If you are after bullion coins, you will love the 1881 Silver Dollar. This particular year takes pride in its collectible and valuable pieces. To reveal the attributes that make this coin so special we will lead you through its history, mintage, features, auction prices, and most valuable specimens. Why? So, you can understand the collectors’ excitement to have the 1881 Silver Dollar in perfect condition in their precious collection.
As usual, we start with the coin’s minimum silver melt value of $17.77 as of August 19, 2023. We continue our journey with the pieces in a circulated condition worth between $33,50 and $63. According to NGC price data, the 1881 Silver Dollar value in perfect uncirculated condition is around $30,000.
Open market prices go even higher for the certified pieces with the highest grades. For instance, an exceptional deep cameo 1881 Proof Silver Dollar, in PR67 condition, was sold for a mind-blowing sum of $105,000 in August 2018. Because of their high-quality standard, razor-sharp strikes, and profound cameo contrast, the 1881 proofs attract collectors and reach the highest value.
Without further ado, let’s dive into the extraordinary world of 1881 Silver Dollars by visiting every factor affecting their value.
History of 1881 Silver Dollar
The history of the 1881 Silver Dollar revolves around the Morgan Dollar series (1878-1921). This coin was part of the third year of the series production.
Interestingly, the Morgan Silver Dollar was named after its designer, George T. Morgan. He had an exciting journey from the Royal Mint in London to the position of Chief Engraver in the US Mint. He was determined to improve his understanding of American design and even enrolled at the Philadelphia Academy of the Fine Arts.
With the passing of the Bland-Allison Act in 1878 the US government was obliged to buy large quantities of silver and turn it into silver dollars. As a result, the silver dollar was reinstated once again (since the Coinage Act of 1873 demonetized silver) in the form of the Morgan Dollar series. George T. Morgan’s amazing design was chosen for the Morgan Dollar by the US Mint director, Henry Linderman.
The Morgan Dollars, including the 1881 (Morgan) Silver Dollar, were supposed to be produced in large quantities. That meant including every Mint facility in service to fulfill production goals. Therefore, the 1881 Silver Dollar was minted in all available US Mints, except the one in Denver which wasn’t open at the time being. The production of the coins continued until 1904 and again in 1921 (for one year). In 1918, millions of silver dollars were melted and the silver was sold due to the adoption of the Pittman Act.
So, despite the high mintage, not many uncirculated 1881 Silver Dollars in perfect condition survived. If you combine the coin’s historical value and beautiful design, you have one of the most desirable US silver coins.
Mintage of 1881 Silver Dollar
The 1881 Silver Dollar was minted in the Philadelphia, San Francisco, New Orleans, and Carson City Mint. Over 27 million pieces of the 1881 Silver Dollar were minted in the following Mints:
- San Francisco Mint had the highest mintage of 12,760,000 pieces of the 1881-S Silver Dollar;
- Philadelphia Mint produced 9,163,000 pieces of the 1881 Silver Dollar;
- New Orleans Mint produced 5,708,000 samples of the 1881-O Silver Dollar;
- Carson City Mint had the lowest mintage of 296,000 pieces of the 1881-CC Silver Dollar.
Now, that you are familiar with the mintage numbers, it is time to discover the coin’s main features. Read them carefully, so that next time you see this popular bullion coin you will be able to recognize it and keep it safe.
1881 Silver Dollar Features
- Series: Morgan Dollars (1878-1921)
- Mint: Philadelphia, New Orleans, San Francisco, and Carson City
- Mintage: Total of 27,927,000
- Designer: George T. Morgan (obverse side of the coin)
- Designer: George T. Morgan (reverse side of the coin)
- Composition: 90% Silver, 10% Copper
- Weight: 26,73 grams
- Diameter: 38,10 mm
- Thickness: 2,40 mm
- Face value: One dollar ($1,00)
- Melt value: $17,77 (8/19/2023)
- Fineness: 0,90
- Edge: Reeded
The 1881 Silver Dollar obverse and reverse have the following characteristics:
- On the obverse, George T. Morgan depicted a different Lady Liberty, unlike the traditional images in the classical Greek style. He based Lady Liberty’s left profile on Anna Willess Williams (a teacher and author of philosophical writings) from Philadelphia. Seven stars on the left and six on the right circle her image, with the motto “E PLURIBUS UNUM” (out of many, one) written in between. 1881, the year of mintage is at the bottom of the obverse.
