The 1898-S Morgan dollar is a somewhat common coin, in both circulated and lower Mint State grades. Strike is usually average, though weakness in the center of the coin afflicts many. Sharper strikes are available with little effort. Prices above MS65 rapidly escalate.
- 1898 Morgan Silver Dollar Value Today's bullion price is a large part of 1898 Morgan silver dollar value, currently your coin is worth at least $25.44. However collector quality pieces are worth many times this minimum. Top condition silver dollars are avidly sought by collectors, with 'uncirculated' examples commanding the highest value.
- In the early 20th century stored 1898 Morgan Silver Dollars released in large quantities by the Treasury Department through the Federal Reserve System (established in 1913), so that by the mid-1950s Mint State coins were very common in eastern banks. Prior to that release period, Uncirculated coins were scarce if not rare.
Finest Known: MS68 (NGC) MS68 (PCGS)
Auction Record: $117,500 (MS68)
The 1898-S Morgan dollar is a somewhat common coin, in both circulated and lower Mint State grades. Strike is usually average, though weakness in the center of the coin afflicts many. Sharper strikes are available with little effort. Prices above MS65 rapidly escalate. The 1898-S is unusual in that the highest certified grade is MS68.
PCGS population estimates show approximately 410,000 1898-S Morgan dollar survivors in all grades. From this 410,000, around 40,000 Mint State coins exist. From this 40,000, only about 1,700 1898-S Morgan dollars grade MS65 or above.
The Value of A 1898-S Morgan Dollar
Most 1898-S Morgan dollars were released into circulation from the 1920s through the 1950s. They were a common sight in Las Vegas casinos at the time. They have never seen much collector interest. No major varieties are known. The 1898-S Morgan dollar is priced a bit above the massive common date mintages.
1898-S Morgan Dollar Price Guide
|Very Fine||Extremely Fine||About Uncirculated|
|Mint State 61||Mint State 63||Mint State 65||Auction Record (MS68)|
The information on this page does not constitute an offer to buy or sell the coin(s) referred to. Statistics are for Mint State coins only. Proof and prooflike examples of this issue may have greater or lesser 'finest known' and different record auction prices.
Grading Morgan Dollars
The guidelines below will apply to all Morgan dollars, not just the 1898-S.
Morgan dollars, like all coins, are valued on their rarity and condition. The condition of a coin can greatly affect its value. You can see this in the prices posted above. An 1898-S Morgan dollar graded AU55 is worth twice as much as one graded XF45. This price escalation continues into the Mint State grades.
Before the 1980s, coin grading was more a matter of opinion than anything else. Two coin buyers or coin dealers could honestly arrive at different grades for the same coin. Because a difference in even one grade for a rare coin could mean hundreds or thousands of dollars, a standardized grading system was developed.
Based on the original Sheldon Scale for large cents, this 1 to 70 grading scale set forth the criteria that must be met for a coin to achieve each certain grade. The advent of third-party coin grading services beginning in the 1970s popularized standardized coin grading.
The American Numismatic Association, working with famous coin experts, have made specialized grading metrics for many popular coins -- including the Morgan dollar. There are particular places on Morgan dollars that will show the most wear. Knowing where these places are will help you quickly narrow down the condition of a Morgan dollar.
THE HIGH POINTS WHERE SIGNS OF WEAR FIRST APPEAR ON MORGAN DOLLARS:
- Top of cheek
- Hair over ear
- Curls over date
- Top of cap
- Eagle's breast
- Eagle's legs
- Eagle's head
- Right wingtip
PRIME FOCAL AREAS ON MORGAN DOLLARS
- Face and neck of Liberty
- The field in front of Liberty's face
- Body and wings of the eagle
- Fields to sides of wings and above eagle's head
Very Fine (VF25) Morgan dollars, although worn, retain all major details. Much of the minor details on high points of the coin have been worn away. Circulation damage may be present, holding back the coin from a higher grade. Liberty's hair will show flatness, especially along the hairline above the forehead, over the ear, and down next to the date. Her cap will be flat as well.
On the reverse, the breast and legs of the eagle are worn smooth. Only traces of feathers remain on the sides. Wing feathers are present but worn.
Extremely Fine (XF45) Morgan dollars will have light wear overall. Most details will be visible. Any circulation damage will adversely affect the grade. The high points on Liberty's profile will show wear, but to a lesser extent than a VF Morgan dollar. Liberty's cheek should show less abrasion. Minor details on the cotton bolls and wheat stalks should be partially visible.
The breast and legs of the eagle on the reverse will not be as worn as a VF coin. This will allow traces of feathers to show. Wing feathers will be only lightly worn, except at the high point on the right wing.
About Uncirculated AU55 Morgan dollars will only have extremely light wear that is sometimes hard to find at first glance. This grade's alternate name, Almost Uncirculated, might be a better description of an AU55's condition. An AU55 Morgan dollar should display nearly complete to complete mint luster. This luster may be missing from Liberty's cheek and the very highest points of the coin.
