 examples reaching $48,500. The rare 1887 VAM-1B "Partial E" variety has achieved $25,000 for an MS-65 specimen. In the highest grades, a regular 1887-S in MS-67 can reach $75,000, while an 1887-O DMPL MS-66 is valued at $75,000. The value hierarchy demonstrates that exceptional errors, important varieties, and condition rarities in the highest grades command the strongest premiums.
Research Methodology and Sources
This comprehensive value guide synthesizes data from multiple authoritative numismatic sources. Pricing information derives from the PCGS CoinFacts and NGC Coin Explorer price guides, which are updated monthly based on dealer wholesale and retail market data. Auction records come from Stack's Bowers Galleries and Heritage Auctions, providing real-world transaction data. Mintage figures, survival estimates, and population data come from official U.S. Mint records and the census reports maintained by PCGS and NGC. VAM variety information derives from the Van Allen-Mallis attribution system, the recognized standard for Morgan dollar die varieties.
Market values for collectible coins fluctuate based on precious metal spot prices, collector demand, and the overall economy. Silver prices, which directly affect the melt value floor for common-date Morgans, vary daily based on global commodities markets. The values presented represent market conditions as of November 2025 and should be considered estimates. Actual prices realized depend on factors including individual coin quality, current market conditions, buyer and seller motivations, and the specific marketplace (auction versus retail). For the most accurate assessment of a specific coin's value, consult recent auction results for comparable examples or seek appraisal from professional numismatic dealers.
