Most Valuable 1886 Silver Dollar Worth Money (Rarest Sold For $780,000)

One of the most interesting coins in the history of the United States Mint and coinage system is the Morgan silver dollars. These have been minted in millions of examples, yet, to this day, are highly sought-after.

Despite high minting numbers, and despite the fact that Morgan silver dollars aren’t considered rare by any means, people do have a difficult time coming across those uncirculated, exemplary specimens.

But, when they do, they’re in for a treat. The current value of the Morgan silver dollars is in thousands of dollars, depending on the origin of the dollars (Mint where it was struck), as well as its condition and grade.

If you’re simply interested in learning more about the Morgan silver dollars, or you’re looking for specific info regarding the 1886 Morgan dollar specimen (for buying/selling purposes), this is the place to be. In the following paragraphs, we’re going to cover everything you need to know; the history and origin of the Morgan silver dollars, the current market value and the price of the 1886 specimen, and so much more. So, let’s dive right in!

The 1886 Morgan Silver Dollar – Everything You Need To Know

The History and Origin

To learn more about the 1886 Morgan silver dollar specimen, we need to go back in time and learn about the very establishment of the Morgan silver dollar. The Morgan silver dollar is a United States one-dollar coin that is traced back to the year 1878, which was the first time this dollar was minted. This silver dollar was the first one to ever be minted since the passage of the Coinage Act of 1873.

The reason for this lies in the very interpretation of the Act; according to the Act, the States wanted to demonetize the silver bullion, by incorporating the low-value silver into the dollar coins, despite the lower value of the silver compared to the one-dollar surface value of the coin. Despite this idea being deemed successful and to many, it guaranteed profit, it nevertheless ended up causing inflation.

Despite the financial fuss it created, the coin was authorized for minting and the U.S. treasury ended up purchasing around four million’s worth of silver to be coined into the silver dollar each month.

In 1904, the Mint ceased to strike the Morgan dollar but managed to strike it once again for a year in 1921. The coin got its name from its designer, George T. Morgan. He was a United States Mint Assistant Engraver, but more about this in the following paragraphs.

The Coin Features and Characteristics

So, George T. Morgan was the designer and the creator of the first Morgan silver dollar; hence the name of the silver dollar. And, that remained a fact for the 1886 Morgan silver dollar as well.

The features and characteristics of all Morgan silver dollars are pretty much the same, Of course, there are some nuance changes for each of the Morgan silver dollar edition, including the different years inscribed onto the coin itself, and of course, the differences in mint marks; but, more on that later. Let’s, for now, focus on the exterior and aesthetic features of the 1886 Morgan silver dollar.

The Morgan silver dollar was first designed in Philadelphia, in 1876. George T. Morgan was a student at the Pennsylvania Academy of Fine Arts, where he decided to prepare a new Liberty head design for the new silver dollar.

Often, the representation of Liberty featured a Greek-style figure, but Morgan wanted it to be an American woman instead, not European. Morgan’s friend and artist, Thomas Eakins, suggested he use a woman named Anna Willess William as a model. Morgan would later claim that Anna had the best, most perfect profile he had ever seen. Now, let’s take a closer look at the obverse and the reverse of the coin;

• The obverse of the coin

The obverse of the 1880 Morgan silver dollar features a left-facing profile of Liberty, wearing a Phrygian cap. The cap is adorned with cotton balls and wheat in Liberty’s hair. There is also the inscription ‘E Pluribus Unum’, meaning ‘out of many, one’, as well as the year 1880 in the very lower part of the coin, right under the Liberty’s profile.

The obverse of the coin also features 13 stars to represent the first 13 States of the Union; 7 states are on the left side of Lady Liberty, while the other 6 are on the right side.

• The reverse of the coin

The reverse of the 1880 Morgan silver dollar features a bald eagle with outstretched wings. The eagle’s clutching an olive branch as well as arrows in its talons. There are also inscriptions ‘In God We Trust’ and ‘United States of America’, right above the eagle’s head, while under the eagle there’s the denomination.

Between the denomination and the eagle, generally, there’s also a mint mark indicating where the coin was minted. If there’s no mint mark, then the coin was minted in the Philadelphia Mint.

