Silver content and live melt value
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Melt value is the value of the metal only. Dealers usually buy a little under melt and sell above it, and rare dates or high-grade coins can be worth much more to collectors.
| Years | 1878–1904 and 1921 |
| Composition | 90% silver, 10% copper |
| Mints | Philadelphia, New Orleans (O), San Francisco (S), Carson City (CC), Denver (D, 1921) |
Original Morgan dollars (1878–1904 and 1921) are 90% silver. Melt value is the floor. Most Morgans sell for more than melt because collectors love them, and key dates, Carson City coins and high grades can be worth much more.
Note: the modern Morgan dollars the U.S. Mint has made for collectors since 2021 are a different, .999 fine silver coin with different specs. The values on this page are for the original 1878–1921 coins.
Condition and rarity can make some coins worth far more than their metal. Here are the ones collectors look for:
Mintages from PCGS CoinFacts and other standard references. Collector values depend on exact date, mint mark and grade, so check a current price guide, or ask us in our Discord.
0.77344 troy ounces of pure silver (26.73 g at 90% silver).
They are one of the most collected U.S. coins, so even common dates usually carry a premium over their silver value.
Specs verified October 2026 against: PCGS CoinFacts. Live prices from gold-api.com, refreshed every minute.
