1901 Silver Dollar

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Mintage: 6,962,813

Finest Known: MS65 (NGC) MS66 (PCGS, unique)

The 1901 silver dollar with no mint mark is worth around $55 in very fine condition. In extremely fine condition the value is around $95. In uncirculated condition the price is around $3,500 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $350,000. This stellar 1901-O Morgan Silver Dollar was graded Mint State 65 by the Numismatic Guaranty Corporation (NGC). This example was struck by the New Orleans branch of the U.S. It contains.7734 oz. ASW and was struck on a 90% pure silver planchet. The coin has a low NGC census population of 5153 examples in this grade. Stunning example of. The Morgan Silver Dollar has a fineness of.900, and weighs a total silver content of 0.77344 troy ounces per coin. After 130 years of being minted, the Morgan Silver Dollar is still among the most popular coins sold in the country and is also advised as a smart investment, due to its low mintage averages and 90% silver content. A VF 1901 could fetch upwards of $50 on a good day. But you were mistaken, that has an O mint mark, above the DO in DOLLAR on the reverse is the mint mark. Since that's the case and it's not a P minted Morgan, the value is less at VF condition, say a couple bucks over silver spot price, maybe $25-$28 if in VF condition.

Auction Record: $587,500 (MS66)

The Philadelphia Mint struck 6.9 million Morgan dollars in 1901. A number were released into circulation soon afterwards. PCGS estimates that about 10% of the 6.9 million total mintage survive in all grades today.

No 1901s were apparently released in the great Morgan dollar Treasury disbursements of the 1950s and 1960s, leading numismatists to assume that nearly the entire mintage was melted down in 1918 under the Pittman Act. Seeing as how the bags of Mint State 1901s would be sitting at the front of the Treasury vaults, this is a logical assumption.

The Value of a 1901 Morgan Dollar

The 1901 Morgan dollar seems like nothing special, when looking at the mintage of over 6.9 million coins. In circulated grades, it carries a modest premium. But in uncirculated condition, the 1901 Morgan dollar is the rarest of all Philadelphia business strikes, except for the 1895 Morgan, which has no surviving non-proof coins at all. This makes the 1901 one of the great Mint State rarities in the entire history of the Morgan dollar. With nearly no Mint State 1901 Morgan dollars (less than 200 are believed at MS63 and above), Almost Uncirculated examples are sometimes used as 'stand-ins'.

Unfortunately, most 1901 Morgan dollars have a soft strike that is more often associated with mintages from New Orleans. Some of the higher grade coins still extant do exhibit a sharper strike with more mint luster.

There have been no MS65 1901 Morgan dollars appear at auction in ten years. The sole surviving MS66 (PCGS) coin holds the world auction record for a 1901 Morgan, selling for $587,500 in the October 2015 Legends auction of the Coronet Collection.

Because of the extreme rarity of 1901 Morgans in Mint State, frauds and counterfeits abound. Beware of 1901-O or 1901-S Morgan dollars that have had their mint mark filed off, so to pass them off as a 1901 from the Philadelphia Mint. Experts strongly urge collectors looking at 1901 Morgans in AU condition or above to only purchase coins authenticated, graded, and slabbed by one of the major third-party grading services.

1901 Morgan Dollar Price Guide

Circulated Grades

1901 Silver Dollar For Sale

Very Fine 25Extremely Fine 45About Uncirculated 55
Uncirculated (Mint State) Grades
Mint State 61Mint State 63Mint State 65Auction Record (MS66)

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 value of a Morgan dollar depends on its rarity and condition. Like anything else, the better the coin's condition, the more it is worth. Prices show a substantial jump as their condition reaches mid-level uncirculated grades.

Determining the condition of a coin is called 'grading.' The coin grading scale, for reasons too lengthy to cover here, goes from 1 to 70. A Mint State 70 coin (MS70) is completely flawless, even when examined under 5x magnification. This level of detail was impossible with the coining technology of the 19th and early 20th centuries.

There are a few high points on the Morgan dollar that will be worn down first. Other than rarity, the amount of wear in these high places is what drives most of the value of the coin.

  • Top of cheek
  • Brow
  • Hairline
  • Hair over ear
  • Curls over date
  • Top of cap
  • Eagle's breast
  • Eagle's legs
  • Eagle's head
  • Right wingtip

Note that some mintages of Morgan dollars may have been weakly struck at the Mint. Morgan dollars minted at the San Francisco and New Orleans Mints are more likely to have weak strikes than those produced at Philadelphia. A weakly struck Morgan dollar may be missing some fine detail, but this does not mean that the coin is worn. Be aware if the coin you are looking at is from a date known for weak strikes.

There are certain places on a Morgan dollar where damage is far more noticeable. Damage in these 'focal areas' will affect the grade a Morgan dollar achieves, more than damage in other places.

