The monetary worth of a United States coin minted in 1887 containing silver is primarily determined by several factors. These include its type (Morgan or Trade dollar), condition (ranging from circulated to uncirculated), rarity based on mint mark and any existing varieties, and the current price of silver as a commodity. For example, a common-date 1887 Morgan dollar in circulated condition will typically be valued above its silver melt value, whereas a rare variety in gem uncirculated condition can command significantly higher prices among collectors.
Understanding the factors impacting the coin’s worth is essential for both numismatists and individuals possessing such coinage. The historical context of its production, including minting location and mintage figures, contributes significantly to its desirability. Higher grade examples and scarce issues represent a tangible link to the past and a potential store of value, offering insights into the economic history of the late 19th century United States.
The following sections will delve deeper into the specific characteristics that influence estimations of these coins, including detailed grading standards, mint mark identification, notable varieties, and the dynamics of the silver market’s impact on pricing.
1. Mint Mark
The mint mark present on an 1887 silver dollar is a crucial determinant of its overall worth. This small letter, or absence thereof, indicates the specific United States Mint where the coin was struck. The presence of a mint mark, its location (usually on the reverse of the coin below the eagle), and the associated mint’s production figures directly correlate with the coin’s rarity. For instance, the Carson City Mint (“CC”) had significantly lower mintage numbers for certain years and types, including Morgan Dollars. As a result, an 1887-CC Morgan dollar typically fetches a substantially higher price than an 1887 dollar minted in Philadelphia (no mint mark) due to its relative scarcity.
The San Francisco Mint (“S”) and New Orleans Mint (“O”) also produced 1887 silver dollars. Understanding the mintage figures for each mint is essential for accurately assessing a coin’s potential worth. Even within the same mint mark, subtle variations in die characteristics or strike quality can further influence value. Catalogues and numismatic resources provide detailed information on mintage figures and known varieties associated with each mint. Discerning the mint mark, coupled with a knowledge of its respective mintage figures, allows collectors and dealers to categorize and price the 1887 silver dollars more precisely.
In summary, the mint mark on an 1887 silver dollar serves as a critical marker for determining its scarcity and, consequently, its value. Variations in mintage across different mints directly impact desirability and market price. The identification of the mint mark is therefore a fundamental step in the valuation process and requires careful observation and knowledge of numismatic history.
2. Condition Grading
The assessment of an 1887 silver dollar’s condition is paramount in determining its market worth. The assigned grade, reflecting the coin’s physical state and preservation, directly influences its desirability among collectors and investors. A higher grade typically translates to a significantly increased value.
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Impact of Wear and Tear
The degree of wear and tear on the coin’s surface is a primary factor in condition grading. Coins exhibiting minimal wear, retaining sharp details and original luster, receive higher grades such as “Uncirculated” (MS) or “About Uncirculated” (AU). Conversely, coins with heavy wear, flattened details, and significant surface damage are graded lower, affecting their value. For instance, an 1887 Morgan dollar in MS-65 condition can command a significantly higher price than the same coin in Good (G-4) condition.
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Surface Preservation and Luster
The preservation of the coin’s original surface and luster is another critical aspect. Uncirculated coins retain their original mint luster, a characteristic shine resulting from the minting process. Even slight impairment of this luster can impact the assigned grade. Surface marks, scratches, or toning (patina) are considered during grading, potentially lowering the assessed condition. An 1887 silver dollar with attractive toning might be more desirable than a harshly cleaned coin, even if both possess similar degrees of wear.
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Grading Scales and Standards
Standardized grading scales, such as the Sheldon scale (ranging from 1 to 70), provide a framework for consistent and objective condition assessment. Professional grading services, like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), employ these scales to assign certified grades to coins. These grades are widely recognized and trusted by collectors and dealers, providing a level of assurance regarding a coin’s condition and authenticity. A certified grade from a reputable service significantly influences the market value of an 1887 silver dollar.
