1898 Silver Dollar Value: How Much Is It Worth Today?

Do you have an 1898 silver dollar and would like to know its value? If you own a silver dollar with a mint date of 1898, you can be pretty certain that your coin will be worth more than its mint value.

Because of their history and age, even silver dollars that are graded no higher than good are worth upwards of $34. How is the value of the 1898 dollar determined and how do you know if you own an extremely valuable specimen?

Keep reading this article to find out which 1898 silver dollars are the most valuable and if your coin could be worth a significant amount of money.

1898 Silver Dollar Value Chart
Mint Mark	Good	About Uncirculated	MS63/ PR63	MS68/ PR68
1898 No Mint Mark (P) Silver Dollar Value	$34	$51	$80 – $96	–
1898 S Silver Dollar Value	$38	$119	$678 – $1,006	$85,000 – $105,000
1898 O Silver Dollar Value	$34	$51	$75 – $90	$23,000 – $27,600
1898 Prooflike Silver Dollar Value	–	(P) $50 – $90 O $50 – $90 S $425 – $500	(P) $147 – $174 O $135 – $160 S $900 – $1,107	No known MS 68 PL Coins
1898 Proof Silver Dollar Value	–	–	From $2,975 for regular proof coins to $ 5,160 for DCAM	From $40,000 to $50,000 for DCAM

When the 1898 silver dollar was minted, many things were changing in the United States. It was not long after the brutal Civil War that had torn the country apart and ravished large parts of the South.

However, the country was reunited to fight the Spanish in the Spanish American War, which resulted in Puerto Rico, the Philippines, and Guam being annexed by the States. In 1898, a silver dollar was released to mark this victory.

The 1898 silver dollars are part of the Morgan series which were minted from 1878 until 1904 and then once more in 1921. Over the years, it was struck at five US Mints, including Philadelphia, Carson City, Denver, New Orleans, and San Francisco.

The minting of the Morgan silver dollars finished in 1904 as the silver reserves acquired following the Sherman Silver Purchase Act were depleted. The 1921 silver dollar featured a new design by Morgan and was released to celebrate the end of World War One. This was to be the final Morgan dollar.

Why are Morgan Dollars From 1898 Valuable?

It is not usual for coins, even old coins such as the 1898 silver dollar, to be worth much more than their face value at the lower grades. However, millions of Morgan dollars that had remained in the Treasury vaults were melted and sold to the United Kingdom following the Pittman Act of 1918.

Approximately 47% of all silver dollars that were produced between 1878 and 1904 were melted under the act. This was in the region of 270 million coins. More coins were destroyed from some minting years than others. This explains why Morgan coins from certain years are harder to find and therefore more valuable.

1898 No Mint Mark Silver Dollar Value

In 1898, silver dollars were minted at three different facilities, which were Philadelphia, New Orleans, and San Francisco. You can identify the coins minted in Philadelphia by checking for the mint mark. If there is no mint mark, the coin was minted in Philadelphia.

The Philadelphia Mint produced 5,884,000 silver dollars in 1898 and there are still several mint state coins available despite the age of the 1898 silver dollar. It is for this reason that MS-graded 1898 no-mint mark coins are not as valuable as those made in San Francisco.

An 1898 silver dollar that is in good condition, meaning it shows some signs of wear and tear, is worth around £34. An about uncirculated coin, which is almost in mint state despite having been in circulation, is worth about $51.

Uncirculated coins graded as MS65 are worth approximately $250 and MS67-graded coins are worth up to $3,250. However, at the right auction, collectors may be prepared to pay between $8,500 and $10,200 for the finest specimens.

The Obverse of the 1898 Silver Dollar

The obverse of the silver dollar from 1898 features a beautiful portrait of Lady Liberty. Her portrait is in the center of the coin facing left. On her head, covering her loosely flowing hair is a Phrygian cap. She is also wearing a crown with the inscription LIBERTY and has some flowers and wheat tucked in on top of the crown.

Along the bottom half of the rim are thirteen stars, which represent the first states of the United States of America. Along the top rim is the Latin motto E PLURIBUS UNUM, with the words separated by dots. On the bottom, separating the stars with seven to its left and six to its right is the date the dollar was minted.

The Reverse of the 1898 Silver Dollar

The reverse side of the 1898 silver dollar depicts a bald eagle with its wings spread out. The eagle is positioned in the center of the coin. Its head is facing left, and it holds both arrows and an olive branch in its talons. The olive branch is symbolic of peace and the arrows represent the country’s readiness to defend itself if needed.

Underneath the eagle, running from wing to wing is a laurel wreath. The motto IN GOD WE TRUST is above the eagle, between its widespread wings. The denomination ONE DOLLAR is along the bottom rim and the country name UNITED STATES OF AMERICA curves along the top half of the rim.

Other Details of the 1898 Silver Dollar

The 1898 silver dollar is a round coin with a reeded edge. It weighs 26.73 grams and has a diameter of 38.1 millimeters. It is 2.4 millimeters thick. The 1898 silver dollars are made with 90% and 10% of copper.

