The item in question refers to a United States silver dollar minted in 1887, bearing the Morgan design. This coin contains approximately 0.7734 troy ounces of silver and was a product of the Comstock Lode silver rush era. An example is a coin struck at the Philadelphia Mint in 1887, marked with no mint mark, or one produced at the New Orleans Mint, designated by an “O” mint mark.
These particular pieces hold significance for collectors due to their historical context as representative currency of the late 19th century American economy. Their inherent silver content gives them intrinsic value, while their collectibility drives additional worth based on factors like mint mark, condition (graded using standards like the Sheldon scale), and rarity of specific varieties or errors. These coins offer a tangible link to the silver standard era and the artistry of George T. Morgan’s design.
The following discussion will explore various aspects related to these silver dollars, including their production figures, grading standards, notable varieties, and their place within the broader landscape of numismatics.
1. Mintage Figures
The mintage figures for the 1887 Morgan silver dollar are crucial in determining a coin’s relative scarcity and, consequently, its potential value. Different mints produced varying quantities, directly impacting the availability of the coin in the numismatic market. Higher mintage numbers generally indicate greater availability, often leading to lower values for coins in circulated grades. However, even with higher mintage, well-preserved uncirculated examples remain more valuable due to their condition and scarcity within that grade.
For the 1887 Morgan dollar, the Philadelphia Mint, lacking a mint mark, produced the largest quantity. The New Orleans Mint, identified by the “O” mint mark, produced a substantially smaller number. This disparity in production has a direct impact on the prices observed in the coin market. An 1887-O Morgan dollar in a comparable grade will generally command a higher premium than an 1887 Philadelphia example due to its relative scarcity. Furthermore, certain specific dies used during minting resulted in varieties, such as doubled dies, which, coupled with low mintage figures for those specific varieties, can significantly increase a coin’s desirability and value.
In summary, understanding the mintage figures of the 1887 Morgan silver dollar is fundamental for collectors and investors. These figures provide a baseline for assessing scarcity and, when combined with condition grading and knowledge of specific varieties, allow for informed decision-making within the numismatic field. Discrepancies in mintage between mints and the presence of rare varieties related to specific minting processes highlight the importance of detailed knowledge in accurately evaluating these historic coins.
2. Mint Marks and the 1887 Morgan Silver Dollar
Mint marks on the 1887 Morgan silver dollar are critical identifiers, indicating the specific mint where the coin was produced. These marks directly influence the coin’s scarcity, value, and historical significance.
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Location and Identification
Mint marks are typically located on the reverse of the 1887 Morgan silver dollar, below the wreath. The absence of a mint mark signifies production at the Philadelphia Mint. Other potential marks include “O” for New Orleans, “S” for San Francisco, “CC” for Carson City (though not present on the 1887 coin), and “D” for Denver (also not present on the 1887 coin). Proper identification is crucial for accurate valuation.
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Impact on Rarity and Value
The mint mark is a primary determinant of a coin’s rarity. Coins from mints with lower production figures, like the New Orleans Mint in 1887, are generally more valuable than those from the Philadelphia Mint, which produced significantly higher quantities. Even in similar grades, an 1887-O Morgan dollar will typically command a premium over an 1887 Morgan dollar without a mint mark.
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Authenticity Verification
Mint marks serve as a key element in verifying the authenticity of an 1887 Morgan silver dollar. Examining the style, size, and placement of the mint mark helps distinguish genuine coins from counterfeits. Discrepancies in these characteristics are often red flags indicating a fraudulent piece. Numismatic experts rely on mint mark analysis as a primary authentication method.
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Historical Context
The presence and location of a mint mark are also important for understanding the economic and geographic history of the United States during the late 19th century. Different mints served different regions and played unique roles in the distribution of currency. For example, the New Orleans Mint primarily served the Southern states. Studying mint marks provides insights into the flow of silver coinage across the nation during that period.
Therefore, the mint mark on an 1887 Morgan silver dollar is not merely a small detail but a fundamental attribute influencing its value, authenticity, and historical context. Collectors and investors prioritize mint mark identification to make informed decisions regarding acquisition and valuation.
3. Silver Content
The intrinsic value of an 1887 Morgan silver dollar is fundamentally linked to its silver content. This factor provides a base value, influencing its desirability among collectors and investors, and also connects it directly to the historical context of the silver standard era in the United States.