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Subjectivity and Market Perception
While grading scales aim for objectivity, a degree of subjectivity can influence the final assessment. Eye appeal, strike quality, and other aesthetic factors can impact a grader’s judgment. Furthermore, market perception plays a role; certain grading nuances or visual characteristics may be more desirable to some collectors than others. An 1887 silver dollar with exceptional eye appeal for its grade may command a premium, even if its technical grade is similar to other examples.
In conclusion, the condition grading of an 1887 silver dollar is a nuanced process that significantly affects its value. Factors such as wear, surface preservation, luster, and adherence to grading standards all contribute to the final assessed grade. This grade, often certified by professional services, becomes a primary driver of the coin’s market price, reflecting its desirability and collectability.
3. Silver Content
The intrinsic silver content of an 1887 silver dollar serves as a foundational element in determining its minimum potential worth. This inherent value provides a baseline, influencing pricing dynamics within the numismatic market, particularly in periods of fluctuating silver prices.
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Composition and Weight
An 1887 Morgan silver dollar is composed of 90% silver and 10% copper, with a total weight of 26.73 grams. This translates to approximately 0.77344 troy ounces of pure silver. The consistent silver content across the majority of these dollars allows for a straightforward calculation of their melt value based on the prevailing spot price of silver.
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Melt Value Fluctuation
The inherent silver content directly links the coin’s worth to the commodities market. As the price of silver rises and falls, the theoretical melt value of the 1887 dollar correspondingly changes. This creates a dynamic floor for the coin’s value; even in heavily worn condition, the coin will retain worth equivalent to its silver content.
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Premium Over Melt Value
While the silver content establishes a minimum value, most 1887 silver dollars command a premium above their melt value. This premium reflects factors such as numismatic rarity, condition, historical significance, and collector demand. However, the silver content serves as a critical benchmark, influencing the extent to which these other factors drive the price.
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Impact of Silver Market Volatility
Significant fluctuations in the silver market can directly impact the trading activity and perceived value of 1887 silver dollars. During periods of heightened silver prices, there may be increased incentive to melt these coins for their silver content, potentially reducing the overall supply and affecting the values of remaining specimens, especially those in lower grades.
In conclusion, the silver content of an 1887 silver dollar forms a crucial component of its overall value assessment. While numismatic factors typically contribute a substantial premium, the underlying silver content provides a baseline worth directly tied to the fluctuating commodities market. This interplay between intrinsic metal value and collectible appeal shapes the pricing dynamics of these historical coins.
4. Rarity Factors
The rarity of an 1887 silver dollar is a fundamental determinant of its value within the numismatic market. This scarcity stems from various factors associated with its original mintage, survival rate, and historical context. The interplay of these elements directly influences the coin’s desirability and, consequently, its market price. For instance, an 1887-S Morgan dollar, with a lower mintage compared to the Philadelphia issue, generally commands a higher price, assuming similar condition grades. Certain die varieties, errors, or coins exhibiting unique characteristics further amplify rarity and significantly elevate their worth. The identification and assessment of these rarity factors are crucial for accurately valuing such coins.
One significant aspect of rarity lies in the varying mintage figures across different mints. Coins produced at the Carson City Mint (CC) are often highly sought after due to their historically lower production numbers and association with the Wild West era. The survival rate of coins from specific mints or with particular varieties also plays a critical role. Environmental factors, mishandling, or large-scale melting events can reduce the number of available examples, thereby increasing their scarcity. Similarly, the recognition of specific die varieties, such as doubled dies or repunched mintmarks, can significantly enhance a coin’s value, as these are often present in only a small percentage of the total mintage. Knowledge of these subtle variations requires careful examination and familiarity with numismatic references.
In conclusion, the assessment of an 1887 silver dollar necessitates a thorough evaluation of its rarity factors. These factors, including mintage figures, mint marks, survival rates, and the presence of notable varieties, exert a considerable influence on its market value. A comprehensive understanding of these elements is essential for collectors, investors, and numismatists seeking to accurately appraise and trade these historical coins.
5. Market Demand
Market demand functions as a primary driver influencing the financial worth of an 1887 silver dollar. The interplay between collector interest, prevailing economic conditions, and the availability of these coins significantly shapes their perceived value and trading prices.
