Over the years, the dollar coin has fallen out of fashion in favor of the dollar bill. However, the history of the dollar coin is a fascinating one, dating all the way back to 1794.
Dollar coins often had boring designs but things changed by the end of the 19th century when the Morgan Silver Dollar was released. From a mundane design, it eventually shifted to something much more attractive.
One of the best pieces to collect from this time is the 1883 Silver Dollar. Here we’ll take a close look at the 1883 Silver Dollar value along with its history, varieties, and any errors it has. Read on to find out more!
1883 Silver Dollar Chart
|1883 No Mint Mark Silver Dollar||$27||$200||$2,000||$15,000|
|1883 S Silver Dollar||$40||$15,000||$70,000||N/A|
|1883 CC Silver Dollar||$70||$480||$4,000||$46,000|
|1883 O Silver Dollar||$30||$300||$2,500||$60,000|
1883 Silver Dollar Value by Mint Mark
The Morgan Silver Dollars are connected to the rich history of the U.S. and were designed by George T. Morgan, the U.S. Mint engraver. These were produced in 1878 and lasted 43 years, with some breaks between 1904 and 1921. By the end of 1921, the creation of these pieces effectively ended since the Peace Dollar was introduced.
The coin consists of 90% silver and 10% copper. It has 412.5 grains of 90% fine silver that were mined directly from Nevada. As for minting, the coins were produced in four locations of Philadelphia, Carson City, San Francisco, and New Orleans.
Let’s take a closer look at these coin varieties.
1883 No Mint Mark Silver Dollar
Although there were four mint facilities that produced the 1883 Silver Dollars, the Philadelphia Mint produced more than the rest. There was a total of 12,290,000 coins struck, making up for almost half of the whole mintage. Also, the mint did not set a mint mark on the 1883 Silver Dollars.
The worth of an 1883 Silver Dollar from the Philadelphia Mint depends on its condition. These are graded from 1 to 70, where 1 is the poorest and 70 has the most flawless condition. Simply put, if the coin’s condition is better, it will get a higher value. However, pieces in the poorest condition can still be worth something due to their age and silver content.
In circulated conditions, the coin has a value of at least its weight in silver. As of March 2023, its silver melt value is $17.72. You can calculate the melt value from its current silver spot price, which is about $22.91 per ounce.
An 1883 Silver Dollar that has no mint mark and is in very fine condition costs around $42. However, if it is in extremely fine condition, it can go for around $45 and about $65 for uncirculated coins with an MS60 grade. Uncirculated coins with a grade of MS65 can sell for around $265. However, if you are searching for coins in the highest levels of mint state, expect to pay more as their value rapidly increases.
Coins in mint state are graded from 60 to 70. The finest sample has a grade of MS68+ which was sold for under $50,000 at an auction in 2015. Today, it is valued at $56,500.
A few Silver Dollars have a “proof-like” (PL) or “deep mirror-proof-like” (DMPL) designation. These are used for well-struck pieces on high-quality planchets, thus, can significantly add to values. Remember that coins with such designations are not available in each grade. Additionally, the finest known proof-like and deep mirror-proof-like 1883 P Silver Dollars have an MS66+ grade.
Proof-like samples are valued at $4,250, unlike $750 for undesignated coins under the same grade. It is known that there are two deep mirror-proof-like 1883 No Mint Mark Dollars existing, and each of these is valued at $28,500 and $23,500, respectively.
1883 S Silver Dollar
The 1883 S Silver Dollar coins were minted in San Francisco. These coins have the “S” mint mark on the reverse, below the wreath, and above the denomination. Its total mintage in 1883 was 6,250,000.
The coins from this issue were mostly well-struck, so you will often see these in good quality. However, the pieces also picked up abrasions and bag marks since these were improperly stored in bags at the Treasury Department.
Since signs of wear are present, it’s rare to see these coins in higher levels of mint state. Most mint state samples are available within MS62 to 63, which makes them rarer in higher grades.
