The 1887-O Morgan Dollar is worth anywhere from $35 in worn condition to over $1,500 in high-grade mint state. Finding one of these heavy silver coins in an old jar or safe can be an exciting moment for any American, as they represent a rugged era of Southern minting history.
| Condition | Estimated Value |
|---|---|
| Good (G-4) | $35 – $40 |
| Fine (F-12) | $42 – $48 |
| Extremely Fine (XF-45) | $55 – $65 |
| Uncirculated (MS-60) | $150 – $275 |
| Choice Mint State (MS-65) | $1,800+ |
Historical Background of the 1887-O Morgan Silver Dollar
The 1887-O Morgan Dollar was struck at the New Orleans Mint, a facility that holds a unique place in American history. By the late 1880s, the “O” mint was churning out millions of silver dollars to satisfy the requirements of the Bland-Allison Act. While the total mintage was quite high—reaching 11,550,000 coins—most of these went straight into circulation or were held in long-term treasury storage.
If you are trying to identify your coin today, the best coin identifier app can help you confirm the date and mint mark location instantly. The New Orleans Mint was notorious for “weak strikes” during this era. This means that even if a coin has never been spent, it might look slightly blurry or flat in the center of the eagle’s breast. Collectors often look specifically for “well-struck” examples which command much higher premiums.
For many everyday families, finding an 1887-O is a connection to the post-Reconstruction South. It was a time when silver was the king of currency, and these large, heavy coins were the backbone of daily commerce. Using a tool like CoinHix can help you track how the market for these Southern beauties has shifted over the decades.
How to Identify the 1887-O Mint Mark
Identifying an 1887-O is straightforward once you know where to look. On the reverse (the “tails” side) of the coin, you will see a large bald eagle with outstretched wings. Look just above the letters “D” and “O” in the word “DOLLAR.” There, you should find a small “O” mint mark, signifying it was minted in New Orleans.
If there is no letter present in that spot, the coin was minted in Philadelphia. The presence of the “O” is significant because New Orleans coins often have a different market trajectory than their Philadelphia or San Francisco counterparts. Because many 1887-O dollars were released into circulation early on, finding one in “Perfect” condition is much harder than finding a Philadelphia minted one of the same year.
Many people who inherit these coins aren’t sure if they are looking at a rare variety or a common one. By checking the 1887 silver dollar value guides, you can determine if your specific coin carries a premium based on its mint mark. Using CoinHix to photograph your coin can also provide a second set of eyes on those tiny mint mark details.
Grading and Condition: Why Your Coin’s “Look” Matters
The value of an 1887-O Morgan Dollar is almost entirely dependent on its grade. Professional graders use a 1-70 scale. For a common person, the easiest way to judge is to look at Liberty’s hair above her ear and the eagle’s breast feathers. If these areas are smooth and flat, the coin is “Circulated.” If they have fine detail and a frosty glow, it might be “Uncirculated.”
| Grade Group | Visual Characteristics | Estimated Price |
|---|---|---|
| About Uncirculated (AU) | Trace wear on hair and breast; most luster remains. | $75 – $110 |
| Mint State 63 (MS63) | No wear, but several contact marks or “bag marks.” | $250 – $400 |
| Mint State 65 (MS65) | Strong luster, very few blemishes, attractive strike. | $1,500 – $2,200 |
A common mistake is trying to clean a dirty coin to make it look “Uncirculated.” Never do this! Cleaning a coin with chemicals or cloth creates tiny scratches that ruin its numismatic value. A dirty, original 1887-O is worth much more than a shiny, scrubbed one.
The Rare 1887-O VAM Varieties to Look For
In the world of Morgan Dollars, “VAM” refers to specific die varieties named after researchers Van Allen and Mallis. The 1887-O has a few interesting ones that can significantly boost the 1887-O Morgan dollar uncirculated price compared to a standard issue. One of the most famous for this year is the “7 over 6” variety, where an 1887 date was punched over an 1886 die.
While the New Orleans mint didn’t have as many dramatic 1887 varieties as Philadelphia (like the famous 1887/6), collectors still look for “Clashed Dies” where the image of the reverse is slightly impressed on the obverse. These nuances are what make coin collecting a treasure hunt.
If you think you see something strange with the date or Liberty’s face, use a magnifying glass or the high-resolution zoom on CoinHix. Detecting a rare VAM variety could turn a $50 coin into a $500 coin overnight.
Market Trends: Is Now a Good Time to Sell?
The market for Morgan Dollars is currently very robust. Many Americans are turning to “hard assets” like silver coins as a hedge against inflation. Because the 1887-O contains 0.77344 ounces of pure silver, it will always be worth at least its “melt value.” However, because it is a Morgan Dollar, it carries a collector premium that stays well above the raw price of silver.
Historically, the New Orleans mint marks have been steady performers. They aren’t as rare as the Carson City (CC) coins, but they are far more desirable than the common Philadelphia dates. If you have an 1887-O in a high grade, say MS64 or better, the price has seen a steady upward climb over the last five years.
Before selling to a local pawn shop, always do your research. Pawn shops might only offer you the silver value (around $20-$25), whereas a collector might pay the full numismatic value of $50 to $1,500. Knowing your coin’s worth is the best way to ensure you aren’t leaving money on the table.
Silver Content and Bullion Value
Even if your 1887-O Morgan Dollar is so worn that the date is barely visible, it still holds significant value. Unlike modern quarters or dimes which are made of copper and nickel, Morgan Dollars are 90% silver and 10% copper. This creates a “floor” for the value.
| Feature | Specification |
|---|---|
| Silver Weight | 0.77344 troy oz |
| Total Weight | 26.73 grams |
| Diameter | 38.1 mm |
As of recent market prices, the silver inside the coin alone is worth approximately $20 to $25. However, because the 1887-O is a historical artifact over 130 years old, you should never sell it for just the silver price. The “collector value” is what makes these coins special, and even a beat-up 1887-O usually sells for $35 or more.
FAQ
Q: Why is the “O” mint mark important for 1887 dollars?
A: The “O” signifies the New Orleans Mint. While New Orleans produced millions of coins, their survival rate in high grades is lower than other mints because many were used heavily in Southern commerce or suffered from poor striking quality at the mint.
Q: Is an 1887-O Silver Dollar rare?
A: In circulated condition, it is considered a common date. However, in “Gem” condition (MS65 and higher), it becomes much scarcer and more valuable because the New Orleans mint often struggled to produce sharp, clear details on the coins.
Q: How can I tell if my 1887-O is real or fake?
A: Real Morgan Dollars are not magnetic. If a magnet sticks to your coin, it is a fake. Additionally, a real 1887-O should weigh exactly 26.73 grams. Many fakes are made of cheaper metals and will weigh significantly less.
Q: Should I get my 1887-O Morgan Dollar professionally graded?
A: Only if you believe it is in “Uncirculated” condition. If the coin has clear signs of wear (flatness on the eagle’s wings or Liberty’s hair), it likely isn’t worth the $30-$50 fee for professional grading. If it looks perfect and shiny, grading could turn a $100 coin into a $2,000 asset.