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Composition and Weight
The 1887 Morgan silver dollar is comprised of 90% silver and 10% copper. This results in a silver weight of approximately 0.7734 troy ounces. The actual weight of the coin is 26.73 grams. This standardized composition, established by the Coinage Act of 1873, ensures a consistent intrinsic value directly tied to the prevailing price of silver.
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Intrinsic Value Fluctuation
The intrinsic value of the 1887 Morgan silver dollar fluctuates in tandem with the spot price of silver on the commodities market. When silver prices rise, the base value of the coin increases accordingly. This aspect makes it an attractive investment during periods of economic uncertainty or inflation, as the silver content provides a hedge against currency devaluation. Conversely, a decline in silver prices can reduce the coin’s intrinsic value, potentially impacting its overall desirability, especially for those primarily concerned with its precious metal content.
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Distinction from Numismatic Value
It is crucial to differentiate between the coin’s intrinsic silver value and its numismatic value. While the silver content establishes a floor price, the numismatic value is determined by factors such as rarity, condition, mint mark, and collector demand. A well-preserved, rare 1887 Morgan silver dollar can command a price significantly higher than its silver content would suggest. Collectors often prioritize these numismatic attributes over the base metal value.
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Impact on Preservation
Awareness of the silver content influences the preservation practices employed by collectors. Improper cleaning or handling can damage the coin’s surface, diminishing its numismatic appeal despite retaining its silver weight. Proper storage in inert materials, such as archival-quality holders, is essential to protect both the coin’s physical integrity and its collector value. The silver content, while contributing to its inherent worth, necessitates careful handling to maintain its overall value.
In conclusion, the silver content of the 1887 Morgan silver dollar is a fundamental aspect determining its base value and influencing its appeal to both investors seeking a hedge against inflation and collectors interested in its historical significance. The coin’s intrinsic value, driven by its silver composition, operates in conjunction with numismatic factors to establish its market price. Therefore, a comprehensive understanding of the silver content is essential for accurately assessing the value and potential of these historical coins.
4. Condition Grading
The condition grading of an 1887 Morgan silver dollar is a critical determinant of its value and desirability within the numismatic market. This assessment process, typically employing the Sheldon scale, assigns a numerical grade reflecting the coin’s physical state, ranging from Poor (PO-1) to Perfect Uncirculated (MS-70). The assigned grade directly impacts the coin’s market price, often exponentially as the grade improves. A circulated 1887 Morgan dollar might possess minimal value above its silver content, while a high-grade uncirculated example can command a significant premium due to its scarcity and aesthetic appeal. For instance, an 1887 Morgan dollar graded MS-65 might be worth hundreds of dollars, whereas one graded AU-50 (Almost Uncirculated) might only fetch a fraction of that amount. This disparity highlights the profound influence of condition grading on the coin’s economic value.
Professional grading services, such as the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC), play a pivotal role in establishing the condition grade and, consequently, the market value. These services employ expert graders who meticulously examine coins for wear, surface imperfections, luster, and strike quality. Upon evaluation, the coin is encapsulated in a tamper-evident holder along with a certification number and grade. This process provides buyers with a degree of confidence and standardization, facilitating transactions and reducing disputes. An 1887 Morgan dollar certified as MS-64 by PCGS, for example, carries a specific market expectation due to the perceived objectivity and reputation of the grading service. The subjective nature of grading still exists, leading to minor variations between services, but the overall impact is to create a more transparent and efficient market.
Understanding condition grading is essential for both collectors and investors in the 1887 Morgan silver dollar. Accurately assessing a coin’s condition requires knowledge of grading standards, common wear patterns, and the subtle nuances that distinguish one grade from another. Novice collectors often rely on third-party grading services to avoid overpaying for improperly graded coins or unknowingly purchasing cleaned or altered pieces. While professional grading introduces costs, the benefits of authentication, standardization, and increased marketability typically outweigh these expenses, particularly for higher-value examples. The relationship between condition grading and market value underscores the importance of due diligence and informed decision-making in the acquisition and disposition of 1887 Morgan silver dollars.
5. Numismatic Value
The numismatic value of an 1887 Morgan silver dollar extends far beyond its intrinsic silver content, encompassing a complex interplay of factors that contribute to its desirability and price among collectors. Understanding these elements is crucial for anyone seeking to acquire, sell, or appreciate these historic coins.