- On the reverse or back side of the coin, the same designer depicted the American bald eagle with spread wings and lifted head holding arrows and an olive branch in its claws. You can also see these inscriptions: “ONE DOLLAR” at the bottom of the coin, “IN GOD WE TRUST” and “UNITED STATES OF AMERICA” following the top rim of the coin. “S”, “O” or “CC” mint marks if present are struck just above the denomination. You have to look closer to find the designer’s initials that are cleverly hidden on the ribbon’s left loop.
Two designers competed for the silver dollar, Morgan and William Barber but in the end, the Mint director chose the more naturalistic design submitted by Morgan. However, after a few weeks of mintage, the design was revised due to its high relief causing the wearing of the dies. This was a chance to make additional adjustments. For example, the number of the eagle’s tail feathers was reduced from eight to seven because all American eagles previously depicted on coinage had an odd number of feathers on their tail.
The 1881 Silver Dollar is also known for its reeded edge seen as a series of parallel lines at the coin’s side (used as an early anti-fraud device). Besides the same basic features, there are different varieties of the 1881 Silver Dollars that you should know about. Let’s see their characteristics and specific value!
1881 Silver Dollar Varieties and Value
Five different 1881 Silver Dollar varieties were produced that year, the 1881 Silver Dollar with no mint mark, the 1881-CC Silver Dollar, the 1881-O Silver Dollar, the 1881-S Silver Dollar, and the 1888 Proof Silver Dollar. Here is our list of 1881 Silver Dollar varieties and their value according to PCGS price data:
1. 1881 Silver Dollar No Mint Mark Value
Usually the Philadelphia Mint has the highest mintage numbers, but that is not the case with the 1881 with no mint mark. Over nine million Morgan Silver Dollars were minted there or the second highest mintage number after the San Francisco Mint. You don’t have to spend much if you are after the pieces in MS64+ condition, but if you are after the proof-like (PL) or the deep mirror proof-like (DMPL) samples you will need at least a couple of thousand dollars to complete the purchase.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1881 Silver Dollar (no mint mark)
MS+ |
between $200 and $275 | between $575 and $750 | between $2,150 and $5,500 | Between $21,000 and $60,000 |
| 1881 Silver Dollar (no mint mark)
PL+ |
between $525 and $650
|
between $2,250 and $3,850 | $5,250 | / |
| 1881 Silver Dollar (no mint mark)
DMPL+ |
between $1,650 and $7,850
|
between $12,500 and $18,500 | $32,500 | / |
The 1881 Silver Dollar (no mint mark) with the highest value according to PCGS price details is a specimen in MS67+ condition worth $60,000.
2. 1881-CC Silver Dollar Value
Only 296,000 pieces of the 1881-CC Silver Dollar were produced in the Carson City Mint. These numbers make the “CC” mint mark the rarest of all the mint marks struck in 1881. And rarity goes hand in hand with collectible value and the big bucks. However, even with rarity on their side, there isn’t a huge difference between these and the prices of the previous 1881 Silver Dollar variety with no mint mark. The only difference is that instead of hundred dollars for lower grade pieces the value of the 1881-CC Silver Dollar starts with thousands of dollars.
Be prepared to pay between $6,000 and $19,000 for a silver dollar in MS67+ condition, between $11,250 and $52,500 for a specimen in PL MS67+ or a DMPL MS67+ condition, and $65,000 for a piece graded MS68+. Again the PL and DMPL varieties are the ones with the highest value.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1881-CC Silver Dollar (“CC” mint mark)
MS+ |
between $1,000 and $1,050 | between $1,300 and $1,450 | between $1,700 and $3,450 | between $6,000 and $19,000 |
| 1881-CC Silver Dollar (“CC” mint mark)
PL+ |
between $1,050 and $1,100
|
between $1,600 and $1,
|
between $3,500 and $6,250
|
$11,250 |
| 1881-CC Silver Dollar (“CC” mint mark)
DMPL+ |
between $2,200 and $3,000
|
between $3,850 and $4,500
|
between $5,650 and $20,000
|
$52,500 |
If you check the coin’s market value, you will see that the auction record is kept by one of the greatest 1881-CC Silver Dollars in Mint State (MS68) sold for an amazing sum of $67,562,50 in June 2015.
