1887-S Morgan Dollar: Current Market Value and Price Guide
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The 1887-S Morgan Dollar is worth anywhere from $40 in worn condition to over $3,500 in high-end Mint State grades. This silver dollar, struck at the historic San Francisco Mint, is a favorite among collectors due to its shimmering luster and the legendary “S” mint mark that signifies Western frontier history.
| Condition / Grade | Estimated Value (USD) |
|---|---|
| Good to Very Fine (Circulated) | $40 – $65 |
| About Uncirculated (AU) | $75 – $150 |
| Mint State 60 – 62 | $250 – $400 |
| Mint State 63 – 64 | $500 – $950 |
| Mint State 65+ (Rare) | $1,800 – $15,000+ |
History and Significance of the 1887-S Silver Dollar
Finding an old silver dollar in a desk drawer or an inherited collection is an exciting moment for any American. If you have recently discovered one of these pieces, using a top coin identifier and value app can help you confirm the date and mint mark instantly. The 1887-S Morgan Dollar was minted at a time when the San Francisco Mint was heavily involved in converting Western silver into legal tender.
While the Philadelphia Mint produced over 20 million silver dollars in 1887, the San Francisco Mint struck only 1,155,000 coins. This relatively low mintage makes the 1887-S significantly scarcer than its Philadelphia counterpart. For everyday people, this means your coin likely carries a “scarcity premium” that common-date dollars do not have.
CoinKnow is an excellent tool for beginners to understand the historical context of their coins. By scanning your dollar, you can see how it fits into the broader timeline of the Morgan series, which ran from 1878 to 1904. The “S” mint mark, located on the reverse side just above the “DO” in DOLLAR, is the most critical feature to look for before checking price guides.
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Understanding the Condition and Grading Scale
The value of an 1887-S Morgan Dollar is primarily determined by its physical condition, also known as its “grade.” Because these coins are over 130 years old, most found in circulation today show signs of wear. However, even a heavily worn 1887-S is worth more than its silver melt value due to its collectible status.
Collectors use a 70-point scale to grade coins. Professional graders look for details in Lady Liberty’s hair above the ear and the feathers on the eagle’s breast. If those details are flat and smooth, the coin is in “Circulated” condition. If the coin looks brand new and shiny, it is “Mint State.” You can find comprehensive 1887-S Morgan Dollar auction prices and grade breakdowns online to see how small differences in condition can lead to massive jumps in value.
Using CoinKnow, you can take a high-resolution photo of your coin to get an estimated grade. While an app cannot replace a professional slab from PCGS or NGC, it provides a very reliable “ballpark” figure so you don’t accidentally sell a high-value treasure for the price of a common bullion coin.
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| Grade Category | Visual Description | Est. Price |
|---|---|---|
| Very Good (VG8) | Heavy wear, Liberty’s hair is flat. | $42 |
| Extremely Fine (XF45) | Light wear on high points, some luster remains. | $65 |
| Mint State (MS63) | No wear, some bag marks or scratches. | $575 |
| Gem Mint (MS65) | Strong luster, very few blemishes. | $3,250 |
Why the 1887-S is a Value “Sleeper”
In the world of coin collecting, a “sleeper” is a coin that is rarer than people realize relative to its price. The 1887-S fits this description in higher grades. Records show that many 1887-S dollars were released into circulation in the late 19th century, meaning uncirculated examples are much harder to find than you might expect.
While thousands of the Philadelphia 1887 dollars exist in perfect condition in original mint bags, the San Francisco bags were often broken open and spent. This makes an MS65 or higher grade 1887-S a true rarity. For the most up-to-date 1887 silver dollar value charts and rarity factors, it is always best to check live market data.
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If you happen to find one that has a mirror-like finish, it might be a “Proof-Like” (PL) or “Deep Mirror Proof-Like” (DMPL) variety. These are coins that were struck for circulation but with freshly polished dies, giving the background a reflective surface. These varieties can double or triple the value of the coin instantly.
Key Features to Identify Your 1887-S Morgan Dollar
Identifying your coin correctly is the first step to knowing if you are holding a $40 coin or a $4,000 coin. The Morgan Dollar features the profile of Anna Willess Williams as Lady Liberty on the obverse (front). On the reverse (back), an eagle with outstretched wings holds an olive branch and arrows.
