1887 Morgan Silver Dollar

1. 1887 Morgan Silver Dollar Value
2. 1887 Morgan Silver Dollar Proof

The 'Alligator Eye' Morgan was struck at the Philadelphia Mint in 1887. It is know as a Double Die Error, but the uniqueness of this error is why it's special. The Key Identifier is a second vertical line marking the front of Liberty's eye ( see the photo ). So experts have titled it after the Alligator, for having 2 sets of eyelids.

The 1887 Morgan silver dollars have value as both numismatic coins and as silver bullion. Keep reading to learn more about these coins.

Specifications

Type: Morgan Silver Dollar
Year: 1887
Face Value: $1.00
Composition: 90% silver, 10% copper
Silver Weight: .77344 oz.
Total Weight: 26.73 grams
Current Silver Bullion Value: $21.08

The US minted the 1887 silver dollar with no mint mark and also the 1887 O silver dollar and 1887 S silver dollar. The mint mark, when present, can be found on the reverse side of the coin below the wreath.

1. Morgan Silver Dollar Extra Fine EF 1887-O 1890 1921-D 1887o 1921D New Orleans Philadelphia Denver Mint. From shop ThisArtGallery. 5 out of 5 stars.
2. NGC's Coin Price Guide for Morgan Dollars (1878-1921).
3. The obverse text on the Morgan Dollar reads “Liberty; E Pluribus Unum; 1887.” The reverse text on the Liberty dollar reads “United States of America; In God We Trust; One Dollar; O.” The obverse of the silver one dollar coin has a bust of a female facing the left wearing a cap and small crown, with flowers tucked in her hair and stars surrounding the border.

Value

This coin in circulated condition is worth at least its weight in silver. The silver melt value for this coin is $21.08 as of February 09, 2021. This melt value is calculated from the current silver spot price of $27.26 per ounce.

The 1887 silver dollar with no mint mark is worth around $30 in very fine condition. In extremely fine condition the value is around $33. In uncirculated condition the price is around $50 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $120.

The 1887 O silver dollar is worth around $30 in very fine condition. In extremely fine condition the value is around $33. In uncirculated condition the price is around $70 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,500.

The 1887 S silver dollar is worth around $30 in very fine condition. In extremely fine condition the value is around $33. In uncirculated condition the price is around $135 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,450.

Proof coins with no mint mark are available and they are each valued at around $3,000 in PR 63 condition. There were only 710 proof coins minted.

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7 Over 6 Error Coins

There is an overlap error for both the 1887 silver dollar with no mint mark and the 1887 O silver dollar. On these error coins the number 7 is minted over the number 6. These error coins are more valuable than the standard coins, especially in uncirculated condition.

The 1887 silver dollar with no mint mark 7 over 6 error coin is worth around $45 in very fine condition. In extremely fine condition the value is around $75. In uncirculated condition the price is around $275 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,500.

The 1887 O silver dollar 7 over 6 error coin is worth around $50 in very fine condition. In extremely fine condition the value is around $75. In uncirculated condition the price is around $500 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $17,500.

Grading System

Very fine- Two thirds of Liberty's hair lines from above her forehead to her ear are visible.

Extremely fine- Liberty's hair lines and ear look strong.

MS 60 uncirculated- There are no signs of wear. The coin has luster, but there may be a few stains, abrasions, or surface marks.

MS 65 gem uncirculated- There is strong luster and eye appeal. A few light contact marks are present but they are barely noticeable.

PR 63 proof- This coin has reflective surfaces and only a few blemishes away from the major focal points. There are no major flaws.

Sources:

See also:

1888 Silver Dollar
1886 Silver Dollar

1887 Morgan Silver Dollar Value

Coin Values Moving with Precious Metals: Up-Dated 2/8/2021: Gold $1813 Silver $26.90

Today any 1887 Morgan silver dollar value is a minimum of $25.44 . Your old coin is heavy with over ¾ ounce pure silver, forming a high base price.

