A United States coin struck in 1887 composed of 90% silver and 10% copper. Minted under the Bland-Allison Act, this particular issue represents one year within a series of coins designed by George T. Morgan. As a physical representation of U.S. currency from that era, it provides insight into the economic and artistic trends of the late 19th century.
The significance of this coin lies not only in its intrinsic silver value but also in its numismatic importance. Its historical context reflects the political debates surrounding silver coinage at the time. Furthermore, its condition, mint mark (or lack thereof), and rarity determine its desirability among collectors, influencing its market value considerably. Understanding its history provides context to its collectibility.
This background provides context for examining mint locations, rarity factors related to specific mint marks or varieties, grading standards applied to these coins, and the evolving market dynamics that influence their value over time.
1. San Francisco Mint
The San Francisco Mint holds a significant place in the narrative of the 1887-S Morgan Silver Dollar, as it was the sole facility responsible for producing this specific year and mint mark combination. Its operations and the characteristics of its output directly influence the coin’s value and desirability among collectors.
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Production Volume
The San Francisco Mint’s mintage figures for 1887-S Morgan Silver Dollars directly impacted their initial availability and subsequent rarity. The number of coins struck determined the survival rate and, consequently, the number of specimens available to collectors today. Higher mintage figures may suggest lower individual value, assuming comparable preservation rates.
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Mint Mark Placement and Quality
The “S” mint mark, signifying San Francisco origin, can exhibit variations in placement, size, and clarity. These subtle differences, stemming from die variations and striking processes, are scrutinized by numismatists. Specimens with distinct or unusual mint mark characteristics may command a premium due to their uniqueness.
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Silver Source and Composition
The silver used by the San Francisco Mint in 1887 originated primarily from the Comstock Lode and other Nevada silver mines. The consistency and quality of this silver supply impacted the final composition and luster of the coins produced. Fluctuations in silver market prices at the time also influenced the economic context of the coin’s creation.
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Die Varieties and Errors
The striking process at the San Francisco Mint occasionally resulted in die varieties or errors, such as doubled dies or repunched mintmarks. These anomalies, while unintentional, create distinct variations that appeal to specialized collectors. Their presence can dramatically increase the value of a particular 1887-S Morgan Silver Dollar.
These aspects, inextricably linked to the San Francisco Mint’s operations in 1887, highlight the critical role the mint played in shaping the characteristics and numismatic appeal of the 1887-S Morgan Silver Dollar. Considering these elements is vital for anyone seeking to understand the coin’s history and assess its true value.
2. Silver Content
The intrinsic value of an 1887-S Morgan Silver Dollar is directly linked to its silver content. Composed of 90% silver and 10% copper, each coin contains approximately 0.77344 troy ounces of pure silver. Fluctuations in the global silver market directly impact the “melt value” the value based solely on its metallic composition. For instance, during periods of high silver prices, the melt value can approach or even exceed the coin’s nominal face value of one dollar, influencing investor and collector behavior. The silver content, therefore, establishes a baseline for the coin’s worth, providing a measure of inherent value irrespective of its numismatic qualities.
Beyond its metallic composition, the coin’s silver content played a role in its original purpose and impact on the economy. The Bland-Allison Act of 1878 mandated the purchase of silver and its conversion into silver dollars, including the 1887-S issue. This legislation aimed to stimulate the silver mining industry and address monetary policy debates of the time. The practical significance lies in understanding that the 1887-S Morgan Silver Dollar served as a tangible representation of government efforts to manage the silver supply, impacting currency circulation and economic stability. Its existence is a direct result of policies tied to the metal it contains.
In summary, the silver content of the 1887-S Morgan Silver Dollar is fundamental to its value and historical context. It provides a tangible connection to the silver market, influencing its base worth. The coin’s origin stems directly from legislation tied to silver policy, underscoring its role in the economic history of the United States. While numismatic factors drive collectibility, the underlying silver content remains a critical factor for evaluation and understanding its worth.
3. Numismatic Value
The numismatic value of an 1887-S Morgan Silver Dollar significantly surpasses its intrinsic silver content, stemming from factors such as rarity, condition, historical significance, and collector demand. The coin’s historical context, reflecting the debates surrounding silver coinage during the late 19th century, contributes to its desirability. This leads to collectors seeking it out, driving up the price. Furthermore, specific attributes, such as exceptional strike quality or the presence of unique die varieties, elevate its perceived value beyond its metallic composition.
The Sheldon scale, a standardized grading system, plays a critical role in determining the numismatic value. Coins graded as “Mint State” (MS) indicating they retain their original luster and show minimal wear command substantial premiums, particularly for an issue like the 1887-S. For instance, an 1887-S Morgan Silver Dollar in MS-65 condition can fetch prices significantly exceeding those of circulated examples, highlighting the impact of condition on collector appeal. Realized auction prices from reputable numismatic firms demonstrate this disparity, providing concrete examples of the financial implications of grading.