Uncirculated Morgan Dollars
1898 Silver Dollar For Sale
Mint State Morgan dollars are also known as Uncirculated. As the name suggests, these coins never entered circulation. They could have been stored in vaults at the U.S. Mint where they were struck, sent to the Treasury Department in Washington D.C. for storage, or ordered by banks that never got around to disbursing them.
The thing that they all have in common is that they were never spent.
However, 'Mint State' or 'Uncirculated' does not mean undamaged. There were many opportunities for Mint State Morgan dollars to get damaged before a coin collector ever saw them. The most common damage is called 'bag marks'. Morgan dollars were stored in big canvas bags that held 1,000 silver dollars. Most Morgan dollars spent many decades in Treasury Department vaults, until they were all distributed by the bag in the 1960s. Since they were originally supposed to circulate, they were treated the same way quarters, nickels, dimes, and cents are treated. They were bagged by mechanical counters, then tossed into storage. This jostling and banging together gave many of the Morgan dollars inside these bags scratches, marks, and even gouges.
But since they hadn't been paid out, or the bags even opened, they were all still Mint State (Uncirculated). This is why Mint State coins are graded in 11 levels, from MS60 to MS70. Because Morgan dollars were handled like any other circulation coin, there will never be a perfect MS70 Morgan dollar.
1898 Silver Dollar Worth
Mint State 61
A MS61 Mint State Morgan dollar will have substantial mint damage. Many large and small bag marks, and even gouges makes this coin unattractive. It is readily apparent when a coin is going to grade as low as MS61. Coin collectors will not waste money having such a coin professionally graded unless it is a rare mintage.
Mint State 63
Mint State MS63 (and MS64) Morgan dollars are considered the 'happy medium' in uncirculated Morgans. They aren't too damaged, and aren't too expensive. This makes them the most popular Mint State Morgan dollars.
The MS63 coin will have average eye appeal and full mint luster. It should exhibit a good to sharp strike. It will still have a number of bag marks and possible scuffing on Liberty's cheek, but nearly to the extent of the MS61 Morgan dollar.
Mint State 65
A MS65 Morgan Dollar has a sharp strike and full mint luster. It will have very few marks, none heavy. There might be faint friction on Liberty's cheek or the eagle's breast. The very attractive eye appeal of the MS65 1899 Morgan dollar explains its price of more than double that of a MS63 grade.
CoinTrackers.com has estimated the 1898 Morgan Silver Dollar value at an average of $29, one in certified mint state (MS+) could be worth $180. (see details)..
Type:Morgan Silver Dollar
Mint Mark: No mint mark
Face Value: 1.00 USD
Total Produced: 5,884,000 [?]
Silver Content: 90%
Silver Weight: .7735 oz.
Silver Melt: $21.05
Value: As a rough estimate of this coins value you can assume this coin in average condition will be valued at somewhere around $29, while one in certified mint state (MS+) condition could bring as much as $180 at auction. This price does not reference any standard coin grading scale. So when we say average, we mean in a similar condition to other coins issued in 1898, and mint state meaning it is certified MS+ by one of the top coin grading companies. [?].
Additional Info: There were only 735 proof Morgan Silver Dollars minted in 1898 at the Philly mint. These coins regularly sell for somewhere between $2,500 and $2,800. This coin has no mint mark.
Numismatic vs Intrinsic Value:This coin in poor condition is still worth $7.95 more than the intrinsic value from silver content of $21.05, this coin is thus more valuable to a collector than to a silver bug. Coins worth more to a collectors may be a better long term investment. If the metal prices drop you will still have a coin that a numismatic would want to buy.
Want more info? Then read Coin Collecting Investment an article that details the benifits of coin collecting as a way to build wealth. Also learn how to properly store your coins.
Current silver melt value* for a 1898 No mint mark is $21.05 and this price is based off the current silver spot price of $27.22 This value is dynamic so bookmark it and comeback for an up to the minute silver melt value.
Want to join CoinTrackers and Track Your Coins 100% FREE?
More of the Same
All US Dollar Coins
- *list does not count the newer Presidential Dollars
Most Valuable Coins by Type..
[Top of Page]
**When we say that 5,884,000, of these coins were produced or minted in 1898 this number doesn't always match the actual circulation count for this coin. The numbers come from the United States mint, and they don't reflect coins that have been melted, destroyed, or those that have never been released. Please keep that in mind. The silver dollar bar & grill.
[Top of Page]
***Price subject to standard supply and demand laws, dealer premiums, and other market variations. Prices represent past values fetched at online auctions, estate sales, certified coins being sold by dealers, and user submitted values. While we wholeheartedly try to give honest price estimates there are many factors besides appearance, metal content, and rarity that help make up the coins overall value.Call or visit your local coin dealer for more information.
1898 Silver Dollar Worth
We use user submitted pictures please read that article if you are interested in adding your own.
1898 Silver Dollar
[Top of Page]