Morgan Silver Dollar

Today, the Morgan Silver Dollar is one of the most colorful and treasured relics of America's western frontier, and collectors are drawn to it for its rich historical significance.

Holding a Morgan in your hand takes you back to the Old West and the ingenuity and entrepreneurship of that era. These coins call to mind frontier saloons and honky-tonks, cowboys raising the stakes at poker tables, and outlaws holding up stagecoaches in search of these big, beautiful silver dollars. Each vintage Morgan Dollar contains about three-quarters of an ounce of pure silver in a 90% silver alloy, much of it drawn from Nevada's legendary Comstock Lode.

Buying Morgan Silver Dollars: What Collectors Should Know

The Morgan Silver Dollar was born from one of the most complicated chapters in American monetary history. The Mint Act of April 2, 1792, laid the foundation for federal coinage, and the first U.S. silver dollars followed in 1794. Silver dollar production was suspended in 1804, revived in 1840, and then became controversial again after the Coinage Act of 1873 moved to demonetize silver.

Silver supporters called that law the "Crime of '73." Western mining interests, farmers and free-silver advocates wanted silver to play a larger role in the nation's money. The discovery of Nevada's Comstock Lode in 1859 had produced enormous amounts of silver, and that metal needed a place in American coinage.

The Bland-Allison Act of 1878, sponsored by Representative Richard P. Bland and amended by Senator William B. Allison, provided the answer. It required the Treasury to buy between $2 million and $4 million worth of silver every month to be struck into coins. The Morgan Dollar, first issued in 1878, was the coin that put this policy into the hands of everyday Americans.

A Brief Timeline of Morgan Dollar History

• 1859: The Comstock Lode is discovered in Nevada.
• 1873: The Coinage Act of 1873 demonetizes silver, drawing criticism from silver advocates.
• 1876: George T. Morgan arrives in the United States from England to work at the U.S. Mint.
• 1878: The Bland-Allison Act launches a new wave of silver dollar production, and the first Morgan Dollar is struck.
• 1904: Morgan Dollar production ends after the silver bought under earlier laws is largely used up.
• 1918: The Pittman Act authorizes the melting of millions of silver dollars.
• 1921: The Morgan Dollar returns for one final year before the Peace Dollar replaces it.
• 1972: The General Services Administration begins selling Treasury-held Carson City Morgan Dollars through mail-bid sales.
• 2021: The U.S. Mint revives the series to mark the 100th anniversary of its final vintage issue.

Morgan Dollar Meltdown: What is the Pittman Act?

The Pittman Act of 1918 changed the Morgan Dollar series forever. More than 270 million silver dollars were melted under the act, removing a huge number of coins from Treasury vaults and circulation, and many of them were Morgan Dollars.

That melt is one reason collectors study surviving Morgan Dollars so closely by date, mint mark, condition and variety. A coin's original mintage tells only part of the story: only the silver dollars that survived the 1918 melt and the passage of time are available to collectors today. Some dates struck in large numbers became harder to find in certain grades because of melting, heavy circulation, storage conditions or how they were later distributed.

The Pittman Act also set up the Morgan Dollar's final chapter. In 1921, the Mint struck new silver dollars to replace part of what had been melted, bringing the Morgan back for one last year. The Peace Dollar debuted that same year, making 1921 one of the most important transition years in U.S. silver dollar collecting.

Several famous hoards, including the Treasury Hoard, the Redfield Hoard, the Continental Bank Hoard and various casino hoards, later added new layers to the Morgan story by returning long-stored coins to collectors with special pedigrees. The Treasury Hoard is especially important to Carson City specialists, because millions of CC-mint Morgan Dollars were found in government holdings and later sold through the famous GSA sales of the 1970s.

Morgan Silver Dollar Coin Specifications

Vintage Morgan Silver Dollars are hefty coins struck from 90% silver.

Feature	Details
Years issued	1878 to 1904, and 1921
Designer	George T. Morgan
Composition	90% silver, 10% copper
Weight	26.73 grams
Diameter	38.1 mm
Silver content	About 0.7734 troy ounce of pure silver
Edge	Reeded
Obverse	Liberty facing left
Reverse	Eagle with outstretched wings, wreath, arrows and olive branch
Mint marks	None (Philadelphia), CC, O, S and D
Mint mark location	Reverse, below the wreath and above the "DO" in DOLLAR
Denver issue	1921 only

Modern Morgan Dollars differ from the vintage series: the U.S. Mint strikes them in 99.9% fine silver instead of the 90% silver alloy used from 1878 to 1921.