In very fine condition, the 1883 S Silver Dollars cost around $42 and in extremely fine grade, it is available for around $90. Uncirculated coins can be found at $1,200 if these are graded MS60. Those with an MS65 grade can be sold for $30,000.
At MS64+ and higher grades, the value of 1883 S Silver Dollars increases to five figures or more. There is one piece graded at MS67, which is the highest graded 1883 mint state silver dollar from San Francisco. It did not have a proof-like or deep mirror proof-like design, but it was sold at $74,750
Deep mirror proof-like coins are extremely rare, so you can only find these in a few grades, including MS58, 61, 62, and 64. The only dollar of this type was sold in 2009 for $92,000, but its value today is at $105,000. The finest proof-like coin has a higher grading of MS67+ and is worth an incredible $450,000. There could be more of these coins out there, but we don’t know if they are never put up for sale!
1883 CC Silver Dollar
In 1883, the Carson City mint created 1,204,000 Silver Dollars, though experts claim that only half of the pieces survived. This was after the melting method that followed the Pittman Act of 1918. Most CC mint mark Morgan Silver Dollars were kept by the Washington DC Treasury Department. Finally, after many years of storage, these were sold at a 1970s auction.
The coin can cost around $71 in good condition, and in fine condition, it can be around $96. For these coins in extremely fine condition, the pieces can go about $138. Mint state pieces that do not have deep mirror-proof-like or proof-like designations start at $315 and stay within three figures up to MS65+.
Almost 300 coins auctioned were graded MS67, and each of these is valued at $5,250. However, at MS67+, where the value increases to $11,500, it drops to just 34 coins.
A deep mirror-proof-like coin that was graded MS66+, sold for $13,200 in 2019 at the top end of the spectrum. Currently, this coin is valued at $13,500, and the six coins that were graded MS68 are the best examples to consider.
The $80,500 auction record for one of these was in 2012. However, its value is placed at a more conservative amount of $72,500. The most expensive deep mirror-proof-like coins known are graded MS68, are worth $80,500, and sold in 2012.
1883 O Silver Dollar
You can identify Silver Dollars that were minted in New Orleans by their little “O” on the reverse. In 1883, a total of 8,725,000 pieces were minted in the city. Today, a few of these 1883 O Morgan Dollars still survive and are in mint condition too.
The issue is also one of the most common Morgan Dollars in brilliant uncirculated condition, and these are so common that they exist even in MS66. If these are in good condition, they can be worth around $27, while in fine condition, these can go for $39. However, if these pieces are in extremely fine condition, they can be around $63.
The 1883 O Silver Dollar is worth $42 when it is in very fine condition, while an extremely fine condition piece is about $45. When it is in an uncirculated condition, a coin with an MS60 can go around $60, while those with an MS65 grade can reach $225. For uncirculated coins graded MS60, the price starts at $72 and then increases to $265 at MS65.
The finest known sample that does not have a proof-like or deep mirror-proof-like designation has an MS68 grade. Only a single piece was given a grade with that level, and it was sold in 2020 and valued at $60,000.
Viewing the estimated sale prices and value for deep mirror-proof-like dollars shows how challenging it is to determine how much collectors will pay.
At the higher end of the scale, the deep mirror-proof-like coin that is graded MS66+ was sold in 2019, for $13,200. Today, it is valued at $13,500. However, the finest sample of this type of coin was graded MS67. When it was sold in April 2020, it only made $6,600 at the auction.
1883 Silver Dollar Grading
The final value of every coin is determined by its specific and distinct characteristics, and the first thing to check is the condition of the silver piece.
These coins are graded into different categories, and as mentioned earlier, these are graded on a 1 to 70 system. The ratings are usually preceded by two letters: PR for proof coins and MS for the mint state. MS coins were made for circulation, so it is difficult to find these pieces in perfect condition.
