What is the Rarest Morgan Silver Dollar?

 

What is the Rarest Morgan Silver Dollar?

The Morgan silver dollar is one of the most iconic coins in United States history. First minted in 1878 with 90% silver, the Morgan dollar featured a stunning set of designs penned by legendary engraver George T. Morgan. On the coin’s obverse is Lady Liberty; Morgan’s own wife sat as the model for the instantly recognizable depiction of Liberty. The Morgan dollar’s reverse depicts a classic American symbol – the American bald eagle.

Today, the Morgan dollar is among the most popular American coins to collect. The coin was an annual release from 1878 until 1904, when it was shelved until a one-year release in 1921. Mintages in the Morgan dollar series vary considerably from year to year and from mint to mint. As a result, building a full set of Morgan dollars remains one of the crowning achievements in the field of numismatics.

Not all Morgan dollars are created equal, though. The Morgan dollar was produced at five mints throughout its history: Philadelphia, Carson City, San Francisco, New Orleans, and Denver. Because of the coin’s inconsistent minting numbers from one mint and year to another, certain Morgan dollars are substantially rarer than others.

So, what is the rarest Morgan silver dollar? The rarest Morgan dollar is the proof 1895 Morgan silver dollar. With a mintage of only 880 coins, the 1895 proof Morgan dollar is known to collectors as the “King of the Morgan Dollars.” Among business strike (non-proof) coins in the series, the 1893-S Morgan dollar is considered the rarest Morgan silver dollar coin.

On this page, learn more about the near-mythical 1895 proof Morgan dollar, as well as some of the other standout key dates in this iconic coin series.

Rarest and Most Valuable Morgan Silver Dollar Coins

While the near-mythical 1895 Proof Morgan silver dollar is considered the rarest Morgan dollar and one of the rarest silver dollars generally, it isn’t without competition. Another uniquely rare Morgan dollar is the 1893-S. Boasting a mintage of only 100,000, the 1893-S Morgan dollar presents date collectors with a major challenge and takes the prize for the second rarest Morgan dollar release.

The market values of these two coins can vary based on condition, toning, the presence of any mint-made errors, and other factors. Below, we’ll take a look at what makes each of these Morgan dollars so rare – and what strategies collectors can use to get the most out of their Morgan dollar collecting experience.

The King of the Morgan Dollars – 1895 Proof Morgan Silver Dollar

The 1895 proof Morgan dollar is the rarest Morgan silver dollar – and it isn’t particularly close. According to the United States Mint, 12,000 proof 1895 Morgan dollars were minted. Numismatists disagree; experts instead believe that there were only 880 proof Morgan dollars minted in 1895.

Even in the poorest condition (PO-4) ever graded by PCGS, the 1895 proof Morgan dollar is worth tens of thousands of dollars. With a grade of 68+, PCGS estimates a value of $300,000 for the 1895 proof Morgan silver dollar. This makes the 1895 proof Morgan dollar the rarest Morgan in just about any grade.

The 1895 proof Morgan dollar is often considered the “stopper” of the Morgan dollar series, which means that it poses the largest obstacle for collectors attempting to put together a full date and strike set.

Rarest Business Strike Morgan Dollar – The 1893-S Morgan Dollar

The rarest business strike Morgan dollar is the 1893-S Morgan silver dollar. With a mintage of only 100,000, the 1893-S boasts the lowest mintage number in the entire business strike Morgan silver dollar series. 

“The 1893-S is the rarest of all Morgan dollars in higher grades,” according to David Bowers of Stack’s Bowers. However, as Bowers explains in a statement to PCGS, the coin is accessible to investors because of its affordability in lower grades. PCGS estimates the value of a PO-1 1893-S Morgan dollar at $2,850, making it a relatively affordable coin for collectors building a full date set.

Compared to the 1895 proof Morgan dollar, the 1893-S is relatively affordable, especially in the lower grades. Collectors searching for the highest-end specimens of each coin may actually see more success with the 1895 proof Morgan dollar, though.

How Much Are the Rarest Morgan Dollars Worth?

The Morgan dollar is one of the most popular American coins to collect, so it should come as no surprise that the rarest coins in the series are quite valuable. Both the 1893-S and the 1895 proof Morgan dollars are obstacles for collectors trying to complete a full date set of Morgan silver dollars.

