Is the 1884 Morgan Silver Dollar really worth all the hype? Don't be swayed by inflated claims – do your own research and get a second opinion before making any major financial decisions about your 1884 Morgan Silver Dollar.
Many people are usually enticed by an item's scarcity and uniqueness. With many collectors looking to add these items to their collections, their value increases spontaneously. One of the rarest items with distinct features is the 1884 Morgan Silver Dollar coin.
1884 Morgan Silver Dollar Current Value
Although the Morgan Silver Dollar lasted only from 1878 to 1904 and another year in 1921, it's not only an iconic coin but also one of the most desired and sought-after. These beautifully designed silver coins have seen their worth increase rapidly and can be between $30.00 to $250.00 or even more.
Therefore, if you have one, it could be worth more than you think. Keep reading to learn more about the 1884 Morgan Silver Dollar, including its features, history, and value.
What is the 1884 Morgan Silver Dollar?
The 1884 Morgan Silver Dollar coins are among the most popular United States coins minted between 1878 to 1904 and 1921. In 1878, the US mint felt the need to renew the outdated Seated Liberty silver dollar coin that had existed since 1840. Therefore, George T. Morgan was tasked with creating a new design for the silver dollar coin.
While these coins are no longer produced, collectors are always on the lookout to acquire them and add them to their collections. Their popularity is due to the coins' association with the Old West, where they widely circulated during the 1880s and 1890s.
Since there are only a handful pieces of these coins, you can trade them for extraordinary prices. As time goes by, acquiring these coins will grow increasingly difficult. Therefore, your 1884 silver dollar value is increasing thanks to the increasing demand by collectors.
History of the 1884 Morgan Silver Dollar
The 1884 Morgan Silver Dollar was struck in 1878 and used until 1904, after which it was later used in 1921.
Before the enactment of the Coinage Act, silver miners were free to collect as much silver, and deliver it to mints that converted it into legal tenders. Therefore, those who extracted silver were free to send as much silver as they desired down the supply chain.
This led to excessive production and circulation of silver dollars into the market. Eventually, the silver dollar's value dropped drastically, which led to the enactment of the Coinage Act in 1873.
This act was to control the supply of silver coins and demonetize silver bullion. Mints all over the US were required to stop the production of the silver dollar. This paved the way for the adoption of the gold standard since silver dollars were omitted from coinage. The silver coin became worthless, leading to a huge uproar from those left with large amounts of silver.
In 1876, the mint director embarked on a journey to redesign all the silver coins circulating within the country. While looking for skilled sculptors to help in the design, the mint director appointed George Morgan as an assistant engraver at the Philadelphia mint to work on it. Morgan's artistic creation turned out better than the other designs.
George Morgan made the first strike in 1878, a perfect and most suitable time for a new silver coin to come into existence. This is because, in 1878, the Free Silver Movement pushed for the enactment of the Bland-Allison Act, which reintroduced silver coins as legal tender.
After being presented to the president, secretary of the treasury, and the mint director, the Morgan Dollar coin was named after its sculptor, George Morgan.
Features of 1884 Morgan Silver Dollar Coins
The 1884 Silver Dollar is one of the iconic dollar coins minted by the US. This is because of its size, beautiful impression, and silver content. It is considered one of the most famous dollar coins ever made.
With that said, here are the features of George Morgan's artistic silver dollar creation:
Shape and Size
The 1884 Morgan Silver Dollar is relatively larger in size. It measures 1.5 inches (38.1 millimeters) in diameter and weighs 26.73 grams. It also has a thickness of 2.4mm, and like other dollar coins, its edges are reeded all around its surface with tiny smooth grooves.
The Obverse Side
The obverse side of Morgan Dollars features a side-pose of Anna William's face, considered the face of Lady Liberty. The lady liberty wears a cap and an elegant crown creatively inscribed with the word LIBERTY. Beneath the crown on her head, there are two packed cotton blossoms and wheat heads that represent America's agriculture.
This portrait is surrounded by 13 stars, the year of striking, and a Latin inscription that says E PLURIBUS UNUM, which means one from many. This was the first motto proposed as America's great seal in 1776 to represent the many states that came together to form the United States of America.
The 13 stars on the obverse side of the 1884 silver coin represent the original thirteen colonies during the American Revolution.
The Reverse Side
The main feature of the reverse side of the 1884 Silver Dollar coin is an American eagle with its wings widely spread. The eagle carries an olive branch in one talon and a set of arrows in the other.
While the eagle represents America's might and the set of arrows symbolizes its military strength, the olive branch shows how peaceful the US is. The eagle also has a wreath surrounding her to represent triumph. Above the eagle's head, you'll see an inscription that says In God We Trust written in eye-catching calligraphy.
