The most valuable Morgan Silver Dollar is the 1889-CC which sold for $881,250 in a 2013 auction. Today, the coin is worth $1,000,000 at MS68. This is just one of many examples in the series that have sold for more than $100,000 at auctions.
Here are the top five Morgan Silver Dollars with the highest auction prices:
- 1889-CC – MS68 sold for $881,250
- 1886-O – MS67 sold for $780,000
- 1884-S – MS68 sold for $750,000
- 1896-S – MS69 sold for $720,000
- 1892-S – MS68 sold for $630,000
Circulated coins are worth $30 – $350 and these are fairly easy to obtain. Uncirculated coins, on the other hand, have the highest premiums, from as low as $100 to as much as $100,000 in the lowest Mint State grades. Read on to see how these rare Morgan Dollars are evaluated across different grades.
Top 14 Most Valuable: Rare Morgan Silver Dollars
Below are the rarest and most expensive Morgan Dollars curated from the highest auction prices realized throughout history:
| Morgan Silver Dollar | Grade | Highest Auction Price Realized | Year | Current Valuation |
| 1889-CC | MS68 | $881,250 | 2013 | $1,000,000 |
| 1886-O | MS67 | $780,000 | 2020 | $1,000,000 |
| 1884-S | MS68 | $750,000 | 2020 | $1,250,000 |
| 1896-S | MS69 | $720,000 | 2020 | $375,000 |
| 1892-S | MS68 | $630,000 | 2020 | $750,000 |
| 1893-S | MS65 | $600,000 | 2018 | $450,000 – $1,250,000 |
| 1901 | MS66 | $587,500 | 2015 | $650,000 |
| 1895-O | MS67 | $575,000 | 2005 | $700,000 |
| 1893-O | MS65 | $360,000 | 2020 | $320,000 – $415,000 |
| 1883-O Branch Mint (Proof) | PR67CAM | $270,250 | 2013 | $250,000 |
| 1895 (Proof Only) | PR67+DCAM | $269,500 | 2020 | $175,000 – $260,000 |
| 1921 Chapman | PR67 | $240,000 | 2022 | $235,000 |
| 1879-CC Capped Die | MS64+ | $120,000 | 2023 | $21,000 – $120,000 |
| 1921-S Zerbe (Special Strike) | SP65 | $117,500 | 2013 | $85,000 |
1. 1889-CC Morgan Silver Dollar – $881,250
CC mint-marked coins were made in the Carson City Mint, a mint that only struck Morgan Dollars between 1878 and 1893. It is the most limited mintmark in the entire series, making it a favorite design element among collectors. Any CC coin will fetch a good buck at auctions.
1889-CC is a coveted key date in the Morgan series not only for the CC mintmark but also for its limited mintage. It is also the scarcest Morgan Dollar to find in MS65 or higher. Less than 10 coins are known to exist above that grade.
Only one MS68 has ever been found, none higher. It sold for more than $880,000 and features mint brilliance with a champagne gold appearance, royal blue richness, a deep gold at the rims, and no notable blemishes under magnification.
Uncirculated 1889-CC coins are worth over $500 and can even fetch up to $16,000. Circulated versions, on the other hand, start at $50,000 and increase up to $1 million in MS68.
Highest auction records:
- MS68 sold for $881,250 in 2013
- MS65+ sold for $660,000 in 2023
- MS68 sold for $531,875 in 2009
2. 1886-O Morgan Silver Dollar – $780,000
Circulated 1886-O Morgan dollars are worth $30 – $250. Uncirculated versions start at $3,000 and can fetch $1 million in the best grades, MS67 or higher.
This issue is worth a lot due to its scarcity in fine and pristine high-grade conditions. The New Orleans (O) Mint in 1886 produced poorly struck coins, a sloppy practice that went on for years, which meant the 10+ million coins struck there weren’t appealing to collectors.
However, in the 1990s, a few pristine-looking pieces in MS65 – MS67 had been found. Their current known population is below eight.
The most expensive is the MS67 DMPL (Deep Mirror Prooflike), the one of a kind. It is so rare that many prolific collectors have gone throughout their entire lives without ever laying their eyes on one.
Highest auction records:
- MS67 DMPL sold for $780,000 in 2020
- MS65 sold for $168,000 in 2022
- MS65 sold for $161,000 in 2009
3. 1884-S Morgan Silver Dollar – $750,000
In Mint State, the 1884-S Dollars are at least $9,000, at most $1.25 million according to NGC (Numismatic Guaranty Company). Their circulated counterparts are valued between $36 – $4,000.
