1887-S Morgan Dollar Value: Professional Collector Price Guide
The 1887-S Morgan Dollar is worth anywhere from $40 in worn, circulated condition to over $1,500 in high-grade mint state. Whether you found this hefty silver coin in an old jar or inherited it from a family member, its San Francisco “S” mint mark makes it a prized piece of American history.
| Condition / Grade | Estimated Market Value |
|---|---|
| Good (G-4) to Very Good (VG-8) | $40 – $48 |
| Fine (F-12) to Very Fine (VF-20) | $50 – $65 |
| Extremely Fine (EF-40/XF-45) | $75 – $110 |
| About Uncirculated (AU-50/AU-58) | $150 – $280 |
| Mint State (MS-60 to MS-63) | $450 – $850 |
| Gem Mint State (MS-65+) | $1,800 – $6,000+ |
Understanding the History of the 1887-S Silver Dollar
Finding an 1887-S Morgan Dollar is an exciting moment for any casual treasure hunter. To get a quick estimate of your find, you can use a free coin identifier app which helps distinguish the various mint marks and conditions. The “S” on this coin stands for the San Francisco Mint, a facility that was famous for producing some of the most beautiful and well-struck coins of the 19th century.
During the late 1880s, the United States was experiencing a period of westward expansion and industrial growth. The Morgan Dollar, named after its designer George T. Morgan, was the workhorse of American commerce. For the year 1887, the San Francisco Mint produced exactly 1,432,000 of these silver dollars. While this might sound like a large number, it is actually quite low compared to the millions minted in Philadelphia that same year.
Because of this lower mintage, the 1887-S is considered a “better date” coin. Many of these silver dollars were melted down in later years or lost to heavy circulation, meaning high-quality survivors are relatively rare today. If you aren’t sure how to grade your coin, the CoinKnow app can provide instant visual comparisons to help you decide if it’s worth sending to a professional grading service like PCGS or NGC.
Evaluating the Mintage and Rarity of the 1887-S Morgan
When determining value, rarity is the most significant factor after silver content. The 1887-S Morgan Silver Dollar sits in a unique spot. It isn’t as rare as the legendary 1893-S, but it is far more valuable than a common 1887 Philadelphia (which has no mint mark). Collectors often look for the 1887-S to complete their “San Francisco” collections, keeping demand consistently high.
The total mintage of 1,432,000 was fairly typical for the era, but the survival rate in “Uncirculated” condition is what drives the price up. Most of these coins were bagged and stored in Treasury vaults for decades. However, unlike some other dates that were released in massive “hoards” in the 1960s, the 1887-S remained somewhat elusive in high grades.
If you are researching current auction trends, you can find detailed 1887-S Morgan Dollar pricing for Mint State grades that shows how prices fluctuate based on minor surface scratches or luster. Even a slight difference in eye appeal can mean a difference of hundreds of dollars.
| Mint Location | Mintage Figure | Rarity Level |
|---|---|---|
| Philadelphia (No Mint Mark) | 20,290,000 | Common |
| New Orleans (O) | 11,550,000 | Common |
| San Francisco (S) | 1,432,000 | Semi-Key Date |
How Condition Affects 1887-S Silver Dollar Value
In the world of coin collecting, condition is everything. A “worn” coin means it was actually used in stores or saloons during the late 1800s. These coins have smoothed-out hair details on Lady Liberty and worn-down feathers on the eagle’s breast. While these are still valuable because of their “S” mint mark and 0.7734 ounces of pure silver, they don’t command the thousands of dollars that “Mint State” coins do.
“Mint State” refers to a coin that never entered circulation. It looks just as it did the day it left the San Francisco Mint, with a frosty or mirror-like shine called “luster.” For the 1887-S, jumping from an AU-58 (almost uncirculated) to an MS-63 (choice uncirculated) can triple the price. For a comprehensive breakdown of these differences, check out this current price guide for the 1887 silver dollar to see how much your specific grade might be worth.
To accurately assess your coin’s condition at home, the CoinKnow app offers a high-resolution scanning feature. It helps you identify high-point wear on the hair above the ear and the tips of the eagle’s wings—the first places that show wear. Professional graders use a 1-70 scale, and for the 1887-S, every point above 64 adds significant value.
Identifying the S Mint Mark and Varieties
Before you get too excited about the price, you must verify that your coin actually has the “S” mint mark. On the Morgan Dollar, the mint mark is located on the reverse side (the back), just above the “D” and “O” in the word “DOLLAR,” and below the wreath that surrounds the eagle. If there is no letter there, the coin was minted in Philadelphia and is much more common.
There are also specific “VAM” varieties for the 1887-S. VAM stands for Leroy Van Allen and A. George Mallis, the researchers who cataloged every known die variety for Morgan Dollars. Some 1887-S coins feature “pitted dies” or “clashed dies” where the image of one side was accidentally pressed into the other.
While most 1887-S Morgans look the same to the naked eye, variety hunters look for these tiny errors using magnifying loops. If you find a rare VAM variety, you could potentially double the value of the coin to the right collector. Using the CoinKnow digital library, you can browse images of these specific errors to see if your coin matches any documented rarities.
| Key Feature | What to Look For |
|---|---|
| Mint Mark | A small ‘S’ above the DOLLAR text. |
| Luster | The original ‘cartwheel’ shine when tilted. |
| Strike Quality | San Francisco strikes are usually sharp. |
The Investment Potential of the 1887-S Morgan Dollar
Is the 1887-S worth holding onto as an investment? Many experts say yes. While common-date Morgans tend to track the price of silver bullion closely, “Better Date” coins like the 1887-S have numismatic value that stays high even when silver prices dip. They are historical artifacts that become harder to find in good condition every year.
Wealthy collectors often seek out the 1887-S in MS-65 or higher because it is widely considered a “stable” coin in the market. It doesn’t have the extreme price volatility of some “Key Dates,” but it consistently appreciates over decades. If you have an uncirculated specimen, it is highly recommended to have it professionally graded to preserve its value and make it easier to sell in the future.
For the average American, the 1887-S represents a tangible piece of the Old West. Owning a coin that was struck in San Francisco during the era of cowboys and steam engines is a reward in itself. Whether you decide to sell it today for a quick profit or pass it down as a family heirloom, the 1887-S remains one of the most respected entries in the Morgan Dollar series.
FAQ
Q: Is my 1887-S Morgan Dollar made of real silver?
A: Yes, all Morgan Dollars minted between 1878 and 1921 (including the 1887-S) are made of 90% silver and 10% copper. They contain approximately 0.77344 troy ounces of pure silver. This means the coin will always be worth at least its weight in silver, regardless of its condition.
Q: How can I tell if my 1887-S is a fake?
A: Counterfeit coins are common. A real 1887-S should weigh 26.73 grams and have a diameter of 38.1mm. It should also be magnetic—if a magnet sticks to it, the coin is a fake. Many people use the CoinKnow app to cross-reference their coin’s appearance with authenticated examples to spot red flags.
Q: Where is the best place to sell my 1887-S Silver Dollar?
A: For lower-grade coins worth under $100, local coin shops or eBay are your best bets. For high-value coins in Mint State (MS-63 or higher), it is better to go through a specialized numismatic auction house like Heritage Auctions or Stacks Bowers to ensure you get the best market price.
Q: Does cleaning my 1887-S coin increase its value?
A: No! Never clean your coins. Cleaning a silver dollar with polish or even soap and water creates microscopic scratches that professional graders can easily spot. A cleaned coin is often worth 50% less than a naturally toned or dirty coin. Collectors prefer the original “patina” that comes with age.
