A Morgan dollar contains 0.7734 troy ounces of actual silver weight (ASW). The coin weighs 26.73 grams and is 90% silver by composition. At spot prices of October 7, 2026 ($60.73/ozt), the silver melt value is $46.97. Most Morgans sell above that floor because collector demand adds a premium on top of metal value.
Morgan Dollar Specifications
| Specification | Value |
|---|---|
| Gross weight | 26.73 g |
| Diameter | 38.1 mm |
| Composition | 90% silver, 10% copper |
| Silver content | 24.057 g (0.7734 ozt ASW) |
| Minted | 1878–1904, 1921 |
| Designer | George T. Morgan |
| Authorized by | Bland-Allison Act of 1878 |
Source: US Mint specifications for the Morgan dollar design.
How to Calculate the Silver Content
- Gross weight: 26.73 g
- Silver fraction: 26.73 × 0.90 = 24.057 g silver
- Convert to troy ounces: 24.057 ÷ 31.1034768 g/ozt = 0.77344 ozt
- Standard rounded figure: 0.7734 ozt ASW
At spot prices of October 7, 2026 ($60.73/ozt):
Melt value = 0.7734 × $60.73 = $46.97
Use the coin melt value calculator for the live value with today’s spot price.
Why the Morgan Dollar Was Created
The Bland-Allison Act of 1878 required the US Treasury to purchase $2–4 million in silver per month from Western mining interests and coin it into silver dollars. The result was the Morgan dollar, designed by US Mint engraver George T. Morgan and first struck on March 11, 1878. The coin’s obverse shows a left-facing Liberty head; the reverse shows a bald eagle with outstretched wings.
Production ran from 1878 to 1904, when Congress declined to authorize continued purchases under the Sherman Silver Purchase Act (which had replaced Bland-Allison in 1890, then been repealed in 1893). The design was briefly revived for one additional year of production in 1921, then replaced by the Peace dollar. The Morgan was revived again as a special collector coin in 2021 and 2023, but those modern strikes have different specifications from the originals.
Morgan Dollar Melt Value by Quantity
| Quantity | ASW | Melt at $60.73/ozt |
|---|---|---|
| 1 Morgan dollar | 0.7734 ozt | $46.97 |
| 10 Morgan dollars | 7.734 ozt | $469.69 |
| 20 Morgan dollars | 15.468 ozt | $939.38 |
| $1,000 face bag (1,000 coins) | 773.4 ozt | $46,969 |
Reference: spot prices of October 7, 2026. The junk silver calculator uses a live price.
Melt vs. Numismatic Value
Morgan dollar melt value is $46.97 at these spot prices. Actual market prices are nearly always higher because:
Common dates (e.g., 1880-S, 1881-S, 1884-O, 1886, most Philadelphia dates 1880–1904) sell for $55–$85 circulated (Very Fine through Extremely Fine), putting them at roughly 17–80% above melt.
Semi-key dates (e.g., 1893, 1895-O, 1885-CC) command $200–$2,000+ in circulated grades.
Key dates (e.g., 1893-S, 1895 proof, 1889-CC) are rare coins worth thousands of dollars even in low grades — a multiple of melt value.
Never melt a Morgan dollar without checking its date and mint mark. Even common-date Morgans sell at a premium over melt at most coin dealers.
See melt value vs. numismatic value to understand when the collector premium is worth paying.
Mint Marks and Relative Scarcity
Morgan dollars were struck at five mints. Mint mark appears on the reverse, below the eagle’s tail feathers:
| Mint | Mark | Notes |
|---|---|---|
| Philadelphia | (none) | Largest producer of common dates |
| New Orleans | O | Many common dates; some scarcer issues |
| San Francisco | S | Often superior strike quality |
| Carson City | CC | Generally lower mintage; CC Morgans command premiums |
| Denver | D | Only 1921-D; one-year issue |
Carson City (CC) Morgans carry the largest premiums in circulated grades because the Nevada mint produced fewer coins overall and collectors prize the “CC” brand.
2021 and 2023 Morgan Dollars: Are They Silver?
The US Mint revived the Morgan dollar design in 2021 (centennial) and 2023 as collector coins. These modern Morgans are struck in 99.9% silver and weigh one troy ounce (31.103 g), giving them 1.000 ozt ASW — more silver per coin than the original 26.73 g, 90% design. They are sold at a significant premium over spot and are not considered junk silver.
The originals (1878–1921) remain at 0.7734 ozt ASW. The peace dollar silver content article confirms the Peace dollar shares the same 0.7734 ozt spec as the original Morgan.
How Morgan Dollars Fit Into Junk Silver
At common-date circulated prices, Morgan dollars trade at a premium above the junk silver “baseline” of $0.715 ozt per $1 face. A single Morgan at $55 retail implies $55 ÷ 0.7734 ozt = $71.11/ozt — well above $60.73/ozt spot. That premium reflects collector demand, not superior silver quality.
If you are buying silver for melt-value purposes and budget is the priority, consider 90% dimes and quarters, which often trade closer to spot. If you value coins with numismatic floor support, common-date Morgans are a reasonable choice.
Morgan Dollar Grading Basics
Morgan dollars are graded on the standard Sheldon 70-point scale:
| Grade | Label | Description |
|---|---|---|
| 60–70 | Mint State (MS) | Uncirculated; no wear |
| 55–58 | About Uncirculated (AU) | Slight high-point wear |
| 45–50 | Extremely Fine (EF/XF) | Light wear on high points |
| 30–40 | Very Fine (VF) | Moderate uniform wear |
| 20–25 | Fine (F) | Heavy wear, design clear |
| 1–15 | Good–Very Good (G-VG) | Heavy wear, outlines visible |
For junk silver purposes, any grade sells at melt (minus a small discount for heavily worn coins where some dealers worry about being underweight). The melt value of $46.97 applies to any Morgan in any grade at these spot prices, as long as the coin is genuine and unaltered.
High-grade Morgan dollars (MS63 and above) command numismatic premiums that can be multiples of the melt floor — sometimes 10–100x for key dates in top grades. Never sell a Morgan dollar at melt without checking its grade and date with a reference guide or professional appraiser.
How to Authenticate a Morgan Dollar
Genuine Morgan dollars weigh 26.73 grams. Check with a precision gram scale. The diameter is 38.1 mm. Common tests:
- Weight: Counterfeits are often slightly underweight or overweight.
- Magnet: Silver is not magnetic. A coin that sticks to a magnet is not silver.
- Edge: The Morgan has a reeded (milled) edge. Check that the reeding is consistent around the full circumference.
- Sound: Genuine silver coins produce a clear ring when tapped; base-metal fakes sound dull.
If you are buying Morgan dollars in quantity and want to verify silver content, the coin melt value calculator can compute melt from actual gram weight — compare the result to the spec weight to flag underweight coins.
This article is not investment advice. Silver melt values change with spot price. Use the coin melt value calculator for the current figure.