Value of 1879 Morgan Silver Dollar Coins

The Morgan silver dollar series holds an important place in American numismatic history. Minted from 1878-1904, and again in 1921, the large 90% silver Morgan dollars are one of the most iconic, recognizable, and widely collected U.S. coins.

The 1879 Morgan silver dollar is one of the more common dates in the series, with a combined mintage across three mints of nearly 14 million coins. Yet despite their relatively substantial mintage, choice uncirculated 1879 Morgan dollars are quite elusive and valuable due to low survival rates from heavy circulation.

In this detailed article, we'll examine all the factors that contribute to determining the current market value of 1879 Morgan silver dollars. From mintages and grades to certified populations and recent auction records, we'll cover everything a collector needs to know to evaluate the value of these historic American cartwheel silver coins.

1879 Morgan Silver Dollar Total Combined Mintage

The 1879 Morgan silver dollar was struck at all three active U.S. mints in 1879:

• Philadelphia- The main facility in Philadelphia produced the highest mintage for the date, with 9,110,000 business strike coins. No mintmark appears on the coin.
• New Orleans- The New Orleans Mint struck 2,887,000 examples in 1879, identified by a small O mintmark on the reverse above the D in DOLLAR.
• San Francisco- The San Francisco Mint had the lowest output, with 1,781,750 1879-S Morgans bearing the S mintmark.

The total combined mintage across the three mints came to 13,878,750 coins. While substantial, this was not an especially high figure for Morgan dollars. In fact, the 1879 has a lower mintage than many other dates, including the 1881 (16.7 million), 1882 (11.1 million), 1883 (12.3 million), 1884 (14 million), and 1921 (44.6 million), just to name a few.

So the 1879 cannot be considered a true "common date" by Morgan dollar standards, even though nearly 14 million were produced. The mintage places it in the bottom half in terms of availability within the series.

Morgan silver dollar history

The Morgan silver dollar is one of the most iconic coins in American numismatics. Designed by George T. Morgan, the obverse depicts a profile portrait of Lady Liberty wearing a cap with the word "LIBERTY" inscribed. The reverse features an eagle with wings spread, grasping arrows and an olive branch. "UNITED STATES OF AMERICA" encircles the top while "ONE DOLLAR" appears at the bottom.

Morgan dollars were struck from 1878 to 1904, and again briefly in 1921. They were produced at five different U.S. mints - Philadelphia, Carson City, New Orleans, San Francisco, and Denver. The large 90% silver dollars measured 38.1 mm in diameter and contained 0.77344 troy ounces of silver. This heavy use of the metal led to their creation as a means for the government to purchase and utilize more silver.

Hundreds of millions of Morgan dollars were melted down in 1918 under the terms of the Pittman Act. Additional numbers were destroyed in subsequent years. As a result, many dates are scarce today despite their original high mintages. Key dates like the 1893-S and 1895 remain highly coveted rarities.

After the last Morgan dollars were struck in 1921, they were replaced by the smaller Peace dollar in December of that year. Morgans saw heavy use in circulation in the Western states where their weight and silver value made them preferred over paper money. Today collectors avidly seek both common and rare dates to assemble complete sets of these historic American cartwheels.

1879 Morgan Silver Dollar Coins Current Market Values Across Grades

Today's value of coins like an 1879 Morgan silver dollar vary tremendously based on condition. Here are the current retail values from G-4 up through pristine MS-68 condition:

Circulated Grades:

• G-4 (Good): $34
• VG-8 (Very Good): $36
• F-12 (Fine): $38
• VF-20 (Very Fine): $42
• XF-40 (Extremely Fine): $46
• AU-50 (About Uncirculated): $55
• AU-58: $65

Uncirculated Grades:

• MS-60: $75
• MS-62: $120
• MS-63: $200
• MS-64: $350
• MS-65: $650
• MS-66: $1,500
• MS-67: $3,250
• MS-68: $7,500

These values clearly illustrate the sizable premiums for 1879 Morgans at the upper uncirculated "Mint State" levels versus circulated examples. Well-worn G-4 and VG-8 coins trade for just modest markups over intrinsic silver value. But starting around MS-63 condition, the prices accelerate rapidly. This stark value progression is directly tied to scarcity and survivorship.

Why 1879 Morgan Silver Dollar Coins Condition Rarity Drives Value

While nearly 14 million were originally struck, the vast majority of 1879 Morgan dollars entered circulation and experienced significant wear. As they passed from hand to hand in commerce, most declined to G, VG, and Fine condition. Of the 13+ million coins struck:

• Tens of millionsstill exist in G to VF grades.
• Hundreds of thousandsremain in the XF to AU range.
• But only an estimated 22,000survive at the MS-60 level, sharply dropping off from there:
  • About 7,500 in MS-63
  • Just 4,000 MS-64 examples
  • A mere 600 coins graded MS-65
  • Perhaps 100 or fewer at the top MS-66 level
• Only a tiny handful are known graded MS-67 or higher.

