This particular coin is a United States dollar minted in 1887 at the San Francisco Mint. It contains approximately 0.7734 troy ounces of silver and is categorized as a Morgan dollar, a series produced from 1878 to 1904, and again in 1921. Examples from the San Francisco Mint are identified by an “S” mint mark located on the reverse, below the wreath.
The significance of this piece lies in its silver content, historical context as a tangible representation of late 19th-century American commerce, and collectibility. Its value is influenced by factors such as condition, rarity (related to mintage figures and survival rates), and prevailing silver prices. The San Francisco Mint’s output often holds a special appeal to collectors due to historical production variations and specific characteristics.
Further exploration of this coin involves analyzing its grading (assessing its condition), understanding its mintage figures in relation to other Morgan dollars, and comparing its market value relative to other examples from the same year and mint.
1. Mint Mark Location
The “S” mint mark on an 1887 Morgan Silver Dollar signifies its production at the San Francisco Mint. Its location, positioned on the reverse of the coin below the wreath, is a critical identifier for distinguishing it from Morgan dollars struck at other mints (Philadelphia, New Orleans, Carson City, and Denver – though Denver didn’t produce them until 1921). The presence and proper placement of this mint mark are essential for authenticating the coin and determining its specific origin, which directly influences its value and desirability among collectors.
The San Francisco Mint’s output often differed in characteristics from other mints due to variations in die preparation or striking processes. These subtle differences, combined with the mintage figures for the San Francisco Mint in 1887, contribute to the coin’s rarity and value. For example, if an 1887 Morgan Dollar lacks the “S” mint mark, it indicates that it was minted in Philadelphia (which did not use a mint mark at this time), and its value and collectability would differ significantly from a genuine 1887-S specimen.
In summary, the “S” mint mark’s location is not merely a superficial detail; it serves as a primary authenticator, establishing the coin’s provenance and unlocking critical information about its mintage figures and potential value. The consistent placement of this mark allowed contemporary commerce to distinguish San Francisco dollars and enables modern numismatists to properly identify and assess these historical artifacts. Failure to verify the mint mark location can result in misidentification and inaccurate valuation of an 1887 Morgan Silver Dollar.
2. Silver Content
The 1887-S Morgan Silver Dollar’s intrinsic value is directly tied to its silver content. Each coin contains approximately 0.7734 troy ounces of silver. The fluctuating market price of silver exerts a significant influence on the baseline value of the coin, irrespective of its numismatic value. For instance, a rise in silver spot price directly increases the inherent worth of the metal within the coin. This silver content serves as a foundational element in establishing its worth, especially in scenarios where the coin’s condition degrades to a point where its collectibility is minimal.
Beyond the immediate financial implication, the silver content also provides a tangible connection to the historical context of the 1887-S Morgan Silver Dollar. It was part of the economic landscape of the late 19th century, when silver coinage was integral to monetary transactions. The Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890, which mandated the purchase of silver for coinage, directly impacted the production of these coins. Thus, the silver content embodies a period when U.S. monetary policy was heavily influenced by the availability and politics surrounding silver.
In conclusion, silver content forms a fundamental pillar of the 1887-S Morgan Silver Dollar’s overall value and significance. It establishes a minimum worth based on the precious metal within, links the coin to broader historical events and governmental policies related to silver coinage, and contributes to its overall appeal as both a numismatic item and a tangible asset. Understanding this connection is crucial for anyone seeking to appreciate, collect, or invest in these coins, as the silver price provides a base from which other value factors are determined.
3. San Francisco Mintage
The San Francisco mintage figures for the 1887-S Morgan Silver Dollar are paramount in determining its relative scarcity and, consequently, its value within the numismatic market. The number of coins struck at the San Francisco Mint in that year directly influences its desirability among collectors. Lower mintage figures generally correlate with increased value, assuming other factors, such as condition, are equal.
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Official Mintage Numbers
The official records indicate the precise number of 1887-S Morgan Silver Dollars produced at the San Francisco Mint. This figure serves as the baseline for understanding the coin’s potential rarity. Numismatic databases and grading services utilize this information to assess the surviving population of these coins in various conditions. For example, if the 1887-S had a significantly lower mintage than other years or mints, its value would typically be higher, especially in higher grades.
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Survival Rates
While the original mintage is important, the actual number of coins that have survived to the present day significantly impacts its value. Factors such as melting (particularly during periods of high silver prices), loss, and wear due to circulation contribute to reducing the number of available specimens. Estimates of survival rates are based on market observations, grading statistics, and historical records. An 1887-S with a lower estimated survival rate commands a premium over a coin with a higher survival rate, even if the initial mintage was relatively high.
