Did you come across a 1902 silver dollar and are now wondering about its worth? If you answered yes, you have come to the right place! The 1902 silver coins are one of the most collectible and sought-after coins, which explains why many seek to add this beautiful piece to their collection.
Some can be very valuable depending on the minting location, condition, and total mintage, among other factors. On the other hand, whenever you come across a silver coin, regardless of the type and the year of minting, they are always worth its weight in silver.
1902 Silver Dollar Details
- Type: Morgan Dollars (1878-1921)
- Mint: Philadelphia, San Francisco, New Orleans
- Designer: George T. Morgan
- Composition: Silver 90% and 10% copper
- Fineness: 0.9
- Mass: 26.73g
- ASW:7734oz
- Melt Value:$16,51 (2/7/2023)
- Mintage:18,160,777
The total mintage of the 1902 Morgan silver dollar is 18,160,777. The 1902 silver dollar was designed by George T. Morgan, the mint engraver, explaining why these coins are called Morgan dollars.
Like all Morgan dollars, 1902 has a very interesting obverse and reverse design. On the obverse, you can see Lady Liberty facing left and wearing a cap and a small crown with flowers in her hair. The model for Lady Liberty was Anna Willess Williams, a teacher and philosophical writer.
The Lady is surrounded by thirteen stars, representing former American colonies, and the famous American motto “E PLURIBUS UNUM,” meaning “One from many.”
Interestingly, this motto was proposed by John Adams, Benjamin Franklin, and Thomas Jefferson in 1776, and it symbolized the strong American determination to form one nation from many. Also, this motto can be found on all Morgan dollars, regardless of the year of mintage.
Underneath the Lady Liberty or her neckline is the year of mintage “1902”. On the reverse is an eagle with outstretched wings in the center of the coin, holding three arrows in its talons and an olive branch.
Alongside the rim of the reverse, we can see the inscription “UNITED STATES OF AMERICA” and the denomination “ONE DOLLAR.” Another popular American motto, “In God We Trust,” is between the eagle’s wings. Interestingly, this motto is of the United States but also the state of Florida.
Similarly to all Morgan dollars’ designs, there is a laurel wreath in the lower part of the obverse, partially enveloping the eagle in the center.
Regarding the composition of the 1902 silver dollar, like most Morgan dollars, they are made of 90% silver and 10% copper with a total mass of 26.73 g.
Considering that the 1902 Morgan dollar was minted at three different facilities, the mint mark is located on the reverse above the word “Dollar” or, more precisely, between the letter “D” and “O.”
The coins are minted in Philadelphia if there is no mint mark on the reverse.
1902 Morgan Silver Dollar Value Chart |
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| Mint Mark | Extremely Fine | Fine | Mint State 65 | MS 67 |
| 1902 Silver No Mint Mark Silver Dollar Value | $50 | $41 | $530 | $5,000-$6,500 |
| 1902 O Silver Dollar Value | $50 | $42 | $3,000 | $5,000-10,000 |
| 1902 S Silver Dollar Value | $230 | $150 | $3,000 | $60,000-$80,000 |
1902 Silver Dollar Value and Variety Guides
The 1902 silver dollar was minted in San Francisco, New Orleans, and Philadelphia. The highest mintage was in New Orleans, which explains why these coins are the least valuable compared to those minted in Philadelphia and San Francisco.
The value of a coin depends on several factors, such as the condition or grade, high or low mintage number, current market demand, and many others. Furthermore, some coins’ value rises if they have a specific error rarely seen on those coins, which can confuse new coin collectors.
For example, the 1902 silver dollar with the doubled ear or the eye on the obverse is precious precisely due to these errors and can reach a jaw-dropping price. Interestingly, the 1902 silver dollar minted at Philadelphia was the first to employ the C-4 reverse hub on all dies.
The circulation strike quality of this dollar is generally above average. However, the feather detail is as sharp as in coins struck years ago. The luster or reflective effect is generally satiny or dull.
There are also 1902 Morgan dollar-proof coins, generally sought after by collectors for several reasons.
If you are not familiar with the term proof coin, it refers to the finest quality of coin made by the United States Mint, and these pieces are specially treated, polished by hand, and cleaned to ensure the highest quality strikes. They are produced using a specific minting process and are not meant for circulation.
The Morgan proof coin minted in 1902 can cost from 2,000 to 3,000, while those with the highest grade MS67 cost several thousand, depending on the mint mark. Remember that auctions are different, and collectors can pay even higher prices if interested in a coin.
However, that does not mean that you will be able to sell it for the same amount. For example, the 1902 Morgan dollar with no mint mark was sold at an auction for $28,000 in MS 67. These coins with no mint mark in the MS 67 generally cost between $4,900 and $7,000.
1902 No Mint Mark Silver Dollar Value
- Type: Morgan Dollar
- Edge: Reeded
- Mint Mark: /
- Mint: Philadelphia
- Year of minting: 1902
- Face Value: One dollar ($1)
- Price: $30 -$7,000 and more
- Quantity produced: 7,994,000
- Composition:90% silver and 10% copper
- Diameter:1 mm (1.5 inches)
As noted, the coins minted at Philadelphia facilities have no mint mark. The total mintage struck in Philadelphia is 7,994,000, the second-highest mintage of the 1902 Morgan dollar.
Most of these coins circulated, so they generally tend to come with visible wear and tear, although some specimens have the highest grade and are in perfect condition. Considering that most of these coins were circulated, they cost $30 to $60.
