In the world of numismatics, few coins captivate collectors quite like the Morgan silver dollar. Today, we'll embark on an in-depth exploration of the 1891 silver dollar, uncovering its rich history, distinctive features, and most importantly, its value in today's dynamic coin market.
The Historical Significance of the 1891 Silver Dollar
The 1891 silver dollar is a cherished piece within the iconic Morgan dollar series, named after its skilled designer, George T. Morgan. These coins hold a special place in American numismatic history, with production spanning from 1878 to 1904, and a brief revival in 1921.
Key Historical Milestones:
- 1878: The Bland-Allison Act mandates the Treasury to purchase significant quantities of silver for coin production.
- 1890: The Sherman Silver Purchase Act increases silver acquisitions but relaxes coin production requirements.
- 1891: Our focus year, situated in the midst of these significant legislative changes.
- 1918: The Pittman Act leads to the melting of millions of Morgan dollars, inadvertently increasing the rarity and value of surviving coins.
Detailed Features of the 1891 Silver Dollar
Obverse Design
- Central Figure: Lady Liberty's profile, modeled after Anna Willess Williams
- Inscriptions: "E PLURIBUS UNUM" and the date 1891
- Symbolism: 13 stars encircle the design, representing the original colonies
Reverse Design
- Centerpiece: An eagle with outstretched wings, symbolizing freedom and strength
- Mottos: "IN GOD WE TRUST" above the eagle and "ONE DOLLAR" below
- Mint Mark: Located above "DO" in "DOLLAR" (when applicable)
Physical Specifications
- Composition: 90% silver, 10% copper
- Diameter: 38.1 mm (1.5 inches)
- Weight: 26.73 grams
- Silver Content: 0.7734 troy ounces
- Edge: Reeded, with 189 reeds
Comprehensive 1891 Silver Dollar Value Chart
| Mint Mark | G4 | F12 | VF20 | XF40 | AU50 | MS60 | MS63 | MS65 | MS67 |
|---|---|---|---|---|---|---|---|---|---|
| (P) | $30 | $36 | $40 | $45 | $65 | $100 (PL: $260, DMPL: $550) | $185 (PL: $350, DMPL: $750) | $2,650 (DMPL: $27,500) | $47,500 |
| CC | $110 | $175 | $240 | $300 | $450 | $800 (PL: $875, DMPL: $900) | $1,100 (PL: $1,300, DMPL: $1,800) | $4,500 (PL: $7,500, DMPL: $55,000) | $65,000 |
| O | $30 | $36 | $40 | $45 | $75 | $275 (PL: $350, DMPL: $1,275) | $450 (PL: $650, DMPL: $2,500) | $5,500 (PL: $13,500, DMPL: $55,000) | N/A |
| S | $32 | $38 | $45 | $50 | $80 | $160 (PL: $200, DMPL: $300) | $275 (PL: $400, DMPL: $750) | $1,650 (PL: $2,850, DMPL: $16,000) | $18,000 |
*PL: Prooflike, DMPL: Deep Mirror Prooflike
*Data sourced from the latest NGC Price Guide and recent auction results
Factors Influencing 1891 Silver Dollar Value
1. Mint Mark Significance
The mint mark plays a crucial role in determining an 1891 silver dollar's value:
- No Mint Mark (Philadelphia): Most common, typically least valuable
- CC (Carson City): Often commands highest premiums due to lower mintage and Western frontier allure
- O (New Orleans): Moderately valuable, especially in higher grades
- S (San Francisco): Generally more valuable than Philadelphia but less than Carson City
2. Grading Scale and Condition
The coin's condition is paramount in assessing its value:
- Circulated Grades:
- Good (G4) to Very Good (VG8): Heavy wear, major details visible
- Fine (F12) to Very Fine (VF20): Moderate wear, all major features clear
- Extremely Fine (XF40) to About Uncirculated (AU58): Light wear, most minor details visible
- Uncirculated Grades:
- Mint State (MS60) to Perfect Mint State (MS70): No wear, varying degrees of luster and contact marks
3. Special Designations
Certain characteristics can significantly boost a coin's value:
- Prooflike (PL): Reflective surfaces, command 20-50% premium
- Deep Mirror Prooflike (DMPL): Exceptionally reflective, can double or triple value
- Cameo/Deep Cameo: For proof coins, contrasting frosted devices and mirrored fields
4. Rarity and Errors
Some 1891 silver dollars gain value from unique attributes:
- VAM Varieties: Specific die variations identified by collectors (named after LeRoy Van Allen and A. George Mallis)
- Mint Errors: Such as doubled dies, repunched mint marks, or off-center strikes
Detailed Analysis of 1891 Silver Dollar Values by Mint Mark
1891 (P) No Mint Mark Silver Dollar Value
- Mintage: 8,694,206
- XF45 Value: $48
- MS60 Value: $100 (PL: $260, DMPL: $550)
- MS65 Value: $2,650 (DMPL: $27,500)
- MS67 Value: $47,500
Notable: DMPL coins are particularly valuable in high grades, with only a handful known in MS67
1891-CC Silver Dollar Value
- Mintage: 1,618,000
- XF45 Value: $375
- MS60 Value: $800 (PL: $875, DMPL: $900)
