The Morgan dollar is the oldest of its kind, as Morgan dollars were first produced in 1878. Morgan dollars continued to be minted until 1904 and were minted again in 1921.
Circulated Value
In 2009, the Professional Coin Grading Service (PCGS) valued circulated Philadelphia- and San Francisco-minted 1878 Morgan dollars at $18 to $26 per coin. PCGS valued a circulated 1878 Carson City Morgan dollar at $100.
Uncirculated Value
PCGS valued uncirculated Philadelphia- and San Francisco-minted 1878 Morgan dollars at $42 to $90 per coin. PCGS valued an uncirculated 1878 Carson City Morgan dollar at $200 or more.
Tail Feathers
There is an occasional error in the 1878 Morgan silver dollar in which the eagle on the back has eight tail feathers instead of the correct number, seven. The 1878 Morgan dollar with eight tail feathers is worth $38 to $85 in circulated condition and $125 and up in uncirculated condition, according to PCGS.
Mintage
In 1878, 10.5 million Morgan dollars were minted in Philadelphia, 9.7 million were minted in San Francisco and 2.2 million were minted in Carson City, Nevada.
Silver Content
1878 Morgan dollars consist of 90 percent silver and 10 percent copper, which adds up to about three quarters of an ounce of silver.
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