For the 1902 coin in good condition, you can expect to get around $35, while ones that are very or extra fine can cost between $45 and $50. However, rare specimens that are in the mint state can reach a price ranging from $150 to $750.
The Philadelphia Mint also produced 777 Morgan proof silver dollars, which are all highly collectible and desirable. This was the first mintage of proofs which included polishing the die’s recessed area, meaning they have a wonderful finish, unlike the previous Morgan dollars, which all have the CAM or cameo contrast. The proof coins in MS 63 are all said to be worth around $4,000.
1902 “O” Silver Dollar Value
- Type: Morgan Dollar
- Edge: Reeded
- Mint Mark: /
- Mint: New Orleans
- Year of minting: 1902
- Face Value: One dollar ($1)
- Price: $30 -10,000 and more
- Quantity produced: 8,636,000
- Composition:90% silver and 10% copper
- Diameter:1 mm (1.5 inches)
The total mintage produced at New Orleans is 8,636,000, the highest mintage of the 1902 Morgan dollar. Considering the highest mintage number, the 1902 S Morgan dollar is slightly less worth than those with no or S mint mark.
The 1902 O Morgan dollar generally costs between $30 and $65, depending on its grade and condition. As noted, the uncirculated coins usually cost more because they are in a better condition and have no tear and wear, which happens when coins are in circulation.
If you get your hand on one of those coins, you can get between $55 and $350. The specimens with the highest grade MS67 are scarce and costly, reaching any price between $5,000 and 10,000.
However, they can cost even more if a passionate numismatist has their eye on the coin. In 2020, a collector paid $33,600 at Heritage Auctions for a 1902 O Morgan dollar.
1902 “S” Silver Dollar Value
- Type: Morgan Dollar
- Edge: Reeded
- Mint Mark: /
- Mint: San Francisco
- Year of minting: 1902
- Face Value: One dollar ($1)
- Price: $30 -$20,000 and more
- Quantity produced: 1,530,000
- Composition:90% silver and 10% copper
- Diameter:1 mm (1.5 inches)
The San Francisco had the lowest mintage in the series, which means fewer of these coins exist, boosting their price. Even those in lower grades can have a higher price than the other two mints.
For a 1902 S Morgan dollar, expect to pay from $100 to $300, even for specimens that circulated. Those in higher grades can cost between $600 and $6,000. For example, the 1902 Morgan silver dollar in MS 65 costs between $2,000 and $2,500.
However, as noted earlier, the ultimate decider on a coin’s worth is the condition and type of a coin. The 1902 S Morgan dollar, with the highest grade MS 67, can range from $60,000 to $80,000.
The highest amount paid for a 1902 S Morgan dollar in this condition is $99 876 at an auction, setting the record price.
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History of 1902 Morgan Dollar
The famous Morgan dollar, easily recognizable by Lady Liberty, was struck from 1878 to 1904 after a five-year break from silver coin production. Then in 1921, the coins returned briefly, and again in 2020.
The history of these coins is fascinating, given it is the first silver dollar produced following the passage of the Coinage Act of 1873.
Following the passage of this act, the era of free coining of silver was ended, including the production of the former design, which featured the Seated Liberty Dollar. The production of silver coins at the time was halted due to the fact that the value of silver was depreciating.
However, the Bland Alison Act restored silver in 1878 as a legal tender, requiring the government to purchase it monthly and coin it into silver dollars.
Interestingly, these coins mainly circulated in the West, where they were named ‘cartwheels’ due to their bulky size and appearance.
Also Read: Top 19 Most Valuable Morgan Dollars Worth Money
1902 Silver Dollar Grading
As you already know, the grading process is very complicated and depends on several factors that can differ for certain coins. Therefore, many people who start collecting are often confused with numerous grades and the grading process, which determines the state and value.
Here is a simple guide on how to grade the 1902 Morgan silver dollar. The most valuable pieces are proof coins and those specimens that are uncirculated and in perfect condition.
List of 1902 Silver Dollar Errors
When it comes to the 1902 Morgan silver dollar, there are not many reported errors, although it occasionally happens that a new collector discovers a minor error. Usually, when this happens, the collector has come across VAM 1902 Morgan dollar.
Some collectors claimed to have found an error, an additional triangle on the reverse, on the 1902 silver dollar, but it actually turned out to be clashed die.
Also Read: Top 19 Most Valuable Silver Eagles Worth Money
1902 Silver Dollar FAQ
Is a 1902 silver dollar worth anything?
As noted earlier, every variety of Morgan dollars is at least worth its weight in silver regardless of the date. Therefore, as of 2020 according to the NGC Price Guide, the 1902 Morgan dollar in the circulated condition is worth between $30 and $60.
How can you tell if a silver dollar is rare?
The best way to determine whether your dollar is rare is to have it graded. If you are not familiar with the grading system and the process, we suggest you contact an agency to check the value of the coin.
On the other hand, if you are wondering whether the coin is made of real silver, you can vet this by checking the coin’s edge. If it has a solid silver stripe, that means it is made of silver.
How do I find out how much my Morgan Silver Dollar is worth?
To establish the value of your Morgan Silver dollar you need to check the date and the mintmark variety. Some varieties are more valuable due to their usually low mintage number. Then, it would help if you determined the grading condition and their special qualities such as the double ear.