The Morgan Dollar (1878–1921) is one of the icons of American numismatics: large, attractive, and steeped in history. But within its millions of examples, there are periods of “true scarcity,” characterized by low mintages, few surviving examples in high condition, and enormous demand among collectors. Below you will find the rarest periods, with verifiable data such as mintage and rarity by grade according to numismatic censuses.
More than 270 million Morgan Dollars were melted down in 1918 under the Pittman Act to sell the silver to Great Britain during World War I.
The rarest dates
The Morgan Dollar of 1889-CC (Carson City)
Carson City has a special aura, and this year's edition is one of the most sought-after in the entire series. The mintage of this dollar was 350,000 pieces , a relatively low figure which, combined with the high demand for coins with the "CC" mint mark, makes it one of the key dates in the Morgan Dollar series.
According to data obtained from PCGS , it is estimated that around 25,000 examples survive across all grades , reinforcing their rarity. In higher grades, especially from MS65 upwards , availability decreases significantly, increasing their value and appeal among advanced collectors.
It is worth noting that, according to a PCGS observation , the "Survival Estimate" represents an approximation based on the opinion of one or more experts regarding the number of coins currently existing in three categories: 1) all grades, 2) grade 60 or higher, and 3) grade 65 or higher. These estimates are constructed from multiple sources, including population reports, auction appearances, and expert market knowledge. Furthermore, they include both uncertified coins and those certified by PCGS and other grading services.
In the market, its importance is reflected in outstanding results: an auction house recorded a price of $881,250 USD for a specimen in MS68 grade , on July 27, 2013 , consolidating its status as one of the most desired pieces of the Morgan Dollar.
Image from PCGS
The Morgan Dollar of 1891-S (San Francisco)
The 1891-S United States one-dollar coin presents an interesting case within the Morgan series. Despite a relatively high mintage of 5,296,000 pieces, its market behavior reveals a different reality. For decades, large quantities were stored at the San Francisco Mint and released gradually, especially between the 1940s and 1950s, maintaining its availability and establishing it as a common date at that time. However, according to Q. David Bowers' analysis, these reserves were eventually depleted, and today the coin is common in circulated grades but increasingly scarce in uncirculated condition.
At Mint State levels, availability decreases significantly as quality increases: tens of thousands of examples are estimated in MS60–MS62 grades, but only between approximately 1,600 and 2,600 pieces in MS65, making it a conditionally scarce coin. Although many examples exhibit good minting and attractive luster, contact marks are common, limiting the presence of truly premium pieces. This behavior positions it as an underappreciated date within the series, where the real difficulty lies not in finding it, but in finding it in high quality.
Image from PCGS
The Morgan Dollar of 1893-O (New Orleans)
The lowest mintage ever issued by New Orleans, totaling 300,000 pieces , makes the 1893-O Morgan Dollar one of the most important issues from this mint. This low production, coupled with its limited preservation in uncirculated condition, positions it as a must-have for specialized collectors.
From a historical and numismatic perspective, it is known that a small number of these dollars were released from the United States Treasury between the late 1940s and the mid-50s, generally in small quantities and not in full sacks. These coins partially supplied dealers of the time, with prices ranging from $5.50 to $7.50 USD. However, toward the end of that decade, their true scarcity, even in rolls, became apparent, which drove their progressive appreciation in value.
In circulated grades, the 1893-O Morgan Dollar is already scarce due to its low mintage. But it is in Mint State where the rarity becomes critical: it is estimated that approximately 1,500 to 3,000 examples survive in MS60 to MS62 , between 600 and 1,200 in MS63 , around 200 to 300 in MS64 , and barely 10 to 20 coins in MS65 or higher , making it one of the most difficult to find in high condition within the entire series.
Image from PCGS
The Morgan Dollar of 1893-S (San Francisco)
It is the "star" Morgan Dollar: extremely low mintage and enormous demand, especially in high grade. The number of minted Morgan Dollars was 100,000 ; according to PCGS estimates , fewer than 10,000 survive in all grades , with approximately 123 in Mint State and just 18 in MS65 or higher , although some experts believe the actual number of gem-grade examples could be even lower.
