Apart from the unique design of the 1894 Morgan silver dollar, its rarity makes it more precious for collectors. And several years after its mintage, this Morgan silver coin is still sought after. As a result, it is often categorized as one of the rarest coins of the Morgan silver series.
However, its age is a worry for collectors who seek quality and value, and since the coin was produced over 100 years ago, it is difficult to determine its value. So before purchasing, they seek features and essential details about the coin.
1894 Morgan Silver Dollar Details
- Category: Morgan Dollar
- Mints: Philadelphia, San Francisco, New Orleans
- Total Mintage: 3,093,972
- Face value: $1
- Observe designer: George T. Morgan
- Reverse designer: George T. Morgan
- Edge: Reeded
- Shape: Round
- Thickness: 2.4 millimetres
- Diameter: 38.10 millimetres
- Total weight: 26.73 grams
- Composition: 90% silver, 10% copper
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1894 Morgan Silver Dollar Value Chart
| Mint mark | Good | Fine | Extremely fine | Uncirculated |
| 1894 Morgan Silver Dollar (no mint mark) | $381 | $587 | $931 | $2,618 |
| 1894-O Morgan Silver Dollar | $28.53 | $34.75 | $124 | $1,784 |
| 1894-S Morgan Silver Dollar | $32.37 | $41.70 | $210 | $1,139 |
1894 Morgan Silver Dollar Values and Varieties Guide
1894 Morgan Silver Dollar (No Mint Mark)
- Category: Morgan Silver Dollar
- Place of minting: Philadelphia
- Total Mintage: 110,972
- Mint mark: None
- Year of minting: 1894
- Face value: $1
- Designer: George T. Morgan
- Edge: Reeded
- Shape: Round
- Fineness: 0.9
- Thickness: 2.4 millimetres
- Diameter: 38.1 millimetres
- Weight: 26.73 grams
- Composition: 90% Silver, 10% Copper
Although it has the second lowest mintage in the Morgan series after the 1893-S, this 1984 Morgan Silver dollar coin minted in Philadelphia boasts uniqueness and value with a 110,000 total mintage. Its rarity, however, is as much an advantage as it is a disadvantage for series collectors. This is because the specimens in circulation are in a moderately good state and have a good value, but it can be challenging to find a grade in MS64 and higher.
Meanwhile, this coin type of the 1894 series does not have a mint mark, unlike the other types, which are valued higher and rarer than them. Therefore, an 1894 Morgan Silver dollar coin can cost up to $300 in reasonably good condition and reach up to $3200 in its mint state. In fact, these coins can sell higher than this in an open market and cost up to $70,000.
1894-O Morgan Silver Dollar
- Category: Morgan Silver Dollar
- Place of minting: New Orleans
- Total Mintage: 1,723,000
- Year of minting: 1894
- Mint Mark: O
- Face value: $1
- Designer: George T. Morgan
- Edge: Reeded
- Shape: Round
- Fineness: 0.9
- Thickness: 2.4 millimetres
- Diameter: 38.1 millimetres
- Weight: 26.73 grams
- Composition: 90% Silver, 10% Copper
The 1984 “O” Morgan Silver Dollar had more than a million mintage but was still very challenging in its availability. This was, however, because of the weak strikes and poor lustres in its production familiar with coins made in New Orleans, thus, making the best-struck ones a rare find. The coins’ defect is attributed to the Mint’s attempt to elongate the dead life by setting them far apart than they ought to be.
Hence, these coins are hardly found in coin markets and cost about $30 to $100 in reasonably good condition. The uncirculated form is highly scarce and will cost up to $312 or more, while it is a hard chore to find the coin in MS65 and above. Also, on auction, the 1894-O can reach a price of $4000 and be once sold for $79,313, which is the highest it has been sold. Note that this coin has a mint mark, “S”, over the “one dollar” on the coin.
1894-S Morgan Silver Dollar
- Category: Morgan Silver Dollar
- Place of minting: San Francisco
- Total Mintage: 1,260,000
- Year of minting: 1894
- Mint Mark: S
- Face value: $1
- Designer: George T. Morgan
- Edge: Reeded
- Shape: Round
- Fineness: 0.9
- Thickness: 2.4 millimetres
- Diameter: 38.1 millimetres
- Weight: 26.73 grams
- Composition: 90% Silver, 10% Copper
Although this coin only had a 1.2 million mintage, less than the 1894-O, it is the most in the circulation of the year series. These specimens produced in San Francisco can be found in all samples and from an average condition or grade to its mint state. The coin’s popularity is also because of its quality and strike, making it a well-minted design.
But this doesn’t make the 1894-S less valuable than the rest, as the coin is a gem to collectors and is offered at incredible prices in the open market. Prices of the ‘About Uncirculated’ grade cost high, up to $500, and even higher in its mint state, reaching about $30,000 on auction.
PCGS estimates about 20,000 coins are still in circulation in their mint state and up to 400 in MS65 and higher. Collectors often find and purchase grades of MS62 and below, as they are the most popular ones in the coin market.
