1886 Silver Dollar Value: How Much Is It Worth Today?
An 1886 silver dollar, also known as the Morgan dollar, was named after its designer George T. Morgan. The coin was circulated from 1878 to 1904 and then again in 1921. It features Lady Liberty on the obverse and the spread-winged eagle on the reverse.
Depending on the grade or error, this coin can be worth as much as $175,416. So if you have one at hand, then make sure to read this guide on the 1886 silver dollar value.
Let’s begin.
1886 Silver Dollar Value Chart |
|||||
| Mint Mark | Good | Fine | Extremely Fine | Uncirculated | Proof |
| 1886 No Mint Mark Silver Dollar | $41 | $53 | $59 | $74-$254 | $4,368 |
| 1886 O Silver Dollar | $41 | $53 | $74 | $1,356- $175,416 | |
| 1886 S Silver Dollar | $82 | $102 | $150 | $526-$2,192 | |
1886 No Mint Mark Silver Dollar Value
Struck in Philadelphia to a mintage of 19.9 million, 1886 no mint mark silver dollar is one of the more valuable coins there is.
It is made of 90% silver and 10% copper, giving it a melt value of $17.97. This composition also makes for its enormous weight – 26.73 grams – and diameter of 38.1 mm.
Design
Also known as the Morgan dollar, the reeded coin is named after its designer George T. Morgan. He was an underutilized staff of the UK mint, who, fortunately, was loaned to the US Mint in 1876 for a six-month trial run.
Morgan enrolled in the Pennsylvania Academy of the Fine Arts to prepare for his new role.
After that, Morgan prepared to design the Liberty portrait, which he modeled after Anna Willess Williams. She sat for Morgan five times as he drew her likeness.
According to the coin designer, Williams’ profile was the ‘most perfect he had seen.’
Morgan’s Liberty profile also depicts Williams wearing a Phrygian cap with the word “Liberty” on it. It was truly symbolic, for this cap was worn by emancipated Roman slaves during ancient times.
Similarly, the Phrygian cap became the symbol of freedom in the US – as well as France.
Flanking Lady Liberty is the motto “E Pluribus Unum,” with dots between the three words. The year 1886 is etched on the bottom, as well as the image of 13 stars (representing the 13 colonies.)
Morgan’s initial, M, can be found at the edge of Liberty’s neck.
The silver dollar’s reverse design, meanwhile, features an eagle with outstretched wings. Its talons are clutching an olive branch, as well as three arrows. There’s also a wreath underneath the eagle.
The texts on the reverse side include the “United States of America” and “In God we trust.” The denomination “One Dollar” is drawn at the bottom.
Morgan dollars were minted and circulated from the year 1878 to 1904. In 1886, approximately 1.4 million to 1.9 million coins were released to general circulation monthly.
The newest Morgan dollars, which were minted in 2021, are made with 99.95% silver.
Value
1886 silver dollars are some of the more valuable coins in the market. A good-condition coin sells for $41, while fine and extremely fine coins are worth $53 and $59, respectively. Uncirculated coins are valued at $74 to $254.
Well-preserved no mint mark coins can sell for thousands of dollars in the market. In fact, an MS 68 coin of this kind was sold for a whopping $22,000.
Proof coins were also minted in Philadelphia instead of the usual San Francisco location. As they are scarce, they are valued at about $4,368.
A PR 67 coin can sell for as much as $11,000, while a PR 68 cameo is valued at about $34,000.
1886 O Silver Dollar Value
The 1886 O silver dollar, as the initial suggests, was minted in New Orleans. Like the other Morgan dollars in this list, it has a diameter of 8.1 mm and a weight of 26.73 grams.
About 10.7 million of these silver-copper coins were made at the time. Approximately 900,000 coins were released monthly until November.
The Mint eventually produced 1 million coins until December.
Unfortunately, about 8,000,000 of these coins were melted due to the 1918 Pittman Act.
Design
As with all Morgan dollars of that year, the 1886 O silver dollar had Lady Liberty on the obverse and the eagle on the reverse. It does, however, have the ‘O’ mint mark on the backside. It is etched underneath the center of the wreath.
What makes the 1886 O silver dollar special, however, is the fact that it was minted in the New Orleans mint. True enough, it was the only coin produced by the location at that time.
But, despite this, the New Orleans Mint workers did a sloppy job of creating 1886 O silver dollars. In fact, many of their coins had errors. Fortunately for the collectors, these erroneous dollars eventually became high-value currencies.
Unsurprisingly, the New Orleans Mint had a short run. It only operated from 1838 to 1861 and again from 1879 to 1909. It eventually closed shop during the American Civil War and Reconstruction eras.
After being decommissioned, the New Orleans Mint building served as an assay office, a US coast guard facility, and a fallout shelter.
It eventually became the Louisiana State Museum in 1891, before Hurricane Katrina damaged it in 2005. It was eventually reopened two years later.
Throughout the years that the New Orleans Mint was active, it created 427 million coins with a total value of $307 million.
Value
Like the 1886 no-mint mark silver dollar, the 1886 O Morgan dollar is worth $41 in good condition and $53 in fine condition. However, the value of its extremely fine coins is higher at $74.
Likewise, its uncirculated coins sell for higher in the market. The lower price range starts at $1,356, with the highest price being $175,416.