Because of their limited mintages, market values for the rarest Morgan dollars depend on one main factor:

• Condition. The condition of a Morgan dollar is the single most important factor driving its market value, once we’ve already accounted for its year and mint mark. For both the 1893-S and the extremely rare 1895 proof Morgan dollar, the value difference between mid-range grades and the highest grades available is extreme.

To get a better idea of what the rarest Morgan dollars are worth to collectors, we’ll need to take a look at some auction records from both series.

Rare Morgan Dollar Auction Records

Reviewing auction records can be a more reliable way to gauge the value of a rare coin than market value estimates from coin grading experts like PCGS or NGC. Let’s take a moment to check out some auction records for the two rarest Morgan silver dollar coins.

First up is the 1893-S Morgan dollar, the rarest business strike Morgan dollar and the most valuable Morgan dollar in higher grades. The highest auction sale price for the 1893-S Morgan dollar was $735,000, which was obtained during a Sotheby’s auction on May 21st, 2018, for a coin graded MS65. The lowest-grade 1893-S Morgan dollar sold for $4,560 at a 2024 auction, making this coin more affordable than the “King of the Morgans” in low grades – but far more expensive in peak condition.

By contrast, the 1895 proof Morgan dollar tends to boast a higher value in lower grades but a significantly lower auction sale record in the highest grades available. At a Sotheby’s Auction on May 21st, 2018, a PR66 1895 Morgan dollar sold for a record price of $150,000. An 1895 proof Morgan dollar graded 10 sold for $40,800 at a Heritage Auctions show in 2025.

These auction records teach collectors two important lessons about the main ‘stoppers’ in building a Morgan dollar date and strike set:

1. Condition matters. For both the 1893-S Morgan dollar and the 1895 proof Morgan, condition directly impacts value. Over $100,000 separates the auction records between the lowest and highest graded specimens for both coins, so it’s safe to say that condition plays a major role in determining how much a rare Morgan dollar is likely to sell for at auction.
2. Floor versus ceiling. The floor, or the minimum value a Morgan dollar is expected to reach at auction, and the ceiling, or its maximum expected value, both depend on how many of each coin have survived at a given grade. Because a decent number of 1893-S Morgan dollar coins are available in lower grades, this coin has a lower floor. On the flip side, the limited availability of 1893-S Morgans in the highest grades gives this coin a much higher ceiling than the 1895 proof Morgan dollar, which is considerably more valuable in lower grades but less valuable in the highest grades.

Clearly, condition matters when we attempt to determine the value of the rarest Morgan dollars. While is is possible to grade your coins at home, the rarest silver dollars are often worth the cost of a professional grading service.

To Grade or Not to Grade Rare Morgan Dollars?

The rarest Morgan dollars are almost always worth having professionally graded. A limited mintage or key date Morgan dollar that receives a mint-state grade can be worth tens of thousands of dollars more than a mid-grade coin of the same year and mint mark. For the two rarest Morgan dollars featured on this page, the highest grades outpace lower grades by hundreds of thousands of dollars.

Even small steps up in grade/condition can drastically increase the market value of a rare Morgan dollar. In some cases, simply moving from AU58 to MS60 can add thousands of dollars to a coin’s value. This makes getting your rare Morgan dollar professionally graded a no-brainer for most coins.

Aside from the impact grading can have on a Morgan dollar’s value, having a coin professionally graded can make the coin easier to sell or trade and provide peace of mind to the collector. Reputable grading companies like PCGS and NGC authenticate the coins they receive prior to the grading process, which can help you confirm that your rare Morgan dollar is a legitimate example. Coins are typically returned slabbed, protecting them against accidental scratching or other kinds of damage.

Collecting Morgan Silver Dollars

The Morgan dollar has long been one of the most popular American coins to collect. Completing a full date set in any condition is a difficult challenge but not quite impossible for newer collectors to achieve. For a true date and strike set, however, the 1895 proof Morgan dollar is a substantial obstacle and the crowning achievement of the set. Proof coins are usually more expensive than their business strike counterparts, but the 1895 proof Morgan dollar is especially costly for investors.

