The 1888 Morgan silver dollar stands as a testament to America's rich numismatic history, captivating collectors with its blend of artistry and historical significance. This guide delves deep into the world of these coveted coins, exploring their origins, identifying features, and current market values to provide both novice and experienced collectors with invaluable insights.
Historical Context: The Birth of the Morgan Dollar
The story of the 1888 silver dollar begins with the Bland-Allison Act of 1878, a piece of legislation that would shape American coinage for decades to come. This act, born from the lobbying efforts of powerful silver mining interests, mandated the U.S. Treasury to purchase between $2 million and $4 million worth of silver each month for coinage.
Key historical points include:
- Designed by George T. Morgan, a British engraver recruited by the U.S. Mint
- First minted in 1878, continuing until 1904, with a final year of production in 1921
- Named after its designer, hence "Morgan dollar"
- Produced during a time of significant economic and political change in the United States
The 1888 mintage came at the height of the Morgan dollar's production, with millions struck across three mints.
Identifying Features of the 1888 Morgan Dollar
Obverse Design
- Portrait of Liberty facing left, wearing a Phrygian cap
- Modeled after Anna Willess Williams, a Philadelphia schoolteacher
- Inscription "E PLURIBUS UNUM" above
- Date "1888" below
- 13 stars around the rim, representing the original colonies
Reverse Design
- American eagle with wings spread
- Olive branch and arrows in talons, symbolizing peace and strength
- "IN GOD WE TRUST" in gothic lettering above
- "UNITED STATES OF AMERICA" around the top edge
- Denomination "ONE DOLLAR" at bottom
Physical Specifications
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm (1.5 inches)
- Weight: 26.73 grams
- Edge: Reeded
- Silver content: 0.7734 troy ounces
Mint Marks and Production Figures
The 1888 Morgan dollar was struck at three different mints, each identified by its unique mint mark:
- Philadelphia (no mint mark): 19,183,000 minted
- New Orleans ("O"): 12,150,000 minted
- San Francisco ("S"): 657,000 minted
Mint mark location: On the reverse, above the "DO" in "DOLLAR"
Valuation Guide for 1888 Morgan Dollars
1888 (P) Philadelphia Mint
| Grade | Value Range |
|---|---|
| Good (G4) | $30 – $35 |
| Fine (F12) | $35 – $40 |
| VF20 | $40 – $45 |
| XF45 | $48 – $55 |
| MS60 | $75 – $85 |
| MS65 | $260 – $300 |
| MS67+ | $17,500+ |
1888-O New Orleans Mint
| Grade | Value Range |
|---|---|
| Good (G4) | $30 – $35 |
| Fine (F12) | $32 – $38 |
| VF20 | $35 – $40 |
| XF45 | $48 – $55 |
| MS60 | $95 – $110 |
| MS65 | $400 – $450 |
| MS67 | $18,500+ |
1888-S San Francisco Mint
| Grade | Value Range |
|---|---|
| Good (G4) | $100 – $120 |
| Fine (F12) | $150 – $175 |
| VF20 | $180 – $210 |
| XF45 | $235 – $270 |
| MS60 | $475 – $550 |
| MS65 | $2,500 – $3,000 |
| MS67 | $50,000+ |
Note: These values are approximate and can fluctuate based on market conditions. Prooflike (PL) and Deep Mirror Prooflike (DMPL) specimens command significant premiums.
Factors Influencing Value
- Mint Mark: San Francisco issues are generally the most valuable due to lower mintage.
- Condition: Higher grades command exponentially higher prices.
- Strike Quality: Well-struck coins with full details are more desirable.
- Luster: Original mint luster significantly increases value.
- Toning: Natural, attractive toning can enhance value.
- Prooflike Surfaces: PL and DMPL coins fetch substantial premiums.
Notable Varieties and Errors
1888-O Double Die Obverse (DDO)
- Most visible doubling on "LIBERTY" and date
- Highly sought after by variety collectors
- Value ranges from $160 (G4) to $18,500+ (MS63)
1888 (P) VAM-7 Double Die Reverse
- Subtle doubling on reverse wreath
- Die gouges below "IN GOD WE TRUST"
- Values range from $65 (AU55) to $400 (MS65)
1888-S "Doubled S" Mint Mark
- Rare variety with a visibly doubled mint mark
- Can command a 20-30% premium over standard issues
Grading 1888 Morgan Dollars
Accurate grading is crucial for determining a coin's true value. The Sheldon Scale, ranging from 1 (poorest) to 70 (perfect), is used:
- G4 (Good): Heavy wear, but major details visible
- F12 (Fine): Moderate wear, all major features clear
- VF20 (Very Fine): Light wear, some mint luster in protected areas
- XF45 (Extremely Fine): Minimal wear on high points, some mint luster
- MS60 (Uncirculated): No wear, but may have numerous contact marks
- MS65 (Gem Uncirculated): Strong luster, minimal contact marks
- MS67+ (Superb Gem): Exceptional luster and strike, virtually flawless
Professional grading from PCGS or NGC is strongly recommended for high-value specimens.
Collecting Strategies for 1888 Morgan Dollars
- Focus on Mint Marks: Build a set with all three mint marks.
- Condition Rarity: Seek high-grade examples, particularly for 1888-S.
- Variety Hunting: Look for DDO and other varieties to add depth to your collection.
- Toning: Some collectors specialize in attractively toned specimens.
- Prooflike and DMPL: These special surface qualities can be a fascinating sub-specialty.
Preservation Tips
To maintain the value and condition of your 1888 Morgan dollars:
- Handle coins by the edges only
- Store in non-PVC, inert holders or albums
- Maintain stable temperature and humidity
- Never clean your coins – this can severely damage their surfaces and value
- Consider professional conservation for problem coins
Market Trends and Investment Potential
The 1888 Morgan dollar market has shown steady growth over the past decades. Key observations:
- High-grade examples have appreciated significantly, particularly MS65 and above
- The 1888-S in high grades has seen some of the strongest price increases
- Prooflike and DMPL coins continue to command strong premiums
- Rare varieties like the 1888-O DDO have shown excellent long-term appreciation
According to recent auction data, an 1888-S in MS67 sold for $102,000 in 2019, highlighting the potential for exceptional specimens.
Conclusion: The Enduring Appeal of the 1888 Morgan Dollar
The 1888 Morgan silver dollar remains a cornerstone of many numismatic collections, offering a blend of historical significance, artistic beauty, and potential for value appreciation. Whether you're drawn to the challenge of finding a high-grade 1888-S, the thrill of discovering a rare variety, or simply the joy of owning a piece of American history, these coins have something to offer every collector.
As you embark on or continue your journey with 1888 Morgan dollars, remember that knowledge is your most valuable tool. Stay informed about market trends, continue to study the nuances of grading and varieties, and always purchase from reputable sources. With careful selection and proper preservation, your 1888 Morgan dollars can be a source of pride and potential financial reward for years to come.
Happy collecting, and may your search for the perfect 1888 Morgan dollar be both rewarding and enlightening!