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Collector Interest and Numismatic Trends
Collector interest and prevailing numismatic trends directly impact demand for 1887 silver dollars. Increased collector focus on specific mint marks, varieties, or grade ranges can elevate demand and subsequently increase prices. For example, heightened interest in Morgan dollars during specific periods has historically resulted in a surge in prices across various dates and mint marks. Conversely, shifts in collector preferences can lead to reduced demand and price stagnation or decline.
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Economic Conditions and Investment Sentiment
Economic conditions and broader investment sentiment influence demand dynamics. During periods of economic uncertainty, tangible assets, including rare coins, often experience increased demand as investors seek safe-haven investments. The perceived stability and historical significance of 1887 silver dollars can attract investors looking to diversify their portfolios, driving up prices. Conversely, during economic booms, speculative investments may draw capital away from numismatic assets, potentially dampening demand.
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Availability and Population Reports
The perceived availability of 1887 silver dollars, as reflected in population reports from grading services, impacts demand. Limited availability of high-grade examples can create competition among collectors, leading to increased prices. Population reports provide insights into the number of coins graded at each level, influencing perceptions of scarcity and driving demand accordingly. A sudden influx of previously unknown high-grade examples into the market could potentially temper demand and stabilize prices.
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Marketing and Promotional Activities
Marketing and promotional activities within the numismatic community can influence demand for specific coin types, including 1887 silver dollars. Auctions, educational campaigns, and dealer promotions can raise awareness and generate interest, potentially leading to increased demand and higher prices. Effective marketing strategies that highlight the historical significance, rarity, or artistic merit of these coins can stimulate collector interest and boost market activity.
The interplay of these factors collectively determines the degree of market demand for 1887 silver dollars, directly influencing their value. Shifts in collector sentiment, economic conditions, availability, and marketing initiatives all contribute to the dynamic pricing environment surrounding these historical coins. Understanding these forces is critical for accurate valuation and successful trading within the numismatic marketplace.
6. Historical Significance
The historical context surrounding the 1887 silver dollar plays a crucial role in shaping its value beyond the intrinsic worth of its silver content and numismatic grading. The coin serves as a tangible artifact, connecting collectors to a specific era and its prevailing economic and social conditions.
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The Gilded Age and Monetary Policy
The year 1887 falls squarely within the Gilded Age, a period of significant industrial expansion, economic inequality, and monetary debate in the United States. The silver dollar, particularly the Morgan dollar, was central to the debates surrounding bimetallism and the role of silver in the nation’s monetary system. This association with a pivotal era in economic history enhances its collector appeal and influences its value.
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Westward Expansion and Silver Mining
The production of silver dollars was closely linked to the westward expansion and the burgeoning silver mining industry in the western territories. Mines like the Comstock Lode in Nevada fueled the production of silver coinage, including the 1887 dollar. The coin, therefore, embodies the spirit of westward movement, resource extraction, and the complex relationship between the government, mining interests, and monetary policy.
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The Bland-Allison Act and Silver Purchase Controversy
The Bland-Allison Act of 1878 mandated the purchase of a specific amount of silver each month for coinage, primarily into silver dollars. This act, and the subsequent Sherman Silver Purchase Act of 1890, were intended to support the silver mining industry but ultimately proved controversial, contributing to economic instability. The 1887 silver dollar represents a product of this legislative framework and the ongoing debate over the role of silver in the national economy.
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Symbolism and Design
The design of the Morgan silver dollar, featuring Liberty on the obverse and an eagle on the reverse, carries significant symbolic weight. These images represent American ideals of freedom, strength, and national identity. The coin’s design, coupled with its historical context, transforms it from a simple monetary unit into a representation of the nation’s values and aspirations during a transformative period in its history.
These historical connectionsto economic policy, westward expansion, mining industries, and national symbolismcontribute significantly to the overall desirability and value of the 1887 silver dollar. The coin serves not only as a numismatic collectible but also as a tangible link to a pivotal era in American history, enhancing its appeal to collectors and investors alike.
