1878 Silver Morgan Dollar Value: How Much is it Worth Today?

In 1878, the US Mint produced two silver dollar types – Morgan Dollars and Trade Dollars. It was the first year for Morgan Dollars and the last year for Trade Dollars. Between them, a multitude of varieties exist so far. Some of these varieties are mint error coins, but they were numerous enough to be graded separately. Let’s review the 1878 Silver Morgan Dollar Value.

1878 Silver Morgan Dollar Value Chart
Mint Mark	Good (G 4)	Fine (F 12)	Extremely Fine (EF/XF 40)	About Uncirculated (AU 50)	Low Mint State (MS 60)	Mid Mint State (MS 65)	Proof (PR/PF 63)
1878 (P) No Mint Mark Silver Morgan Dollar 8TF Value	$49	$59	$66	$84	$183	$1,719	$3,879
1878 (P) No Mint Mark Silver Morgan Dollar 7 Over 8 Double Tail Feathers Value	$38	$49	$61	$88	$196	$2,561	–
1878 (P) No Mint Mark Silver Morgan Dollar 7TF Reverse of 1878 PAF Value	$38	$49	$59	$61	$98	$1,188	$3,864
1878 (P) No Mint Mark Silver Morgan Dollar 7TF Reverse of 1879 SAF Value	$38	$49	$59	$61	$119	$2,347	$68,392
1878-S Silver Morgan Dollar Value	$38	$49	$59	$59	$76	$363	–
1878-CC Silver Morgan Dollar Value	$127	$138	$167	$196	$349	$1,898	–

 

1878 Silver Morgan Dollar Specifications

When the Silver Trade Dollar was discontinued, the Silver Morgan Dollar replaced it. The main reason was to use up the mint’s silver. In 1878 and 1890, Congress passed laws that forced the US mint to buy certain amounts of silver every month and mint them into dollars. By 1904, they had finished all their stockpiled silver so they stopped making Morgan Dollars.

The Obverse of the 1878 Silver Morgan Dollar

The obverse (heads side) of the 1878 Silver Morgan Dollar features Lady Liberty facing left. She wears a Phrygian / Liberty Cap and a tiara of cotton and wheat sprigs. Her headband says Liberty. The top of the coin reads E Pluribus Unum and the bottom shows the date. 13 six-pointed stars lie in between. M for Morgan is on the cut-off above her lowest lock of hair.

The Reverse of the 1878 Silver Morgan Dollar

The reverse (tails side) of the 1878 Silver Morgan Dollar has an eagle with its wings stretched out. The motto In God We Trust is nestled between the wings, and the eagle holds arrows in its right leg with an olive branch in its left. An olive wreath is curved below the eagle’s wings. The top of the coin reads United States of America and at the bottom, it reads One Dollar.

Two six-pointed stars separate the upper legend from the lower denomination. The olive wreath has a ribbon holding it together, with a bow tied in two loops. The left loop has an M for Morgan, making this the first coin with the same designer’s initials on both sides. The mint mark is above the D and O in Dollar, right below the knot in the two ribbon bows.

1878 Silver Morgan Dollar Varieties and Value Guide

Most coins are either proof strikes or regular strikes, also called business strikes. The latter are intended for everyday use and are referred to as circulation coins. Other strike varieties include Special Mint Sets (SMS), Uncirculated Sets, Enhanced Uncirculated Sets, and Specimens aka Special Proofs (SP). In 1878, the mint coined regular, proof, and SP dollars.

• Category: Silver Morgan Dollar
• Mint Branches: Philadelphia, Carson City, San Francisco
• Total Mintage: 22,465,300
• Obverse Designer: George T. Morgan
• Reverse Designer: George T. Morgan
• Composition: 90% Silver, 10% Copper
• Diameter: 1mm (1.5 inches)
• Thickness: 4mm (0.09 inches)
• Weight: 73g
• Edge: Reeded

1878 (P) No Mint Mark Silver Morgan Dollar Value

In 1878, the Philadelphia Mint coined 10,508,800 Silver Morgan Dollars. Oddly, these coins included proofs as well as Special Strikes. Varieties include 8TF (8 Tail Feathers), 7TF (7 Tail Feathers), and numerous VAMs (Van-Allen-Mallis), a compilation of all Morgan and Peace Dollars. The feathers changed from 8 to 7 since bald eagles only have 7 feathers in real life.

