1886 Morgan Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

Millions of 1886 Morgan Dollars Were Struck and Stored

The 1886 Morgan Dollar is a coin hobbyists classify as common in all but the highest uncirculated grades. But that’s only part of the story.

The Philadelphia Mint, being the main facility of the United States Mint, was responsible for producing coins for New England, the mid-Atlantic region, and for the populated sections of the Midwest. The Mint’s branches in New Orleans, Carson City, and San Francisco produced coins in silver and gold for the South and the West. All four of these branch mints were tasked with striking millions of Morgan Dollars in accordance with a federal law passed in 1878. Demand for these large silver coins in most regions of the country was modest at best, and the surplus of unwanted silver dollars sat in bags in Treasury Department vaults for decades.

By 1886, eight years into this silver dollar scheme, the Mint acknowledged this lack of demand and production levels at each branch revolved around its capacity to store the coins. While mintages at the branch mints fluctuated, Philadelphia was offered no reprieve.

Coming into 1886, Philadelphia had already produced 102,324,800 Morgan Dollars. That year, Philadelphia struck 19,963,000 more coins and would produce even more the following year. It is because of these large mintages, plus the fact that so many coins were saved in large quantities in uncirculated condition, that the Morgan Dollar series saw a tremendous surge in collecting popularity in the 1960s and ’70s as silver coins disappeared from circulation.

What Is the 1886 Morgan Dollar Worth?

Because the coin has a silver weight of .77344 ounces, every authentic 1886 Morgan dollar, regardless of condition, is worth considerably more than the $1 face value stamped on the coin’s reverse. With silver prices at more or less $30 an ounce, that puts a baseline value of a circulated 1886 Morgan dollar at about $23 in metal. Even this price is too low for the coin, as collectors typically pay between $30 and $50 for circulated examples.

More often than not, collectors prefer uncirculated examples of common-date Morgan Dollars, and the 1886 is plentiful in Brilliant Uncirculated condition. The value of these coins depends on their eye appeal, assigned grade, and, to some extent, the service that encapsulated the coin. The three major grading services that drive the certified Morgan Dollar market are CAC, NGC, and PCGS.

Through November 2023, NGC counts 164,067 1886 Morgan Dollars in its condition census. From that total, 1,151 are noted as having Prooflike (PL) surfaces and 607 are listed as having Deep Mirror Prooflike (DMPL) surfaces. The vast majority of these coins fall in the MS63 to MS64 band. In this grade range, the 1886 Morgan Dollar sells for about $100 each.

PCGS counts 144,127 1886 Morgan Dollars in its condition census. Of these, 1,251 are Prooflike, and 1,005 are Deep Mirror Prooflike. Like NGC, PCGS considers most of the dollars submitted to be in the MS63 to MS64 grade range. At this level, PCGS and NGC coins sell for about the same price: $100 each.

CAC has applied a green CAC-approved sticker to NGC- and PCGS-graded coins for the past 16 years. In 2023, it launched a full-service grading company with offices in Virginia Beach, Virginia. To date, CAC has approved 3,512 1886 Morgan Dollars, with 62 deemed Prooflike and 69 certified Deep Mirror Prooflike. In addition, the service has graded 81 examples of the 1886 Morgan Dollar this year, with a distribution of coins in the MS63 to MS66 range.

In Gem Uncirculated condition (MS65), the 1886 Morgan Dollar sells for between $180 and $220. At this grade and higher, collectors pay large premiums for coins with exceptional eye appeal and toning. Recent sales of PCGS MS68 coins have fallen in the $10,000 to $15,000 range; lower for coins graded by NGC. At this price point, the market value of an 1886 Morgan Dollar is coin- and time-dependent. The NGC MS68 population has grown by four grading events since three years ago.

PCGS reports one example at the grade MS68+ and estimates its value to be $20,000. There have been specimens graded NGC MS68* over the history of the star designation but there are zero at the time of writing (August 2024).