More than 3.2 million 1884-S coins were minted but like the first two Morgan Dollars, these coins are extremely hard to find in Mint State conditions, particularly MS65 or above.
As per NGC, only two have been found above MS65 and only twelve have been graded in any condition.
The most expensive is the MS68 ‘Wonder Coin’ which sold for over $700,000. It is the finest known with a lustrous softly frosted finish and razor-sharp striking.
Highest auction records:
- MS68 sold for $750,000 in 2020
- MS67 sold for $735,000 in 2018
- MS64+ sold for $156,000 in 2022
4. 1896-S Morgan Silver Dollar – $720,000
$45 – $1,000 is the open market value of circulated 1896-S Morgan Dollars. Mint State (uncirculated) coins above MS60 are hard to find and can fetch between $2,000 – $375,000.
As per PCGS, only 400,000 were minted. Mint State versions are scarce above MS65, but, the surprising side is there are MS69 versions known today, each worth more than $375,000.
Highest auction records:
- MS69 sold for $720,000 in 2020
- MS69 sold for $402,500 in 2005
- MS67 sold for $132,000 in 2020
5. 1892-S Morgan Silver Dollar – $630,000
1892-S is another coin that is valuable for its scarcity at higher grades. As per NGC, the coin is valued at over $44,000 in MS60 and $750,000 in its finest grade, MS68.
Circulated 1892-S Dollars go for as little as $40 and above $15,000 when you get to AU58.
Highest auction records:
- MS68 sold for $630,000 in 2020
- MS67+ sold for $552,000 in 2022
- MS67 sold for $460,000 in 2009
6. 1893-S Morgan Silver Dollar – $600,000
With a valuation of $1.25 million in MS67, the 1893-S stands as one of the handful of Morgan Dollars to ever reach a $1 million valuation. Its circulation versions are worth $3,000 at least in PrAg, VF-graded coins are worth $8,500 and AU55 are $48,000.
Its value is owed to its limited mintage of just 100,000 coins. Of all these coins made, only eight are estimated to still exist above MS64.
Highest auction records:
- MS65 sold for $735,000 in 2018
- MS65 sold for $600,000 in 2020
- MS67 sold for $546,250 in 2011
7. 1901 Morgan Dollar – $587,500
1901 Morgan Dollars have a mintage of over 6.9 million. They are generally not rare but higher grades are hard to find.
MS66 is the highest known, worth $650,000. Circulated versions range from $45 -$500 and the Almost Uncirculated (AU) can fetch upwards of $2,000.
Though not as rare as the 1880s and 1890s Morgan Dollars, these 1901 coins from Philadelphia are scarce too in MS65 or higher. From MS64 to MS65, the price increases by about 10 times the amount.
Highest auction records:
- MS66 sold for $587,500 in 2015
- MS65 sold for $288,000 in 2020
- MS65 sold for $155,250 in 2009
8. 1895-O Morgan Dollar – $575,000
Did you know even the least good-looking 1895-O coin can exceed $300? 1895 coins from the New Orleans and Philadelphia Mint were weakly struck in 1895 with a total mintage of 850,000 coins.
New Orleans (1895-O) versions are scarcer and the most valuable, but the 1895 from Philadelphia are also worth a lot. In fact, one realized $269,500 in 2020 at David Lawrence. 1895-S coins exceed $90,000 in MS65, their highest known grade.
1895-O, on the other hand, exceeds $700,000 in MS67. Above MS60, you can expect an amazing payday of over $10,000.
Highest auction records:
- MS67 sold for $575,000 in 2005
- MS67 sold for $528,000 in 2020
- MS65+ sold for $258,500 in 2016
9. 1893-O Morgan Dollar (Prooflike) – $360,000
MS66 is the finest grade, worth over $320,000. Uncirculated coins are worth more than $4,000 in the open market while circulated coins are priced between $200 and $2,000 depending on the attractiveness of the coin.
MS65 is the highest grade to have ever arrived at an auction. The $300,000 coin boasts deep mirror Prooflike (DMPL) qualities with frosty devices and minimal bag marks. Despite slight flatness over the ear and some weakness in the wreath and eagle’s claws, it features full breast feathers, creating an overall incredible eye appeal.
Highest auction records:
- MS65 sold for $360,000 in 2020
- MS65 sold for $258,750 in 2005
- MS65+ sold for $228,000 in 2021
10. 1883-O Branch Mint (Proof) Morgan Dollar – $270,250
Before 1968, Proof coins were only struck in Philadelphia and did not feature any mintmarks. Branch Mint Proofs are mysterious Proof coins struck at Branch Mints instead of Philadelphia.