A ‘UNITED STATES OF AMERICA' inscription runs along the rim at the top of the coin. Another notable inscription at the bottom of the coin's reverse side is the words ONE DOLLAR and a small mint mark directly above them.
Another distinct feature found on the reverse side of the 1884 Silver Dollar coin is its mint mark. The 1884 Silver Dollar coins were originally minted in the Philadelphia, Carson City, New Orleans, and San Francisco mints.
Each of these different mints had different mint marks, which form part of its distinct features. The mint mark of an 1884 Silver Dollar coin is usually found between the middle of the laurel wreath and the words ONE DOLLAR on the reverse side of the coin.
Coins minted in New Orleans have mint marks O, Carson City has the CC mark, and San Francisco has the S mark. The D mint mark for coins struck at the Denver mint is only found on the silver dollar coin minted in 1921. Those dollar coins minted at Philadelphia have no mint marks and are referred to as plain coins denoted by P.
Factors Influencing the Value of 1884 Morgan Silver Dollar
There are a few factors you should look at when determining the price of a given 1884 Morgan Silver Dollar. While grading companies and coin dealers usually attach value to a given coin due to several factors, some of the most common ones include:
Type of Coin
Multiple types of 1884 Silver Dollar coins were minted every year at four different locations. Therefore, the type of coin that you have will influence the asking price. For example, coins with the CC mint mark are more expensive because Carson City only produced a few coins.
Condition Of the Coin
The 1884 Silver Dollar value is also determined by the coin's condition. With these coins over 100 years old, collectors care more about their condition. A valuable coin is one that has been preserved well, withstood the test of time, and without noticeable signs of wear and tear on its key features.
Since the coins get exchanged several times, they may be in sub-par condition. Therefore, collectors will scrutinize the surface of the coins to look for the slightest imperfections. That's why an uncirculated 1884 Morgan silver dollar is precious because it retains its original appearance. Here are the popular grades of the 1884 Morgan Silver Dollar coins and their characteristics:
- Uncirculated: These are coins that have never been circulated or have spent very little time in circulation. They appear new, as though they were just minted and maintained the original. These coins are considered the most desirable by collectors and among the most expensive.
- Extremely Fine: The extremely fine 1884 Morgan Dollar coin has spent only a short period in circulation. Therefore, liberty's ears and hair have more refined details, and the feathers close to the breast, neck, and wings are more evident. Generally, these coins appear identical to the Uncirculated ones, but on close inspection, they have light wear marks.
- Fine: They have spent a considerable amount of time in circulation but overcame many signs of wear. You'll see fine lines that show lady liberty's hair and those that separate the feathers on the eagle's neck. However, the stretched-out wings are not that detailed, and there is a lot of light scratching on the coin's surfaces. Generally, coins in fine condition have moderate wear but are still valuable to collectors.
- Good: These are coins with flattened lady liberty on their obverse side, and the letters also appear flattened. This grade is reserved for coins that have been heavily damaged over the years. Their surfaces have been worn down and feel smooth.
Value of the Different Types of 1884 Morgan Silver Dollar
The 1884 Morgan Silver Dollar value ranges from $30 to $250. Depending on various factors, the value of an 1884 silver Dollar may go as high as $3000.
Type of Coin
Depending on the type of coin you have, its value may vary as follows:
|1884 Morgan Dollar Values
|$19.41 – $22.00
|$19.41 – $22.00
|$21.55 – 24.42
|$39.49 – 44.74
|$60.00 – $107.00
|$76.00 – $126.00
|$103.00 – $133.00
|$159.00 – $276.00
|$20.61 – $23.35
|$20.61 – $23.50
|$22.58 – $25.58
|$39.49 – $44.74
|$19.41 – $22.00
|$22.58 – $25.80
|$39.00 – 44.19
Condition of the Coin
Depending on the grades of the coin, their values may be as follows:
- Good G(4) – $27
- Very Good VG (8) – $34
- Fine F(12) – $39
- Very Fine VF (20)- $46
- Extremely Fine EF (40) – $48
- About Uncirculated AU (50) – $51
- Uncirculated MS(60) – $61
- Brilliant Uncirculated MS(65) – $406
- Proof PR(63) – $3221
Data from USAcoinbook.com, and changes all the time.
The 1884 Morgan Silver Dollar is one of the dollars coins the US minted in 1878. These coins have become the most sought-after gems due to their rarity, popularity, and unique designs. This has made the 1884 Silver Dollar coins have a surprisingly higher value. When well-maintained, an 1884 silver coin may cost as high as $3000.
There are different aspects of the coin that collectors look for to determine its value. Refer to our article to learn more about the 1884 Morgan Silver Dollar so that you can pick the rarest con that can offer the best value.