The 1887 Morgan Silver Dollar is worth anywhere from $35 in worn condition to over $20,000 for rare proof specimens. This classic American coin is a favorite among treasure hunters because even common versions contain nearly an ounce of silver, while high-grade examples can fetch a massive “mint state” premium.

Condition	1887 (Philadelphia)	1887-O (New Orleans)	1887-S (San Francisco)
Good / Very Good	$35 – $38	$35 – $38	$45 – $55
About Uncirculated	$50 – $60	$55 – $75	$150 – $200
Mint State (MS63)	$85 – $110	$450 – $600	$550 – $800

Identifying Your 1887 Morgan Dollar Mint Mark

If you just found an old silver dollar in a drawer, the first thing you need to check is the mint mark. In 1887, three different U.S. Mint locations produced these coins: Philadelphia, New Orleans, and San Francisco. Finding the mint mark is easy—look at the “tails” side of the coin, right above the “D” and “O” in the word “DOLLAR.”

If you don’t see any letter there at all, your coin was minted in Philadelphia. These are the most common but still highly collectible. An “O” indicates the New Orleans Mint, and an “S” stands for the San Francisco Mint. If you are struggling to see these tiny details, you should use the top coin identifier app to help verify the origin of your coin.

Knowing which mint produced your coin is vital because the scarcity of each determines the final price. For example, while Philadelphia minted over 20 million coins this year, San Francisco only minted about 1.1 million. This makes the “S” mint mark significantly more valuable to collectors in almost any condition. You can also use CoinKnow to quickly snap a photo and identify these marks automatically.

Evaluating the Condition and Grade of 1887 Silver Dollars

When determining the 1887 Morgan Dollar value, the “grade” or condition is the most important factor. Collectors use a 70-point scale to judge coins. A coin that has been sitting in a pocket for years will have “wear” on high points, like Lady Liberty’s hair or the eagle’s breast feathers. These are considered “circulated” coins.

On the other hand, “uncirculated” or “Mint State” coins look like they just came from the minting press. They have a shiny luster and no visible wear. Even a tiny difference in grade can mean thousands of dollars. For instance, looking at the 1887 Morgan Dollar MS grade market data, you will see that a jump from MS65 to MS67 can triple the coin’s price.

If your coin is shiny and sharp, avoid cleaning it! Cleaning a silver dollar actually destroys its numismatic value. Instead, use a tool like CoinKnow to get an initial estimate of its condition before deciding if it’s worth sending to a professional grading service like PCGS or NGC.

Grade Designation	Appearance Characterstics	Average Value (P Mint)
Fine (F12)	Hairlines and eagle feathers are worn flat but visible.	$35 – $40
Extremely Fine (EF45)	Only slight wear on the highest points of the design.	$48 – $55
Mint State (MS65)	Full original luster with very few marks or scratches.	$190 – $250

The Famous 1887/6 Overdate Variety

One of the most exciting things about the 1887 series is a famous error known as the “7 over 6” variety. During the minting process, some 1887 dies were made by punching a “7” directly over an existing “6” from the previous year. You can spot this by looking closely at the date; if you see a small loop or “tail” from a 6 peeking out from under the bottom of the 7, you have found a treasure.

This variety exists for Philadelphia and New Orleans coins. Because it is a recognized “major variety,” it commands a high price from error collectors. Even in lower grades, an 1887/6 Philadelphia coin can be worth $75, while high-grade versions climb into the thousands.

For those looking for detailed information, the 1887 silver dollar price guide for errors shows that New Orleans overdates (1887-O) are particularly sought after by collectors specializing in the Morgan series. Always look at your coin under a magnifying glass or use a high-resolution camera to spot these anomalies.

Why the 1887-O and 1887-S are Unique

While the Philadelphia 1887 is considered a “common date,” the branch mints tell a different story. The 1887-O (New Orleans) is very common in circulated condition, but it is surprisingly difficult to find in high Mint State grades. This is because many New Orleans coins were struck softly, resulting in fuzzy details that prevent them from reaching top-tier grades.

The 1887-S (San Francisco) is a different beast entirely. With a much lower mintage than its cousins, it is a “better date” coin. Even a heavily worn 1887-S has a floor price of about $45-$50, which is significantly higher than the silver melt value. If you find one in a “brilliant uncirculated” condition, you are looking at a coin worth $500 to $1,000.

Investors often look for 1887-S dollars because they represent a balance of rarity and affordability. Using CoinKnow, you can track the auction history of these specific mint marks to see if the market value is rising before you decide to sell your collection.

Mint Mark	Mintage Volume	Rarity Factor
1887 (None)	20,290,000	Common
1887-O	11,550,000	Common (Circulated)
1887-S	1,155,000	Scarce

The Silver Content Factor: Understanding Intrinsic Value

Even if your 1887 Morgan Dollar is in terrible shape—scratched, bent, or worn smooth—it is still worth a significant amount because of its silver content. Every Morgan Dollar is composed of 90% silver and 10% copper. Specifically, they contain 0.77344 troy ounces of pure silver.

When silver prices rise, the “melt value” of these coins rises too. If silver is trading at $25 per ounce, the raw metal in your coin is worth roughly $19.33. However, because Morgan Dollars are “numismatic” items with historical value, they almost always sell for a premium above the silver price. You should never sell your 1887 dollar for just the silver weight!

The 1887 Morgan Dollar value is bolstered by its history. Created during the Gilded Age of America, these coins represent a time of vast western expansion and industrial growth. They were the “workhorse” of the American economy, used in saloons, general stores, and banks across the frontier. This historical connection ensures that demand from everyday Americans remains high, regardless of what the silver market does.

Tips for Selling Your 1887 Morgan Silver Dollar

Once you’ve identified your coin’s mint mark and estimated its grade, you might be ready to sell. To get the best price, avoid pawn shops and “we buy gold” kiosks, as they typically offer only a fraction of the coin’s actual worth. Instead, look for reputable local coin dealers or consider reputable online auction sites.

Before you meet with a buyer, do your homework. Check recent “sold” listings on eBay to see what people are actually paying, rather than looking at “asking” prices which can be inflated. If you think you have a high-grade 1887-S or a “7 over 6” error, it may be worth spending the $30-$50 to have it professionally graded, as “slabbed” coins often sell for much higher premiums.

Finally, keep your coin in a protective holder. Handling a silver coin with your bare hands can leave oils that cause dark spots (toning) over time. While some “rainbow toning” is actually considered beautiful and can increase the 1887 Morgan Dollar value, fingerprint stains are always a negative.

FAQ

Q: Is an 1887 Morgan Dollar real silver?

A: Yes, all 1887 Morgan Dollars are made of 90% silver and 10% copper. They contain approximately 0.77 ounces of pure silver. You can test if yours is real using a magnet—silver is not magnetic.

Q: Where is the mint mark on an 1887 silver dollar?

A: Turn the coin to the eagle side. Look right at the bottom, just above the “D” and “O” in “DOLLAR.” You will see an ‘O’, an ‘S’, or no letter at all (Philadelphia).

Q: Is cleaning my 1887 silver dollar a good idea?

A: No! Never clean your coins. Collectors prefer the natural patina and original luster. Cleaning creates microscopic scratches that can reduce the coin’s value by 50% or more.

Q: How can I tell if I have the 1887/6 error?

A: You will need a magnifying glass. Look at the last ‘7’ in the date. If you see a small curved part of a ‘6’ inside the top loop or near the bottom bar of the 7, it is likely the overdate variety.