7. Variety Type
Variety type exerts a significant influence on the worth of an 1887 silver dollar. These variations, stemming from minor alterations or errors during the minting process, distinguish certain coins from the standard production and consequently affect their rarity and collector desirability. The presence of a recognized variety can substantially increase the value of an 1887 silver dollar compared to a common, non-variety example in similar condition. For instance, a notable repunched mintmark (RPM) or doubled die obverse (DDO) on an 1887-O Morgan dollar would command a premium due to its relative scarcity and the demand from specialist collectors focused on die varieties. The extent of the premium is contingent upon the prominence and recognizability of the variety, as well as its documented rarity within the numismatic community.
The identification of variety types requires meticulous examination and a thorough understanding of die characteristics. Numismatic resources, such as variety attribution guides and online databases, provide essential information for distinguishing between common and variety examples. Collectors often utilize magnifying glasses or microscopes to scrutinize the coin’s surface for subtle differences in the design elements, mintmarks, or lettering. The expertise required to accurately identify and attribute varieties contributes to their collectability and associated value. Furthermore, third-party grading services, such as PCGS and NGC, recognize and encapsulate certain varieties, which further enhances their marketability and assures potential buyers of their authenticity. An 1887 silver dollar graded and attributed as a specific variety by a reputable service is more likely to realize a higher price at auction or in private sales.
In summary, variety type is a critical factor impacting the worth of an 1887 silver dollar. The identification and authentication of these variations, often subtle and requiring expert knowledge, can significantly elevate a coin’s value due to their rarity and collector demand. Recognizing the importance of variety type within the valuation process necessitates careful examination, reliance on established numismatic resources, and, in many cases, third-party authentication from reputable grading services. While challenges exist in accurate identification, the potential for increased value makes understanding variety types a crucial aspect of numismatic assessment for 1887 silver dollars.
8. Numismatic Grade
The assigned numismatic grade of an 1887 silver dollar exerts a direct and substantial influence on its market value. This grade, reflecting the coin’s physical condition and assessed level of preservation, serves as a primary determinant of its desirability among collectors. Higher grades, indicating minimal wear and exceptional surface preservation, correlate with significantly elevated values. For example, an 1887 Morgan dollar graded Mint State 65 (MS-65) by a reputable grading service can command a price several orders of magnitude greater than a circulated example graded Good 4 (G-4). This disparity underscores the paramount importance of numismatic grade in establishing the financial worth of these coins.
The effect of numismatic grade stems from a combination of factors. Higher grade coins are inherently scarcer, representing a smaller percentage of the original mintage that has survived in pristine condition. These coins also exhibit greater eye appeal, showcasing sharper details, original mint luster, and minimal surface imperfections. Third-party grading services, such as PCGS and NGC, provide standardized and trusted assessments of numismatic grade, offering buyers and sellers a reliable framework for valuation. A certified grade from a reputable service lends credibility to the coin’s condition and significantly influences its market price. These grading assessments considers factors such as strike quality, surface preservation, luster, and the absence of distracting marks.
Understanding the connection between numismatic grade and value is of critical practical significance. For collectors, accurate grade assessment is essential for making informed purchasing decisions and avoiding overpayment. For sellers, proper grading can maximize returns by accurately representing the coin’s condition and inherent worth. However, the subjective nature of grading introduces a degree of complexity, and reliance on reputable third-party grading services is generally recommended to mitigate potential biases. Ultimately, a well-graded 1887 silver dollar represents a valuable asset, linking historical significance with tangible condition and established market value.
Frequently Asked Questions
The following questions address common inquiries concerning the valuation of 1887 silver dollars. The responses aim to provide clarity and factual information regarding the factors influencing their market worth.
Question 1: What primarily determines the worth of an 1887 silver dollar?
The value is contingent upon its mint mark, condition (graded from Poor to Mint State), silver content, and overall market demand. Rarer mint marks and higher grades command significantly elevated prices.
Question 2: How does the price of silver affect the value?
The intrinsic silver content establishes a baseline for the coin’s worth. Fluctuations in the silver market directly influence this minimum value, although numismatic factors typically contribute a substantial premium above melt value.
