The Morgan silver dollar is America's most collected coin and a cornerstone of the precious metals market. Designed by George T. Morgan and minted from 1878 to 1904, then again in 1921, it contains 0.8594 troy ounces of 90% silver — yielding 0.7734 troy ounces of pure silver. The coin weighs 26.73 grams (approximately 412.5 grains) with a diameter of 38.1mm.
Morgan dollars occupy a unique position in the precious metals world because they carry both melt value and numismatic premium simultaneously. Even common-date circulated specimens typically trade at $5-15 over melt due to collector demand. The coin's large silver content makes it the heaviest standard-issue US silver coin, containing more silver than any denomination except the Trade Dollar.
For investors, Morgan dollars serve a dual purpose: silver exposure with a collector premium floor. In a rising silver market, the melt value rises, but the numismatic premium provides a cushion in downturns. Key dates like the 1893-S can sell for $5,000+ regardless of silver price. The 1921 Philadelphia issue is the most common date, often available closest to melt value.
Even common dates trade $5-15 over melt. Key dates (1893-S, 1889-CC, 1895 proof) command thousands to hundreds of thousands regardless of silver price.