, we’ve examined every detail of 1887 Morgan dollars to reveal how certain rare specimens skyrocket in value—from $30 silver pieces to $78,000 collector’s dreams.
What Makes an 1887 Morgan Dollar Valuable?
1. Mintmarks & Rarity
The mintmark and mintage numbers play a huge role in value:
| Mint Location | Mintage | Value Range |
|---|---|---|
| Philadelphia (No mintmark) | 20,290,000 | $30–$150 |
| New Orleans (O) | 11,550,000 | $35–$200 |
| San Francisco (S) | 1,771,000 | $40–$300 |
| Proof (P) | 710 | $3,000–$78,000 |
2. Condition Is Everything
Graded coins in top-tier conditions fetch astonishing prices:
| Grade | Philadelphia | New Orleans | San Francisco |
|---|---|---|---|
| VG-8 | $35 | $40 | $50 |
| XF-40 | $60 | $75 | $100 |
| MS-63 | $150 | $200 | $300 |
| MS-65 | $500 | $750 | $1,200 |
| MS-67+ | $10,000+ | $15,000+ | $78,000+ |
The $78,000 Record-Holder: What Sets It Apart?
The finest-known 1887 Morgan dollar (graded PCGS MS-68) boasts:
✔ One of only three in existence at this grade
✔ Full original mint luster with rainbow toning
✔ Flawless strike and perfect centering
✔ Zero visible marks under magnification
✔ CAC-certified (Green Bean sticker)
Key Rare Varieties That Boost Value
- 1887/6 Overdate ($1,500–$15,000) – Look for a faint “6” under the “7”
- Doubled Die Reverse ($500–$5,000) – Doubling on the eagle’s wings
- Proof-Like (PL) & Deep Mirror Proof-Like (DMPL) – Mirror surfaces add 2x–10x value
How to Authenticate Your 1887 Morgan
✅ Weight: Must be 26.73g (±0.40g)
✅ Diameter: Precisely 38.1mm
✅ Magnetic Test: Should not attract a magnet
✅ Edge Check: 190 reeds (no smooth edges)
✅ Surface Inspection: Look for natural wear patterns
Where to Find High-Value 1887 Morgans
- Original mint bags (rare but still discovered)
- Old bank vault hoards (especially in Western states)
- Estate sales (check unsearched collections)
- European holdings (many were exported in the 1920s)
Selling Your 1887 Morgan? Best Places by Value
- Under $1,000: Local coin shops or eBay
- $1,000–$10,000: Coin forums or specialty auctions
- Over $10,000: Heritage Auctions or Stack’s Bowers
- Gem Proofs: Private collector sales
2024 Market Trends
📈 High-grade coins up 25% since 2021
🏛 Proofs becoming museum-worthy pieces
🌈 Original toned coins fetching 300% premiums
📊 Complete date sets growing in demand
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