From a historical perspective, this coin presents an interesting contrast: while thousands of circulated examples have survived, uncirculated specimens are extremely rare. In fact, very few significant finds in high condition have been documented. One of the best-known occurred in Montana in the mid-20th century, where a small group of uncirculated coins was found mixed in with a sack of dollars from another date. This find represented one of the only known sources of better-preserved examples, which explains why these levels of preservation are so difficult to find today.
Numismatic experts agree that the 1893-S Morgan Dollar is the true "king" of the series in terms of rarity at high grades. While not impossible to find in circulated condition, in Mint State—and especially in gem quality—it becomes an extraordinarily rare piece. Some specialists even believe that the actual number of examples in MS65 or higher could be just a few.
In the market, its importance is reflected in outstanding results: an auction house recorded a price of $735,000 USD for an MS65 grade example on May 21, 2018 , solidifying its position as one of the most valuable and sought-after Morgan Dollar coins. There are even exceptional examples in higher grades that have exceeded one million dollars, further reinforcing its iconic status within American numismatics.
Additionally, this is one of the most frequently counterfeited coins in the series, especially by altering 1893 examples without a mint mark by adding an "S". For this reason, certification by professional services is essential to guarantee its authenticity.
Image from PCGS
The Morgan Dollar of 1894 (Philadelphia)
The main mint also had "low years": minting 110,000 pieces , the second lowest among circulating Morgan dollars, only behind 1893-S. According to PCGS estimates , fewer than 9,000 examples survive in all grades , with very limited availability in superior conditions and marked rarity from MS65 onwards.
According to information documented in PCGS , this coin was considered a great rarity from its early years, as very few examples were released into circulation at the time. For decades, collectors relied heavily on Proof coins to cover this date, which temporarily masked the true scarcity of circulating pieces. Later, in the 1950s and 1960s, some small lots of uncirculated coins appeared from old Treasury sacks, but these quickly dispersed on the market, and today virtually no significant accumulations exist.
In circulated grades, this coin is already difficult to find, and since the beginning of the 20th century, it has been reported as one of the most difficult to locate in circulation. In Mint State, its rarity is even more evident: although uncirculated examples are available in low grades, high-quality examples are scarce and highly sought after.
Furthermore, another important point noted by PCGS is that altered specimens exist on the market, particularly coins from other mints that have had their mint marks removed to simulate this Philadelphia date. Therefore, professional authentication is crucial when acquiring this coin.
Taken together, its low mintage, limited initial distribution, and the historical dispersion of the few uncirculated specimens solidify the 1894 Morgan Dollar as one of the most relevant and challenging pieces within the entire series.
Image from PCGS
The Morgan Dollar (1878–1921) is not only one of the most iconic coins in the United States, but also one of the most numismatically complex. As we have seen throughout this analysis, its true scarcity depends not only on the number minted, but on a combination of factors such as actual survival, preservation in high grades, and historical events that affected its availability, such as the mass melts resulting from the Pittman Act.
Dates like the 1893-S Morgan Dollar, the 1889-CC, or the 1894 stand out not only for their low production levels but also for the extreme difficulty of finding them in superior condition. In many cases, even when thousands of examples exist in circulation, availability in Mint State—and especially in gem quality—is extraordinarily limited, which exponentially increases their value and appeal in the market.
Furthermore, the study of these coins reveals a key aspect of advanced collecting: understanding the difference between "mintage" and "actual survival." Thanks to sources like PCGS, it's possible to more accurately estimate how many examples exist today, considering both certified and uncertified coins, allowing for more informed decisions when acquiring or evaluating a piece.
Ultimately, the rarest dates of the Morgan Dollar represent much more than just coins: they are historical artifacts, high-value assets, and key pieces in any serious collection. For the informed collector, understanding their rarity is the first step in recognizing genuine opportunities within the numismatic market.
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