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Impact on Value Grades
The mintage and survival rates directly influence the value of the 1887-S Morgan Silver Dollar across different grading scales. A higher-grade coin (e.g., Mint State 65) from a lower-mintage year or mint will be significantly more valuable than a lower-grade coin (e.g., Extremely Fine 40) from the same year and mint. The scarcity of high-grade examples amplifies the effect of the mintage figures, as fewer specimens have survived in pristine condition. This dynamic dictates price points and collector demand.
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Comparison to Other Mints
Comparing the San Francisco mintage to that of other mints (Philadelphia, New Orleans, Carson City) for the 1887 Morgan Silver Dollar highlights the relative rarity of the “S” mint mark example. If the San Francisco Mint produced significantly fewer coins than the other mints in that year, it would be considered relatively scarcer, thus potentially increasing its value compared to the others. These comparisons are crucial for collectors seeking to assemble complete sets of Morgan Silver Dollars or specializing in particular mint marks.
In conclusion, the San Francisco mintage figures provide a critical context for understanding the value and collectibility of the 1887-S Morgan Silver Dollar. By considering the initial mintage, estimated survival rates, impact on different grade levels, and comparisons to other mints, collectors and investors can more accurately assess its rarity and potential long-term value. These figures, combined with condition and other factors, determine its market position and appeal within the numismatic landscape.
4. Coin Grading
Coin grading is a critical process in determining the value of an 1887-S Morgan Silver Dollar. This assessment, performed by independent grading services, provides a standardized evaluation of the coin’s condition, impacting its collectibility and market price. Accurate grading is essential for both buyers and sellers to ensure a fair transaction.
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Grading Scales and Standards
Professional grading services employ established scales, such as the Sheldon scale, ranging from 1 (Poor) to 70 (Perfect Mint State). Each numerical grade corresponds to a specific level of preservation, surface quality, and eye appeal. For an 1887-S Morgan Silver Dollar, a grade of MS-65 indicates a mint state coin with minor imperfections, while a grade of VF-20 suggests moderate wear and surface details. These distinctions significantly affect the coin’s value.
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Impact of Surface Preservation
Surface preservation directly influences a coin’s grade. Factors such as scratches, cleaning marks, and environmental damage (toning) are carefully evaluated. An 1887-S Morgan Silver Dollar with original, undisturbed surfaces is generally more desirable than one that has been cleaned or damaged. The presence of original luster is highly valued and contributes to a higher grade. Conversely, signs of alteration or mishandling can substantially lower the grade and value.
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Strike Quality and Detail
The quality of the strike, or the sharpness of the coin’s details, is a crucial grading factor. A well-struck 1887-S Morgan Silver Dollar will exhibit crisp features, including the hair details on Liberty’s head and the eagle’s feathers on the reverse. Weak strikes, resulting in indistinct details, can diminish the grade. Examination of key features such as the eagle’s breast feathers and the depth of the lettering is essential for assessing strike quality.
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Third-Party Authentication and Encapsulation
Third-party grading services, such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), provide expert authentication and grading services. Encapsulation in tamper-evident holders protects the coin from environmental damage and handling. A certified 1887-S Morgan Silver Dollar offers added assurance of authenticity and grade accuracy, which can significantly increase its marketability and value. The certification process helps standardize valuations and reduces subjectivity in the market.
In summary, coin grading plays a pivotal role in determining the value of an 1887-S Morgan Silver Dollar. The assigned grade reflects the coin’s condition, surface preservation, strike quality, and authenticity. Certification by reputable grading services enhances confidence among buyers and sellers, ensuring a more transparent and efficient market for these historical coins.
5. Rarity Factors
The value of an 1887-S Morgan Silver Dollar is significantly influenced by several rarity factors, stemming primarily from its mintage figures, survival rates, and the presence of notable die varieties or errors. The San Francisco Mint’s output in 1887, while not the lowest among Morgan dollars, directly affects its scarcity in relation to other years and mints. A lower original mintage naturally leads to fewer available coins, increasing their potential worth, especially in higher grades. This primary factor sets the stage for further considerations.
Beyond the initial mintage, survival rates play a critical role. Over time, many 1887-S Morgan Silver Dollars have been lost, melted down for their silver content, or degraded due to circulation and environmental conditions. Consequently, the number of specimens available to collectors, particularly in uncirculated or high-grade condition, is far less than the original mintage. Furthermore, the existence of recognized die varieties or mint errors adds another layer of complexity. An 1887-S Morgan exhibiting a doubled die or other recognized error becomes significantly more desirable and commands a premium, as these are inherently rarer than standard specimens. Examples include repunched mint marks or minor die clashes, each adding to its unique character and value. The interplay between mintage, survival, and the presence of specific varieties ultimately determines the 1887-S Morgan’s position within the numismatic market.
