Discover Why Some 1887 Silver Dollars Command Five-Figure Prices
At PennyVerse.info, we’ve analyzed the complete spectrum of 1887 Morgan dollars to identify the rare varieties that transform these classic silver coins from $30 bullion to $78,000 numismatic treasures.
Key Factors Determining Value
1. Mintmark Varieties & Mintage
| Mint | Mintage | Base Value |
|---|---|---|
| Philadelphia (no mintmark) | 20,290,000 | $30-$150 |
| New Orleans (O) | 11,550,000 | $35-$200 |
| San Francisco (S) | 1,771,000 | $40-$300 |
| Proof (P) | 710 | $3,000-$78,000 |
2. Condition & Grading
| Grade | Philadelphia | New Orleans | San Francisco |
|---|---|---|---|
| VG-8 | $35 | $40 | $50 |
| XF-40 | $60 | $75 | $100 |
| MS-63 | $150 | $200 | $300 |
| MS-65 | $500 | $750 | $1,200 |
| MS-67+ | $10,000+ | $15,000+ | $78,000+ |
The $78,000 Specimen: What Makes It Special
The record-setting 1887 Morgan dollar:
- Graded MS-68 by PCGS (Only 3 known in this grade)
- Full original mint luster with rainbow toning
- Perfectly centered strike on both sides
- No visible marks under 5x magnification
- CAC-approved (Green Bean sticker)
Rare Varieties That Increase Value
1. 1887/6 Overdate
- Value: $1,500-$15,000
- Identification: Clear “6” under “7” in date
2. Doubled Die Reverse
- Value: $500-$5,000
- Feature: Doubling on eagle’s wings
3. Proof-Like (PL) & Deep Mirror Proof-Like (DMPL)
- Value Premium: 2-10x normal coins
- Grading: Must show mirror surfaces
Authentication & Grading Tips
- Weight Verification: Should be 26.73g (±0.40g)
- Diameter Check: 38.1mm exact
- Magnetic Test: Must be non-magnetic
- Edge Inspection: Reeded edges (190 reeds)
- Surface Examination: Look for authentic wear patterns
Where to Find High-Grade 1887 Morgans
- Original Mint Bags (Occasionally still found)
- Bank Vault Hoards (Especially in Western states)
- Estate Sales (Look for old coin collections)
- European Holdings (Many exported in 1920s)
Selling Your 1887 Morgan Dollar
Best Platforms by Value:
- <$1,000: Local coin shops or eBay
- $1,000-$10,000: Coin forums or specialty auctions
- $10,000+: Heritage Auctions or Stack’s Bowers
- Gem Proofs: Private treaty sales
Market Trends (2024 Update)
- High-grade examples up 25% since 2021
- Proof specimens becoming museum pieces
- Original toned coins commanding 300% premiums
- Complete date sets gaining popularity
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