1887/6 Morgan Silver Dollar Value — What Is It Worth?

The 1887/6 Morgan Silver Dollar is worth anywhere from $60 in worn condition to over $20,000 for high-grade specimens. This fascinating “overdate” error occurs when the remains of an 1886 date are visible beneath the 1887 digits, making it a prized trophy for collectors and a lucky find for anyone digging through old family jars.

Identifying the Rare 1887/6 Overdate Error

If you’ve discovered an old silver dollar from 1887, you might be holding a “common” coin or a valuable minting error. The 1887/6 Morgan Silver Dollar is a famous “overdate” variety. In the late 19th century, the Philadelphia Mint sometimes reused dies from the previous year to save money. In this instance, they punched the “7” directly over the “6” from the 1886 die.

To determine if yours is the rare version, you can use a free coin identifier app to zoom in on the date area. Specifically, look at the “7” in 1887. On the overdate variety, you will see a small, curved protrusion from the bottom of the 7’s crossbar, which is the top of the old 6 showing through.

This error is subtle to the naked eye but highly sought after by numismatists. If the coin is in your pocket right now, downloading an app like CoinKnow can help you get a high-resolution look without needing a jeweler’s loupe. Professional collectors often refer to this specific variety as VAM-3.

1887/6 Morgan Silver Dollar Value by Mint Mark

While the 1887/6 overdate is most commonly associated with the Philadelphia Mint (which has no mint mark), it is crucial to check the back of your coin. Morgan Dollars were minted in Philadelphia, New Orleans (O), and San Francisco (S) in 1887. However, the true overdate error is widely recognized on Philadelphia strikes.

The current auction prices for 1887 Morgan Dollars vary significantly based on where they were struck. A standard 1887-O or 1887-S in circulated condition might sell for closer to the silver melt value, but an 1887/6 Philadelphia coin carries a premium even in low grades.

If you find a mint mark “O” or “S” above the “DO” in “DOLLAR” on the reverse, your coin is a different variety. The Philadelphia 1887/6 remains the king of this year’s errors. Using CoinKnow allows you to scan the mint mark and the date simultaneously to verify exactly which version you possess.

Grading and Condition: Why it Matters

The condition of your silver dollar is the biggest factor in its final price tag. In the world of coin collecting, we use a 70-point scale. A coin that has been in someone’s pocket for years might be a “G” (Good) or “VG” (Very Good), while a coin that sat in a bank vault since 1887 might be “MS” (Mint State).

For the 1887/6 overdate, the market price for 1887/6 silver dollars jumps exponentially as the grade increases. For example, moving from a Mint State 63 to a Mint State 65 can mean a difference of thousands of dollars.

Be very careful how you handle your coin. Never clean it! Rubbing a silver dollar with a cloth or using chemicals to “make it shiny” will destroy the numismatic value, often cutting the price by 50% or more instantly. If you aren’t sure of the grade, CoinKnow can provide a preliminary estimate based on photo analysis before you pay for professional authentication.

Silver Content vs. Numismatic Value

Every Morgan Silver Dollar is made of 90% silver and 10% copper. This means that even if your 1887/6 is extremely damaged or worn down to a smooth disc, it still has “melt value.” As of today, the silver in a Morgan Dollar is worth roughly $20 to $25 based on the spot price of silver.

However, the 1887/6 overdate is always worth significantly more than its silver content. Because it is a recognized variety in the Red Book (the industry bible), collectors will pay a premium to fill the gap in their collections. Even a “Fine” grade 1887/6 usually sells for triple the price of its silver weight.

When silver prices rise, the “floor” for these coins rises too. If silver were to double in price, the value of even the most common 1887 dollar would increase, but the rare overdate remains the smarter investment for those looking for long-term growth.

Tips for Selling Your 1887/6 Morgan Dollar

If you have confirmed your coin is an 1887/6 overdate, your next step is deciding how to sell it. For coins valued under $200, local coin shops or reputable eBay sellers are the most common routes. For high-grade specimens (MS63 or higher), you should consider professional grading by services like PCGS or NGC.

A “slabbed” coin (one encased in plastic by a grading service) will always sell for more than a “raw” coin because the buyer has a guarantee of authenticity. Before spending $50+ on grading fees, use CoinKnow to check if your coin’s potential value justifies the cost.

Avoid “We Buy Gold” kiosks at the mall, as they usually pay only for the silver weight and will ignore the rare overdate error entirely. Always seek out a specialized coin dealer who understands the nuances of Morgan varieties.

FAQ

Q: How can I tell the difference between the 1887/6 and a regular 1887 dollar?

A: Look closely at the “7” in the date with a magnifying glass. The 1887/6 variety shows the top part of a “6” inside and slightly below the leftmost part of the 7’s crossbar. If the 7 is clean and sharp with no extra metal underneath, it is a standard 1887.

Q: Is the 1887/6 Morgan Silver Dollar rare?

A: It is considered a “scarce” variety rather than “ultra-rare.” While many were minted, many have been lost to silver melts over the decades. Finding one in high “Uncirculated” condition is quite rare and very valuable.

Q: Should I clean my 1887/6 Morgan Silver Dollar to make it look better?

A: No! Never clean your coins. Collectors prefer the natural “patina” or toning that comes with age. Cleaning creates microscopic scratches that decrease the coin’s grade and market value significantly.

Q: What is the highest price ever paid for an 1887/6 Morgan Dollar?

A: Exceptional specimens in MS67 or higher grades have sold for over $30,000 at major auctions. Most coins found by everyday Americans are in the $60 to $300 range, but high-quality survivors are true treasures.