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Rarity and Mintage
The scarcity of a particular 1887 Morgan dollar significantly influences its numismatic value. Coins from mints with lower production figures, such as the New Orleans Mint (“O” mint mark), are generally more valuable than those from the Philadelphia Mint (no mint mark). Furthermore, specific die varieties or errors, even within a higher mintage, can dramatically increase a coin’s rarity and, therefore, its value. For example, a doubled die obverse or reverse can transform a relatively common coin into a highly sought-after piece.
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Condition and Grade
The physical condition of an 1887 Morgan silver dollar is a primary determinant of its numismatic value. Coins graded in higher states of preservation, such as Mint State (MS) 65 or higher, command substantial premiums over circulated examples. The Sheldon grading scale is used to assess the coin’s wear, surface marks, luster, and overall eye appeal. Professional grading services like PCGS and NGC provide standardized assessments, adding credibility and influencing market prices. Even subtle differences in grade can result in significant price variations.
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Historical Significance and Collector Demand
The 1887 Morgan silver dollar represents a specific period in American history, coinciding with the economic changes and the silver mining boom of the late 19th century. This historical context contributes to its allure among collectors interested in American heritage and the silver standard era. Collector demand, driven by trends, set registries, and personal preferences, directly impacts the market value. Increased interest in specific mint marks or grades can drive up prices, while waning popularity can lead to price stagnation or decline.
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Market Dynamics and Investment Potential
The numismatic value of an 1887 Morgan silver dollar is subject to market fluctuations influenced by economic conditions, investment trends, and dealer activity. Supply and demand, auction results, and media coverage can all play a role in determining its market value. While some collectors focus solely on the historical and aesthetic aspects, others view these coins as potential investments. The long-term appreciation potential of an 1887 Morgan dollar depends on various factors, including its rarity, condition, and the overall health of the numismatic market.
In conclusion, the numismatic value of an 1887 Morgan silver dollar is a complex equation involving rarity, condition, historical context, and market forces. Understanding these elements is essential for anyone engaging with these coins, whether as a casual collector or a serious investor. By carefully assessing these factors, individuals can make informed decisions regarding the acquisition, preservation, and appreciation of these tangible pieces of American history.
6. Historical Context
The 1887 Morgan silver dollar exists as more than a mere artifact; it is a tangible representation of specific economic and political forces that shaped the United States during the late 19th century. Examining the historical context surrounding its production provides a deeper understanding of its significance.
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The Bland-Allison Act
The Bland-Allison Act of 1878 mandated the U.S. Treasury to purchase a specific amount of silver each month and coin it into silver dollars. This legislation, driven by silver mining interests and proponents of bimetallism, directly led to the creation of the Morgan dollar. The 1887 mintage, therefore, reflects the ongoing implementation of this policy and the pressures exerted by silver producers.
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The Silver Standard Debate
The late 19th century was marked by intense debate over the role of silver in the nation’s monetary system. Advocates of the silver standard believed it would stimulate the economy, while proponents of the gold standard feared inflation and economic instability. The 1887 Morgan dollar became a symbol of this debate, representing the silver faction’s influence on government policy and their struggle against the perceived dominance of gold.
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Economic Conditions of 1887
The year 1887 fell within a period of relative economic stability following the Panic of 1873 and preceding the Panic of 1893. While agriculture faced challenges, industrial growth was accelerating. The 1887 Morgan dollar circulated within this economic landscape, serving as a medium of exchange in a nation undergoing significant transformation.
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Mint Locations and Regional Economies
The mint marks on the 1887 Morgan dollar provide insights into the regional economies and the distribution of silver coinage. The Philadelphia Mint produced the largest quantity, serving as the primary mint. The New Orleans Mint, marked with an “O,” played a crucial role in supplying currency to the Southern states, reflecting the economic importance of the region and the reliance on silver in its commercial activities.
By understanding these facets of its historical context, the 1887 Morgan silver dollar transforms from a simple coin into a historical artifact embodying the economic policies, political debates, and regional dynamics of its era. Its value, therefore, extends beyond its silver content and condition, encompassing its role as a tangible link to the past.
Frequently Asked Questions
This section addresses common inquiries and misconceptions surrounding the 1887 Morgan Silver Dollar, providing concise and authoritative answers.
Question 1: What is the silver content of an 1887 Morgan silver dollar?