In summary, the numismatic value of an 1887-S Morgan Silver Dollar is a complex function of various interrelated factors. While the silver content provides a base value, rarity, condition, and historical context contribute significantly to its worth in the collector market. Understanding these nuances is essential for accurately assessing the coin’s investment potential and appreciating its place within numismatic history, which impacts current and future trading value.
4. Condition Grading
Condition grading is a crucial determinant of value for any 1887-S Morgan Silver Dollar. The Sheldon Scale, ranging from Poor (PO-1) to Perfect Mint State (MS-70), provides a standardized method for assessing a coin’s physical state. Higher grades signify better preservation, implying fewer imperfections such as scratches, wear, or discoloration. These imperfections directly correlate with market value, influencing the price a collector is willing to pay. For instance, an 1887-S Morgan Silver Dollar in MS-65 condition can command several times the price of a similar coin in Very Fine (VF-20) condition. This difference reflects the scarcity of high-grade examples and the greater desirability among collectors for coins exhibiting minimal wear.
Professional grading services, such as the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS), play a vital role in the valuation process. These services authenticate and grade coins, providing a third-party assessment of condition and originality. A coin slabbed and graded by one of these services gains increased market confidence, as the grading is deemed objective and reliable. Furthermore, the holder protects the coin from environmental damage, preserving its condition. However, the cost of grading, coupled with the subjective nature of certain grading nuances, can present challenges. Variations in grading standards between services or even individual graders can introduce inconsistencies, requiring informed judgment when evaluating certified coins.
In summary, condition grading is inextricably linked to the value and desirability of the 1887-S Morgan Silver Dollar. The Sheldon Scale provides a framework for assessing a coin’s physical state, and professional grading services offer authentication and impartial evaluation. While grading enhances market confidence and preservation, potential inconsistencies require careful consideration. A comprehensive understanding of grading standards and the impact of condition on market value is essential for both collectors and investors in this series.
5. Rarity Factors
Rarity significantly influences the value of the 1887-S Morgan Silver Dollar. The San Francisco Mint produced a substantial quantity in 1887; however, survival rates to the present day vary considerably due to factors such as melting, circulation wear, and damage. This scarcity drives up market demand, particularly for examples in higher grades. Coins that escaped mass melting or retained pristine condition become significantly more valuable. Auction records consistently demonstrate that well-preserved 1887-S Morgans command premiums over more common dates or those in lower grades. Consequently, understanding rarity is fundamental to accurately assessing the coin’s potential worth.
Specific die varieties contribute to rarity as well. For instance, subtle differences in the placement of the mint mark or instances of doubled dies can distinguish a standard 1887-S Morgan from a significantly more desirable variety. These variations, often difficult to identify without specialized knowledge and magnification, can substantially increase a coin’s numismatic value. Collectors actively seek out these errors and variations, leading to competitive bidding and elevated prices. A practical application of this knowledge involves careful examination of specimens for these subtle indicators before purchase or sale.
In summary, rarity is a complex, multi-faceted aspect of the 1887-S Morgan Silver Dollar. While the original mintage figures provide a baseline, survival rates and die varieties introduce considerable variation in scarcity. The interplay of these factors directly determines the coin’s market value and underscores the importance of detailed examination and expert knowledge when assessing its worth. The challenge lies in accurately identifying subtle variations and assessing their impact on rarity, requiring specialized skills and access to numismatic resources.
6. Historical Context
The 1887-S Morgan Silver Dollar exists as a tangible product of specific historical circumstances, primarily the Bland-Allison Act of 1878. This act mandated the U.S. Treasury to purchase a set amount of silver each month and coin it into silver dollars. The political impetus behind the act stemmed from pressure from silver mining interests and proponents of bimetallism, who sought to increase the money supply and inflate the economy. The oversupply of silver, coupled with its demonetization in 1873, created economic instability within the silver mining industry. As such, the Act was an attempt to alleviate the financial pressures placed on it. This created an artificial demand for silver and directly led to the production of Morgan Silver Dollars, including the 1887-S issue. Without this legislative mandate, it is probable that these coins would not have been produced in such quantities.
The social and economic environment of the late 19th century shaped the coin’s significance beyond its monetary value. Farmers and debtors, struggling with deflation, often favored bimetallism, viewing silver coinage as a means to increase the money supply and ease debt burdens. Conversely, banking and creditor interests generally opposed silver coinage, fearing inflation and economic instability. The 1887-S Morgan Silver Dollar, therefore, represents a focal point in the debates over monetary policy that defined this era. The coin circulated within an economy grappling with these competing interests, serving as a symbol of the ongoing struggle between different economic philosophies. For example, rural communities may have favored transactions in silver dollars, while urban centers reliant on established banking systems viewed them with less enthusiasm.
In conclusion, understanding the historical context of the 1887-S Morgan Silver Dollar is essential for appreciating its significance. The Bland-Allison Act directly caused its production, while the broader socio-economic climate imbued it with symbolic value within debates over monetary policy. Ignoring this historical context reduces the coin to a mere object of metallic value, overlooking its role as a physical artifact of a turbulent and transformative period in American history. Preservation and study of these coins, therefore, provides insight into the legislative and economic forces that helped shape the nation.