It is believed they were struck for special occasions or as experiments but their true conception is only speculative.
Due to their unique mintage, there are no historical documents showcasing their population. This makes it much more exciting when one appears and is proven to be an authentically made Morgan Dollar.
In this case, only a handful of 1883-O BM Proof coins were made and it is believed they were presented to officials of some local celebration. Since their mintage, only two have sold at auctions, each for over $100,000.
Highest auction records:
- PR67CAM sold for $270,250 in 2013
- PR66 sold for $121,000 in 1997
11. 1895 (Proof Only) Morgan Dollar – $269,500
In 1895, Philadelphia did not produce any Regular Strike coins for business (no regular 1895-P coins). Instead, only Proof coins were made there, meaning that if you are looking for 1895 coins without a mintmark then your only choice is to go for Proof coins and not Business coins since they do not exist.
Also, the value of this coin is increased due to a low mintage of 880 coins. The higher the grade, the rarer the coin.
Highest auction records:
- PR67+DCAM sold for $269,500 in 2020
- PR68CAM sold for $234,000 in 2021
- PR67DC sold for $199,759 in 2017
12. 1921 Chapman Morgan Dollar – $240,000
After more than 16 years of not minting Proof coins, the Philadelphia Mint was ordered to create 1921 Proof Morgan Dollars.
However, their creation is controversial. They were not official Proof coin orders, but rather personal orders, made by Henry Chapman, a Philadelphia coin dealer.
Chapman saw a clandestine opportunity to have a few (about 40) Proof coins made with a mirror surface. He ran a rare coin business which he would then profit from by flooding it with these limited pieces.
They are extremely rare, hence their high value. They are also a favorite for their enigmatic story and pristine appearance.
Highest auction records:
- PR67 sold for $240,000 in 2022
- PR66+ sold for $132,000 in 2020
- PR64 sold for $100,625 in 2011
13. 1879-CC Capped Die Morgan Dollar – $120,000
Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars is a book written by Leroy C. Van Allen and A. George Mallis, collectively known as VAM (Van Allen-Mallis). In the book, the authors discovered several die varieties in Morgan and Peace dollars and set on to document all of them.
Varieties found in this book are referred to as VAM varieties. They are arranged in terms of how they are found. VAM-1 is the normal die state while VAM-2, VAM-3, etc., indicate the various die varieties of the same coin.
These designations have helped identify many Morgan Dollar die varieties and ensure collectors complete their collections.
The 1879-CC Capped Die is a VAM 3 with a ‘Capped’ (Rusted) CC mintmark with raised crusty die rust dimples that make the CC mark larger. It is a rarer variety compared to the clear 1879-CC.
Scarcity truly begins in Prooflike condition but the scarcest and most valuable of them all are the Deep Mirror Prooflike (DMPL) coins worth over $2,000 up to $120,000.
Highest auction records:
- MS64+DMPL sold for $120,000 in 2023
- MS64DMPL sold for $67,563 in 2023
- MS65 sold for $63,250 in 2010
14. 1921-S Zerbe (Special Strike) Morgan Dollar – $117,500
Farran Zerbe was a famous numismatic figure with a huge collection of over 50,000 coins. He also served as President of ANA (American Numismatic Association) from 1908 to 1910.
Zerbe took part in the promotion of the 1918 Peace Treaty due to the First World War. He used the 1921 Peace Dollar as a promotion tool, expecting its circulation to start in 1921.
However, delays affected its release and to compensate for the mishap, the U.S. Mint made about 220 copies of the 1921-S Zerbe (Special Strike) Morgan Dollars.
200 were minted in Philadelphia and only 25 in San Francisco. They comprise 90% silver & 10% copper, made with polished dies and regular dollar planchets. They have better strikes than circulation Morgan Dollars but not as quite of a pristine finish as the Proof Dollars.
The 1921-S version is the most valuable. SP65+ is the highest grade, valued by PCGS at $145,000. 1921-S Proof coins above SP64 are worth over $110,000.
All of these high prices are owed to its rarity and unique appearance; no design elements were added or altered.
Highest auction records:
- SP65 sold for $117,500 in 2013
- SP65 sold for $108,000 in 2023
- SP65+ sold for $102,000 in 2021
Also Read: Rarest Presidential Dollar Coins
Conclusion
The major determiner of which Morgan Silver Dollar is valuable is the coin’s scarcity at higher grades. In their highest grades, 1889-CC, 1886-O, 1893-S, and 1884-S are worth $1 million or over, this is because, at those conditions, they are the rarest of any Morgan Dollar.
