1902 Silver Dollar Value: How Much is it Worth Today?
The 1902 Silver Dollar is a must-have for all numismatists and coin collectors. Minted over a century ago, this coin is known for its intricate design, age, and historical significance.
As with any antique or rare item, the 1902 Silver Dollar value can vary greatly depending on its condition, rarity, and other factors. Generally, proof-likes and 1902 Silver Dollars with the S mint mark are the priciest and the rarest.
Within this guide, we will provide you with all the necessary information about the 1902 Silver Dollar, including its value and how to determine its worth. Let’s dive in!
1902 Silver Dollar Value Chart
|1902 No Mint Mark Silver Dollar Value||$40||$60||$100||$675|
|1902 O Mint Mark Silver Dollar Value||$36||$50||$70||$470|
|1902 S Mint Mark Silver Dollar Value||$95||$220||$415||$8200|
1902 No Mint Mark Silver Dollar Value
The 1902 Silver Dollar was part of the Morgan Silver Dollars range, which the US mint produced from 1878 to 1904. Some of these coins were also struck in 1921.
After the Coinage Act of 1873 was passed, the US Mint minted the first standard silver American coin in the form of Morgan Silver dollars. To this date, these coins are one of the most appreciated and sought-after coins in the market.
The 1902 Silver Dollars were struck in the Philadelphia, San Francisco, and New Orleans mints. The Philadelphia mint produced a mintage of 7,994,777 coins without a mint mark. It also struck 777 proof coins, marking the first mintage of proofs in this series.
These specimens were designed by assistant engraver George T. Morgan, who the coin range was named after. With a weight of 26.73 grams and a diameter of 38.1 mm, these coins are composed of 90% silver and 10% copper.
That is why, even in the worst conditions, it is possible to get some money out of these coins— in such a case, you are selling the silver and not the coin. These coins also have reeded edges.
The 1902 Silver Dollars are not known for sharp strikes and usually have weak to standard strike quality. The few pieces that do appear with a sharp strike are worth a fortune.
1902 No Mint Mark Silver Dollar features Lady Liberty’s profile facing left on the obverse side. Here, the inspiration for George T. Morgan was his beautiful teacher Anna Wiless Williams. The cap she wore was a Phrygian cap, which was popular during the American Revolution and symbolized liberty.
On the obverse side, there is also the year, the phrase E PLURIBUS UNUM, the phrase LIBERTY surrounding the central image, and the thirteen stars as a symbol of the first states.
The reverse side of the 1902 Silver Dollar is considered one of the most beautiful ones in the entire US coinage. It depicts an American bald eagle with spread wings in the center. In the eagle’s claws, there is an olive branch and arrows.
Around the eagle, there is a wreath, and above its head is the phrase, “IN GOD WE TRUST.” Along the rim, the inscription UNITED STATES OF AMERICA and denomination ONE DOLLAR are struck.
Most of the 1902 silver dollars minted in Philadelphia went into circulation, and have been subjected to wear and tear over the year. Today, their price ranges from $30 to $60. In mint states, the value ranges between $150 to $700.
According to auction records, a PR 68 1902 No Mint Mark Silver Dollar was sold at $53,500 in 2019.
1902 O Mint Mark Silver Dollar Value
The 1902 O Mint Mark Silver Dollar was struck in the New Orleans mint. Precisely 8,636,000 coins were minted. These look similar to the ones minted in Philadelphia, except that they have an O mint mark on the reverse side.
Many of these coins were stored in treasury bags and were released in the 1960s. Consequently, the 1902 O Morgan dollars are readily available in MS65 and MS66 states today. However, this also means that circulated specimens are hard to find.
The 1902 O Mint Mark Silver Dollar was well made but had weak strike issues. As a result, the luster isn’t so strong, and despite well-preserved conditions, many pieces grade below the gem threshold. Proof likes are difficult to obtain due to rarity, and deep mirror proof likes are even rare.
As per NGC Price Guide, the average price of 1902 O morgan dollar in the circulated condition is $30 to $60. In uncirculated conditions, the price can go up to $400. Those that qualify as MS67 grade can sell for as much as $10,000. In pristine condition, the worth of a 1902 O Mint Mark Silver Dollars can go over $12,500.
In fact, according to PCGS, an auction record was set in 2020, when one of these coins was auctioned at $33,600!
1902 S Mint Mark Silver Dollar Value
The San Francisco mint produced 1,530,000 silver dollars in 1902. To identify these, look for an S mintmark on the reverse side. Like its New Orleans counterpart, this coin is identical to the Philadelphia one, too. They have the same specifications and the same design, with the only exception being the mintmark.
The majority of the 1902 S dollars were released from storage over the years. Substantial releases occurred in the latter half of the 1920s, then in the 1940s, and then in the early 1950s. There were other releases in other years too.
Due to the large mintage, the 1902 S dollars were never considered rare, but today, they are considered to be on the scarcity scale.