Who Designed the Morgan Silver Dollar?

The coin takes its name from its designer, George Thomas Morgan, the 7th Chief Engraver of the U.S. Mint. Born in Birmingham, England, in 1845, Morgan studied at the Birmingham Art School and the South Kensington Art School before working at the Royal Mint in London under Leonard Charles Wyon.

Mint Director Henry R. Linderman recruited Morgan to the United States in 1876. At the Philadelphia Mint, he arrived in the middle of a design transition: the country needed a new silver dollar, and Morgan brought a fresh artistic approach compared with earlier U.S. coin designs.

Instead of a stiff classical figure, Morgan's Liberty has a distinctly American profile, modeled on Philadelphia schoolteacher Anna Willess Williams. Morgan's small initial "M" appears on the truncation of Liberty's neck and again on the ribbon of the reverse wreath, details collectors enjoy spotting on well-struck coins.

Morgan's career at the Mint spanned nearly five decades. He became Chief Engraver in 1917 and held the post until his death in 1925. Today his name is permanently linked to one of the most collected U.S. coin series.

The Morgan Silver Dollar Design: Obverse and Reverse

Reverse Design

The reverse shows an eagle with outstretched wings, clutching arrows and an olive branch, with a wreath curving below. "UNITED STATES OF AMERICA," "IN GOD WE TRUST" and "ONE DOLLAR" surround the design. When present, the mint mark sits below the wreath, just above the "DO" in DOLLAR.

Obverse Design

The obverse features an Americanized Liberty facing left. She wears a Phrygian cap, a symbol of freedom, with a band inscribed "LIBERTY" and a crown of wheat and cotton, crops of the North and South that are often seen as a symbol of national unity after the Civil War. Thirteen stars surround her portrait, along with "E PLURIBUS UNUM" and the date. On strong strikes, the hair above Liberty's ear and the cotton bolls show off Morgan's sculptural skill. On heavily circulated coins, these high points are among the first places to show wear.

Morgan Dollar Key Dates and Varieties

Building a complete Morgan Dollar collection takes research and a good understanding of the series. Some collectors aim for one coin from every year, while others pursue full date-and-mint-mark sets from every mint that struck the series, including Carson City, San Francisco, New Orleans and Denver. Others focus on die varieties, prooflike surfaces or key dates.

Several issues deserve special attention: the 1889-CC, the 1893-S, the 1895 Proof, the 1900-O/CC, the 1878 tail-feather varieties and the 1921-D. Together they show why Morgan Dollars remain so compelling: the series is deep enough to study for a lifetime, yet easy for new collectors to begin.

The 1889-CC Morgan Dollar: Carson City Key Date

Carson City Morgan Dollars have a character all their own. Struck in Nevada near the Comstock Lode that helped create the Morgan Dollar, CC-mint coins connect directly to the days of the American West. The Carson City Mint struck Morgan Dollars from 1878 through 1885 and again from 1889 through 1893.

The 1889-CC is one of the great Carson City key dates. Production resumed that year after a four-year pause, and only 350,000 coins were struck. Many were later lost to circulation or melted, making the 1889-CC a prized issue for date-and-mint-mark collectors.

The 1893-S Morgan Dollar Key Date

Many consider the 1893-S the key date among circulation-strike Morgan Dollars. Struck at the San Francisco Mint during the Panic of 1893, it had a mintage of about 100,000 coins, one of the lowest business-strike mintages in the entire series, and high-grade examples are especially hard to find.

The "S" mint mark appears on the reverse, below the wreath and above the "DO" in DOLLAR. Because of its status, authentication and grading are especially important for this issue. For collectors completing a date-and-mint-mark set, the 1893-S is often one of the toughest coins to add. It stands at the crossroads of economic hardship, shifting silver policy and declining late-series production.

The 1895 Philadelphia Proof-Only Year

The 1895 Morgan Dollar is often called the "King of Morgans." The Philadelphia Mint struck no Morgan Dollars for circulation that year, and only 880 Proof coins were made at the "Mother Mint."

That makes 1895 a different kind of key date. It is not just a low-mintage circulation issue but a Proof-only Philadelphia year in a series built mostly around business strikes. Collectors seeking a complete date-and-mint-mark set need to find one of these elusive 880 Proofs. Any 1895 Morgan Dollar should be approached with careful attention to certification, attribution and condition, as expert authentication is especially important for this issue.