The 1886 Morgan Silver Dollar Mintage Numbers

It is estimated that more than half a billion Morgan dollars were struck between the years 1878 and 1894. The majority of the Morgan dollars were minted in the Philadelphia Mint, but elsewhere, like the Mint branches in New Orleans, San Francisco, and Carson City, generated lower minting numbers. As a result, these Mint branches were closed altogether in the year 1893. It is important to mention that, despite being closed in 1893, the Carlson City Mint did not strike the 1886 Morgan silver dollars, for the previously mentioned reasons of super low minting numbers achieved in the previous years.

In 1904, the minting of the Morgan dollars came to a halt. It would take 17 years for the Morgan dollars to return, that is in 1921. An addition of 86 million Morgan dollars proved that there is still some hope left. Unfortunately, under the 1918 legislation, more than 270 million Morgan silver dollars from the initial batch have been melted. Under the legislation, the Morgan dollars were to be replaced by the Peace design.

Now, let’s take a closer look at the minting numbers of the 1886 Morgan silver dollar specimen

The 1886 Morgan silver dollar that was minted without a mint mark, was minted in Philadelphia. At this point in time, there was no Denver Mint, but the New Orleans Mint (O mint mark), as well as the San Francisco Mint (S), which would later on become a standard Mint, were both rather active.

The Philadelphia Mint provided the highest minting numbers, while the San Francisco Mint produced the lowest minting numbers. The New Orleans Mint would later also cease to operate, and instead, the Denver Mint would start operation and replace the Carlson City and New Orleans Mints.

Also Read: 

• Morgan Silver Dollar (1878–1921) Value Chart Guide (Rarest Sold For A Lofty $2,086,875)
• 1885 Morgan Silver Dollar Value Chart (Holds A Record Of $100,625)
• 1884 Morgan Silver Dollar Value Chart (Most Valuable Ms-68 Has Been Auctioned At $900,000)
• 1881 Silver Dollar Value (An 1881-Proof Morgan Dollar Sold For $105,000 in 2018!)

The 1886 Morgan Silver Dollar: How Much Is it Worth Today?

Despite the high mintage number, the 1886 Morgan silver dollar isn’t considered to be scarce. Nevertheless, the current market shows high value and prices for almost every available specimen of this dollar. Why is that, you may ask; well, during the 1950s and 1960s, which were also the years of high silver value and silver scarcity, people sold their Morgan silver dollars, including the 1886 specimens. As a result, the Morgan silver dollar became highly sought-after, and as such, more valuable as well.

Before we get into the current market value, as well as the market demand, of the 1886 Morgan silver dollar, make sure to keep in mind that these are several versions of the coin and that each is recognized by either the lack of mint mark or by the following mint marks; no mint mark, O, and S. To make things easier, we’ll refer to the ‘no mint mark’ silver dollars as the -P silver dollar.

The 1886 Morgan Silver Dollar – No Mint Mark (Philadelphia), Regular Strike

• Category: Morgan Dollars (1878-1921)
• Mint: Philadelphia
• Mintage: 19,963,000
• Obverse Designer: George T. Morgan
• Reverse Designer: George T. Morgan
• Composition: Silver
• Fineness: 0.9
• Weight: 26.73g
• ASW: 0.7734oz
• Melt Value: $18.21 (8/4/2023)
• Diameter: 38.1mm
• Edge: Reeded

Considering the fact that almost 20 million 1886 Morgan silver dollars were minted in the Philadelphia Mint, it is safe to say that the majority of those coins ended up in circulation, released to the public. However, many of these coins survived in the original mint bags, in exceptional condition, until the 1950s. As a result, the 1886-P Morgan silver dollar is one of the most common coins that come in uncirculated grades. There are probably thousands of examples of the uncirculated 1886-P silver dollars.

Now, according to the NGC Price Guide, for August 2023, a Morgan Dollar from 1886 in the circulated condition is worth between $34.50 and $62. However, on the open market, 1886 Silver Dollars in pristine, uncirculated condition sell for as much as $16 500. Auction records show that an 1886 Morgan silver dollar was sold for a whopping $27,025.00 (MS 68).

