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1898 Morgan Silver Dollar Value And Price Chart

1898 Morgan Silver Dollar Value

The 1898 Morgan silver dollar is worth $31 in average condition and can be worth $58 to $289 or more in uncirculated mint condition. Proof coins can be worth $3,218 or more.

As a coin collector or as a numismatist you have probably wondered, how much is 1898 Morgan silver dollar value? There are numerous variables that alter values, so knowing how to judge condition grades is important. Today we’ll explore these facets in greater detail.

Relatively few people own the 1898 Morgan Silver Dollar especially in uncirculated grades. Despite the low population, it does have value, as do many other silver dollars. For beginners and for those who want to learn about U.S. coin values and history, this page will provide what you need.

1898 Morgan Silver Dollar

1898 Morgan Silver Dollar

The Morgan Silver Dollar was not the first dollar coin produced by the US Mint, but it is one of the most popular coins ever minted. These coins were produced in the latter part of the 19th century and were quite useful. They were circulated a lot.

Although you may be able to find a Morgan Silver Dollar, finding one in great condition is no easy task. With that said, collectors still strive to own Morgans in the best condition possible.

History

The Morgan dollar is a silver coin minted by the United States government. It was the first standard silver dollar minted after the Coinage Act of 1873 ended the free coining of silver, and it replaced the previous coin design, the Seated Liberty dollar.

The Morgan Silver Dollar, first minted in 1878, was designed by and named after United States Mint Assistant Engraver George T. Morgan. It contained 412.5 grains of 90% pure silver (or 371.25 gr = 24.056 g = 0.7735 oz t of pure silver).

1898 Morgan Silver Dollar
Location Minted
Philadelphia 5,884,735
New Orleans 4,440,000
San Francisco 4,102,000
Total 14,426,735

The dollar was authorized by the Bland-Allison Act (1878) and struck into coins by the Mint. In response to pressure from mining interests, who wanted to restore free silver, the mint was to accept all silver presented to it and return it, struck into coins.

In a compromise, Congress passed the Bland–Allison Act, which required that between two and four million dollars’ worth of silver be purchased at market value and coined into dollars each month.

In 1890, the Bland–Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to purchase 4,500,000 troy ounces (140,000 kg) of silver each month. This act was repealed in 1893.

1898 Morgan Silver Dollar
Metal Composition 90% Silver – 10% Copper
Mass/Weight 26.73 grams
Diameter 38.1 mm
Mint Mark “O” “S”
Edge Reeded
Designer George T Morgan

The first coins struck under the authority of the Bland–Allison Act were not produced until March 11, more than a week after the passage of the act. The first strike, after adjustments to the press, was coined at 3:17 p.m. at the Philadelphia Mint.

The 1898 Morgan Silver Dollar was struck in three mints: the Philadelphia mint, New Orleans, and the San Francisco mint. The Philadelphia mint produced the highest number of coins bearing the 1898 date, followed by the New Orleans and San Francisco mints.

The dollars were minted every year between 1878 and 1904 in 4 different mints. Each mint, with the exception of Philadelphia, has its own mint mark.

Design

The Morgan Silver Dollar is a colorful and treasured relic from America’s western frontier that collectors find appealing because of its historical significance and outstanding design.

In 1876, 30‑year‑old Englishman George T. Morgan, who had studied under the English engraver Leonard Charles Wyon before coming to America, was up to revamping American silver dollar coinage.

Obverse

Obverse

The profile on the front of the coin is Lady Liberty, wearing a headdress that includes a ribbon with the word “LIBERTY” in it and two cotton blossoms and two heads of wheat to represent American agriculture. The thirteen stars around the rim of the coin symbolize the original thirteen colonies at the time of the American Revolution.

A tiny “M” can be found at the base of Lady Liberty’s neck. It is the initial for George T. Morgan, who designed the coin. Above Lady Liberty’s head is the Latin motto E Pluribus Unum, which means “Out of many, one.” This is the unofficial motto of the United States.