The coins minted in San Francisco are significantly more expensive than the coins struck in the other mints. The 1902-S Morgan dollar is scarce above the grade of MS64, and rare in grades above MS 66. Proof-likes are equally scarce, and DMPLs are like needles in a haystack.
The price of rare specimens in the mint state typically ranges between $500 to $5,500, depending on the condition and luster. 1902 S Mint Mark Silver Dollars in pristine conditions and in MS67 grade or above, can range between $65,000 to $80,000.
According to PCGS, one 1902 S MS67 Morgan dollar was auctioned at an astonishing $99,875 in 2015, setting an auction record.
1902 Silver Dollar Grading
According to NGC, a regular 1902 Silver Dollar is worth up to $5650, but a 1902 MSdpl Silver dollar can range up to $22500. Similarly, the worth of a 1902 silver dollar in good condition is $40. But, at an MS67 grade, it costs $5650. Errors can also increase their worth.
The 1902 coins are graded from very fine to PR 63 Proof. In the initial grade, the design isn’t very visible, and there are signs of tear. In the PR 63 Proof, there are no blemishes or flaws on the coin.
The coins in between have signs of wear, but the luster and eye appeal increase with the grade. Also, signs of damage and minimize until they diminish completely.
Here’s a video about grading 1902 Morgan dollars to clarify further:
Rare 1902 Silver Dollar Error Lists
The 1902 silver dollar is known for being free of errors. However, collectors have previously discovered minor errors in the 1902 silver dollar. On the basis of those errors, the coin’s worth spiked up to hundreds and even thousands of dollars due to its insane rarity.
Below we share with you the list of the 1902 silver dollar errors that collectors came across, or there are chances that they might occur. So if by any chance you come across any one of these errors, be sure to get an expert involved.
1902 Silver Dollar Lamination Error
A Lamination Error occurs when a foreign substance contaminates the metal content of the coin causing the surface of the coin to crack and flake. This error is rare in the 1902 silver dollar, but if identified, can slightly increase its value.
According to records, an MS63 1902 silver dollar with a laminated planchet was sold for $145.
1902 Silver Dollar Double Die Error
Another error that can occur in a 1902 silver dollar is the double die error. It is basically a misalignment of the die or hub during the minting process, leading to a doubling imprint on the coin. Such a coin has two identical images that are slightly offset in any direction.
Since doubling of one feature or more has occurred in many Morgans, there’s a possibility that it can occur in the 1902 silver too. To identify, look closely at both sides of the 1902 silver dollar. On the obverse side, doubling may occur on the date, stars, lettering, and LIBERTY.
Doubling may occur on the ear and the eye on the obverse side. On record, a 1902 silver dollar appeared with a double die error on the ear error and was sold for $50. It could have had much more value if its condition was good.
Whereas on the reverse side, pay particular attention to the letters and mint marks, which usually have a doubling inside their mark, like a “line” inside the “O” or serifs inside the “S” mark.
1902 Silver Dollar Strikethrough Error
A strike-through error occurs when an external object comes between the die and the blank at the time of striking. The outline of that object gets pressed on the blank, and its pattern gets imprinted on the coin’s surface.
Strong strike-through examples include hard objects like staples, metal shavings, and other coins. Soft strike-through includes soft materials like thread and grease.
Overall, it doesn’t result in a distinctive design, but it makes the coin very rare and thus increases its value. A 1902 silver dollar MS63, struck through a piece of thread was sold for about $180.
1902 Silver Dollar Off-center Struck Error
Off-center struck error is super rare to occur in 1902 silver dollar coins. It happens when the striking is slightly off-center, resulting in the blank space on the planchet. The coin becomes distinctive in its appearance. It’s a highly sought-after error in the 1902 silver dollar. One 1902 silver dollar, which was 5% off-center, was sold for $1,300!
1902 Silver Dollar Die Clash Error
Sometimes during the minting process, the planchet fails to get fed into the press, resulting in the contact of the two dies– obverse and reverse.
When the striking happens, features from one die get transferred to the other die, and the dies become damaged, leaving clash marks on the planchets fed through.
There are certain areas where clash marks can appear, like the top edge of the eagle’s wings or near the chin. However, the intensity of these clashes can vary.
Some coins have extreme clash errors with clear distinctive features, while others are struck with weaker ones. The ones with strong clash errors are much rarer than the ones with weaker clash marks, and thus, they have greater value.
1902 Silver Dollar FAQs
Where is the mint mark on a 1902 Morgan Dollar?
There are three variations of the 1902 Morgan Dollar as they were minted in three different mints. The one minted in Philadelphia has no mint mark, and the other two which were minted in New Orleans and Francisco, have O and S mint marks.
These marks are present below the wreath, on the reverse side of the coin.
How can you tell if a silver dollar is rare?
Short Answer: Look at the edges. If you see a solid silver stripe, the coin is silver. If the edges have a copper stripe, then the coin is clad.
Similarly, if you see only faint traces of copper on the edges, the coin might be 40% silver. Out of these, the pure silver one is rare. Also, look for any errors as error coins are rare too.