• Type: Silver Morgan Dollar
• Edge: Reeded
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $55,813 in June 2015
• Quantity Produced: 10,508,800
• Designer: George T. Morgan
• % Composition: 90% Silver, 10% Copper
• Mass:73g
• Diameter: 1mm

1878 (P) No Mint Mark Silver Morgan Dollar 8TF Value

An original 1878 (P) 8TF Silver Morgan Dollar graded MS 67 sold for $55,813 in June 2015. In April 2008, an MS 62 PL was $13,800. In December 2014, an MS 63 DMPL was $28,200. In April 2022, an NGC-graded MS 64 only sold for $2,880, but the highest grade that PCGS has spotted so far is an MS 66. They’ve only found one, so it’s estimated at $52,500 in 2023.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 1 Spear Point Value

VAM 1 Morgan Dollars have a weak Spear Point, meaning the topmost arrowhead is faded. PL (Proof-Like) coins are common, but they’re often proof-like on only one side, so they’re sometimes graded OMPL for Obverse-Mirror-Proof-Like. In October 2022, an MS 64 sold for $1,050 on eBay. In February 2020, an MS 63 PL was $870. MS 64+ estimates are $1,150.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 2 Lines in LIB Value

Steel dies are extremely expensive so the mint uses them as long as possible. As they get older, these dies develop cracks and gashes that are sometimes transferred onto coins. VAM 2 has two slashes in Liberty caused by aging dies. In October 2014, an MS 65+ was $1,763 and an MS 65 PL was $3,600 in February 2020. But an MS 65 DMPL was $9,988 in 2016.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 3 Spiked Eye Value

In August 2015, an MS 65 was $1,645. MS 64 PL was $840 in December 2021 and MS 63 DMPL was $350 in January 2019. The PCGS price estimate for an MS 65 in 2023 is $2,550.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 4 Denticle Chip Value

Morgan Dollars had denticles along their front and back rims, and VAM 4 coins got chipped by a damaged die. In 2018, MS 65+ was $2,160, but MS 64 PL was down to $550 in 2019.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 5 Doubled RIB Value

This Top 100 variety shows obverse doubling on the lower RIB serifs in Pluribus. In May 2019, an MS 65 sold for $2,550 but in December 2020, an MS 64 PL was down to $500.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 6 Pierced Eyelid Value

In June 2018, an MS 66 VAM 6 Silver Morgan Dollar sold for $5,280. Only one is known and its current estimate is $6,400. But in January 2023, an MS 63 PL was only $352 on eBay.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 7 Tripled E Value

An MS 65 with this tripling error was worth $1,825 on eBay in May 2021. It’s on the E. By 2023, PCGS had only graded one VAM 7 at MS 65, and its price estimate is currently $6,400.

1878 (P) No Mint Mark Silver Morgan Dollar 8TF VAM 8 Stick Feather Value

In September 2020, an MS 63 sold for $1,350 and in May 2022, that dropped to $650. But in February 2019, an MS 62 PL was $149. PCGS has graded 9 coins MS 64, estimated at $1,100.

1878 (P) No Mint Mark 7/8 Silver (Double Tail Feathers) Morgan Dollar Value

7/8 or 7 Over 8 has distinct doubling at the bottom of the tail. It has 7 feathers with a second row of three to five feathers peeking out underneath. An MS 66 was $15,010 in 2011, an MS 65 PL was $4,680 in 2020, and an NGO was $21,000 in 2005. The 7/8 error has over 30 varieties e.g. VAMs 15, 32, 33, 34, 41A/B/C, and 50, including over a dozen Liberty varieties.

1878 (P) No Mint Mark 7TF Type 3 Reverse of 1879 SAF Silver Morgan Dollar Value

1878 Morgan Dollars with the Reverse of 1879 have a rounded chest. The reverse of 1878 has a flat-chested eagle instead. These Type 3 Reverses are categorized as SAF, meaning Slanted Arrow Feather. The top feather on the arrow is visibly slanted when you compare it to the arrow shaft and the feather below. You can find DMPL samples (Deep-Mirror-Proof-Like).