- MS65 Value: $4,500 (PL: $7,500, DMPL: $55,000)
- MS67 Value: $65,000
Notable: Carson City coins are highly sought after, with DMPL examples in MS65 and above being especially rare
1891-O Silver Dollar Value
- Mintage: 7,954,529
- XF45 Value: $48
- MS60 Value: $275 (PL: $350, DMPL: $1,275)
- MS65 Value: $5,500 (PL: $13,500, DMPL: $55,000)
- MS67 Value: Not available (extremely rare in this grade)
Notable: High-grade DMPL coins are exceptionally rare, with only a few known examples above MS65
1891-S Silver Dollar Value
- Mintage: 5,296,000
- XF45 Value: $55
- MS60 Value: $160 (PL: $200, DMPL: $300)
- MS65 Value: $1,650 (PL: $2,850, DMPL: $16,000)
- MS67 Value: $18,000
Notable: The highest graded coin is MS67+, valued at $33,500 in a recent auction
Rare 1891 Silver Dollar Errors and Varieties
1891 (P) Doubled Ear and Mustache (VAM-2A)
- Caused by a doubled die error during production
- Values range from $100 in VF20 to $3,500 for an MS61 example
- Identifiable by doubling on Liberty's ear and mustache
1891-CC "Spitting Eagle" (VAM-3)
- Features a die defect near the eagle's beak, resembling saliva
- Values range from $160 (G4) to $45,000 (MS66+)
- Highly sought after by VAM collectors and Carson City enthusiasts
1891-O Doubled Date (VAM-1A)
- Shows clear doubling on the date, especially visible on the "891"
- Values typically 20-30% higher than standard 1891-O coins
- Rarer in higher grades, with MS63 examples fetching over $1,000
Expert Tips for Determining Your 1891 Silver Dollar's Value
- Identify the Mint Mark: Carefully examine the reverse of the coin above "DO" in "DOLLAR"
- Assess the Condition: Use a magnifying glass to compare your coin to detailed grading guides
- Look for Special Characteristics: Check for prooflike surfaces or known varieties using a VAM reference
- Consult Recent Sales Data: Utilize resources like PCGS CoinFacts or Heritage Auctions for current market values
- Consider Professional Grading: For potentially valuable coins, third-party grading from NGC or PCGS can provide authentication and precise grading
Preserving the Value of Your 1891 Silver Dollar
To maintain your coin's condition and value:
- Handle coins by their edges using cotton gloves, avoiding touching the faces
- Store in non-PVC holders or albums designed for long-term numismatic storage
- Keep in a cool, dry environment with stable humidity levels
- Avoid cleaning, which can damage the coin's surface and significantly reduce its value
- Consider using inert gas capsules for additional protection against environmental factors
The Investment Potential of 1891 Silver Dollars
While past performance doesn't guarantee future results, 1891 silver dollars have shown steady appreciation over time:
- Common Date Coins: Tend to follow silver bullion prices, with a current melt value of about $20 (as of 2023)
- Rarer Varieties and High Grades: Often outperform bullion, driven by collector demand
- Carson City Coins: Consistently popular due to their historical significance, showing 5-10% annual appreciation in recent years
10-Year Price Trend for MS65 1891-CC Silver Dollar
| Year | Average Price |
|---|---|
| 2013 | $3,250 |
| 2015 | $3,600 |
| 2017 | $3,950 |
| 2019 | $4,200 |
| 2021 | $4,400 |
| 2023 | $4,500 |
*Data compiled from various numismatic sources and auction records
Conclusion: The Enduring Legacy of the 1891 Silver Dollar
The 1891 silver dollar stands as a testament to American history and numismatic artistry. Its value transcends mere silver content, encompassing rarity, condition, and historical significance. For collectors, these coins offer a tangible connection to the economic and cultural landscape of late 19th-century America.
As you delve into the world of 1891 Morgan dollars, remember that each coin tells a unique story. Whether you're drawn to the allure of Carson City mintmarks, the challenge of finding high-grade specimens, or the thrill of discovering rare varieties, the 1891 silver dollar offers something for every numismatist.
In an era of digital currencies and fluctuating markets, these silver giants from the past continue to captivate collectors and investors alike. Their enduring popularity serves as a reminder that sometimes, the most valuable treasures are those that connect us to our shared history and spark our passion for discovery.
As you build your collection or consider your first 1891 silver dollar purchase, take time to appreciate not just its monetary value, but also its role in shaping American numismatic heritage. After all, in the world of coin collecting, every piece tells a story – and the 1891 Morgan dollar's tale is one of enduring fascination and value.
