1881 Morgan Silver Dollar Coin Worth Up To $60,000 | Collector’s Gem

1881 Silver Dollar Value: A Guide to Rarity and Collectibility

The Morgan dollar series, introduced in 1878, quickly became one of the most popular and widely collected coin series in American history. Among its issues, the 1881 silver dollar is notable for its distinct characteristics, historical importance, and collectible value. This guide delves into the 1881 silver dollar’s worth, its significance, and the features that make it a highly desired item among numismatists.

1881 Silver Dollar Value Chart

MintmarkExtremely FineMS63MS65MS671881 (P) No Mint Mark$50$140$315$500Prooflike$315$900Deep Mirror Prooflike$500$4,000$60,0001881 S Silver Dollar$50$96$150$280Prooflike$150$325$1,100Deep Mirror Prooflike$280$1,900$11,5001881 O Silver Dollar$50$120$235$475Prooflike$235$3,500$8,500Deep Mirror Prooflike$475$75,0001881 CC Silver Dollar$490$850$900$1,250Prooflike$900$1,500$3,750Deep Mirror Prooflike$1,250$6,000

1881 Silver Dollar Value Insights

1881 (P) No Mint Mark Silver Dollar

In 1881, the Philadelphia Mint produced over nine million Morgan dollars, making it a significant year within the series. While this production figure is not the highest for the series (San Francisco holds that record), collectors can still acquire these coins at reasonable prices. Coins graded extremely fine (XF45) usually sell for about $50, and those graded MS65 can reach $600. Prices rise sharply for rarer coins, with MS66+ specimens fetching roughly $4,750 and MS67 coins commanding around $21,000. The rare MS67+ coin is valued at approximately $60,000, with only one known to exist.

1881 S Silver Dollar

The San Francisco Mint struck close to 13 million Morgan dollars in 1881, making it one of the year’s larger mints. Many of these coins did not circulate immediately but were released later in 1962, so high-quality specimens are more accessible. An MS67 coin from San Francisco can sell for about $1,000, but prooflike and deep mirror prooflike versions are significantly more valuable, with prices reaching as high as $11,500. The finest known example, graded MS69, is estimated at $160,000, with only two coins at this grade known.

1881 O Silver Dollar

The New Orleans Mint struck roughly six million Morgan dollars in 1881. In circulated grades like XF45, these coins typically share similar values with Philadelphia and San Francisco issues, around $50. Higher-grade examples are scarcer and more expensive; an MS65 coin might sell for $1,250. Prooflike and deep mirror prooflike coins are prized, often commanding prices of $3,500 and $8,500 respectively. The highest known MS67 coin is extremely rare and valued at approximately $75,000.

1881 CC Silver Dollar

The Carson City Mint produced only 296,000 Morgan dollars in 1881, making these among the rarest and most collectible due to their limited numbers and historical ties to the Wild West. Even circulated XF45 examples can command nearly $500. Mint state examples see steep price increases: MS63 coins typically cost around $850, and MS65 coins are valued near $1,250. Prooflike and deep mirror prooflike coins are even more expensive. Top-grade MS67+ and MS68 coins may sell for $19,000 and $65,000 respectively, reflecting their rarity.

1881 Silver Dollar Errors and Varieties

Many 1881 Morgan dollars display variations because of different die pairings used during production. These varieties are tracked with VAM numbers, a system collectors use to identify subtle differences. According to PCGS, there are 24 varieties from Carson City, 54 from Philadelphia, 99 from New Orleans, and 168 from San Francisco. These variations appeal to collectors who seek unique and rare examples.

A well-known variety is the “wounded eagle” (VAM 54B), recognizable by a die crack on the reverse near the wreath and the letter “D” in “dollar.” An MS65 grade example of this variety can fetch around $1,000. Error coins resulting from minting flaws are rarer and often more valuable. For instance, a struck-through reverse San Francisco coin sold for $540, a filled die error coin from the same mint brought $1,620, and an off-center strike San Francisco coin sold for nearly $3,000.

History of the 1881 Silver Dollar

The 1881 Morgan dollar is part of the early period of the Morgan dollar series, named after its designer George T. Morgan, an English engraver who came to the United States Mint. His design was based on a live model, Anna Willess Williams. The obverse shows a detailed and lifelike profile of Lady Liberty, while the reverse features a bald eagle perched on a bundle of twigs, both rendered with remarkable detail.

This coin, like other Morgan dollars, was produced in large quantities following the Bland-Allison Act, which mandated the U.S. Treasury to purchase silver and mint it into coins. Later, the Pittman Act of 1918 led to the melting down of many Morgan dollars, reducing their overall availability today.

How to Identify the 1881 Silver Dollar

The front side (obverse) of the 1881 silver dollar depicts Lady Liberty’s profile, inspired by Anna Willess Williams. The motto “E pluribus unum” arches over her head, and the date is below. On the reverse, a bald eagle with outstretched wings perches on arrows and an olive branch, surrounded by the words “United States of America” and “One dollar.”

The coin’s edge has a reeded pattern designed to deter clipping of metal. Collectors often look for subtle design variations, identified by VAM numbers, which help distinguish one coin from another by die differences or errors, adding to the coin’s collectible appeal.

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