Lot 049Coin values

1891 Morgan Dollar

Q: How much is a 1891 Morgan Dollar worth?

Lustre's editorial estimate (Oct 2026) is $50–$70 for circulated examples (G-4 to EF-40) and $3,700–$5,250 in MS-65. These are estimates, not an appraisal or market data. A coin in the grade you hold may sell for less at a dealer, who needs a margin.

PHILADELPHIA · 90% SILVER, 10% COPPER · 8,693,556 STRUCK

The answer

Worth about $50⁠–⁠$70 circulated and $3,700⁠–⁠$5,250 in MS-65.

The 1891 Morgan Dollar is a scarcer date from the Philadelphia Mint, with 8,693,556 pieces struck. In circulated grades (G-4 to EF-40) our estimate is $50⁠–⁠$70, and a well-preserved MS-65 example is estimated at $3,700⁠–⁠$5,250. Circulated coins of this date trade at or just above the value of their metal, so the live melt value on this page is the best guide to a worn coin.

1891Philadelphia

Catalogue medallion. We do not yet hold a licensed photograph of this exact date and mint, so none is shown rather than one with a different date.

Morgan dollar obverse: Liberty head facing left — Design reference 1878-CC Morgan dollar, National Numismatic Collection. The date on this photograph is not this issue's date. Public domain, credit US Mint (coin), National Numismatic Collection (photograph by Jaclyn Nash), via Wikimedia Commons.

Morgan dollar reverse: eagle with wings spread inside a wreath — Design reference 1878-CC Morgan dollar, National Numismatic Collection. The date on this photograph is not this issue's date. Public domain, credit US Mint (coin), National Numismatic Collection (photograph by Jaclyn Nash), via Wikimedia Commons.

Mint: Philadelphia
Composition: 90% silver, 10% copper
Mintage: 8,693,556
Weight and size: 26.73 g · 38.1 mm
Designer: George T. Morgan

RarityScarce

PlentifulRare

Among the more plentiful: 64% of issues in the series have a smaller mintage. 8,693,556 struck. Mintage is the number struck, not the number that survive.

Grade & value

Circulated$50–$70

Melt, live$46.81

Estimated value by grade for the 1891 Morgan Dollar. Lustre editorial estimate, Oct 2026.
Grade	Estimate
G-4Good · tracks melt	$50–$55
VG-8Very Good · tracks melt	$50–$55
F-12Fine · tracks melt	$55–$60
VF-20Very Fine · tracks melt	$55–$60
EF-40Extremely Fine	$55–$70
AU-50About Uncirculated	$85–$115
AU-58Choice About Uncirculated	$155–$210
MS-60Mint State 60	$330–$430
MS-63Choice Mint State	$900–$1,300
MS-65Gem Mint State	$3,700–$5,250

Melt value (silver)$46.81

0.7735 troy oz of silver at the spot price. Reference prices, not live

Scan your coin

Estimates. Grade values are Lustre editorial estimate, Oct 2026, based on spot prices near $61 per ounce for silver. They are not market data, an appraisal or an offer. Rows marked at melt follow the metal price.

Value ladder

Varieties to look for

Mint mark position

S, O, CC and D sit on the reverse below the wreath. Check the letter against the date: Carson City (CC) coins carry a premium in every grade.

Strike and surface

Look for full hair detail above Liberty's ear and sharp eagle breast feathers. Prooflike (PL) and deep mirror prooflike (DMPL) surfaces carry large premiums in Mint State.

Cleaning

Many Morgans have been cleaned or dipped. Hairlines and a dull, wiped look reduce value; original toning is generally preferred.

Questions

About the 1891 Morgan

How much is a 1891 Morgan Dollar worth?

Lustre's editorial estimate (Oct 2026) is $50⁠–⁠$70 for circulated examples (G-4 to EF-40) and $3,700⁠–⁠$5,250 in MS-65. These are estimates, not an appraisal or market data. A coin in the grade you hold may sell for less at a dealer, who needs a margin.

Is a 1891 Morgan Dollar silver?

Yes. It is 90% silver, 10% copper and weighs 26.73 g, which is 0.7735 troy ounces of pure silver. Its melt value is that weight multiplied by the current silver spot price, shown live on this page.