The record auction price so far for the 1886 O silver dollar is $235,000 for an MS 65 piece.
According to experts, about 170,000 to 350,000 1886 O silver dollars remain in circulation – or in collectors’ hands.
1886 S Silver Dollar Value
The fewest number of 1886 silver dollars – and of all Morgan dollars – were minted in San Francisco. 750,000 coins were produced that year, with 300,000 coins released in October and November 1886, respectively. The remaining 150,000 were finally circulated in December 1886.
As with all Morgan dollars, they are made with 90% silver, thus giving each coin a heavy weight of 26.73 grams – and a bulky diameter of 38.1 mm.
Design
The 1886 S silver dollar value is differentiated from the other Morgan dollars by its mintmark. Coins minted at the San Francisco facility bear the letter “S” underneath the wreath on the reverse side.
Otherwise, the coin holds the same design – Lady Liberty on the obverse and the eagle on the reverse.
Fun fact: 1886 was the first year that Carson City did not produce Morgan dollars. As such, some of the highest-value silver dollars came from this facility.
The location, which primarily made silver coins, halted operations in 1885. It resumed once again in 1889 before closing permanently in 1893. Nowadays, the Mint building houses the Nevada State Museum.
Value
Because of the low number of coins produced in San Francisco and the fact that as many as 400,000 coins were melted due to the Pittman Act – the 1886 S silver dollar boasts a higher value.
Good-condition coins are worth $81, while fine-condition coins are worth $102. Extremely fine coins, meanwhile, sell for about $150 apiece.
And, with 20,000 to 40,000 circulated coins available in the market, finding one is not that challenging.
However, the same cannot be said with uncirculated coins, for they are as rare as they come. Of course, this scarcity gives them a higher value – with price tags ranging from $526 to $2,192.
In fact, an MS 67 1886 S Morgan dollar has sold for a whopping $55,000 in an auction.
1886 Silver Dollar Grading
As mentioned, the 1886 silver dollar is one of the more highly-valued coins in US history. As always, the price depends on the coin’s grade.
Morgan dollars are classified as either good, fine, extremely fine, or uncirculated. But in some cases, coins may be tagged as proof-like, deep-proof-like, or deep mirror-proof-like.
Rare 1886 Silver Dollar Error List
1886 silver dollars, like many other coins, are not immune from errors. These mistakes, however, make them more valuable than they already are.
Here are a few examples:
1886 Silver Dollar Clashed Die Reverse Error
This error occurs when the dies come together during the striking process, thus leaving an imprint. In this video, you can see the mark between the eagle’s wings and the wreath.
The value of clashed die error coin ranges from $80 to $260.
1886 Silver Dollar Doubling Error
Some 1886 Morgan dollars also have a doubling error. Based on the abovementioned video, this error can be seen on the arrows underneath the eagle. This mistake is worth anywhere from $75 to $240.
Another doubling anomaly can be found in the year itself. Compared to the error above, this sells for more at the auction house. According to the same video, this is worth anywhere from $400 to $4,000.
1886 Silver Dollar Line in M Error
Silver dollars with this type of error are easily differentiated by a line along Lady Liberty’s neck. As per the video above, this error coin can sell for $65 to $350.
1886 Silver Dollar Struck Six Times Error
Some coins are struck two or three times – but not this 1886 silver dollar. It was hit six times, although there was a close overlap between the strikes.
According to the video above, this Morgan dollar was sold for $3,995 last 2017.
1886 Silver Dollar Partial Collar Strike Error
This error occurs when a collar partially confines the planchet. Because of this, some parts of the image will look beveled, smooth, or both.
One such type of error coin sold for $290 in 2019.
1886 Silver Dollar Die Cap Error
A die cap error occurs when a coin sticks to the upper hammer die. So when the coin is struck, it is imprinted with the design of the other currency.
According to this video, it is one of the rarer and more valuable mistakes. Only a handful of die cap error coins are known to exist, so it’s not surprising that one such dollar sold for $142,500 in 2022.
1886 Silver Dollar Value FAQs
How many 1886 O Morgan silver dollars were made?
The New Orleans Mint produced 10,710,000 1886 O silver dollars. 900,000 coins were released monthly, with the most number of coins (1 million) being released on December 1886.
What is the mintage of an 1886 Morgan silver dollar?
A total of 31,423,000 Morgan silver dollars were minted in 1886. They were produced in the following locations:
- Philadelphia – 19,963,000
- New Orleans – 10,710,000
- San Francisco – 750,000
What makes an 1886 silver dollar rare?
The 1886 silver dollar’s grade can make it rare. For example, MS 68 coins – meaning those with a sharp strike and full original luster – are considered one of a kind. Due to such rarity, they have been sold for a whopping $22,000.
Where do you find the mint mark on an 1886 silver dollar?
The mint mark of the 1886 silver dollar can be found underneath the central part of the wreath. It can be etched with O (for New Orleans-minted coins) or S (for San Francisco-minted currencies.)
There is no mint mark for Philadelphia-minted coins.
What is an 1886 silver dollar worth today?
The value of an 1886 silver dollar ranges from $42 (good condition coins) to as much as $175,416 (uncirculated 1886 O silver dollar.) Proof coins can sell for as much as $4,368.