In conclusion, the rarity factors associated with the 1887-S Morgan Silver Dollar are multifaceted and interconnected. Understanding these elements is crucial for accurately assessing the coin’s value and appreciating its historical significance. Although challenges remain in precisely quantifying survival rates and identifying all existing die varieties, ongoing research and market analysis continue to refine our understanding of this iconic coin and its place within the broader context of numismatics. The interplay of these factors establishes value and desirability amongst both collectors and investors.
6. Collectibility
The “1887 s morgan silver dollar” derives a significant portion of its value from its collectibility, a factor influenced by several interconnected aspects. The inherent silver content provides a base value, but the coin’s desirability among collectors elevates its market price substantially. This collectibility is not arbitrary; it is built upon historical significance, relative scarcity, aesthetic appeal, and the availability of graded and authenticated examples.
Several factors drive this collectibility. The Morgan silver dollar series, as a whole, represents a tangible piece of late 19th-century American history, a period marked by westward expansion and significant economic change. Coins struck at the San Francisco Mint, denoted by the “S” mint mark, possess a particular allure due to the mint’s historical role and output. Higher-grade examples, certified by reputable grading services like PCGS or NGC, are particularly sought after. For instance, an 1887-S Morgan graded MS-65 (Mint State 65) commands a far higher price than a circulated example due to its superior condition and documented authenticity. The pursuit of specific mint marks, such as “S,” as well as varieties and error coins (e.g., doubled dies), further fuels collectibility, creating niche markets within the broader Morgan dollar collecting community.
In conclusion, the “1887 s morgan silver dollar’s” collectibility stems from a confluence of historical significance, mint-specific allure, condition-based grading, and the pursuit of rare varieties. This collectibility directly affects market value, driving prices well beyond the coin’s intrinsic silver content. Understanding these factors is critical for both novice and experienced collectors, enabling them to make informed decisions and appreciate the multifaceted value of this iconic American coin. Challenges remain in quantifying the precise impact of each element on collectibility, but ongoing research and market analysis continue to refine our understanding.
7. Investment Potential
The investment potential of an 1887-S Morgan Silver Dollar is a complex consideration, influenced by several factors including silver prices, numismatic value, grading, and overall market trends. The coin’s intrinsic silver content provides a baseline value, directly correlated with prevailing silver market prices. However, its numismatic value, determined by its condition (as assessed through grading), rarity, and collector demand, frequently surpasses the silver value significantly. This potential for appreciation beyond the silver value constitutes the primary investment driver.
Historical data demonstrates the volatility and potential for growth in the market for graded Morgan Silver Dollars. For example, an 1887-S Morgan Silver Dollar graded MS-65 by PCGS or NGC may have sold for $500 a decade ago. Today, depending on market conditions and specific auction results, the same coin might fetch a substantially higher price, illustrating the potential return on investment. Conversely, economic downturns or shifts in collector preferences can impact prices negatively. Therefore, informed investment requires a thorough understanding of market dynamics, grading standards, and the specific attributes that contribute to a coin’s desirability. Investors often diversify their holdings to mitigate risks associated with market fluctuations.
In summary, the investment potential of an 1887-S Morgan Silver Dollar resides in its dual nature as both a precious metal asset and a collectible numismatic item. While silver prices provide a floor, the coin’s value is significantly enhanced by its grade, rarity, and collector demand. Prudent investment necessitates careful research, an understanding of market trends, and a long-term perspective. Challenges include market volatility and the potential for grading subjectivity. Nevertheless, the 1887-S Morgan Silver Dollar continues to attract investor interest due to its historical significance, tangible nature, and potential for value appreciation.
Frequently Asked Questions
The following addresses common inquiries and clarifies misunderstandings surrounding the 1887-S Morgan Silver Dollar, providing factual information relevant to collectors, investors, and numismatists.
Question 1: Is every 1887 Morgan Silver Dollar with a mint mark considered valuable?
Not necessarily. The presence of a mint mark indicates the coin’s origin, but the 1887-S Morgan’s value is also significantly influenced by its condition, grade, and market demand. Circulated examples possess less value than those in mint state.
Question 2: What does the “S” mint mark signify on the 1887 Morgan Silver Dollar?
The “S” denotes that the coin was struck at the San Francisco Mint. This is a key identifier that distinguishes it from Morgan dollars produced at other mints like Philadelphia (which used no mint mark that year), New Orleans (“O”), and Carson City (“CC”).