In May 2021, a Type 3 Reverse graded AU Details was $50,000. Only one MS 67 is known, and its estimated value in 2023 is $60,000. An MS 66 PL was $18,213 in October 2012, and an MS 65 DMPL was $27,600 in July 2008. Meanwhile, an MS 65+ DMPL was $25,200 in January 2022. Only three are known, and their PCGS value estimate for 2023 is $31,500.

1878 (P) No Mint Mark Proof Morgan Dollar Value

Proof coins can be matte, mirror-like, or reverse proofs. In 1878, the Morgan Dollar proofs were mirror-like, so they had reflective fields and frosted devices. The dies were scrubbed with horsehair brushes to make the field shiny, then pickled in acid to frost the devices. This pickling gets weaker every time the die strikes, so the earliest ones are Deep Cameo (PCGS).

NGC calls this grade Ultra Cameo, and it only covers the first 50 to 100 coins with extreme contrast between the die and the field. The grade below that is cameo. Also, to ensure the best shine, proof planchets are burnished before striking by tumbling them in a vat full of 6mm stainless steel balls called satellites. In 1878, Philadelphia made 500 to 750 proofs.

• Type: Proof Silver Morgan Dollar
• Edge: Reeded
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $70,500 in January 2015
• Quantity Produced: 500 to 750
• Designer: George T. Morgan
• % Composition: 90% Silver, 10% Copper
• Mass: 26.73g
• Diameter: 38.1mm

1878 (P) No Mint Mark Reverse of 1878 8TF Proof Silver Morgan Dollar

In January 2017, an 1878 PR 66 8TF Silver Morgan Proof Dollar sold for $56,400. By 2023, PCGS had only graded one PR 67+. They estimate its current value at $67,500. As for cameo coins, a PR 67 CAM sold for $70,500 in January 2015. A PR 67+ CAM graded by NGC was sold for $36,425 in April 2017. But PCGS estimates the current value as $120,000 in 2023.

1878 (P) No Mint Mark Type 2 Reverse of 1878 7TF PAF Proof Silver Morgan Dollar

On coins with the 1878 Type 2 Reverse, PAF means Parallel Arrow Feather. The top feather on the arrow runs parallel to the shaft and the arrow feather below it. The eagles on these coins have a concave chest design. Type 2 exists on both proof coins and business strikes.

This is the 7TF variety (7 Tail Feathers). In February 2021, a PR 67+ was $84,000. Only one is known and PCGS estimates the current value at $110,000. In cameo grades, a PR 65 CAM sold for $64,625 in October 2012. Only one PR 66+ is known, estimated at $90,000.

1878 (P) Special Strike (SMS/SP) 8TF Silver Morgan Dollar

Special Strike Coins aka Specimen Coins aka Special Proof Coins combine the features of proof and mint state coins. They’re mostly made in years when the mint doesn’t do proofs. SP coins are struck using dies that are burnished with horsehair brushes to make the field extra shiny. Some parts are pickled in acid to give the coin devices a hazy frosted effect.

• Type: SP/SMS Silver Morgan Dollar
• Edge: Reeded
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $1,375 in December 2021
• Quantity Produced: 749,500
• Designer: George T. Morgan
• % Composition: 90% Silver, 10% Copper
• Mass: 26.73g
• Diameter: 38.1mm

But while SP coins have a mirror-like finish and use proof-styled dies, the planchets aren’t burnished with stainless steel beads before striking. Also, while other coins need multiple strikes, SP coins are only struck once, but with high-pressure settings to ensure clarity. In December 2021, an SP 64 Silver Morgan Dollar coin was auctioned for $1,375 on eBay.

1878-S Silver Morgan Dollar Value

In 1878, the San Francisco Mint made 9,774,000 Morgan Silver Dollars. All 1878-S have Type 2 reverses, with parallel arrows, a concave chest, and 7 tail feathers. A few have long nock arrows in low grades while higher grades are mostly short nock arrows. For reference, the nock is the arrow shaft, and some dies had different shaft lengths, making extra varieties.