Reverse

Reverse

The eagle on the back of the coin is an American bald eagle. In one talon it holds an olive branch and in the other talon it holds arrows, symbolizing that the United States is a peaceful nation but will defend itself when the need arises.

The national motto, “In God We Trust,” is printed above the eagle’s head. Above that are the words “UNITED STATES OF AMERICA.” The mint mark is located at the bottom center of the coin, between the wreath and the words “ONE DOLLAR.”

Mints

The U.S. Mint is responsible for producing the coins used as money in the United States. They also produce special edition coins that are sold for collectors’ items.  The 1898 Morgan Silver dollar was minted in three United States mints. It is important to know which mint your coin belongs to, as this would greatly help in determining the value of your coin.

Mintmarks on these 1898 dollars indicate which branch mint made your coin. The main mint in Philadelphia did not use a mintmark, however, look on the reverse above the DO in DOLLAR for marks indicating other mints.

Philadelphia Mint

Philadelphia Mint

The Philadelphia mint produced the highest number of coins with 5,884,735 coins struck. Philadelphia struck Morgan Dollars do not have a mint mark on the reverse. If your coin has a 1898 date at the obverse and no mint mark on the reverse, it simply means the coin was struck in the Philadelphia mint.

New Orleans Mint

New Orleans Mint

The New Orleans mint didn’t produce as many coins as the Philadelphia, Denver and San Francisco mint. However, production of the 1898 Morgan Silver was done at the New Orleans mint. If your 1898 Morgan silver dollar has an “O” mint mark on the reverse, it means it was struck at the New Orleans mint. 4,440,000 coins were struck bearing the “O” mint mark on the reverse.

San Francisco Mint

San Francisco Mint

The last mint to strike the 1898 Morgan Silver Dollar was the San Francisco mint, the total number of coins minted at the San Francisco mint was 4,102,000, just a slight difference with that of the New Orleans mint.

An “S” symbol is located at the reverse of the coin and this symbol is particularly unique to coins that were struck in the San Francisco mint.

1898 Morgan Silver Dollar Value

When it comes to determining the price of a coin like the Morgan Silver Dollar, there are many factors that must be taken into consideration. In general, collectors tend to pay much more attention to a coin’s condition than they do to its denomination or year of minting.

Condition is key. Coins with high grades (MS-70 or MS-69) can sell for thousands of dollars above their face value. In fact, a MS-69 coin may sell for 10 times its face value! But even a lower grade coin can be worth hundreds of dollars if it shows signs of wear and tear from being handled over the years.

Year
G
VG
F
VF
XF
AU 50
1898 P
$25
$31
$37
$43
$46
$48
1898 O
$25
$31
$37
$43
$46
$48
1898 S
$30
$35
$42
$46
$58
$116

Secondly, the fact that many different versions of the Morgan Dollar were minted every year means that the exact type of coin you own will also play into the asking price. See the table above for an estimate of how much your 1898 Morgan Silver Dollar is worth.

How To Grade The 1898 Morgan Silver Dollar

Uncirculated: If a coin is determined to be Uncirculated, this means that the coin in question will not have been circulated at all. As such, the surfaces of these coins will be impeccably preserved and lustrous, looking as though they were just minted not too long ago. These pieces are the most sought after in the world of collectors, and some of the most expensive. The coin in the mint state looks like a newly struck piece without any signs of wear. Light scratches may occur after contact with other dollars in the bag.

Extremely Fine: A coin that is graded as being Extremely Fine has spent very little time in circulation and has had little contact with other coins. Under close inspection, you will see that the surfaces of the coin have incurred some damage due to their time in circulation. But at first sight, these coins will appear completely flawless to the naked eye. Overall, these coins are an excellent addition to any collection new or old.

Fine: A fine coin is a middle of the road piece that is not in perfect condition, but it has not been damaged too heavily either. When holding these coins, one will notice that the surfaces have been worn down somewhat thanks to the exchanging of hands over the years. Collectors will be thrilled to add these coins to their collections, as they are in decent condition and a cost-effective way to expand a collection.