1883 Silver Dollar Errors
A coin’s production process aims to be perfect, but some issues cannot be avoided during its creation. Plus, there were always a few pieces that came with some variety and inconsistencies, and the 1883 Silver Dollar is no exception.
1. Sextupled Star
A sextupled star is one of the most common errors on 1883 Silver Dollar coins since it shows slightly visible errors on its stars. Up close, a minor misprint on the right portion of its date can be noticed. However, keep in mind that only those people who have been in the business will see the error without any aid. But the giveaway is the shelves beneath the stars showing that doubled die errors happened six times.
There is another sign to distinguish this error: a little die crack between the numbers 1 and 8 from 1883 and Lady Liberty’s neck. Such types of errors like this are extremely collectible and can go for a high price.
2. Off-center Errors
These types of errors on coins happened when the dies were not properly aligned during the striking process. This results in missing/partially missing parts of the design from around its edge.
Interestingly, these errors give coins a high value depending on how misaligned the image is. Its worth can range from tens to some hundreds of dollars, and one very off-centered piece was sold online for $6,900.
3. Repunched Mint Mark Errors
This kind of error is where a mint mark appears like it received two punches into the die, causing a blurred/distorted appearance on the coin. It is likely an error on all coins, save for those from the Philadelphia Mint, since there are no mint marks present.
4. Rotated Errors
This type of error happens when instead of the upright position, one of the coin’s faces is rotated. This occurs when the die is not positioned properly when the piece is struck.
These kinds of errors on coins are often sought after by collectors since they are rare and interesting. Additionally, the coins can cost anywhere from $50 or higher, depending on their condition.
5. Double Struck Errors
These kinds of coins are often struck twice by the same die in quick succession, resulting in a doubled image on the coin. Double-struck 1883 Silver Dollars have sold for more than $1000 during an online auction. Plus, another that was slightly rotated double struck, was sold for $7,000 online.
6. Doubled Die Errors
Coins with doubled die errors show doubled images or elements on the design of the coin. It is caused by striking the coin twice with two dies.
7. Broadstruck Errors
Broadstruck errors happen when a coin is struck outside the perimeter. It causes the coin to be slightly larger in size. An 1883 Silver Dollar with a broadstruck error was sold for more than $760.
8. Die Breaks or Cracks
Some 1883 Silver Dollars have die breaks or cracks. This error happens when the die is damaged and split apart due to repetitive use. When striking coins, it results in an error appearing on the design of the coin. An 1883 Silver Dollar with die cracks can cost a few hundred dollars.
1883 Silver Dollar – FAQs
1. How do I know if my 1883 silver dollar is real?
An easy way to detect the authenticity of your coin is to check if it’s magnetic. Precious metals like palladium, platinum, gold, and silver are not magnetic, so the 1883 Silver Dollar should not be attracted to a magnet.
Another way to identify if your 1883 Silver Dollar is real is by checking the location of the mint mark. If it was minted in New Orleans, Carson City, or San Francisco, you should see a mint mark on the reverse. It is above the word “DOLLAR” and below the wreath.
2. Are all silver dollars worth money?
A silver dollar’s value will depend on a couple of factors, including its mint mark, date, errors, and condition. A common Peace or Morgan silver dollar in the worn condition is often close to the current value of an ounce of silver.
3. How much is a silver dollar worth?
The value of a silver dollar depends on the scarcity and condition of the coin. When it comes to a Morgan Silver Dollar, collectors can pay anywhere from $10 to $100 for standard coins, with much higher values for near-perfect coins. These coins are rare and have been well-preserved through the years, so they sell for high prices.
4. Why are silver dollars lucky?
A lot of people in the United States find the silver dollars lucky since they’re less common. Due to their rarity, their value is higher than other coins. Some collectors also think that starting a collection with silver dollars brings luck and makes finding rare pieces easier. However, this is just a superstition.