1881 Silver Dollar Value Chart
| Mintmark | Extremely Fine | MS63 | MS65 | MS67 |
|---|---|---|---|---|
| 1881 (P) No Mint Mark | $50 | $140 | $315 | $500 |
| Prooflike | $315 | $900 | – | – |
| Deep Mirror Prooflike | $500 | $4,000 | $60,000 | – |
| 1881 S Silver Dollar | $50 | $96 | $150 | $280 |
| Prooflike | $150 | $325 | $1,100 | – |
| Deep Mirror Prooflike | $280 | $1,900 | $11,500 | – |
| 1881 O Silver Dollar | $50 | $120 | $235 | $475 |
| Prooflike | $235 | $3,500 | $8,500 | – |
| Deep Mirror Prooflike | $475 | $75,000 | – | – |
| 1881 CC Silver Dollar | $490 | $850 | $900 | $1,250 |
| Prooflike | $900 | $1,500 | $3,750 | – |
| Deep Mirror Prooflike | $1,250 | $6,000 | – | – |
1881 Silver Dollar Value Insights
1881 (P) No Mint Mark Silver Dollar
In 1881, the Philadelphia Mint produced over nine million Morgan dollars, making it a notable year within the series. Though not the highest in production, this coin remains fairly accessible to collectors. Coins graded Extremely Fine (XF45) usually sell for about $50, while those graded MS65 can command prices around $600. The value increases significantly for coins in superior condition. For instance, MS66+ specimens might be priced near $4,750, and MS67 coins can fetch up to $21,000. The rarest, an MS67+ example, is estimated to be worth $60,000, with only one known to exist.
1881 S Silver Dollar
The San Francisco Mint struck nearly 13 million Morgan dollars in 1881, marking one of the highest production years. Many of these coins were kept out of circulation initially and released only in 1962, which has preserved their quality. An MS67 coin from this mint can be valued at around $1,000, while prooflike or deep mirror prooflike versions have much higher values, sometimes reaching $11,500. The top known specimen, graded MS69, is worth approximately $160,000, and only two examples at this grade are known.
1881 O Silver Dollar
Around six million Morgan dollars were minted in New Orleans during 1881. Circulated coins from this mint tend to have values similar to those from Philadelphia or San Francisco, with an XF45 coin generally priced at $50. However, higher-grade coins are more difficult to find and therefore more valuable. An MS65 coin could fetch roughly $1,250. Prooflike and deep mirror prooflike coins from this mint are especially sought after, with prices of $3,500 and $8,500 respectively. The most valuable known coin at MS67 grade is estimated to be worth $75,000.
1881 CC Silver Dollar
The Carson City Mint produced a relatively small number of Morgan dollars in 1881, with only 296,000 coins struck. These are highly prized by collectors, particularly for their connection to the Old West. Even circulated XF45 examples can command nearly $500. Higher grade coins are scarce, with MS63 coins valued at around $850 and MS65 coins fetching about $1,250. Prooflike and deep mirror prooflike coins can sell for substantially more. The most coveted coins graded MS67+ and MS68 can reach prices of $19,000 and $65,000 respectively.
1881 Silver Dollar Errors and Varieties
Numerous varieties of the 1881 Morgan dollars exist due to differences in die pairings, resulting in a fascinating array of collectible versions. The Professional Coin Grading Service (PCGS) has cataloged many of these varieties, assigning VAM numbers to identify them. Carson City has 24 recorded varieties, Philadelphia 54, New Orleans 99, and San Francisco an impressive 168.
A famous variety known as the “wounded eagle” (VAM 54B) features a crack running across the reverse, especially near the wreath and the “D” in “dollar.” This variety in MS65 condition can fetch around $1,000.
Error coins from 1881 are rare and hold great value among collectors. Examples include a San Francisco coin with a struck-through reverse that sold for $540 and another with a filled die error that brought in $1,620. Additionally, an off-center strike from San Francisco was auctioned for nearly $3,000.
History of the 1881 Silver Dollar
The 1881 Morgan dollar belongs to the early phase of the Morgan dollar series, named after George T. Morgan, its designer. Morgan was an English-born engraver invited to the United States Mint, where he created this iconic design based on Anna Willess Williams, a living model. The obverse portrays Lady Liberty in a detailed profile, while the reverse displays a bald eagle perched on a bundle of twigs, surrounded by inscriptions including “United States of America” and “One dollar.”
This coin was minted in large quantities due to the Bland-Allison Act, which required the U.S. Treasury to buy silver for coin production. However, the Pittman Act of 1918 led to the melting of many Morgan dollars, making surviving coins scarcer today.
How to Identify the 1881 Silver Dollar
The front side (obverse) of the 1881 silver dollar shows Lady Liberty’s profile, modeled after Anna Willess Williams. Above her head, the phrase “E pluribus unum” is inscribed, with the year “1881” at the bottom. The reverse side depicts a bald eagle perched on a bundle of twigs, encircled by “United States of America” and “One dollar.”
The coin’s edge has a reeded pattern, designed originally to discourage clipping of precious metal. Collectors look carefully for subtle variations and details, which are classified under VAM numbers to distinguish between different die varieties and minting anomalies.
FAQ
How Much Is an 1881 Morgan Silver Dollar Worth?
The value of an 1881 Morgan silver dollar can range from around $50 for a circulated coin to tens of thousands of dollars for high-grade specimens, with some especially rare examples reaching over $160,000.
What Is the Most Valuable Morgan Silver Dollar?
Carson City Morgan dollars, especially from years like 1893 and 1895, are among the rarest and most valuable. A coin from 1893, for example, was valued at over $2.25 million as of today.