  • 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

A VF25 Very Fine Morgan dollar will have light to moderate wear. Wear will be greater on the high points of the coin. Bag marks or circulation damage may be present in prime focal areas, keeping this coin from a higher grade. High points will show some flattening and loss of detail, but all major and many minor details are still present. Most or all mint luster will be gone.

Liberty's hair will show flatness along the hairline above the forehead, over the ear, and down next to the date. Liberty's cheek might show moderate abrasion. The top of Liberty's cap will show wear. The cotton bolls in Liberty's crown will have some minor detail worn away. The cotton leaves will also exhibit flatness.

The top of the eagle's breast and legs will be worn smooth. The head and neck will be worn, but not to the same extent. The talons will be flat. The leaves of the wreath will be distinct, but with many showing wear. All wing feathers will be present, but some will be missing detail. The right wingtip will be worn.

Extremely Fine

The XF45 Extremely Fine Morgan dollar will exhibit light wear overall, focused on the usual high points. Nearly all minor details are present and well defined. It might display up to half of the original mint luster. Again, marks or circulation damage may prevent this coin from earning a higher grade.

Liberty's hairline is full, with some flatness on the high points above the eye and ear. The hair retains fine strands, giving the face a more detailed appearance. Mild wear has taken the luster from Liberty's cheek, but it retains its full shape. The cotton bolls are beginning to exhibit minor details. Flatness is evident on the top of the bolls and the edges of the cotton leaves. The high point of the cap is flat.

Feathers are beginning to show on the eagle's breast. The head and neck are more detailed, but retain some flatness. The legs show major details on the sides, but the tops are worn. The talons are slightly flat. Most wing feathers are well-defined. The right wing shows wear across 25% of the wing. The edge of the left wing will show some wear.

About Uncirculated

1899 morgan silver dollar ebay

An AU55 About Uncirculated Morgan dollar will present very light friction or wear, but only on the high points. Mint luster should be complete, or nearly so. Scratches and marks should be small and unobtrusive. An AU55 Morgan dollar should present positive eye appeal, even when compared to low-grade Mint State coins.

Slight rubbing or friction may be seen at the regular high points. Liberty's hair will display high detail. The cotton and wheat in the hairband will have full detail. The cheek may show impaired or missing luster.

The reverse should present full detail, aside from faint rubbing on the high points of the eagle (the head, breast, top of the legs, and talons.)

Mint State Morgan Dollars

Mint State (Uncirculated) coins are those that remained in sealed canvas Mint bags before being acquired by a coin collector. As a rule, these coins will have complete mint luster, and no 'post-Mint' damage. However, when talking about Mint State coins, 'uncirculated' does not mean 'undamaged.'

That last detail is important, because while Mint State Morgan dollars were never paid out (people preferred paper silver certificates), they could still see substantial damage from being slung around in the giant canvas bags the same way bags of quarters, nickels, dimes, and cents were. The damage coins receive from banging into one another is called 'bag marks.'

No matter how beat up a Morgan dollar looks, if there is no circulation wear and it retains mint luster, it will grade as Mint State. This is why Mint State coins are graded from MS60 (worst) to MS70 (perfect). Because Morgan dollars were handled like any other circulation coin, there will never be a perfect MS70 Morgan dollar

Mint State 61

1901 Silver Dollar Value Guide

Dc lottery keno. A MS61 Mint State Morgan dollar will have substantial mint damage. Much of this damage will be in prime focal areas (see 'What Are The Prime Focal Areas On Morgan Dollars', above.) Many large and small bag marks, and even gouges make 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 more attractive than lower grades, with good strikes and mint luster. They will still have enough marks or scuffs to be distracting. Some of these will be in prime focal areas. None will be heavy or particularly detracting. MS63 and MS64 are the most popular grades of Morgan dollars. They're nicer than the MS60-MS62 coins, and not nearly as expensive as MS65 ones.

Mint State 65

A Mint State 65 Morgan dollar is also known as 'Gem Uncirculated,' with good reason. It will have a sharp strike, and full, attractive luster. It will show scattered, light marks, with none in the prime focal areas. The eagle's breast or Liberty's cheek may display light friction from the time the coin spent in a bulk canvas bag in Treasury vaults The far higher attractiveness of a MS65 Morgan dollar explains the large difference in price when compared to a MS63 of the same date.

Mint State 66

MS66 Morgan dollars are rare, even when compared to a MS65. They will have a clean, sharp strike. The MS66 Morgan dollar boasts a pleasing, full original luster. It has very few, very light marks or imperfections that barely detract from the coin's very attractive appearance.

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Coin Values Moving with Precious Metals: Up-Dated 2/8/2021: Gold $1813 Silver $26.90

Today any 1900 Morgan silver dollar value is a minimum of $25.44 . Your old coin is heavy with over ¾ ounce pure silver, forming a high base price.

