Bold, beautiful, and brimming with American history — the Morgan Silver Dollar is a coin that has captured the hearts of collectors for generations. Whether you’re a first-time buyer or a seasoned numismatist, the Morgan represents one of the most fascinating and accessible starting points in U.S. coin collecting. From Wild West saloons to modern-day coin shows, this silver dollar continues to tell the story of a growing and resilient America. In this guide, we’ll show you how to start your Morgan Dollar collection

— what to look for, which coins to buy, and how to protect your investment

HISTORY OF THE MORGAN SILVER DOLLAR

The Morgan Silver Dollar is more than just a coin — it’s a shining symbol of American grit, ambition, and innovation. Minted from 1878 to 1904, and again in 1921, these silver dollars were born out of a rapidly transforming nation. The Civil War had ended, the Transcontinental Railroad was complete, and the U.S. was evolving into an industrial and economic powerhouse. As the country moved westward, Morgan Dollars were the coins of the frontier — carried in the pockets of cowboys, merchants, miners, and settlers seeking their fortune.


These coins also represent a defining era in American monetary policy — born from the Bland-Allison Act, which required the U.S. Treasury to purchase large amounts of silver to be minted into coinage. The result was a silver dollar that was not only functional currency but also a strategic economic tool. Its very creation was a balancing act between silver mine owners, Eastern bankers, and a growing federal government trying to assert monetary stability after the Greenback era.

The Morgan Dollar takes its name from George T. Morgan, a British engraver who brought a fresh artistic vision to the U.S. Mint. His design was revolutionary at the time — Lady Liberty was modeled after an American woman, not a classical figure — and the eagle on the reverse was detailed and powerful. These design choices gave the coin a uniquely American identity that collectors still admire today.


Whether you’re drawn to their bold imagery, their high silver content (.7734 troy oz per coin), or the stories they carry from the 19th century to today, Morgan Silver Dollars offer one of the most exciting entry points into U.S. coin collecting. Their wide range of mint marks, varied rarity, and deep connection to American history make them an enduring treasure.


Why Collect Morgan Silver Dollars?

Morgan Dollars are among the most collected U.S. coins because of their:

  • Classic American imagery – designed by George T. Morgan, the obverse features Lady Liberty, while the reverse depicts a majestic eagle.
  • Historical relevance – struck during major milestones in U.S. history, including the Gilded Age and the frontier expansion.
  • Silver content – each coin contains 0.77344 troy ounces of silver.
  • Wide range of rarity – some dates are affordable in circulated grades, while others are ultra-rare and command five- or six-figure prices.


Where to Begin: First Steps in Morgan Dollar Collecting

1. Set Your Goal

Are you building a type set, date set, or focusing on a single mint mark? Some collectors seek one example from each mint, while others aim for a complete set — a feat that can be both thrilling and financially significant.


2. Understand Mint Marks

Morgan Dollars were struck at five mints:

  • Philadelphia (no mint mark)
  • New Orleans (O)
  • San Francisco (S)
  • Carson City (CC) – very popular among collectors due to their scarcity.
  • Denver (D) – used only in 1921.


The Carson City (CC) issues are especially prized due to their lower mintages and association with the Old West.

Explore the history and meaning of U.S. Mint marks in our detailed blog post HERE


Coin Grades Matter: Understanding Condition and Value

Morgan Dollars exist in a wide range of conditions, from heavily worn “Good” examples to pristine “Mint State” coins. The Sheldon Scale ranges from Poor (P-1) to Perfect Uncirculated (MS-70).

  • Circulated coins (Good to Extremely Fine): More affordable; good for beginners.
  • Uncirculated coins (MS-60 to MS-70): Sharper detail, higher value; ideal for investors.
  • Proof coins (PR): Specially struck for collectors, often very rare.


**Look for eye appeal, luster, strike quality, and minimal bag marks when evaluating a coin’s grade.**


Key Dates and Rarities

Some Morgan Dollars are much rarer than others. Key dates include:

  • 1879-CC – Low mintage, often counterfeited.
  • 1889-CC – One of the rarest Carson City coins.
  • 1893-S – Lowest mintage of the series (100,000).
  • 1895 (Philadelphia) – Known as the “King of Morgan Dollars.” While 12 Proofs are known, no business strikes are confirmed, making this one of the most sought-after U.S. coins.


Fun Fact: The 1895 Morgan Silver Dollar is often called the “King of Morgan Dollars” due to its extreme rarity and six-figure price tag in top condition.


Where to Buy Morgan Silver Dollars

Local coin shops – Great for building relationships and seeing coins in-hand.

Online marketplaces – eBay, Great Collections, and Heritage Auctions offer wide selections.

Coin shows – Ideal for examining a variety of coins and negotiating prices.

Certified dealers – Look for PCGS or NGC graded coins to ensure authenticity.


Tips for New Collectors

  1. Grab a Morgan Value Guide from CoinCollecting.com- Our exclusive guide walks you through current values, rarity scales, and what to watch for when buying. A perfect companion for any collector starting out with Morgans. You can purchase this guide HERE.
  2. Buy the book before the coin – Learn what you're collecting before you buy. Start with titles like:
  3. A Guide Book of Morgan Silver Dollars by Q. David Bowers
  4. 2026 Official Red Book to understand history, grading, and value.
  5. Start slow – Focus on common dates in affordable grades (like circulated 1921 or 1881-S Morgans) to build confidence before chasing rare coins.
  6. Avoid cleaned or damaged coins – Cleaning significantly reduces a coin’s value and collectibility. Always look for original surfaces.
  7. Keep records – Maintain a log of your purchases, grades, prices paid, and where you sourced each coin. This helps track your collection's growth and makes insurance easier.
  8. Store properly – Use archival-safe 2x2 flips, coin tubes, or professional-grade slabs. Keep coins in a cool, dry place away from direct sunlight and humidity. Storage for coins can be found in our shop HERE.


The Legacy Continues: From Morgan to Peace

Morgan Dollars are more than just silver coins — they’re enduring symbols of America’s industrial rise, western expansion, and unmatched craftsmanship. Their beauty, weight, and historical roots have made them a cornerstone of numismatic collections across generations.


But the Morgan Dollar story doesn’t end in 1921. As the nation turned a page following World War I, a new design emerged to mark the peace that followed — and with it, a new chapter in silver dollar history.


Enter the Peace Dollar, introduced in late 1921 as a tribute to the end of “the war to end all wars.” Struck with elegance and symbolism, the Peace Dollar carried forward the silver dollar tradition into the modern era.


Learn more about the Peace Dollar next week!