With increasing silver price theses old silver dollars are worth a nice minimum value. One necessary point to determine is the mint striking your coin. Philadelphia, New Orleans and San Francisco each minted silver dollar in 1887 and have different value ranges. Below the value chart is an image showing the location of mintmarks used by these mints.

Importantly, and not to be over looked is condition. Value is dependent on how well your coin has fared over the years. Is it worn with most detail missing or is it very nice displaying most or all of the original design? Dealers and collectors are searching for coins in the best condition possible and pay higher prices for these.

Additionally, referring to the image to the right, its 'uncirculated' condition stands out as far better than most surviving 1887 Morgan silver dollars. Absence of wear, bright colorful toned luster and lack of contact marks sets this coin apart. As a collectible it is a nice example and the type collectors seek.

As reflected on the chart, 1887 Morgan silver dollar value is accurately determined by, date, mintmark and condition. Review all of these factors discovering how much your coin is worth.

Mintmarks do make a difference in value. As collectors assemble sets, most include examples from each of the three mints that produced silver dollars this year. Identified by mintmarks located on the reverse side of the coin, these different mints are 'S' San Francisco and 'O' New Orleans. Thirdly, the Philadelphia mint did not place a mintmark on 1887 silver dollars.

High Bullion or High Collector Value?

Your 1887 Morgan silver dollar value falls into one of three distinct price groups, circulated coins and low to high end collectible grades.

Firstly, commonly found circulated coins with wear, rise and fall in price with the movements of silver. These coins trade readily and in bulk with small narrow buy-sell margins.

Secondly, 'uncirculated' coins, without wear are considered a collectible grade. However low end uncirculated examples those with heavily scuffed surfaces and dull luster are priced at a small premium to silver bullion price, but this value also rises and falls with silver movement. These conditions are represented by the bottom two dollars in the image to the right.

High collector value coins, not affected by movements in precious metals are 'Gem' condition 1887 silver dollars. Gem condition coins are scarce to very rare, their value is many multiples of silver content. The top coin illustrates the stunning difference in quality, value is in excess of $300. Any Morgan dollar collector would welcome this eye appealing coin.

Judge Condition and Accurately Find 1887 Morgan Silver Dollar Value

Determining the condition of your coin is one of the subtle but important parts of placing a value. Collectors are always searching for silver dollars in top condition, they study closely the amount of wear on silver dollars. In their evaluation a 'grade' of its condition is assigned helping determine an accurate value. Find the closest condition-grade match to your 1887 dollar using the images.

Uncirculated: To reach 'uncirculated' condition all original, as minted detail must remain. None has been removed due to wear. OK are nicks and abrasions from contact with other coins, this is normal due to the minting and storage process of silver dollars. Confirming the uncirculated grade is the presence of mint luster remaining on the entire surface, including her chin, neck line and hair below and above the ear. These areas are the first to wear and exhibit a dull and smooth texture once in circulation.

Extremely Fine: As silver dollars begin to show slight wear their condition is graded as extremely fine. Noticeable are traces of wear within the hair above Liberty's forehead and behind her neck, flattening is also evident. Wear and loss of roundness also shows atop the folds of her cap. Your coin in this condition is still very sharp and crisp. Check again for mintmarks, San Francisco 'S' mint marked 1887 dollars in extremely fine condition are now trading at a premium to silver bullion value.

Fine: Once distinct and well defined features of Liberty are now reduced by moderate wear, lowering the grade to 'fine' condition. Leaves surrounding the cotton blossoms are only outlines lacking inner detail. Many finer strands of hair have worn to the point of combining into larger flattened areas. Your silver dollar gives the impression of wear but not excessive.

Good: Showing extensive wear and reducing the design to just a few elements, these silver dollars are described as 'good' condition. Although the rim is visible, both it and the lettering are flattened to almost level with the fields. The majority of Liberty is without detail. However the eagle on the reverse does show a few remaining feathers close to the legs. In this condition your 1887 Morgan silver dollar value is tied mostly to bullion silver price.

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