With its large silver content as a start and collector demand for the San Francisco issue your coin has the potential for much higher value. Of the three mints that produced silver dollars in 1900, those struck at San Francisco (identified by an 'S' mintmark-see below) enjoy a premium today. Add in the huge popularity of these coins and the prices are well above average.

Additionally, referring to the image to the right, its 'uncirculated' condition raises its appeal above average circulated 1900 Morgan silver dollars. Absence of wear, bright colorful toned luster and lack of contact marks sets this coin apart. As a collectible it is a nice example and the type collectors seek.

Judge condition and mintmarks closely. Varying degrees of wear determine condition with values listed on the chart below. Also, mintmarks identify the mint that produced your silver dollar and are valued separately. Both are covered in detail further down the page.

Mintmarks do make a difference in value. As collectors assemble sets, most include examples from each of the three mints that produced silver dollars in 1900. Identified by mintmarks located on the reverse just under the ribbon, these different mints are 'S' for San Francisco and an 'O' identifying the New Orleans mint. The main mint in Philadelphia did not place a mintmark on its production of 1900 silver dollars.

1900 Morgan Silver Dollar Values
Condition of Coin
1900 Morgan Silver Dollar Values Updated 2/8/2021
1900 $25.44 $25.44 $28.24 $51.74
1900 O $25.44 $25.44 $28.24 $51.74
1900 S $28.24 $32.95 $42.58 $183

Collector Value of Toned Morgan Dollars

When first minted, silver dollars radiate a bright blue-white luster. However, silver if not protected from the elements begins to tone over time. Depending on how these old Morgan dollars are stored affects this natural toning process. Coin albums for example often cause a halo of toning colors. Single coin holders do a good job maintaining a bright silver luster. Coins kept in envelopes or boxes are not protected well and silver often turns very dark.

Nice, natural toning frequently adds eye appeal and sometimes value to a coin. Uncirculated silver dollars with pleading colors (a scarce combination) often form the theme of collections. Vivid blues and reds are seen as quite attractive on the coin pictured. A date run of similarly toned silver dollars is an impressive display that many avid collectors enjoy assembling.

Additionally your coin even if worn, occasionally acquires a range of appealing colors. Subdued silver grey, darkening with hints of royal blue towards the rims adds considerably to the eye appeal of the bottom coin pictured. Again, any collection based on matching this eye appeal is challenging but the result is a visual treat.

True, many subtle details contribute to 1900 Morgan silver dollar value, some more difficult to judges than others. You can though trust your instincts when deciding on the eye appeal of your coin. Hold the silver dollar at arm's length; does the coin inspire a closer look?

Condition Discovers 1900 Morgan Silver Dollar Value

Is your silver dollar mint state? Condition is one of the key elements in an accurate determination of coin values. Within the hobby, seeking mint state or 'uncirculated' condition silver dollars is high on the list of collectors; here also is where you find top values. Holding your coin next to the images and referring to the descriptions, establishes its 'grade' and accurate value.

Uncirculated: To reach 'uncirculated' condition all original, as minted detail remains. None has been removed due to wear. OK are nicks and abrasions from contact with other coins, this is normal due to the minting and storage process of silver dollars. Confirming the uncirculated grade is mint luster remaining on the entire surface, including her chin, neck line and hair below and above the ear. These areas are the first to wear and exhibit a dull and smooth texture once in circulation.

Extremely Fine: Slight wear of design limited to only the tops of the highest points, defines the 'extremely fine' grade. Loss of detail is minor with the merging of just a few strands of hair found above Liberty's forehead and below her cap. Folds in the cap also show small amounts of rubbing with a tiny loss of roundness. Your coin still retains a pleasing sharpness in appearance.

Fine: Time in circulation has removed a moderate amount of detail on a silver dollar in 'fine' condition. Large portions of hair have merged with only the deepest of lines showing. Wheat ears above the lettering of 'Liberty' and the cotton blossoms just below are now just outlines. Silver dollars in fine condition give the impression of lost detail but not overly so.

Good: Showing extensive wear and reducing the design to just a few elements, these silver dollars are described as 'good' condition. Although the rim is visible, both it and the lettering are flattened to almost level with the fields. The majority of Liberty is without detail. However the eagle on the reverse does show a few remaining feathers close to the legs. In this condition your 1900 Morgan silver dollar value is tied mostly to bullion silver price.

Coin Values CoinStudy Articles

Date by Date
In Depth Morgan Silver Dollar Value
1878 to 1921





























Every collector admires these large silver coins, every collector wants one. Their popularity is immense. Worth over $24.55 each because of silver content alone. Check your coins with the grading images and value charts. Find a rare date, mintmark or a better condition coin and Morgan silver dollar values start climbing.

Check all your silver dollar values with the chart. Rising silver prices, increasing demand from both collectors and rare coin dealers is raising the value of your box of old coins.

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