Good: A coin of Good grade is one that has spent a good bit of time in circulation. These coins will appear to be heavily worn and devoid of most of their design. Even the images and inscriptions on these coins will wear down over time, as they have changed hands from person to person and have gone through machines.

1898 Morgan Silver Dollar Value & Price Chart

1898 Morgan Silver Dollar Value & Price Chart

The 1898 Morgan Silver Dollar is worth $31 in average condition and can be worth more than $58 to $289 or more in uncirculated (MS+) mint condition. Proof Coins can be worth up to $3,218 or more.

The 1898 is another date that saw large-scale release from the Treasury vaults in the 1950s and 1960s. Even though there was a mintage of just under 6 million coins, this date was quite rare before those vaults were unsealed. The 1898 is plentiful in Mint State. Most are in the range of MS-60 to MS-63. However, at the MS-64 level and above, this issue becomes slightly scarce.

Grade
Price
MS 62
MS 63
MS 64
MS 66
MS 67

1898 O Morgan Silver Dollar Value & Price Chart

1898 O Morgan Silver Dollar Value & Price Chart

The 1898-O Morgan silver dollar is valued at $31 in average condition and can be worth $58 to $202 or more in uncirculated (MS+) mint condition.

This coin once was one of the most elusive Morgan dollars, but it became a relatively common coin after the discovery and release of many 1898-O bags in Treasury vaults during the early 1960s. Now easily available, the 1898-O Morgan dollar is not nearly as rare as the 1903-O or 1904-O, two other Morgans once thought to be great rarities.

Grade
Price
MS 62
MS 63
MS 64
MS 66
MS 67

1898 S Morgan Silver Dollar Value & Price Chart

1898 S Morgan Silver Dollar Value & Price Chart

The 1898-S Morgan Silver Dollar has a value of $35 in average condition and can be worth $318 to $2,528 or more in uncirculated (MS+) mint condition.

The 1898-S Morgan dollar is a common coin in circulated grades and up through MS64. Gems in the MS65 range or higher are scarce; MS67s are extremely rare. Amazingly, one has been certified as MS68, with premiums for this grade rising into the hundreds of thousands of dollars.

Grade
Price
MS 62
MS 63
MS 64
MS 66
MS 67
MS 68

Melt Value

The Morgan Silver Dollar is one of the few coins to have a reasonable melt value. However, the value is greatly affected by the price of Silver in the market. The current melt value of the 1898 Morgan Silver Dollar is about $15.48.

Where is the mint mark on a 1898 Morgan silver dollar?

The mint mark on the Morgan silver dollar is located at the bottom of the reverse side of the coin. Morgan dollars were struck at four different mints: Philadelphia (no mint mark), Carson City (CC), New Orleans (O) and San Francisco (S). If you have a Morgan dollar and want to know where it was made, look for these letters at the reverse of the coin.

Where to Sell and Buy

The 1898 Morgan silver dollar is a perennial favorite among collectors, but it can be difficult to find one in pristine condition. These coins were struck for circulation, so they often show wear and tear when you see them in person. If you have an 1898 Morgan silver dollar that’s worn out or damaged, you might want to consider selling it. If so, here are some tips on where to sell your 1898 Morgan silver dollar:

  1. eBay

eBay is one of the most popular places to buy and sell collectibles like coins. You can set up your own listing for free and list as many items as you want at any time. You’ll also receive free shipping on any items that have free shipping from eBay sellers!

  1. Coin Shows

Coin shows are great places to find rare coins and other items related to collecting. They’re typically held in large convention halls or hotel conference rooms around the country on weekends throughout the year. Some shows are open only to coin dealers while others are open to the public as well (although dealers will usually pay more than collectors). If you’re looking for a place to sell your coins, coin shows are usually a good option because there are lots of buyers.

Conclusion

At the end of the day, it definitely is worth holding onto this beautiful coin if you get your hands on one of them. Considering both its design and its quality, there are many reasons why the 1898 Morgan Silver Dollar value will skyrocket up in decades to come. 1898 Morgan Silver Dollar value is strong, and surprisingly there has been a steady increase in price.

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