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Market Data and Noteworthy Specimens

Since August 2024, NGC has graded the first three 1886 Morgan Dollars at the MS68+ grade level. Previously, the top pop at the service was MS68, with 44 grading events reported. Over the same period, the CAC population of MS68 coins and PCGS population of MS68+ coins remained unchanged.

Top Population: PCGS MS68+ (1, 8/2024), NGC MS68 (44, 8/2024), and CAC MS68 (7:0 stickered:graded, 8/2024).

• NGC MS68* #351854-024: “The Siegel Collection,” Heritage, April 28, 2017, Lot 4610 – $4,465. At time of auction, one of two grading events in NGC MS68*. Binion Collection on insert.
• NGC MS68* #3316105-001: Heritage, March 18, 2011, Lot 3976 – $4,600. White obverse with dramatic rainbow toning waxing over 80% of the reverse.
• PCGS MS68 #46249956: Heritage, January 12, 2023, Lot 3474 – $14,400; “Sun Valley Collection of Morgan Dollars,” GreatCollections, August 18, 2024, Lot 1609286 – View. Cataloger calls this coin a VSS VAM-1A but this designation is not on the label. Gold Shield holder.
• NGC MS68 #6208623-006: GreatCollections, April 28, 2024, Lot 1004858 – View.
• PCGS MS68 #46254243: GreatCollections, July 30, 2023, Lot 1396607 – View.
• NGC MS68 #3171239-002: Heritage, July 10, 2009, Lot 901 – $3,599.99; Heritage, October 19, 2012, Lot 4830 – $5,581.25; Heritage, July 12, 2013, Lot 4266 – $4,993.75; Stack’s Bowers, June 2014, Lot 2172 – $4,406.25; Heritage, May 5, 2023, Lot 4729 – $5,400. Slight golden toning along rim.
• NGC MS68 #3903025-004: Heritage, June 4, 2015, Lot 4106 – $4,465; DLRC, Lot 527550 – $6,750. Dark toning upper left side of obverse.
• PCGS MS68 #49551311: DLRC, Lot 789702 – $13,725. Blast white.
• PCGS MS68 #44930411: Heritage, May 6, 2022, Lot 4336 – $15,600. Gold Shield holder.
• PCGS MS68 #37908648: Heritage, February 24, 2022, Lot 3101 – $10,800. Gold Shield holder.
• PCGS MS68 #42800499: Heritage, November 11, 2021, Lot 3615 – $12,000. Gold Shield holder.
• NGC MS68 #3754329-002: Heritage, April 24, 2015, Lot 5670 – $4,700; Legend Rare Coin Auctions, September 2, 2021, Lot 345 – $5,170. Dark rainbow toning in upper right of obverse. Cataloger claims three finer in NGC MS68+ at the time of latest auction; if so, they have certainly crossed by now.
• PCGS MS68 #42472450: Heritage, August 20, 2021, Lot 3939 – $15,600. Dramatic crescent of light gold and blue toning on right side of obverse. Gold Shield holder.
• NGC MS68 #3169253-001: Heritage, December 4, 2009, Lot 1052 – $5,462.50; Legend Rare Coin Auctions, April 21, 2021, Lot 352 – $4,582.50. Rainbow toning in large spots on right side of obverse.
• PCGS MS68 #36835769: Stack’s Bowers, March 25, 2021, Lot 4125 – $9,600.
• NGC MS68 #351854-023: Heritage, June 5, 2020, Lot 3614 – $3,840. Binion Collection on insert; Heritage, October 16, 2020, Lot 3478 – $6,300. Binion Collection on insert.
• NGC MS68 #4487317-005: Heritage, April 26, 2019, Lot 4207 – $3,960. Warm golden amber toning all over, some rainbow toning on reverse.
• PCGS MS68 #36655738: GreatCollections, January 13, 2019, Lot 618850 – View.
• NGC MS68 #1733433-002: “The XSurgeon Set of Morgans NGC Registry #1,” Heritage, February 22, 2018, Lot 4032 – $9,300.
• NGC MS68 #1654978-046: “The Siegel Collection,” Heritage, April 28, 2017, Lot 4609 – $4,700.
• NGC MS68 #351854-022: “The Las Vegas Collection, Part 2,” Heritage, January 7, 2011, Lot 5967 – $3,743.25. Binion Collection on insert; “The Mile High Collection,” Heritage, January 5, 2017, Lot 5075 – $4,465. Binion Collection on insert.
• NGC MS68 #4206621-001: Heritage, April 29, 2016, Lot 5113 – $4,465. Slight toning on upper rim.
• NGC MS68 #3464518-047: Heritage, January 9, 2015, Lot 5984 – $4,465; Heritage, February 4, 2016, Lot 3300 – $4,582.50.
• NGC MS68 #569789-001: “The Sanderson Family Collection,” Heritage, January 9, 2009, Lot 4975 – $8,625; Heritage, April 26, 2013, Lot 4817 – $15,275. Amber toning along rim, fingerprint visible at bottom of reverse.
• NGC MS68 #1979946-060: Heritage, February 6, 2009, Lot 1784 – $7,475; Heritage, July 8, 2011, Lot 4048 – $4,025. Slight amber toning along rim.
• NGC MS68 #3464518-046: Heritage, June 28, 2011, Lot 25092 – $3,962.
• NGC MS68 #1979853-057: Heritage, February 6, 2009, Lot 1785 – $6,037.50; Heritage, May 29, 2009, Lot 1091 – $3,737.50. Darkening on Liberty’s face.
• NGC MS68 #316921-001: Heritage, September 28, 2007, Lot 2521 – $11,500.
• PCGS MS68 #06562711: Heritage, November 30, 2006, Lot 1295 – $14,950. Some dark rim toning.