The 1900-O/CC Over-Mint-Mark Variety

The 1900-O/CC is one of the best-known over-mint-mark varieties in the series. It was struck at New Orleans, but its reverse die shows traces of a Carson City "CC" mint mark beneath the "O."

Collectors love the 1900-O/CC because it preserves a visible link between two mints on a single coin. It also shows how die preparation and minting logistics could produce rare varieties that specialists still study closely today, and for variety collectors, finding one is part of the thrill of the hobby.

The 1878 Morgan Dollar Tail-Feather Varieties

The first year of Morgan Dollar production includes several varieties that differ in the number of tail feathers on the reverse eagle. The earliest 1878 coins show an eagle with eight tail feathers. The design was then changed to seven, a number closer to a real eagle's appearance. Transitional "7 over 8" tail-feather varieties also exist, giving first-year collectors several distinct paths to follow.

These varieties make 1878 one of the most interesting starting points for studying Morgan Dollars. A collector can begin with a simple first-year coin, then take a closer look at the reverse and discover a whole story in the eagle's tail feathers alone.

The Modern Morgan Silver Dollar Series

The United States Mint revived the Morgan Dollar in 2021 to celebrate the 100th anniversary of the final vintage issue in 1921. The modern coins keep Morgan's famous obverse and reverse designs but use today's minting technology, allowing finishes never before seen in the series, such as Reverse Proof and Enhanced Uncirculated. Unlike the vintage 90% silver coins, modern Morgan Dollars are struck in 99.9% fine silver, creating a clear distinction between the two eras.

The modern series extends the Morgan story rather than replacing it. Collectors can follow new annual issues, finishes, mint marks and certification labels, as well as Morgan and Peace Dollar sets, while staying connected to George T. Morgan's 19th-century design.

2021 Morgan Silver Dollar: 100th Anniversary Issue

The 2021 Morgan Silver Dollar marked 100 years since the final vintage Morgan Dollar and the first Peace Dollar. It brought back Morgan's Liberty and eagle designs in 99.9% fine silver, tying the new series to its 1921 roots.

Many collectors treat 2021 as the start of the modern production run, just as 1878 anchors the vintage series. 2021 is also the only year modern Morgans were struck with special "CC" and "O" privy marks honoring the Carson City and New Orleans Mints, which struck the original coins but have long since closed. The revival was planned and released under U.S. Mint Director David Ryder, who served his second term from 2018 to 2021.

2023 Morgan Silver Dollar

No modern Morgan Dollars were issued in 2022 because of a shortage of silver blanks. The series returned in 2023 and has been issued every year since. Three versions were released in 2023: an Uncirculated 2023-P Morgan Dollar, a 2023-S Proof Morgan Dollar and a 2023-S Morgan and Peace Reverse Proof Set. Together, these releases confirmed the modern Morgan Dollar as an ongoing collector series rather than a one-time anniversary coin.

2024 Morgan Silver Dollar

Building on the popularity of the 2023 issues, the 2024 Morgan Dollar continued in Uncirculated, Proof and Reverse Proof formats, keeping the modern series' 99.9% fine silver composition and the historic Morgan design.

2025 Morgan Silver Dollar

The 2025 Morgan Dollar continued the modern series across all three finishes, with limited maximum mintages that made the issues popular with collectors.

2026 Morgan Silver Dollars and the Semiquincentennial

The 2026 Morgan Dollar brings the modern series into America's Semiquincentennial year with several historic firsts. The 2026 Reverse Proof Morgan Silver Dollar is the first Reverse Proof Morgan struck at the Philadelphia Mint and features the series' first-ever dual date, 1776–2026, along with a one-year-only Liberty Bell 250 privy mark. In 2026, a Morgan Silver Dollar with an Enhanced Uncirculated finish is also being issued for the first time, carrying the same one-year-only design elements.

For collectors of the modern 99.9% Morgan series, 2026 is both a continuation of the 2021 revival and a distinct anniversary-year chapter.

2026 Enhanced Uncirculated Morgan Silver Dollar

The 2026 Enhanced Uncirculated Morgan Silver Dollar is the first Morgan Dollar issued in this distinctive finish. Struck at the West Point Mint, it is also the first Morgan Dollar ever struck there.