3. 1881-O Silver Dollar Value
Nearly six million 1881-O Silver Dollars were minted in New Orleans in 1881. In terms of quantity that was the third highest mintage that year. The price of the 1881-O Silver Dollar is comparable with the 1881 Silver Dollar (no mint mark) and the 1881-CC Silver Dollar.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1881-O Silver Dollar (“O” mint mark)
MS+ |
between $275 and $450
|
between $1,050 and $2,150
|
between $9,500 and $28,000
|
$75,000 |
| 1881-O Silver Dollar (“O” mint mark)
PL+ |
between $575 and $850
|
between $3,600 and $5,000
|
$17,500 | / |
| 1881-O Silver Dollar (“O” mint mark)
DMPL+ |
between $1,100 and $1,750 | between $8,500 and $18,500 | / | / |
As in the previous 1881 Silver Dollar varieties and price tables the coin with the highest value has the highest MS67+ grade like the one worth $75,000.
4. 1881-S Silver Dollar Value
San Francisco struck the second-highest mintage of nearly thirteen million coins. Interestingly, half of the 1881-S Silver Dollars never entered circulation at the time. Therefore, this type of Morgan Dollar is easily found in Mint State because it was released in 1962.
Today the 1881-S Silver Dollar in MS65+ condition is worth between $265 and $1,575, while the value of the same coin in MS68 condition is between $6,250 and $40,000.
| Type and design | MS65 | MS66 | MS67 | MS68 |
| 1881-S Silver Dollar (“S” mint mark)
MS+ |
between $265 and$290 | between $400 and $550
|
between $1,075 and $1,800
|
between $6,250 and $20,000
|
| 1881-S Silver Dollar (“S” mint mark)
PL+ |
between $350 and $425
|
between $675 and $1,000
|
between $1,900 and $3,650
|
$9,000 |
| 1881-S Silver Dollar (“S” mint mark)
DMPL+ |
between $1,200 and $1,575 | between $2,600 and $3,750
|
between $11,500 and $20,000 | $40,000 |
Unlike the other varieties, there is an 1881-S Silver Dollar in MS69 condition worth a staggering $165,000.
5. 1881 Proof Silver Dollar Value
According to numismatists’ research, 1,089 pieces of the 1881 Proof Silver Dollars were minted in 1881 (700 in the first, 40 in the second, and 349 in the fourth quarter of the year). Because 975 pieces were sold like proof sets, 9 like singles, and 105 melted it leaves us with a net mintage of 984 specimens of the 1881 Proof Silver Dollar.
Compared to the other 1881 Silver Dollar varieties they are the most valuable. Even the pieces in MS66+ condition have high collectible value over tens of thousands of dollars. Just like the variety carrying the “S” mint mark proofs have pieces in MS69 condition that can be worth $110,000.
| Type and design | MS66 | MS67 | MS68 | MS69 |
| 1881 Proof Silver Dollar
PR+ |
between $9,250 and $11,500
|
between $16,500 and $21,500 | between $35,000 and $57,500 | $85,000 |
| 1881 Proof Silver Dollar CAM+ | between $12,000 and $14,500 | between $25,500 and $37,500 | between $52,500 and $70,000 | $110,000 |
| 1881 Proof Silver Dollar DCAM+ | between $40,000 and $47,500 | between $125,000 and $150,000 | $200,000 | / |
Errors Affecting the Value of 1881 Silver Dollar
We all love errors and the effect they have on a specific coin. Even though some errors are more valuable than others it is important to learn how to recognize them. Once you acquire that skill you are one step from having a precious error coin in your possession. These are some of the common errors affecting the value of the 1881 Silver Dollar:
- 1881 Silver Dollar Struck-Through Reverse Error
The struck-through reverse error occurs when something gets between the press and the die leaving a curving dent on the reverse surface of the 1881 Silver Dollar. Such a piece minted in San Francisco was sold for $540 in 2015.
- 1881 Silver Dollar Filled Die Obverse Error
This is another error that occurred on the 1881-S Silver Dollar causing Lady Liberty’s face to have sort of a blurred look as a result of a grease-filled die. An 1881-S Silver Dollar with a filled die obverse error in MS62 condition was sold for $1,620 in 2020.
