The 1887-S Morgan Dollar is worth anywhere from $45 in worn condition to over $1,500 in high-grade mint state. Most examples found in old family collections are “circulated,” meaning they were used in daily commerce, but because of its San Francisco mint mark and silver content, it remains a highly prized relic for Americans today.

Condition	Estimated Value
Good (G-4)	$40 – $45
Fine (F-12)	$50 – $55
Extremely Fine (EF-40)	$65 – $80
Uncirculated (MS-60)	$250 – $350
Choice Uncirculated (MS-65+)	$1,500+

What Makes the 1887-S Morgan Dollar Special?

Finding an old silver dollar in a drawer or a safe deposit box is an exciting “treasure hunt” moment for many Americans. If you have discovered an 1887-S Morgan Dollar, you are holding a piece of Western history. This coin was minted at the legendary San Francisco Mint during a time when silver was the backbone of the American economy.

To determine the true worth of your coin, you first need to identify it correctly using a top coin identifier app. While millions of Morgan Dollars were produced in 1887, the “S” mint mark on the reverse indicates a lower mintage compared to the Philadelphia or New Orleans versions.

Many people use the CoinKnow app to quickly snap a photo and see if their coin has the specific San Francisco luster that collectors crave. The 1887-S is unique because many of these coins were held in bank vaults for decades, meaning they can still be found in surprisingly good condition today.

Understanding the Mintage and Rarity

In 1887, the San Francisco Mint produced 1,155,000 silver dollars. While over a million sounds like a lot, it is quite small compared to the 20 million minted in Philadelphia that same year. This relative scarcity is what drives the 1887-S Morgan Dollar value higher than your average silver coin.

Historical records show that many 1887-S dollars were released into circulation throughout the late 19th and early 20th centuries. Because they were used in real transactions, many survivors are worn down, with the details of Lady Liberty’s hair or the eagle’s feathers smoothed over.

If you are looking for specific 1887-S Morgan Dollar price data by grade, you will see that “Uncirculated” versions—those that never touched a person’s pocket—command a massive premium. Collectors are willing to pay thousands for a coin that looks exactly as it did the day it left the mint.

Mint Location	Mintage Figure	Rarity Level
Philadelphia (No Mark)	20,290,000	Common
New Orleans (O)	11,550,000	Common
San Francisco (S)	1,155,000	Scarce

Factors Affecting the 1887-S Silver Dollar Price

The most important factor in determining value is the “Grade.” Graded on a scale from 1 to 70, a coin’s condition tells the story of its life. For an 1887-S, a “Fine” grade means the coin has significant wear but the major details are visible. An “About Uncirculated” (AU) coin looks almost new but has slight friction on the highest points of the design.

Another factor is “eye appeal.” This includes “toning”—the natural discoloration that happens to silver over time. Some collectors love rainbow-colored toning, while others prefer a blast-white, shiny surface. If you aren’t sure where your coin falls, the CoinKnow app can help you compare your coin to high-resolution images of graded specimens.

Finally, check for “bag marks.” Since these coins were often stored in heavy canvas bags, they would clink against each other, creating small nicks. The fewer marks on Lady Liberty’s cheek, the higher the 1887-S Morgan Dollar value information will be in the current market.

How to Identify the ‘S’ Mint Mark

To confirm you have the San Francisco version, you must look at the reverse (back) of the coin. Look just above the letters “D” and “O” in the word “DOLLAR.” You should see a small, elegant letter “S.” If the space is blank, it was minted in Philadelphia. If there is an “O,” it was minted in New Orleans.

The “S” mint mark is often associated with high-quality strikes. The San Francisco Mint was known for producing coins with sharp details and deep luster. Even a worn 1887-S carries more prestige than a common Philadelphia strike of the same year.

Many beginners mistake the “M” on the neck of Lady Liberty for a mint mark. Actually, that “M” stands for George T. Morgan, the designer of the coin. Always check the reverse for the actual minting location. If you find the “S,” you have a coin that is significantly more valuable than the base silver price.

Market Trends for the 1887-S Morgan Dollar

The market for Morgan Dollars has been incredibly strong over the last few years. As silver prices fluctuate, the “melt value” provides a floor for the price, but the “numismatic value” (collector value) is what really drives the 1887-S into the hundreds or thousands of dollars.

Currently, there is high demand for coins in the MS-63 to MS-65 range. These represent the “sweet spot” for investors who want a beautiful coin without spending tens of thousands on a perfect specimen. If your coin has a mirror-like finish, it might even be a “Proof-Like” (PL) or “Deep Mirror Proof-Like” (DMPL) strike, which can double or triple the value.

Using tools like CoinKnow allows you to track these market trends in real-time. Whether the economy is up or down, high-quality silver dollars from the 1880s remain one of the most stable “hard assets” you can own.

Grade Designation	Average Auction Price
MS-63 (Typical Unc)	$450
MS-64 (Choice Unc)	$650
MS-65 (Gem Unc)	$1,650
MS-66 (Premium Gem)	$4,000+

Tips for Preserving Your Silver Dollar

If you think you have a valuable 1887-S, the worst thing you can do is clean it. Many people think they are helping by scrubbing away dirt or “tarnish” with baking soda or silver polish. In the world of coin collecting, cleaning a coin permanently destroys its value by scratching the surface and removing the original “mint frost.”

Instead, handle the coin only by its edges. Oils from your skin can leave permanent fingerprints on the silver surface. Store the coin in a PVC-free plastic holder or a cardboard flip to protect it from the air and humidity.

If your coin appears to be in “Mint State” (uncirculated), consider having it professionally graded by a service like PCGS or NGC. A certified grade acts like a certificate of authenticity and makes it much easier to sell the coin for its full market value later on.

Where to Sell Your 1887-S Morgan Dollar

When you’re ready to turn your coin into cash, you have several options. Local coin shops are the fastest way to get paid, but they need to make a profit, so they will usually offer you 60-80% of the retail value. This is a fair trade for the convenience and safety they provide.

Online auctions like eBay are another option, but be prepared to pay seller fees and deal with shipping. For high-value specimens (those worth over $1,000), specialized auction houses like Heritage Auctions are the best bet, as they reach the most serious collectors who are willing to pay top dollar.

Always do your research before walking into a shop. Know the current silver spot price and have a rough idea of your coin’s grade. Being an informed seller ensures you get the best possible price for your piece of American history.

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FAQ

Q: Is every 1887 Silver Dollar valuable?

A: All 1887 Silver Dollars are worth at least their weight in silver (usually $25-$30), but the “S” mint mark makes them more collectible. An 1887 from Philadelphia is common, while the 1887-S is much rarer and more valuable in high grades.

Q: How can I tell if my 1887-S is real?

A: Real Morgan Dollars weigh 26.73 grams and are 38.1mm in diameter. They are 90% silver. If a magnet sticks to your coin, it is a fake. Using a specialized app can also help identify common counterfeit signs.

Q: Should I get my 1887-S Morgan Dollar graded?

A: You should consider professional grading if the coin looks like it has never been used (uncirculated) and has a value exceeding $200. For worn, circulated coins, the cost of grading might be more than the value increase it provides.

Q: What is the “melt value” of an 1887-S Morgan Dollar?

A: The melt value is based on the 0.7734 ounces of pure silver contained in the coin. While this changes daily with the silver market, the collector value of an 1887-S is almost always significantly higher than its silver weight.