• Type: Silver Morgan Dollar
• Edge: Reeded
• Mint Mark: S
• Place of Minting: San Francisco
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $35,938 in January 2009
• Quantity Produced: 9,774,000
• Designer: George T. Morgan
• % Composition: 90% Silver, 10% Copper
• Mass:73g
• Diameter:1mm

In 1893, J.W. Scott & Co mentioned an 1878-S 8TF Morgan Dollar in their Catalogue of Gold and Silver Coins. But according to mint records, this coin variety doesn’t exist. In January 2009, an 1878-S MS 68 Morgan Dollar was $35,938. Only one is known. More recently, in June 2022, an MS 65 PL was $9,600. And in May 2020, an MS 66 DMPL sold for $15,275.

1878-CC Silver Morgan Dollar Value

The Carson City Mint made 2,212,000 and like 1878-S $1 coins, they all had Type 2 PAF Flat-Chested Reverses. These coins range from VAM 1 to VAM 13. We covered many of these varieties in the Philadelphia coins, and the prices are comparable. In 2009, an MS 67 was $34,500 and in 2020, an MS 67 PL was $31,200. An MS 66 DMPL was $25,200 in 2011.

• Type: Silver Morgan Dollar
• Edge: Reeded
• Mint Mark: CC
• Place of Minting: Carson City
• Year of Minting: 1878
• Face Value: $1
• Highest Price: $34,500 in January 2009
• Quantity Produced: 2,212,000
• Designer: George T. Morgan
• % Composition: 90% Silver, 10% Copper
• Mass:73g
• Diameter:1mm

Grading 1878 Silver Dollars

The top coin appraisers are PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Company), and ANACS (American Numismatic Association Certification Service). They all use variants of the Sheldon Coin Grading Scale, which goes from PO 1 (Poor) to Mint State 70 (MS 70). Proofs are graded PR by PCGS and PF by NGC. Specimens are graded SP.

In addition to these grades, when you submit coins in bulk, NGC sometimes uses descriptive grades instead of numbers. You can request this for common coins. Let’s review them below.

• Details – Coins that were cleaned, chemically improved, or damaged e.g. XF Details.
• Brilliant Uncirculated (BU) – Cleaned, damaged, or altered MS 60 to MS 70.
• Choice Uncirculated – Cleaned, damaged, or altered MS 63 to MS 70.
• Gem Uncirculated (GEM UNC / BU) – Cleaned, damaged, or altered MS 65 to MS 70.

You might get confused when you look at online auction records because some countries use different lettering systems. For example, the UK uses UNC (Uncirculated) instead of AU (About Uncirculated), and some countries use FDC (Fleur de Coin) instead of MS. If you’re unsure, check the coin details to see which country it was graded in, and where the seller is.

You might also see PL for Proof-Like, DPL for Deep-Proof-Like, or DMPL for Deep-Mirror-Proof-Like. These shiny mirror-like coins were struck on non-proof planchets using non-proof dies, which means the dies and planchets were not polished or burnished before the coins were struck. They’re part of the regular strike, but have sharp details and a satin-finish.

1878 Silver Morgan Dollar Errors List

Mint errors can raise the investment value of any coin, and at least 20 are listed by Cherry Pickers. The most common ones are doubling or tripling errors when the second or third strike lands on a slightly different spot from the first strike. They happen if the planchet or the die move in mid-strike. Off-center errors are when the planchet shifts before striking.

On 1878 Silver Morgan Dollars, most varieties are caused by doubling or tripling. Check for the 7/8 which is a doubling error with over 30 varieties. Also, look for DDOs (doubled-die obverse) on the word Liberty and on Lady Liberty’s tiara. Over a dozen versions of Thin Liberty and Thick Liberty have been listed and their prices are based on the coin’s condition.

1878 Silver Morgan Dollar FAQs

Is the 1878 Silver Dollar Rare?

Not particularly, but with such a wide variety of VAMs, mint errors, and a mixture of Trade Dollars and Morgan Dollars in 1878, some varieties are conditionally rare in higher grades.