Frequently Asked Questions
This section addresses common inquiries regarding the 1887-S Morgan Silver Dollar, providing concise and factual information.
Question 1: What factors primarily determine the value of an 1887-S Morgan Silver Dollar?
The value is influenced by a combination of factors including condition (graded on the Sheldon Scale), silver content, rarity (including die varieties), and overall market demand. Higher grades and rarer varieties command significant premiums.
Question 2: How does the San Francisco Mint contribute to the coin’s unique characteristics?
The San Francisco Mint was solely responsible for striking the 1887-S Morgan Silver Dollar. Variations in mint mark placement, striking quality, and the use of silver sourced from the Comstock Lode contribute to its unique attributes.
Question 3: What is the silver content of an 1887-S Morgan Silver Dollar?
The coin is composed of 90% silver and 10% copper, containing approximately 0.77344 troy ounces of pure silver. This silver content provides a base intrinsic value that fluctuates with market prices.
Question 4: How does the condition of the coin affect its value?
Condition, as assessed using the Sheldon Scale, has a profound impact. Coins graded as Mint State (MS) command substantially higher prices than circulated examples due to their superior preservation.
Question 5: What role did the Bland-Allison Act play in the creation of this coin?
The Bland-Allison Act of 1878 mandated the purchase of silver and its coinage into silver dollars. The 1887-S Morgan Silver Dollar is a direct result of this legislation, reflecting government policy concerning silver monetization.
Question 6: Are there specific die varieties that collectors seek in the 1887-S Morgan Silver Dollar?
Yes, collectors actively seek specific die varieties, such as doubled dies or repunched mint marks. These varieties, while often subtle, can dramatically increase a coin’s numismatic value.
The 1887-S Morgan Silver Dollar’s value and appeal stem from a complex interplay of factors, including its physical characteristics, historical context, and market forces. A thorough understanding of these elements is vital for both collectors and investors.
This understanding will now guide a more detailed exploration of collecting strategies and investment considerations regarding the 1887-S Morgan Silver Dollar.
Tips for Collecting 1887-S Morgan Silver Dollars
Acquiring an 1887-S Morgan Silver Dollar requires informed decisions based on a clear understanding of the market, grading standards, and potential pitfalls. The following tips aim to provide practical guidance for navigating this segment of the numismatic market.
Tip 1: Prioritize Authenticity Verification: Counterfeit 1887-S Morgan Silver Dollars exist. Always purchase from reputable dealers or authenticate the coin through a professional grading service (PCGS or NGC) before finalizing any transaction.
Tip 2: Master Grading Standards: Familiarize yourself with the Sheldon Scale and its nuances. Subtle differences in grade can significantly impact value. Understanding how wear, luster, and strike quality affect grading is essential.
Tip 3: Examine for Surface Imperfections: Pay close attention to the coin’s surface. Check for cleaning, which can diminish value, and the presence of hairlines or other damage that may not be immediately apparent. Use magnification to aid this process.
Tip 4: Research Auction Records: Consult reputable auction archives to establish a fair market value for comparable coins. Consider the grade, pedigree (if any), and overall eye appeal of the coins sold to gain a realistic assessment.
Tip 5: Understand Market Fluctuations: Monitor trends in the silver market and overall numismatic demand. Economic conditions can influence coin values, making it essential to stay informed about market dynamics.
Tip 6: Consider Long-Term Storage: Proper storage is crucial to prevent deterioration. Store the coin in a protective holder, away from moisture and extreme temperatures, to preserve its condition and value.
Tip 7: Specialize and Focus: Decide on a specific collecting goal, such as assembling a set of high-grade examples or focusing on die varieties. A focused approach can enhance collecting enjoyment and increase the potential for value appreciation.
Following these guidelines can mitigate risk and maximize the potential for successful acquisitions within the 1887-S Morgan Silver Dollar market. A combination of diligence, knowledge, and careful observation is paramount.
The preceding advice lays the groundwork for the concluding sections of this discussion, summarizing key insights and projecting future trends within the sphere of this specific coin.
Conclusion
The preceding analysis has illuminated the multifaceted nature of the 1887s morgan silver dollar. It possesses intrinsic value derived from its silver content, numismatic worth dictated by its condition and rarity, and historical significance stemming from the economic and political forces that shaped its creation. The San Francisco Mint’s role in its production further contributes to its unique characteristics, while accurate grading and authentication are critical for informed acquisitions. Careful consideration of these elements is paramount for both collectors and investors within this segment of the numismatic market.
Continued engagement with the numismatic community, coupled with diligent research and adherence to established grading standards, will enhance the potential for successful collecting and informed investment decisions regarding the 1887s morgan silver dollar. Its enduring appeal lies not only in its tangible value, but also in its enduring connection to a pivotal era in American history, thus, continuous scholarship is highly encouraged.