- 1881 Silver Dollar Struck-off-center Error
The silver dollars with a struck-off-center error are quite valuable and rare, especially with a higher percentage off-center and in pristine condition. In 2007, an 1881-S Silver Dollar in MS62 condition with a 5% off-center error was sold in one of Heritage Auctions for $2,990. Imagine the value of this error if the coin’s grade is MS67 or higher!
- 1881 Silver Dollar Wounded Eagle Error (VAM-54B)
The wounded eagle error is noticeable on the coin’s reverse. It looks like a crack that goes through the letter “D” in “DOLLAR” and continues to the coin’s rim. Such a sample in MS65 condition sells for $1,000.
1881 Silver Dollar Auction Record Value
To understand the 1881 Silver Dollar market demand and value, you must compare the auction price records of every type of 1881 Silver Dollar.
| Type | Title | Auction record |
| 1881 Silver Dollar, MS | 1881 MS | $28,200 |
| 1881-CC MS | $67,562.50 | |
| 1881-O MS | $40,250 | |
| 1881-S MS | $48,875 | |
| 1881 Silver Dollar, PR | 1881 PR | $105,000 |
As you can see, no other 1881 Silver Dollar variety can take the 1881 Proof Silver Dollar of the throne of most valuable coins minted in 1881. Proofs are high above the others, while the second place is reserved for the 1881-CC Silver Dollar, and the third for the 1881-S Silver Dollar.
Most Valuable 1881 Silver Dollars
In this table, you can find the most valuable 1881 Silver Dollars sold on different auctions in the last three years. We have included this information to keep you up to date with the value of the coin on the open market.
| Grade | SVC. | Firm | Sale | Price |
| PR66DCAM | PCGS | Legend Rare Coin Auctions | The Regency Auction 59 | $37,600 |
| MS68 | NGC | Heritage Auctions | 2022 August 22-28 U.S. Coins Signature Auction #1348 | $34,800 |
| PR68 | PCGS | Stack’s Bowers | August 2021 ANA U.S. Coins Auction | $28,800 |
| PR67+CAM | PCGS | Legend Rare Coin Auctions | The Regency Auction 42 | $28,200 |
| MS68DMPL | NGC | Stack’s Bowers | Winter 2022 U.S. Coins Auction | $27,600 |
| MS66DMPL | PCGS | Heritage Auctions | 2023 January 11-15 FUN U.S. Coins Signature Auction #1356 | $26,400 |
| MS66+DMPL | PCGS | Heritage Auctions | 2022 May 23 The Boulder City Collection U.S. Coins Showcase Auction #63188 | $18,000 |
| MS66+DMPL | PCGS | Heritage Auctions | 2022 August 22-28 U.S. Coins Signature Auction #1348 | $18,000 |
| MS65+DMPL | PCGS | Legend Rare Coin Auctions | The Regency Auction 44 | $16,450 |
| MS65+DMPL | PCGS | Legend Rare Coin Auctions | The Regency Auction 50 | $15,275 |
| MS68+ | PCGS | Legend Rare Coin Auctions | The Regency Auction 58 – Central States | $14,688 |
| MS67+ | PCGS | Legend Rare Coin Auctions | The Regency Auction 58 – Central States | $12,338 |
| MS65+DMPL | PCGS | Heritage Auctions | 2021 January 20-24 FUN U.S. Coins Signature Auction #1326 | $12,600 |
| MS67+ | NGC | Heritage Auctions | 2023 May 3-7 CSNS U.S. Coins Signature Auction #1359 | $10,800 |
| MS62 | PCGS | Stack’s Bowers | Spring 2023 U.S. Coins Auction | $10,200 |
If you want more information to compare auction prices in the last five or ten years, check the PCGS auction details of the Morgan Dollar category.
Conclusion
1881 Silver Dollars in pristine condition can be worth a small fortune. Our purpose was to reveal every aspect affecting the value of this magnificent bullion coin, starting with the coin’s historical importance (huge comeback of silver coinage), continuing with the unique features and valuable varieties, and ending with the 1881 Silver Dollars with auction record prices.
Hopefully, now you have a clearer perspective on the 1881 Silver Dollar value. If so, we are happy to be of assistance!
