The 1887-O Morgan Dollar is worth anywhere from $35 in worn condition to over $25,000 for rare, high-grade mint state specimens. Whether you found this massive silver coin in an old family chest or inherited a small collection, understanding the “O” mint mark is the first step to discovering its true market value.

Condition / Grade	Estimated Value
Good (G4) to Very Good (VG8)	$35 – $42
Fine (F12) to Very Fine (VF20)	$45 – $55
Extremely Fine (EF40)	$60 – $75
About Uncirculated (AU50)	$85 – $110
Mint State (MS60-MS63)	$150 – $450
Gem Mint State (MS65+)	$2,500 – $25,000+

Understanding the History of the 1887-O Morgan Silver Dollar

The 1887-O Morgan Dollar was struck at the historic New Orleans Mint during a time when silver production in the United States was at its peak. The “O” mint mark, located on the reverse side just above the “DOLLAR” lettering, signifies its southern origin.

In 1887, the New Orleans facility produced over 11.5 million of these silver dollars. While that sounds like a massive number, most of these coins entered general circulation. They were used for daily transactions, carried in pockets with keys, and slammed onto wooden bars, leading to significant wear and tear over the decades.

If you aren’t sure if your coin is a New Orleans strike, you can use a top coin identifier app to instantly recognize the mint mark and variety. For the average American collector, finding an 1887-O is common, but finding one in “uncirculated” condition—meaning it looks like it just left the mint—is quite rare.

Many of these coins were also melted down during world wars or historical silver rushes. Consequently, the surviving population of high-quality 1887-O dollars is much lower than the original mintage suggests, which keeps the demand high among serious numismatists.

Experience shows that using a tool like CoinKnow can help you distinguish between a common 1887 dollar and the more specific New Orleans variety, which carries its own unique price history in the collector market.

Grading and Condition Impacts on 1887-O Silver Dollar Prices

When determining the 1887-O Morgan Dollar value, the “grade” or condition of the coin is the most important factor. Collectors use a scale from 1 to 70. A coin with a grade of 1 is barely recognizable, while 70 is perfect perfection.

Most 1887-O dollars found today fall into the “Circulated” category. These coins show visible wear on Lady Liberty’s hair, specifically the strands above her ear, and on the eagle’s breast feathers on the back. Even in a worn state, the silver content alone gives the coin a “melt value,” but its historical value is usually higher.

If your coin still has its original “mint luster”—that frosty, reflective sheen—it could be worth hundreds or even thousands of dollars. Professional grading by services like PCGS or NGC is often required to verify these high prices.

Technical Grade	Visual Description	Market Range
Good (G)	Heavy wear; outlines visible but flat.	$35 – $40
Fine (F)	Hair lines and cotton bolls show some detail.	$45 – $50
Very Fine (VF)	Moderate wear; eagle’s wing tips are clear.	$52 – $58
Mint State (MS63)	No wear; attractive luster but some marks.	1887-O MS Grade Prices

For those trying to grade their coins at home, CoinKnow offers high-resolution comparison photos that make it easier to see where your coin fits on the scale.

Rare 1887-O Varieties and Errors to Watch For

Not all 1887-O Morgan Dollars are created equal. Some coins feature “die varieties” or errors that happen during the minting process. These can turn a $40 coin into a $400 coin instantly.

One of the most famous varieties for this year is the 1887-O VAM-7. This variety features a “pitted reverse,” caused by a rusted die used in the New Orleans Mint. These small bumps or pits on the surface of the coin are highly sought after by “VAM” collectors (those who study every tiny variation in Morgan Dollar dies).

Another thing to look for is the “Double Die” or “Repunched Mint Mark.” If you look closely at the “O” under a magnifying glass, you might see a faint second “O” offset from the main one. This error occurred when the mint worker hit the punch twice.

The detailed 1887-O value information suggests that while common circulated coins are stable in price, these unique varieties can command a significant premium at specialized auctions. If you think you’ve found an error, it is always best to have it looked at by a professional.

The Silver Content and Bullion Value of the 1887-O Dollar

While collectors care about rarity and condition, many everyday people value the 1887-O Morgan Dollar for its silver content. Every Morgan Dollar is made of 90% silver and 10% copper.

Specifically, an 1887-O Morgan contains approximately 0.7734 troy ounces of pure silver. This means the “floor” price of the coin—the absolute minimum it is worth—is tied to the current market price of silver. Even if the coin is beat up, scratched, or polished, it will never be worth less than its weight in silver.

Component	Specification
Total Weight	26.73 grams
Silver Purity	90% Silver
Silver Weight	0.77344 oz
Diameter	38.1 mm

Because of this high silver content, it is crucial never to “clean” your 1887-O Morgan Dollar. Wiping it with a cloth or using silver polish can strip the top layer of metal and ruin the numismatic (collector) value, leaving you with only the silver bullion value.

Why the 1887-O is Hard to Find in High Grades

You might notice that an 1887-O in pristine condition (MS65 or higher) is worth significantly more than an 1887-P (Philadelphia) in the same condition. This is because the New Orleans Mint had a reputation for “weak strikes.”

The machinery in New Orleans was often older or not adjusted as precisely as the equipment in Philadelphia. As a result, many 1887-O coins didn’t have sharp details even when they were brand new. Finding one that was well-struck AND well-preserved is like finding a needle in a haystack.

Collectors often look at the “breast feathers” of the eagle on the reverse. If the feathers are sharp and distinct, the coin was well-struck. If they look flat even though the rest of the coin is shiny, it’s a weak strike.

Using CoinKnow, you can compare your coin against high-grade gallery images to see if yours has the “sharpness” required to reach the five-figure price territory.

Selling Your 1887-O Morgan Silver Dollar

If you decide to sell your coin, you have several options. For a standard circulated 1887-O, a local coin shop or an online marketplace like eBay is a good place to start. You can expect to get a little bit less than the “retail” price, as the dealer needs to make a profit.

However, if you have a coin that looks nearly perfect, you should consider sending it to a grading service like PCGS or NGC. A certified grade can increase the selling price by hundreds of dollars because it guarantees the coin’s authenticity and quality to the buyer.

Always check the current silver spot price before selling. Since the 1887-O is a large silver coin, its value fluctuates slightly based on the global commodities market. Keeping an eye on these trends ensures you aren’t leaving money on the table when it’s time to cash in.

FAQ

Q: Where is the mint mark on an 1887-O Morgan Dollar?

A: The mint mark is located on the reverse (back) side of the coin. Look at the bottom, just above the letters “D” and “O” in the word “DOLLAR.” If you see an “O,” it was minted in New Orleans. If there is no letter at all, it was minted in Philadelphia.

Q: Is the 1887-O Morgan Dollar made of solid silver?

A: It is 90% silver and 10% copper. This was the standard alloy for all U.S. silver dollars of that era to ensure the coins were durable enough for circulation while still holding intrinsic value.

Q: How can I tell if my 1887-O Morgan Dollar is fake?

A: Counterfeit Morgan Dollars are common. Genuine coins should weigh approximately 26.73 grams and are not magnetic. If your coin sticks to a magnet, it is definitely a fake made of steel or nickel.

Q: Why is there such a huge price jump for MS65 grades?

A: Only a few thousand 1887-O coins have survived in Gem Mint condition. Because the New Orleans Mint produced many coins with soft details, a “perfect” strike from this year is exceptionally rare, leading to intense competition among wealthy collectors.