This breakdown clearly shows how truly scarce choice uncirculated 1879 Morgans are. With so few available and great demand from collectors, prices understandably escalate for conditioned rarities certified MS-65 and up.

1879 Morgan Silver Dollar Coins Premiums Key Dates

While all 1879 Morgan dollars are collectible, two stand out as important condition rarities carrying higher premiums:

1879-S Morgan Dollar

• Struck only in San Francisco, with a relatively low mintage of 1.7 million.
• Just an estimated 7,000 survive in uncirculated grades today.
• Trades for a 15-20% premium over the 1879-P and 1879-O issues.

1879-CC Morgan Dollar

• The rarest 1879 issue, struck solely at the Carson City Mint.
• Mintage of just 756,000 - by far the lowest of that year.
• Only 5,000-6,000 examples exist across all grades.
• As a famous CC Mint key date, it commands giant premiums over other 1879 dollars.

Here are some current retail values highlighting the premiums for these two keys:

The more conditionally rare 1879-S trades for a modest but consistent premium over common Philadelphia issues. Meanwhile, the low-mintage 1879-CC is far and away the most valuable Morgan silver dollar coins.

Factors Driving Continued Demand and Values of 1879 Morgan Silver Dollar Coins

In addition to sheer scarcity, especially in uncirculated grades, what other factors drive collector demand and keep values for 1879 Morgan silver dollars strong?

• Silver bullion value- Morgan dollars contain 0.77344 troy ounces of 90% silver, tying their minimum value to precious metals prices.
• Historical significance- As iconic pieces of Americana and huge parts of the Wild West lore, Morgan dollars hold allure for history buffs.
• Key date appeal- Collectors always chase scarce issues like the 1879-S and 1879-CC to complete their sets.
• Registry set competition- Top graders aim for best-of-the-best MS/PR-68 coins to rank highly in PCGS/NGC registry sets.
• Beautiful designs- Morgan dollars are appreciated for their attractive hand-engraved designs and hefty feel.
• Wide publicity- Prominent listings in references like the Red Book builds general collector awareness and demand.

With these dynamics driving demand from multiple collecting audiences, values for 1879 Morgan dollars seem likely to remain healthy into the future, especially for certified choice uncirculated specimens.

Estimating a Sample 1879 Morgan Silver Dollar Coins Collection Value

Let's evaluate an actual 1879 Morgan dollar collection to get a sense for its market value:

• 1879-P: AG-3, XF-40, MS-63
• 1879-S: XF-45, MS-64
• 1879-CC: VF-35

Based on the retail values presented earlier, here is the approximate worth:

So in this representative small collection, the total market value comes to approximately $1,200, driven by the higher grade Mint State examples and the key 1879-CC coin.

Conclusion

While plentiful in lower circulated grades, the 1879 Morgan silver dollar becomes quite scarce and valuable at the MS-65 level and above. Strikingly few gem quality examples survived the mass melting of Morgan dollars in the early 1900s. Yet savvy collectors recognize that these condition rarities still emerge from old collections and willingly pay huge premiums when AU/BU examples are offered for sale. The 1879-CC stands alone as the rarest issue which can trade for four or five figures even in VF/XF shape due to its microscopic mintage at the famed Carson City Mint. For both budget collectors and advanced Morgan dollar enthusiasts, the 1879 delivers an enjoyable balance of availability in lower grades along with great challenge in assembling a set of top-tier uncirculated coins.

FAQs About 1879 Morgan Silver Dollar Coins

1. How much more valuable is an 1879-CC versus an 1879-P?

Due to its lower mintage as a famous Carson City issue, an 1879-CC trades for substantial premiums over the Philadelphia issue, up to 500% or more in AU/BU condition.

2. What grade 1879 Morgans are typically encountered?

Most surviving 1879 Morgans are in the VF to AU range, with well-worn G-VG and heavily abraded AU examples plentiful. Uncirculated MS coins are far scarcer.

3. Should I have my nicer 1879 Morgans certified by NGC or PCGS?

Yes, third-party certification from NGC or PCGS is recommended for 1879 Morgans valued at $300 or more. Certification verifies authenticity and condition.

4. What are some ways to figure the value of an 1879 Morgan?

Consult the Red Book price guide or online resources like PCGS CoinFacts and NGC Coin Explorer to find values based on date, mintmark, and grade. Recent auction sales records are also helpful.

5. Why do Morgan dollar collectors place importance on eye appeal and luster?

Given their limited populations, eye appeal further distinguishes the finest survivors. Coins with exceptional luster and minimal abrasions command the strongest premiums.