Question 3: How does the silver content affect the 1887-S Morgan’s overall value?
The intrinsic silver content provides a base value, directly tied to the fluctuating silver market. However, the coin’s numismatic value, determined by its collectibility and grade, often exceeds its melt value by a considerable margin.
Question 4: What is the significance of third-party grading for an 1887-S Morgan Silver Dollar?
Third-party grading by reputable services like PCGS or NGC offers an objective assessment of the coin’s condition, authenticity, and potential value. Certified coins typically command higher prices due to the guarantee of their grade and protection within the encapsulation.
Question 5: Are there any known die varieties or errors for the 1887-S Morgan Silver Dollar?
Yes, specific die varieties and errors exist, though they are not as widely known as in some other Morgan dollar years. These variations can include repunched mint marks or minor die clashes. The presence of such a variety significantly increases the coin’s rarity and value.
Question 6: Does cleaning an 1887-S Morgan Silver Dollar increase its value?
Generally, no. Cleaning a coin often damages its surface and detracts from its originality, reducing its numismatic value. Uncleaned coins with original toning are typically preferred by collectors.
The 1887-S Morgan Silver Dollar’s value stems from the complex interplay of its silver content, condition, mint mark, and collector demand. Careful consideration of these factors is critical for accurate valuation and informed decision-making.
Further investigation into the specific attributes and historical context of this coin can provide a deeper appreciation for its significance within the broader scope of numismatics.
Tips for Evaluating an 1887-S Morgan Silver Dollar
The evaluation of an 1887-S Morgan Silver Dollar requires careful consideration of several factors. These tips provide a framework for accurate assessment.
Tip 1: Verify the Mint Mark. Ensure the presence and correct placement of the “S” mint mark on the reverse of the coin, below the wreath. Authentic 1887-S Morgans were struck at the San Francisco Mint, and this mark serves as a primary identifier.
Tip 2: Assess the Coin’s Grade. Familiarize yourself with coin grading scales (e.g., Sheldon scale) and grading terminology (e.g., MS-65, VF-20). The grade significantly influences the coin’s value. Consult reputable grading guides or professional grading services for accurate assessments.
Tip 3: Inspect for Surface Alterations. Examine the coin’s surface for signs of cleaning, scratches, or other damage. Alterations diminish the coin’s numismatic value. Original, undisturbed surfaces are generally more desirable.
Tip 4: Evaluate Strike Quality. A well-struck 1887-S Morgan exhibits crisp details, particularly in Liberty’s hair and the eagle’s feathers. Weak strikes can detract from the coin’s overall value.
Tip 5: Research Mintage Figures and Survival Rates. Understand the relationship between mintage figures, estimated survival rates, and the coin’s relative scarcity. Lower mintage figures or lower survival rates typically correlate with increased value, assuming condition is comparable.
Tip 6: Be Aware of Potential Counterfeits. Familiarize yourself with common counterfeit detection methods, such as weight and diameter measurements, and compare the coin to known authentic examples. Acquire coins from trusted sources or consider professional authentication.
Tip 7: Monitor Silver Prices. Keep abreast of prevailing silver prices, as the coin’s intrinsic silver content provides a baseline value. While numismatic value often exceeds the silver value, fluctuations in the silver market can influence overall pricing.
These tips offer guidance for evaluating an 1887-S Morgan Silver Dollar effectively. Accurate assessment enhances informed decision-making.
The proper employment of these tips is imperative for collectors and investors to thoroughly evaluate an 1887-S Morgan Silver Dollar and make well informed decisions.
1887 S Morgan Silver Dollar
The preceding analysis elucidates the multi-faceted nature of the 1887 S Morgan Silver Dollar. Its value is not solely determined by its intrinsic silver content but is significantly augmented by factors such as mint mark provenance, condition as assessed through professional grading, mintage figures, and the presence of notable die varieties. Furthermore, its collectibility, driven by historical significance and aesthetic appeal, exerts a considerable influence on its market price. While silver prices provide a baseline, the coin’s numismatic worth often surpasses its melt value considerably. Prudent investment in this coin demands meticulous research and a comprehensive understanding of market dynamics.
Continued study and evaluation of the 1887 S Morgan Silver Dollar are essential for both collectors and investors. As market conditions evolve and knowledge of die varieties expands, the coin’s significance and value will continue to fluctuate. The long-term appeal of this tangible piece of American history lies in its ability to connect individuals to a bygone era, serving as both a store of value and a testament to enduring numismatic interest. Further exploration and critical analysis remains essential to fully realize the historical and financial opportunities in this fascinating field.
