1881 Silver Dollar Value: A Guide to Rarity and Collectibility
In 1878, the Morgan dollar series began, and it quickly became one of the most popular and widely collected coin series in history. Among the coins in this series is the 1881 silver dollar, which stands out for its history, value, and distinct qualities. In this guide, we will dive into the 1881 silver dollar’s value, its significance, and the features that make it a prized collector’s item.
1881 Silver Dollar Value Chart
| Mintmark | Extremely Fine | MS63 | MS65 | MS67 |
|---|---|---|---|---|
| 1881 (P) No Mint Mark | $50 | $140 | $315 | $500 |
| Prooflike | $315 | $900 | ||
| Deep Mirror Prooflike | $500 | $4,000 | $60,000 | |
| 1881 S Silver Dollar | $50 | $96 | $150 | $280 |
| Prooflike | $150 | $325 | $1,100 | |
| Deep Mirror Prooflike | $280 | $1,900 | $11,500 | |
| 1881 O Silver Dollar | $50 | $120 | $235 | $475 |
| Prooflike | $235 | $3,500 | $8,500 | |
| Deep Mirror Prooflike | $475 | $75,000 | ||
| 1881 CC Silver Dollar | $490 | $850 | $900 | $1,250 |
| Prooflike | $900 | $1,500 | $3,750 | |
| Deep 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 9 million Morgan dollars, making it a significant year in the series. While not the highest production year (San Francisco held that record), collectors can still find relatively affordable examples of this coin. An extremely fine (XF45) coin typically costs around $50, while a high-quality MS65 coin can fetch up to $600. However, the price rises dramatically for rarer specimens. For example, an MS66+ coin may sell for around $4,750, while the highest grade of MS67 can reach values of $21,000. The most prestigious coin, an MS67+, is valued at approximately $60,000, with only one known example.
1881 S Silver Dollar
San Francisco minted nearly 13 million Morgan dollars in 1881, making it one of the larger production years. Interestingly, many of these coins were not circulated initially but were instead released in 1962. As a result, finding high-quality specimens is easier compared to other mints. An MS67 graded San Francisco dollar might cost around $1,000, while those with prooflike or deep mirror prooflike designations can sell for much higher—up to $11,500. The finest known example, an MS69, is worth about $160,000, with only two coins at this grade.
1881 O Silver Dollar
The New Orleans Mint produced approximately six million Morgan dollars in 1881. Prices for circulated coins are similar to those minted in Philadelphia or San Francisco, with an XF45 coin valued at $50. However, higher-grade coins are scarcer and more expensive. An MS65 coin could be worth around $1,250, while prooflike and deep mirror prooflike examples can command $3,500 and $8,500, respectively. The highest-grade coin known to exist, an MS67, is valued at $75,000.
1881 CC Silver Dollar
The Carson City Mint struck a relatively small number of Morgan dollars in 1881, with only 296,000 coins produced. These coins are highly sought after, especially by collectors who appreciate their historical connection to the Wild West era. A circulated XF45 coin can still fetch nearly $500, but higher-grade examples are far rarer. A MS63 coin can cost about $850, while an MS65 is valued at approximately $1,250. Coins with prooflike or deep mirror prooflike designations will be significantly more expensive. The most prized MS67+ and MS68 coins can sell for $19,000 and $65,000, respectively.
1881 Silver Dollar Errors and Varieties
Many Morgan dollars from 1881 feature variations due to different die pairings, leading to a range of interesting varieties. The PCGS lists numerous varieties from each mint, including 24 from Carson City, 54 from Philadelphia, 99 from New Orleans, and 168 from San Francisco. The varieties are classified using VAM numbers to help collectors identify them.
One notable variety is the “wounded eagle” (VAM 54B), identifiable by a crack running along the reverse, particularly near the wreath and the “D” in “dollar.” A coin in MS65 grade can fetch $1,000 for this unique variety.
Error coins, which occur due to minting mistakes, are rare and highly valuable. Examples include a struck-through reverse on a San Francisco coin, which sold for $540, and a filled die error on another San Francisco coin, which fetched $1,620. An off-center strike on a San Francisco coin sold for nearly $3,000 at auction.
History of the 1881 Silver Dollar
The 1881 Morgan dollar is part of the early years of the Morgan dollar series, named after its designer, George T. Morgan. Morgan, an English engraver, was brought to the United States to work at the Mint, where he created the design based on a living model, Anna Willess Williams. The coin depicts Lady Liberty on the obverse and a bald eagle on the reverse, both rendered with distinct and realistic details.
The 1881 silver dollar, like other Morgan dollars, was minted in large quantities to comply with the Bland-Allison Act, which required the U.S. Treasury to purchase silver for coinage. However, following the passage of the Pittman Act in 1918, most Morgan dollars were melted down, leading to a reduction in their availability.
How to Identify the 1881 Silver Dollar
The obverse of the 1881 silver dollar features a profile of Lady Liberty, which was modeled after Anna Willess Williams. Above her head is the motto “E pluribus unum”, and the year of issue is displayed at the bottom. The reverse showcases a bald eagle perched on a bundle of twigs, with the words “United States of America” and “One dollar” surrounding the eagle.
The coin’s edge features a reeded design, originally intended to prevent people from clipping off metal. Collectors often look for variations in detail, which are identified through VAM numbers.
FAQ
How Much Is an 1881 Morgan Silver Dollar Worth?
The value of an 1881 Morgan silver dollar can range from around $50 for a circulated coin to tens of thousands of dollars for high-grade specimens, with some especially rare examples reaching over $160,000.
What Is the Most Valuable Morgan Silver Dollar?
Carson City Morgan dollars, especially from years like 1893 and 1895, are among the rarest and most valuable. A coin from 1893, for example, was valued at over $2.25 million as of today.