1898 S Silver Dollar Value

The silver dollars minted in San Francisco generally command the best prices among silver dollars struck in 1898. To check if you have a coin struck in San Francisco, check for the mint mark above the denomination. There were 4,102,000 silver dollars struck in San Francisco, which is not a huge amount less than in Philadelphia.

However, it is not as easy to find mint state S minted 1898 silver dollars, which is why they are priced higher. While an 1898 S silver dollar in good condition is only a few dollars more valuable than no mint silver dollar from the same year, the price is more than double for a coin in an about uncirculated condition.

The higher the grades get, the more significant the price differences become. An MS63 graded 1898 no-mint mark silver dollar is only worth $80 – $96 but an 1898 S-minted dollar can fetch $678 – $1,006 and at MS68 it can be worth between $85,000 and $105,000. The record auction price for the 1898 S silver dollar is from 2015 when one sold for $117,500.

1898 O Silver Dollar Value

In 1898, silver dollars were also minted at the New Orleans Mint. This facility produced 4,440,000 silver dollars. The New Orleans minted 1898 dollars have the letter O to identify the origin. The mint mark can be found on the reverse above the denomination.

At the lower grades, the 1898 O-minted silver dollars are valued identically to the 1898 no-mint mark dollars. However, at MS66 and MS67, the O-minted dollars are somewhat less valuable than the no-mint mark variety and significantly less than S-minted dollars.

An MS66-graded silver dollar minted in New Orleans is worth between £300 and $360, compared to $450 – $495 from Philadelphia and $5,300 – $6,095 from San Francisco.

In the next grade, the differences are even more striking. The maximum valuation for O-coins is at $,1500, no mint mark coins $3,250, and S-coins $32,775. An MS68 graded O-dollar is worth $23,000 – $27,600, while the valuation ranges from $85,000 to $105,000.

Why Such Big Price Variations?

One of the reasons for the price variations is the availability of the coin. The more coins there are at higher values, the less their value will be. When only a limited number of highly graded coins exist, it raises their value and makes them more desirable for collectors.

Another reason is the overall condition of the coin. Coins that still have clear design features, luster, and pleasing eye appeal are worth more. Collectors will also pay more for coins with a colorful history, such as the 1898 silver dollar.

Finally, competition. When a coin is sold at an auction where many bidders are after the same coin, this can raise its price unexpectedly.

1898 Proof Silver Dollar Value

The Philadelphia Mint struck proof silver dollars in 1898 as well as regular coins. Proof dollars are minted for collectors and not intended for circulation. This is why they are often in excellent condition even when minted over a hundred years ago and may not reach the same values as regular strike coins.

However, in 1898 there were only 735 proof coins produced, which makes them more valuable. Their prices start from $975 for regular proof coins graded at PR50 and can go up to $50,000 for DCAM proofs graded at PR68.

PR Grading and Cameo Proofs

When a proof coin is sent for grading, it is graded slightly differently from regular strike coins. It is still graded using a numerical scale, but using the letters PR for proof. The highest grade is PR70 meaning the coin is perfect.

There are three different types of proof coins, which are proofs, cameo proofs, and deep cameo proofs. The regular proofs have the lowest values, while deep cameo proofs are valued the highest. A deep cameo grade means the coin has a striking difference between the design and the background.

Proof-Like Coins

Proof cons should not be confused with proof-like coins. These are coins that resemble proof coins with their mirrored fields. Proof-like coins will have the letters PL either after the grade as in MS66 PL or before it as in PL 66.

Sometimes, you might also come across the letter combination DMPL when looking at Morgan dollars. The letters stand for Deep Mirror Proof-like. This description is used for Morgan dollars intended for circulation but with frosted devices and mirror-like fields that are unusually clean, giving them a similar appearance to proof coins.

1898 Silver Dollar Grading

All old coins are graded using a numerical system ranging from one to seventy. It is known as the Sheldon scale, with one used for coins in poor condition and seventy for coins in perfect condition. The most desirable coins are those that have been awarded an MS (mint state) grade by professional coin graders.

You can learn more about coin grading in this video from Couch Collectibles.

Rare 1898 Silver Dollar Error Lists

1898 Silver Dollar Wounded Eagle Error

The most famous error that can be found on some silver dollars from 1898 is the error nicknamed the wounded eagle. On these coins, the eagle doesn’t have the usual number of feathers on one of its wings.

1898 Silver Dollar Double Strike Error

Sometimes, coins can get stuck in the coining machine. As a result, they get struck more than once by the die. This usually leaves a faint second image of the design on the coin. The double strike errors can appear on the obverse or the reverse of the coin.

1898 Silver Dollar DMPL Error

We already mentioned the DMPL silver coins earlier in the article. These coins were not produced intentionally and can therefore be counted as error coins from 1898. With their high luster, they are far rarer and therefore more valuable than regular coins.

1898 Silver Dollar Frequently Asked Questions

How much is an 1898 silver dollar worth now?

The value of an 1898 silver dollar depends on its condition and where it was minted. Coins that are graded as still being in mint condition and those that were minted in San Francisco have the highest valuations among 1898 silver dollars.

What makes an 1898 silver dollar rare?

In 1918, many US silver dollars were melted and sold to the United Kingdom- These included around 47% of all Morgan dollars printed since 1878. Because of this, they are harder to come across than many other types of coins of similar age.