For new collectors, we’d recommend starting slow with a business strike full date and mint mark set. Many coins in the Morgan series are highly affordable, especially in lower grades. While the 1893-S Morgan is the priciest regular strike coin new collectors will need to add to their collection, this coin is more affordable than the key dates found in many other U.S. coin series.

Where to Buy Morgan Dollars

Collectors can source their Morgan dollars either online or locally. Buying U.S. coins like Morgan or Peace silver dollars locally can be a great option, as local dealers offer no shipping fees, the ability to negotiate prices in person, and access to hard-to-find silver coins, bars, and rounds. Buying from a local coin shop can also help you get more involved with your local coin-collecting community.

A growing number of coin collectors are turning to online dealers to buy their rare Morgan dollars and other U.S. coins, though.

Buying Morgan Silver Dollars Online

Buying precious metals and rare coins online can help collectors up their collecting game through competitive prices, large inventories, and unparalleled convenience. In the past decade, the popularity of online coin dealers has skyrocketed, and many dealers now offer large selections of rare coins for collectors to enjoy.

Hero Bullion is a leading online precious metal dealer offering a range of different rare Morgan dollars for sale. Take advantage of industry-leading pricing, a massive inventory of in-stock items, and free shipping on qualifying orders when you shop Morgan silver dollars online with Hero Bullion!

Getting the Most Out of Your Morgan Dollar Collection

The best thing about coin collecting is that there’s no single wrong – or right – way to do it. While the best way to build your Morgan dollar collection depends on your own preferences, budget, and goals, there’s nothing wrong with building your collection as quickly or slowly as you’d prefer.

For new collectors, we’d recommend starting with the most common dates and the most affordable grades. A common strategy for building a Morgan dollar date set is to begin with lower grades until the collection is complete. Then, you can slowly trade and save money to replace your coins with progressively higher-quality specimens.

Always be sure to consult online price guides and auction records before buying a new coin for your Morgan dollar collection. Some new collectors fall into the trap of pricing coins based on eBay listing prices. Remember – a listing price is not the same as a sale price. Auction records provide a far better gauge of how much a coin actually sells for, rather than the price that sellers want for their coin.

Finally, take some time to compare prices across multiple dealers before buying coins for your collection. Especially in the age of online rare coin dealers, there’s no reason to not actively shop around prior to spending hundreds or thousands of dollars on a beautiful new Morgan dollar. By comparing prices across different online coin dealers, you can save money on silver while finding quality coins for your Morgan dollar set.

What is a Morgan Dollar Date Set?

A date set is a collection of coins that includes a coin from every date in a given coin’s series. Completing a full Morgan dollar date set is a significant achievement among rare U.S. coin collectors, costing thousands of dollars and substantial work to amass a Morgan from every year of production.

Variations of the standard Morgan dollar set also exist. Some collectors search for all dates plus the sought-after Carson City Mint coins, while others add some of the additional key dates and mint marks that introduce more challenge to the collection. The crowning achievement in Morgan dollar collecting is the completion of a set of all dates and mint marks; this challenge would cost collectors hundreds of thousands of dollars, regardless of the condition of the coins they choose to collect.

Final Thoughts: A Closer Look at the Rarest Morgan Silver Dollar

The rarest Morgan silver dollar is undeniably the 1895 proof Morgan dollar. No business strike Morgan dollars were minted at Philadelphia in 1895, and only 880 proof Morgans were minted at the Philadelphia Mint that year. As a result, the 1895 proof is often called the “King of the Morgan Dollars” by collectors.

The King of the Morgans isn’t entirely alone, though. If we’re talking about the higher grades, the rarest Morgan silver dollar is actually the 1893-S Morgan dollar. With a mintage of only 100,000, mint-state coins are worth tens of thousands of dollars, with the auction record sitting at over $700,000 for an MS65 1893-S Morgan dollar. In lower grades, though, the 1893-S Morgan is highly affordable – at least compared to the 1895 proof Morgan dollar.

If you’re a new collector, don’t worry. You don’t have to buy either of these coins in order to begin building your collection of Morgan dollars. After all, that’s the great thing about collecting – you can do things your way!

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