The 1887 Morgan Silver Dollar holds a special place in the hearts of coin collectors and numismatists. With its rich history and potential for high value, this particular year of minting continues to captivate enthusiasts more than a century after its creation. But what truly determines the worth of these coins, and why are some specimens considered incredibly rare? Let's explore the fascinating world of 1887 silver dollars and uncover their hidden treasures.
Historical Context and Minting Statistics
The 1887 Morgan Silver Dollar was minted during a pivotal era in U.S. coinage. Named after its designer, George T. Morgan, these coins were produced in large quantities across three mints:
- Philadelphia (no mint mark): 20,290,000 coins
- New Orleans (O mint mark): 11,550,000 coins
- San Francisco (S mint mark): 1,771,000 coins
Additionally, the Philadelphia mint produced 710 proof coins specifically for collectors. This variety in mintage and the substantial number of coins produced make the 1887 Morgan dollar an intriguing subject for both novice and experienced collectors.
Factors Determining Rarity and Value
Several key factors contribute to making certain 1887 Morgan Silver Dollars rare and highly valuable:
1. Mint State Condition
Coins that have survived in pristine, uncirculated condition are extremely rare. The highest grades, MS67 to MS68, can command astronomical prices due to their scarcity.
2. Proof Strikes
With only 710 proof coins minted in 1887, these specially produced pieces are inherently rare. Proofs in high grades, especially those with deep cameo contrast, are among the most valuable 1887 Morgans.
3. Mint Marks
While not necessarily rare in lower grades, high-grade examples from the New Orleans (O) and San Francisco (S) mints can be quite scarce and valuable.
4. Error Coins
Perhaps the most intriguing factor in rarity is the presence of minting errors. The most notable error for 1887 is the "7 over 6" overdate, where the last digit of the year shows a 7 struck over a 6.
The 1887/6 Overdate: A Numismatic Treasure
The 1887/6 overdate error is one of the most sought-after varieties of the 1887 Morgan dollar. This error occurred when dies from 1886 were repunched with the new year, 1887, resulting in a visible "7" over "6" in the date. This error exists for both Philadelphia and New Orleans mint coins.
- 1887/6 (Philadelphia): These can range from $70 for circulated examples to over $10,000 for pristine, uncirculated specimens.
- 1887/6 O (New Orleans): Even rarer, with circulated examples starting around $62 but reaching up to $57,600 for MS66 grade coins.
Grading and Its Impact on Value
The condition of an 1887 Morgan dollar is crucial in determining its value. The Sheldon Scale, ranging from 1 (Poor) to 70 (Perfect Uncirculated), is used to grade these coins. Here's a detailed breakdown of how grades affect value:
| Grade | Description | Approximate Value Range |
|---|---|---|
| G-4 to VG-8 | Good to Very Good | $25 – $30 |
| F-12 to VF-20 | Fine to Very Fine | $30 – $35 |
| EF-40 to AU-50 | Extremely Fine to About Uncirculated | $38 – $45 |
| MS-60 to MS-63 | Uncirculated | $55 – $100 |
| MS-64 to MS-65 | Choice Uncirculated | $125 – $400 |
| MS-66 | Gem Uncirculated | $600 – $1,500 |
| MS-67 | Superb Gem Uncirculated | $3,000 – $10,000+ |
For proof coins, the value increases dramatically with grade:
| Proof Grade | Approximate Value |
|---|---|
| PR-63 | $4,500 – $5,000 |
| PR-64 | $5,500 – $6,500 |
| PR-65 | $7,000 – $8,500 |
| PR-66 | $10,000 – $15,000 |
| PR-67 | $20,000 – $30,000 |
| PR-68 DCAM | $90,000 – $110,000 |
Record-Breaking Sales
Some 1887 Morgan dollars have achieved remarkable prices at auction:
- 1887 PR 68 DCAM: $90,000 (2020, Heritage Auctions)
- 1887 O MS 66+: $78,000 (2022, Legend Rare Coin Auctions)
- 1887 S MS 66+: $58,800 (2018, Stack's Bowers)
These record-breaking sales highlight the potential value hidden in these century-old coins and demonstrate the premium placed on exceptional specimens.
Additional Factors Influencing Value
While grade is paramount, other factors can influence an 1887 Morgan dollar's value:
Toning
Natural toning can enhance a coin's appeal and value. Rainbow-toned Morgans are particularly desirable, with some collectors willing to pay significant premiums for aesthetically pleasing color patterns.
Strike Quality
Well-struck coins with sharp details command higher premiums. Look for full breast feathers on the eagle and complete hair lines on Liberty's portrait.
Die State
Late die state coins with interesting characteristics, such as die cracks or cuds, can be more valuable to specialists and variety collectors.
Historical Significance
Coins with provenance or those from famous collections often sell for a premium. For example, an 1887 Morgan dollar from the Eliasberg Collection might command a 20-30% premium over a similar coin without such provenance.
Identifying Genuine 1887 Morgan Dollars
With high values come the risk of counterfeits. Here are expert tips to identify genuine 1887 Morgans:
- Check the weight (26.73 grams) and diameter (38.1 mm) using precise measuring tools
- Look for sharp, crisp details, especially in Liberty's hair and the eagle's feathers
- Examine the reeding on the edge for uniformity and consistency
- Use a magnifier to check for signs of casting or alterations
- Consider the "ring test" – genuine silver dollars produce a distinctive high-pitched ring when tapped
Investment Strategies for 1887 Morgan Dollars
For those considering 1887 Morgans as an investment:
- Focus on the highest grades you can afford, as these tend to appreciate most over time
- Consider rare varieties like the 1887/6 overdate, which have shown consistent growth in value
- Look for coins with CAC (Certified Acceptance Corporation) approval for added assurance of quality and marketability
- Diversify across different mint marks and conditions to spread risk
- Stay informed about market trends and price movements through publications like the "Greysheet" and auction results
Preservation Techniques
To maintain the value of your 1887 Morgan dollar:
- Store in a cool, dry place with stable temperature and humidity
- Use non-PVC holders or albums to prevent chemical reactions
- Handle by the edges using cotton gloves to avoid leaving fingerprints
- Consider professional conservation for valuable specimens, but only through reputable services approved by major grading companies
The Future of 1887 Morgan Dollar Collecting
As we look to the future, several trends are likely to impact the collecting and valuation of 1887 Morgan dollars:
- Increased scarcity of high-grade specimens as they are locked away in long-term collections
- Growing interest in toned coins, particularly those with exceptional eye appeal
- Continued focus on variety collecting, including VAM (Van Allen-Mallis) designations
- Potential for new discoveries, such as previously unknown die varieties or errors
Conclusion: The Enduring Appeal of 1887 Morgan Dollars
The 1887 Morgan Silver Dollar continues to captivate collectors and investors more than a century after its minting. Its combination of historical significance, potential rarity, and tangible value makes it a cornerstone of many numismatic collections. Whether you're drawn to the artistry of the design, the thrill of hunting for rare varieties, or the potential for financial gain, the 1887 Morgan offers something for everyone.
As you explore the world of 1887 Morgan dollars, remember that knowledge is your most valuable tool. Stay informed about market trends, continue to educate yourself on grading and authentication, and most importantly, enjoy the journey through this fascinating chapter of American numismatic history. With patience, diligence, and a keen eye, you may just uncover a hidden treasure in your own collection of 1887 silver dollars.