The “S” mint mark is the most important feature to verify. If there is no letter at all above the letters “D” and “O” in the word “DOLLAR,” the coin was minted in Philadelphia and is worth much less. If there is an “O,” it was minted in New Orleans. The “S” for San Francisco is highly desirable.
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| Feature | What to Look For |
|---|---|
| Mint Mark | Small ‘S’ on the reverse side. |
| Metal Content | 90% Silver, 10% Copper. |
| Weight | Standard 26.73 grams. |
| Edge | Reeded (striped edges). |
Many people wonder if they should clean their coins to make them look better. Experts agree: NEVER clean an old coin. Cleaning leaves microscopic scratches that can reduce the value of a high-grade 1887-S by 50% or more. Collectors prefer the “patina” or natural toning that develops over a century. If you aren’t sure about the surface of your coin, use CoinKnow to get a second opinion from their community or valuation tools.
Comparing 1887-S to Other 1887 Mints
To truly appreciate the value of the 1887-S, it helps to compare it to the other mints from the same year. In 1887, coins were produced in Philadelphia (no mint mark), San Francisco (S), and New Orleans (O). While the Philadelphia mint is the most common, the New Orleans mint also produced over 11 million coins.
The low mintage of the San Francisco batch (1.15 million) creates a supply-and-demand imbalance. There are simply more collectors who want a “complete set” of Morgans than there are high-quality 1887-S coins available. This is why the 1887-S is consistently more expensive than its siblings in almost every grade.
| Mint Branch | Mintage Quantity | Avg. MS63 Value |
|---|---|---|
| Philadelphia (1887) | 20,290,000 | $75 |
| New Orleans (1887-O) | 11,550,000 | $120 |
| San Francisco (1887-S) | 1,155,000 | $550 |
As you can see, the “S” mint mark makes a massive difference in the investment potential of your silver dollar. Keeping your coin in a protective flip or capsule is essential to preserving this value for future generations.
Your Old Coin Could Be Valuable!
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Where to Sell Your 1887-S Morgan Dollar
If you have used CoinKnow and determined that your coin is a high-grade specimen, your next step is deciding how to sell it. For lower-grade coins worth $40-$60, local coin shops or reputable online marketplaces are often the easiest route. However, if your coin is in Mint State condition (MS63 or higher), you should consider professional grading.
Professional grading by PCGS or NGC “authenticates” the coin’s condition, making it much easier to sell for top dollar. Certified coins often sell for 20-30% more than “raw” (uncertified) coins because the buyer has peace of mind. High-value auctions like Heritage Auctions or Stack’s Bowers are the best venues for Gem State 1887-S dollars.
Always do your research and check multiple price guides. Remember that a dealer needs to make a profit, so expect to receive about 60-80% of the “retail” value listed in guides if you sell to a local shop. If you want the full market value, selling directly to another collector through a trusted platform is your best bet.
FAQ
Q: Is the 1887-S Morgan Dollar made of pure silver?
A: No, it is 90% silver and 10% copper. This alloy was used to make the coins more durable for circulation. Each coin contains approximately 0.7734 troy ounces of pure silver.
Q: Where is the mint mark on an 1887-S silver dollar?
A: The “S” mint mark is on the reverse (tails) side of the coin. Look at the bottom, just above the “D” and “O” in the word “DOLLAR.” It is located below the center of the wreath.
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Q: How can I tell if my 1887-S is a fake?
A: Real Morgan Dollars are non-magnetic. If a magnet sticks to your coin, it is a fake. You should also weigh the coin; it should be very close to 26.73 grams. Using a CoinKnow app can also help identify common counterfeit patterns.
Q: Why is my 1887-S dollar turning black or rainbow colored?
A: This is called “toning.” It is a natural chemical reaction between the silver and the sulfur in the air or the storage paper. Rainbow toning can actually increase a coin’s value to collectors, while heavy black “environmental damage” might decrease it.
Q: Is 1887-S a rare year?
A: Compared to the 1887 Philadelphia mint, yes. With only 1.15 million struck, it is considered a “semi-key” date, especially in higher uncirculated grades.