The 1886 Morgan Silver Dollar – O Mint Mark (New Orleans)

• Category: Morgan Dollars (1878-1921)
• Mint: New Orleans
• Obverse Designer: George T. Morgan
• Reverse Designer: George T. Morgan
• Composition: Silver
• Fineness: 0.9
• Weight: 26.73g
• ASW: 0.7734oz
• Melt Value: $18.21 (8/4/2023)
• Diameter: 38.1mm
• Edge: Reeded

Despite the historically low mintage numbers provided by the New Orleans Mint, it did manage to strike over 10 million 1886 Morgan silver dollars. And, considering these high mintage numbers, it is safe to assume that this specimen isn’t the rarest out there. Not many uncirculated specimens of the New Orleans Mint were saved during the Pittman melting, so those that are available nowadays are the circulated specimen.

For this reason, those uncirculated, if you’re lucky to come across one, are low-graded but generally highly valued and priced. Speaking of high value and price, the BGS Price Guide shows that, for the month of August 2023, a Morgan Dollar from 1886 in the circulated condition is worth between $36 and $360. However, on the open market, 1886 O Silver Dollars in pristine, uncirculated condition sell for as much as $190 000. Auctions records show that one such 1886-O specimen was sold for a whopping $780,000 (MS 67).

The 1886 Morgan Silver Dollar – S Mint Mark (San Francisco)

• Category: Morgan Dollars (1878-1921)
• Mint: San Francisco
• Mintage: 750,000
• Obverse Designer: George T. Morgan
• Reverse Designer: George T. Morgan
• Composition: Silver
• Fineness: 0.9
• Weight: 26.73g
• ASW: 0.7734oz
• Melt Value: $18.21 (8/4/2023)
• Diameter: 38.1mm
• Edge: Reeded

Despite the high mintage numbers in the other Mints, the San Francisco Mint managed to strike the least amount of the 1886 Morgan silver dollars; only 750,000. Taking into consideration that the majority of these coins were also melted later during the Pitman melting, the number of available 1886-S Morgan silver dollars is even lower than expected.

Now, when it comes to the value of this specific coin, the NGC Price Guide states that, as of August 2023,  Morgan Dollar from 1886 in the circulated condition is worth between $36.50 and $275. However, on the open market, 1886 S Silver Dollars in pristine, uncirculated condition sell for as much as $42 500. Auction records show that the highest price for an 1886-S Morgan silver dollar has reached a whopping $66,000.

The 1886 Morgan Silver Dollar Rare and Error Coins

Just like in an industry, coin striking is a process of a grade scale, and as such, is susceptible to occasional errors. Moreover, some error coins are, because of this, considered to be highly rare and highly in demand, even nowadays. Let’s take a look at some auction records for regular and error 1886 Morgan silver dollars;

• 1886-P GSA Hard Pack Non-CC Morgan Silver Dollar Coin NGC MS 64 – this is a highly rare coin since the majority of the Philadelphia silver dollars were released into circulation. This is an uncirculated Philadelphia silver dollar, of an MS 64 grade. It comes protected in a GSA hard-pack case. At an auction, it was sold for $1,000.00.
• $1 1886-O PCGS MS65+ CAC EX ELIASBERG – this coin is universally acknowledged as the finest example of the 1886-O Morgan silver dollar. The details are remarkable and incredibly clean and in a full strike. The eye appeal is considered exceptional as well. At an auction, this particular coin was sold for a whopping $275,000.00.
• 1886 $1 VAM 1A Line in 6 (Regular Strike) – this is not an error coin, but rather a variety one. This particular variety features something that looks like doubling, but in fact, is something known as Line-in-6 or VAM 1 A. This means that there is a small horizontal crack on the coin, in the area of the mint date. One such coin was sold at an auction for $2,280.00.
• 1886 $1 VAM 1C 3+2 Clashed Rev (Regular Strike) – this 1886 silver dollar variety features a flaw that was caused by dies clashing during the minting process. The clash created marred spots on the coin reverse. At an auction, one such coin was sold for $2,700.00, in an exceptional condition (grade MS 67), and is known as the finest example of such a silver dollar.

Final Thoughts

If you’ve made it this far, congratulations! Now you’ve learned everything essential there is to learn about the 1886 Morgan silver dollar. Hopefully, this brief journey was fun and informative. For more information about the 1886 Morgan silver dollar, we recommend you check professional coin/bill grading services and their informative blog posts as well as active or closed auctions. This can help you understand how the value of a penny changes over time, and what can you expect regarding the market climate. We wish you the best of luck and happy collecting!

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