Collecting Circulated Morgan Dollars
Photo: CAC (slab)
Collecting on a Budget

Collecting Circulated Morgan Dollars

Published July 26, 2026 | Read time 6 min read

By Greg Reynolds

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Completing a set of uncirculated (Mint State) Morgan silver dollars (1878-1904, 1921) would cost a large sum of money. Further, a gem quality set would cost a fortune. For just a small fraction of the total cost of a gem quality or a Choice Uncirculated set, a collector can assemble a set of select Very Fine (VF) to Extremely Fine (XF) Morgan dollars, with Almost Uncirculated (AU) examples of common dates. 

Certainly, this historically important and astonishing series can be completed for a low cost in the context of sets of classic U.S. coins (1793-1930s). No historical knowledge is required, and minimal hobby experience is needed to effectively collect Morgan silver dollars. The assembling of a circulated set of Morgans is enjoyable, not difficult, and cost-effective in comparison to other relevant collecting pursuits.

VF to XF Morgans

Collectors who are not yet ready to take the plunge and commit to building a set may easily acquire a dozen dates, including representatives of all five mints, for small amounts. Naturally toned and technically sound Very Fine (VF) to Extremely Fine (XF) coins are suggested. Most survivors of several common dates stem from the federal government’s release of large quantities of uncirculated Morgan dollars during the second half of the 20th century. For example, as more than 100,000 surviving 1882-S Morgans are uncirculated or Mint State (MS), or nearly so, it may not be practical to acquire a nice VF to XF 1882-S. (The “S” mintmark denotes it was struck in San Francisco.)

For some common dates, it may make sense to include About Uncirculated (AU) to uncirculated examples in a set of VF to XF coins. Generally, a set of mostly VF to XF Morgans, with AU to MS common dates, may easily be completed in a reasonable amount of time. A set of VF-20 to AU-55 grade Morgans is very suitable for a collector on a budget. One of the best examples of a circulated Morgan silver dollar being dramatically less expensive than a gem grade example (65 or higher) is the 1884-S issue. 

Auction Pricing for VF to MS Morgans

On December 31, 2023, GreatCollections sold a CACG-graded XF-45 1884-S for $191.40. As of February 25, 2024, there are only two Certified Acceptance Corporation (CAC)-approved 1884-S Morgans in uncirculated grades, one graded MS-67 and one MS-68. The Collector’s Price Guide (CPG) estimate for the CAC-approved MS-68 1884-S is $1,035,000. The CAC-approved MS-67 1884-S, from the Ralph & Lois Stone Collection, realized $735,000 in a Sotheby’s auction in May 2018.

On January 11, 2024, Heritage Auctions sold a Professional Coin Grading Service (PCGS)-graded MS-63 1884-S, without a CAC sticker, for $34,800. On December 3, 2023, Heritage sold a CAC-approved AU-55 coin for $870. For a beginner or someone who is not extremely wealthy, the already mentioned CACG graded XF-45 1884-S, which sold for $191.40, was a better deal than higher certified pieces.  

1886-O Versus 1901

While thinking about circulated Morgans being good values for collectors, from a logical perspective, the 1886-O certainly comes to mind. In grades above AU-50, prices for 1886-O silver dollars climb very steeply. (The “O” mintmark denotes it was struck in New Orleans.) VF examples can be had for around $80, but Mint State can set you back five figures.

In regard to a huge ratio between the value of a MS-65 coin and an XF-40 coin of the same date, certified by the same grading service, the 1901 is similar to the 1886-O. In terms of luster, strike, and the overall appearances of the coins, however, the 1886-O and the 1901 are quite different. Twelve NGC- or PCGS-graded XF-45 1901 Morgans have CAC stickers, and the CPG estimate for one of those is $310.

Market Values of XF to MS Morgan Dollars

Personally, I often find XF-40 to AU-55 coins more desirable than many MS-60 to MS-63 coins of the same issues. For me, this is especially true of Morgan dollars. The 1879-O is pertinent. In MS-64 and higher grades, the 1879-O is scarce. GreatCollections sold a CAC-approved, PCGS-graded AU-58 1879-O for $159.50. Heritage sold a PCGS-graded MS-65+ 1879-O Morgan, with a CAC sticker, for $4,440—more than 50 times the estimated value of an XF-45 coin, if one was approved by CAC.

The 1880-O is even more of a condition rarity in grades above MS-62 than the 1879-O. Heritage auctioned a PCGS-graded MS-65+ 1880-O, with a CAC sticker, for $25,200. Heritage sold a CAC-approved AU-58 1880-O for $129.

For many interested collectors, an XF 1883-S would be a much more cost-effective acquisition than a MS-65 or MS-64 piece. An NGC-graded MS-65 1883-S realized $13,200. A CAC-approved, PCGS-graded MS-64 1883-S realized $6,132.50. The firm of David Lawrence sold a CAC-approved, PCGS-graded AU-50 1883-S for $300.

Auction Prices & Market Values Continued

Although the 1889-CC is a leading condition rarity in grades above MS-64, it is relatively scarce in all grades. After the 1893-S, the 1889-CC is the scarcest business-strike Morgan dollar. Retail estimates for an 1889-CC are $5,450 in XF-40, $11,200 in AU-50, and $331,000 in MS-65. A budget-minded collector may wish to search for an attractive, naturally toned XF-40 or VF 1889-CC rather than spending a vastly greater amount for a higher certified coin.

Indisputably, the 1893-S is the key date business strike of the series. GreatCollections sold a CAC-approved, PCGS-graded XF-40 1893-S for $13,392.50. In comparison, Heritage auctioned a CAC-approved, PCGS-graded MS-63 1893-S for $444,000. The XF-40 1893-S is a much better price value for a budget-minded collector.

The 1895-O and the 1895-S are especially relevant to this discussion as they are extremely expensive in MS-65 and MS-66 grades, though are dramatically less in VF-20 to XF-45 grades.

CPG Estimation of 1895-O Morgan Dollar in Comparison

GreatCollections sold a CAC-approved XF-45 1895-O Morgan for about $1,326. Stack’s Bowers sold a CAC-approved VF-25 1895-O for $432. A collector who learns that an MS-66 1895-O might easily be worth $432,000 might be happy to pay $432 for this one.

The XF-45 CAC-stickered example sold for $1,326, while the MS-66 piece without a “green bean” sold for $336,000.

For both the 1895-O and the 1895-S, a CAC-approved VF to XF coin is much less costly than a coin of the same date with an MS-63 or higher grade. Many appealing circulated coins can be found of dates that are very rare in choice (MS-63 and up) or gem-uncirculated (MS-65 and higher) grade ranges.

A collector who looks at the value estimates for VF to XF Morgans will realize that the costs of the key 1893-S, the semi-keys, and many condition rarities are just fractions of the values of the same respective coins in MS-63 and higher grades.

Regarding VF to XF Morgans, I recommend seeking coins with natural toning, especially mellow gray, russet-gray, pearl gray, mild russet, brown-russet, medium green, apricot, and pale blue colors.

Note: This article was originally published in early 2024. For up-to-date population reports and prices guide from CAC, click here.

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