The Enhanced Uncirculated finish combines frosted and polished surfaces using modern minting technology, offering a new way to experience George T. Morgan's classic design. The one-year-only 1776–2026 dual date and Liberty Bell 250 privy mark further mark it as part of America's Semiquincentennial celebration. With its first-ever finish, historic mint location and anniversary design elements, the 2026-W Enhanced Uncirculated Morgan stands apart in the series.

Morgan Tribute Coinage

The Morgan Dollar's influence reaches well beyond official U.S. Mint releases. Its iconic design has inspired tribute coins, privately minted silver rounds and modern collector pieces, including releases created for America's 250th anniversary. These pieces give collectors another way to enjoy the Morgan design alongside the official vintage and modern coins.

Certified Coins and Signature Labels

Certified Morgan Dollars with hand-signed certification labels connect collectors to important figures in American numismatic history. These coins are authenticated and graded by a third-party grading service and paired with a label signed by a notable figure, such as a former Mint Director, former Chief Engraver or master engraver. The coin remains the centerpiece, while the label adds a link to someone who played a direct role in U.S. Mint history or coin design.

David Ryder Signature Morgan Dollars

David Ryder served two terms as Director of the U.S. Mint, with his second term running from 2018 to 2021, the period that included the planning and release of the 2021 Centennial Morgan Dollar. For modern Morgan collectors, Ryder-signed labels carry a direct connection to the revival era.

Edmund Moy Signature Morgan Dollars

Edmund C. Moy was the 38th Director of the U.S. Mint, serving from 2006 to 2011. Moy-signed labels add another Director-level connection, appealing to collectors who value institutional provenance and U.S. Mint history.

John Mercanti Signature Morgan Dollars

John Mercanti was the 12th Chief Engraver of the U.S. Mint and designed the original Heraldic Eagle reverse of the American Silver Eagle, making him one of the most recognized modern U.S. master engravers. His signature brings a designer's perspective to certified Morgan Dollars.

Morgan Silver Dollar FAQs

From mint marks and key dates to silver content and grading, these frequently asked questions cover the essentials of collecting Morgan Silver Dollars.

How Much Silver Is in a Morgan Silver Dollar?

A vintage Morgan Silver Dollar is made of 90% silver and 10% copper. It weighs 26.73 grams and contains about 0.7734 troy ounce of pure silver.

Where Is the Mint Mark on a Morgan Dollar?

The mint mark is on the reverse, below the wreath and above the "DO" in DOLLAR. Coins with no mint mark were struck in Philadelphia. Other mint marks include CC for Carson City, O for New Orleans, S for San Francisco and D for Denver. The D mint mark appears only on 1921 Morgan Dollars.

Which Morgan Silver Dollars Have Notably Low Mintages?

Among business-strike Morgan Dollars, the 1893-S is widely considered the classic key date, with about 100,000 struck. The 1895 Philadelphia Proof-only issue is also one of the lowest-mintage Morgan Dollars, with about 880 Proofs struck.

Why Did the Morgan Dollar Stop in 1904?

Production ended in 1904 after the silver purchased under earlier silver legislation had largely been used and demand for new silver dollars declined. The series returned briefly in 1921, after the Pittman Act required that melted silver dollars be replaced.

When Did the Morgan Dollar Come Back?

The Morgan Dollar returned in 1921 for one final vintage year before the Peace Dollar replaced it. The modern Morgan Dollar came back in 2021 to mark the 100th anniversary of that final issue and has since become an annual release struck in 99.9% fine silver.

What Is a Carson City Morgan Dollar?

A Carson City Morgan Dollar is a Morgan Silver Dollar struck at the legendary Carson City Mint in Nevada. These coins carry the "CC" mint mark on the reverse and are closely tied to the Old West and the Comstock Lode, making them one of the most popular specialty areas in Morgan Dollar collecting.

What Is a 1900-O/CC Morgan Dollar?

The 1900-O/CC is an over-mint-mark variety struck at New Orleans using a reverse die that shows traces of a Carson City mint mark beneath the "O." It is one of the best-known Morgan Dollar varieties and a favorite of VAM specialists, collectors who study Morgan die varieties.

Collecting Morgan Silver Dollars

The Morgan Silver Dollar has endured because there are so many ways to collect it. It is a classic silver dollar, a coin of the Old West, a design masterpiece and now a thriving modern series. Browse our selection of Morgan Silver Dollars below and find the next piece of this remarkable story for your collection.