Question 3: What role do mint marks play in valuation?
The presence and identity of the mint mark (e.g., “CC,” “S,” “O,” or no mint mark for Philadelphia) are critical. Certain mints had lower mintage figures, rendering their coins scarcer and more valuable.
Question 4: How important is professional grading?
Professional grading from reputable services (e.g., PCGS, NGC) provides a standardized assessment of condition, which is crucial for establishing a coin’s market value and authenticity. Certified grades are widely recognized and trusted by collectors and dealers.
Question 5: Are all 1887 silver dollars valuable?
No. Common-date 1887 silver dollars in heavily circulated condition possess minimal numismatic value beyond their silver content. Rarity, condition, and mint mark significantly influence collectability and worth.
Question 6: What are “varieties,” and how do they affect value?
Varieties are minor differences in the coin’s design or minting process, such as doubled dies or repunched mintmarks. Recognized varieties can substantially increase a coin’s value due to their scarcity and demand among specialized collectors.
In summation, understanding the intricate interplay of mint mark, condition, silver content, and market demand is essential for accurately appraising the value of an 1887 silver dollar. The numismatic landscape requires diligence and informed decision-making.
The next article section will explore resources for verifying the authenticity and value of 1887 silver dollars.
Tips on Ascertaining 1887 Silver Dollar Value
Accurate valuation of an 1887 silver dollar demands a comprehensive understanding of various factors. The following tips offer guidance for assessing its worth effectively.
Tip 1: Identify the Mint Mark: Examine the coin’s reverse, below the eagle, to identify the mint mark (or lack thereof). Coins from the Carson City (“CC”) Mint generally command a higher value due to lower mintage numbers.
Tip 2: Assess the Coin’s Condition: Use established grading scales (e.g., Sheldon Scale) to determine the coin’s condition. Uncirculated (MS) coins are typically more valuable than circulated (e.g., Good, Very Good) examples.
Tip 3: Check for Varieties: Investigate the coin for any known varieties, such as doubled dies or repunched mint marks. These variations can significantly increase the coin’s worth.
Tip 4: Monitor the Spot Price of Silver: Track the current price of silver to establish a baseline value based on the coin’s silver content. This helps determine if the coin’s value is primarily driven by numismatic factors or its precious metal content.
Tip 5: Consult Numismatic Resources: Utilize reputable coin price guides (e.g., those published by Krause Publications or online resources like PCGS Price Guide) to estimate the coin’s value based on its grade and rarity.
Tip 6: Seek Professional Grading: Consider submitting the coin to a reputable third-party grading service (e.g., PCGS, NGC) for authentication and grading. Certified coins are generally easier to sell and command higher prices.
Tip 7: Research Auction Records: Review past auction results for similar 1887 silver dollars to gauge market demand and establish a realistic valuation.
Tip 8: Be Aware of Counterfeits: Exercise caution and scrutinize the coin for signs of counterfeiting. Compare the coin’s weight, dimensions, and design details with known authentic examples.
By carefully considering these tips, individuals can improve their ability to assess the potential monetary worth of an 1887 silver dollar, taking into account the various elements that influence value.
The subsequent section offers guidance on additional resources for confirming the genuineness of these coins.
1887 silver dollar value
The foregoing analysis demonstrates that the “1887 silver dollar value” is not a static figure but rather a dynamic assessment influenced by a convergence of factors. Mint mark, condition, silver content, rarity, market demand, historical significance, variety type, and numismatic grade each contribute to the coin’s overall worth. Accurate valuation necessitates a meticulous consideration of these elements, informed by reputable resources and, in many instances, professional grading services.
As a tangible artifact of American history and economic policy, the 1887 silver dollar retains both intrinsic and numismatic value. Prospective collectors, investors, and sellers are encouraged to conduct thorough due diligence to ensure an informed and equitable transaction. The coin’s enduring appeal lies not only in its metallic composition but also in its representation of a pivotal era in United States history, demanding a respectful and informed approach to its valuation and preservation.
