Is the 1887/6-O Morgan Silver Dollar Worth a Fortune?

The 1887/6-O Morgan Dollar is worth anywhere from $60 in worn condition to over $35,000 for high-grade specimens. This fascinating “overdate” variety remains one of the most popular errors in the entire Morgan series, capturing the interest of both casual finders and serious numismatists alike.

Understanding the Rare 1887/6-O Overdate Error

If you have just discovered an old silver dollar in a drawer or a family collection, you might be holding a piece of history known as the “Overdate.” To identify this specific coin, you can use a free coin identifier app to zoom in on the date area. The 1887/6-O Morgan Dollar was created when a die originally intended for the year 1886 was re-punched with the 1887 date. This resulted in parts of the “6” being visible beneath the “7,” specifically inside the lower loop of the 7.

This error didn’t just happen at any mint; it happened at the legendary New Orleans Mint, indicated by the “O” mint mark on the reverse. Because these coins were struck during a period of massive silver production, many were circulated heavily. Finding one today in “Mint State” (uncirculated) is the dream of every collector. If you are unsure if your coin has this error, the CoinKnow app can help you compare high-resolution images of known variety markers to your own coin to confirm its authenticity.

The historical significance of the New Orleans Mint adds another layer to the value. Known for sometimes producing “soft” strikes, the New Orleans Morgan Dollars from this era can vary wildly in appearance. When you combine a rare minting error with the charm of the “Old South,” you get a coin that is consistently in high demand regardless of the current price of silver bullion.

How to Identify the 1887/6-O Morgan Silver Dollar

To look for this variety, you need a magnifying glass or a high-quality camera phone. Look closely at the date “1887.” Inside the bottom loop of the 7, you should see a faint, curved line. This is the remnant of the “6” that was supposed to be there. Additionally, collectors often look for specific die polishing marks or “clashes” that are unique to this VAM variety (VAM stands for the researchers Van Allen and Mallis who categorized these).

Condition is the biggest factor when determining price. A coin that has been rattling around in a pocket for years will lose the fine details of the overdate, making it worth less than a “Proof-Like” version that has been kept in a silk pouch. Professional graders look for original luster—that “frosty” look that appears when you tilt the coin under a light. If your coin is shiny but lacks fine details, it may have been cleaned, which actually lowers the collector value significantly.

Using tools like CoinKnow allows you to see what different grades look like. For a detailed breakdown of pricing based on condition, checking the 1887/6-O MS grade price guide can provide real-world auction data. Seeing the jump in price from a coin that is “Almost Uncirculated” to one that is “Mint State” can be shocking, often representing a difference of thousands of dollars.

The Impact of the New Orleans Mint Mark

The “O” mint mark is located on the reverse side of the coin, right above the letters “D” and “O” in the word “DOLLAR.” The New Orleans Mint was operational from 1838 until 1909 and is the only mint in the U.S. that was ever occupied by the Confederacy. This historical backdrop makes “O” mint Morgans particularly collectible for American history buffs.

While the 1887-O (the standard version) is very common and usually sells for just above silver melt value in lower grades, the 1887/6-O is a different story entirely. Collectors view this as a “must-have” for a complete Morgan variety set. Because many of these were released into circulation before the error was caught, finding one in “Gem” condition (MS65 or higher) is an extreme rarity.

When researching your coin, many people get confused by the standard 1887 silver dollar value trends. While a normal 1887-O in Very Fine condition might sell for $45, the 1887/6-O variant in the same condition can easily command $120 or more. The “O” mint mark essentially tells the story of the post-Reconstruction South, adding a layer of localized history to your find.

Current Market Trends and Auction Records

The market for rare Morgan Dollar varieties has remained incredibly resilient. In the last few years, collectors have shifted their focus toward “VAM” varieties and overdates like this one. Even in lower grades, the 1887/6-O has seen a steady increase in floor prices. Buyers are no longer just looking for the rarest years; they are looking for the rarest stories, and a re-punched date is a perfect example of a minting mishap that people love to own.

At the highest levels of the hobby, the prices can reach the stratosphere. For instance, an 1887/6-O Morgan Dollar graded at MS66 can fetch upwards of $50,000 at a major auction house like Heritage Auctions or Stack’s Bowers. Most everyday Americans won’t find an MS66 in their attic, but finding an AU (About Uncirculated) coin worth $500 to $800 is a very real possibility.

If you are considering selling, it is best to have your coin authenticated by a service like PCGS or NGC. However, before spending money on grading fees, using CoinKnow to get a preliminary assessment can save you a lot of time and money. It’s important to know if the coin is likely to come back as a “Genuine” error or just a standard 1887-O with a bit of surface damage that looks like an error.

Tips for Preserving Inherited Morgan Dollars

The first rule of coin collecting for beginners is: Never clean your coins. Even if the 1887/6-O looks dark, dirty, or “tony,” cleaning it with chemicals or a cloth will leave microscopic scratches that permanently destroy its numismatic value. A cleaned MS60 coin will often sell for the same price as an uncleaned VF20 coin, potentially costing you thousands of dollars.

Instead, handle your silver dollars by the edges only. Oils from your skin can cause “fingerprint” corrosion over time. Store the coins in PVC-free plastic holders or specialized coin flips. Keeping them in a cool, dry place is essential to prevent the silver from tarnishing excessively, although many collectors actually pay a premium for “rainbow toning,” which is a natural oxidation process that creates beautiful colors.

If you’ve inherited a large group of coins, it’s easy to feel overwhelmed. Start by sorting them by type (Morgan Dollars, Peace Dollars, Quarters, etc.) and then by date. Keep an eye out for that “O” mint mark and the overdate feature on any 1887 pieces. Identifying even one 1887/6-O in a pile of ordinary silver dollars can turn a $300 jar of coins into a $3,000 treasure.

Summary of the 1887/6-O Value

The 1887/6-O Morgan Dollar remains a titan among variety collectors. Its value is driven by the visible history of its re-punched date and the scarcity of high-quality examples from the New Orleans Mint. While a worn version is a great piece for a starter collection, a high-grade example is a blue-chip investment for serious investors. Always remember to verify the overdate feature and avoid cleaning the coin to ensure it retains its maximum potential value in today’s thriving coin market.

FAQ

Q: How can I tell the difference between a standard 1887-O and the 1887/6-O?

A: You need to look inside the bottom loop of the “7” in the date. If you see a subtle, curved protrusion or a “lump” that looks like the top of a “6,” you have the overdate variety. Comparing it to online photos or using a coin app is highly recommended.

Q: Is the 1887/6-O Morgan Dollar made of real silver?

A: Yes, all Morgan Dollars minted between 1878 and 1904 (and again in 1921) are made of 90% silver and 10% copper. Each coin contains approximately 0.7734 troy ounces of pure silver.

Q: What is the most an 1887/6-O has ever sold for?

A: Top-tier specimens in MS66 or higher can sell for $30,000 to $50,000. The record prices are usually held by coins that have been graded and encapsulated by PCGS or NGC, which guarantees their authenticity and grade.

Q: Why did the mint reuse the 1886 dies?

A: In the late 19th century, creating coin dies was an expensive and time-consuming process. To save money and resources, the mint would sometimes take unused dies from the previous year and punch the new date over the old one. This was a common practice that resulted in some of the most famous varieties in U.S. history.