An 1887 Morgan silver dollar contains approximately 0.7734 troy ounces of silver. The coin is composed of 90% silver and 10% copper, resulting in a gross weight of 26.73 grams.
Question 2: How can the mint of origin be identified on an 1887 Morgan silver dollar?
The mint of origin is indicated by a mint mark located on the reverse of the coin, below the wreath. An absence of a mint mark signifies production at the Philadelphia Mint. The New Orleans Mint used an “O” mint mark.
Question 3: What factors influence the value of an 1887 Morgan silver dollar?
The value is influenced by several factors, including silver content, condition (graded using the Sheldon scale), rarity (determined by mintage figures and mint mark), and collector demand. Specific die varieties or errors can also significantly impact value.
Question 4: Are all 1887 Morgan silver dollars considered rare?
No, not all 1887 Morgan silver dollars are rare. The Philadelphia Mint produced a substantial quantity, making those coins relatively common. Examples from the New Orleans Mint are generally scarcer and command higher prices.
Question 5: How should an 1887 Morgan silver dollar be stored to preserve its condition?
Proper storage is essential to prevent damage and maintain value. The coin should be stored in an inert, archival-quality holder or capsule to protect it from scratches, environmental contaminants, and excessive handling.
Question 6: What are the key indicators of a counterfeit 1887 Morgan silver dollar?
Key indicators include discrepancies in weight, dimensions, and metal composition, as well as inconsistencies in the design details, mint mark style, and overall strike quality. Professional authentication is recommended for uncertain cases.
Understanding these fundamental aspects aids in evaluating and appreciating the 1887 Morgan silver dollar. Its intrinsic value, historical significance, and numismatic appeal make it a subject of continuous interest.
The following section will delve into practical tips for collecting and investing in Morgan silver dollars, providing guidance on how to navigate the complexities of the numismatic market.
Collecting and Investing
Acquiring 1887 Morgan silver dollars requires a strategic approach, blending numismatic knowledge with sound investment principles. Careful consideration of condition, mint marks, and market trends is essential.
Tip 1: Prioritize Certified Examples. Authentication and grading by reputable services like PCGS or NGC mitigate the risk of counterfeit coins and provide a standardized assessment of condition, impacting market value predictably.
Tip 2: Focus on Mint State Coins. Uncirculated examples, particularly those graded MS-63 or higher, typically offer superior long-term appreciation potential compared to circulated coins. The higher the grade, the greater the relative value and scarcity.
Tip 3: Investigate Mint Mark Varieties. The 1887-O Morgan dollar from the New Orleans Mint commands a premium due to its lower mintage. Familiarity with subtle die variations within each mint mark can further enhance the potential for acquiring a scarce and valuable piece.
Tip 4: Monitor Market Trends. Track auction results, dealer prices, and numismatic news to identify undervalued or emerging opportunities within the Morgan silver dollar market. Staying informed allows for strategic acquisitions.
Tip 5: Diversify Holdings. Avoid concentrating capital solely on one date or mint mark. Diversification across different years, mints, and grades reduces risk and potentially increases overall portfolio returns.
Tip 6: Acquire Knowledge. Invest time in studying numismatic resources, consulting with experienced collectors, and attending coin shows. A thorough understanding of the market empowers informed decision-making.
Tip 7: Preserve Acquired Coins. Employ proper storage methods, such as archival-quality holders, to protect coins from environmental damage and handling, preserving their condition and future value.
Implementing these strategies aids in navigating the 1887 Morgan silver dollar market, maximizing potential returns while mitigating inherent risks. The combination of informed acquisition and diligent preservation fosters long-term appreciation.
The following concluding remarks will summarize the key aspects of the 1887 Morgan silver dollar, reinforcing its significance within numismatics and American history.
Conclusion
The preceding discussion has explored various facets of the 1887 Morgan silver dollar, emphasizing its intrinsic value derived from its silver content, its numismatic significance stemming from rarity and condition, and its historical relevance as a symbol of economic and political forces during the late 19th century. Factors such as mintage figures, mint marks, and grading standards contribute to the coin’s overall worth and appeal within the collector community.
The enduring allure of the 1887 Morgan silver dollar lies in its ability to connect individuals to a tangible piece of American history. Further research and informed decision-making remain crucial for those seeking to engage with these coins, whether as collectors, investors, or simply individuals interested in understanding the past through numismatics. Its legacy as a symbol of an era warrants continued study and appreciation.