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Design

Obverse:

The obverse of the 1886 Morgan Dollar exhibits the characteristic left-facing Liberty Head motif seen on all issues of this classic dollar series. The central Liberty bust wears a Phrygian cap encircled with a ribbon adorned with the inscription LIBERTY. Miss Liberty also wears a crown of wheat and cotton, which were two of the nation’s most lucrative natural agricultural assets in the 19th century.

The motto E PLURIBUS UNUM is inscribed along the upper half of the obverse rim, and the date 1886 is centered at the bottom of the obverse adjacent to the rim. Seven stars appear between the left side of the date and the inscription E PLURIBUS UNUM, while six stars fill the gap between the date and motto on the lower right side of the coin. In total, the 13 stars symbolize the 13 colonies that combined to form the original Union of the United States. At the base of Liberty’s neck is the M monogram representing Morgan’s initial.

Reverse:

The reverse of the 1886 Morgan Dollar is dominated by a heraldic eagle, its wings spread across the upper half of the coin. Between the upper tips of the eagle’s wings appears the national motto IN GOD WE TRUST. The eagle clutches an olive branch in its right (dexter) claw representing peace and in its left (sinister) claw are three arrows symbolizing the nation’s ability to defend itself. The central eagle design is partly encircled by a laurel wreath.

Along the rim of the upper two-thirds of the reverse is the legend UNITED STATES OF AMERICA, with the tip of the eagle’s left wings, which virtually touch the coin’s rim, interrupting the space between UNITED and STATES; the right wing visually divides the words OF and AMERICA. The denomination ONE DOLLAR, seen at the bottom center of the reverse, is flanked by a single, six-sided star on either side of the denomination inscription.

Edge:

The edge of the 1886 Morgan dollar is reeded.

Designer

Engraver George T. Morgan was born in Birmingham, England in 1845. He emigrated to the United States and began work as an assistant to Mint Chief Engraver William Barber and continued to produce patterns and commemoratives under the administration of Barber’s son, Charles. Morgan himself became Chief Engraver in 1917. He died in 1925.

Coin Specifications

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