Also Read: Top 19 Most Valuable Morgan Dollars Worth Money
History of 1894 Morgan Silver Dollar
Before 1873 when the coinage act was introduced due to a decline in the value of Silver, silver production was at its peak, and silver coins filled the coin market since 1859. However, silver coin production was halted after the act came into effect.
Nevertheless, in 1878, another act called the Bland-Allison act was introduced, which was an order to the U.S. treasury to purchase Silver and produce 2,000,000 dollars every month. Thus, this prompted the resumption of the production of Silver and the birth of the Morgan silver dollar series alongside many other silver coins.
The Morgan Silver Dollar is a mint coin with one of the most unique designs of any U.S. mint. It was created by the designer George T. Morgan, hence its name. It includes the side portrait of a teacher, Anne Willess Williams, surrounded by thirteen stars, and the date, 1878 on the obverse part of the coin. On the upper side, close to the rim, is a Latin phrase, “E PLURIBUS UNUM”. Meanwhile, the reverse shows a bald American eagle with an olive branch on one of its claws and an arrow on the other. On both sides of the eagle are half wreaths and an inscription of “IN GOD WE TRUST” above its head. Also, it has “UNITED STATES OF AMERICA” along the upper rim and “ONE DOLLAR” at the base.
Apart from its value, the design is loved for its beauty and is a good catch for collectors and U.S. citizens in general. It was minted between 1873 and 1904 and later in 1921. It was produced in millions in different mints each year, starting from Philadelphia to New Orleans, Carson City, Denver, and San Francisco. As a result, it is one of the most collected coins and is price-friendly for virtually everyone. Its prices range from $30 to several million, depending on its condition, grade, and type. However, all Morgan silver dollars are composed of 90% silver and 10% copper. The 1894 Morgan silver coin had a total of about $3 million mintage.
Also Read: Top 19 Most Valuable Silver Eagles Worth Money
1894 Morgan Silver Dollar Grading
Considering that this coin is over 100 years old, it’s necessary to evaluate its condition and determine its grading to make a safe purchase. You can either examine and consider the grading yourself or refer to a professional to help with it. Whichever way, it is vital to know how the coin is graded.
- Uncirculated: A coin in this category has not been in the open market at any point and was safely kept immediately after its production. Thus, this coin is in its perfect state with all its fine details intact and its original lustre. It is highly sought after by collectors and will cost up to $2000 and more.
- Extra fine: This coin has minor wear and has only been in the market for a little while. So, you’ll need to take a closer look at it to find wear and loss of shine in certain areas and details like the hair above the forehead and neck.
- Fine: A coin of this grade has been in circulation for an extended period and has had noticeable damage, especially in its shine and loss of details. A good look at its scratching and smoothening of the face, but this doesn’t mean the coin is in a bad state as it still is of considerable value.
- Good: These coins have suffered significant damage from being circulated and consistently exchanged for an extended period. At this stage, the damage on the coin is noticeable and is considered the lowest grade by collectors.
This video gives an insight into how Morgan Silver dollars are graded.
1894 Morgan Silver Dollars Error
Sometimes, the silver dollars incur certain defects from errors during their production. But this doesn’t make them useless, as some of these errors may be an additional value. And other times, it may cause the coin to drop in value. However, the 1984 Morgan Silver dollar has minimums seen errors because of its low circulation and detailing. But here are some errors you may find in this coin series.
1. Off-Centre Error
This coin error happened due to the wrong placement of the planchet, which caused the design on the coin to be relatively wrongly placed. This coin was once offered to be sold for about $2000.
2. Lamination error
This error during production caused a visible but small unusuality at the top of the rim in the obverse. However, it didn’t affect the coin’s value much, and it was sold for $250 at an auction. So, if you seek such, you’ll need to budget around that price.
3. Die Double On Reverse
This form of Morgan silver dollar is rare since the coin had a limited mintage. The error is due to a double strike during mintage, causing the coin’s features to appear double. It can cost up to $100 in the coin market.
Find out 1894 Morgan silver coins worth more than usual in this video.
FAQS
1. How much is an 1894 Morgan silver dollar worth today?
As you must already know, the value and price of this dollar depend on several factors, including its rarity, condition, and grading. But, this coin series are generally high priced and could cost between $50 and $500 and even more in open markets and on auctions.
2. Where is the mint mark on an 1894 Morgan silver dollar?
The coin series have three varieties that make up its total mintage. While those minted in Philadelphia have no mint mark, the San Francisco and New Orleans mints have an “S” and “O” mint mark, respectively. They are both located above the “ONE DOLLAR” inscription and below the wreath surrounding the bald eagle.
3. Who designed the Morgan silver dollar?
The Morgan silver dollar was designed by George T. Morgan between 1878 and 1904. It was created in millions of specimens, many of which are still in circulation today, with exceptions to specific mint years like the 1894 Morgan Silver dollars with no mint mark.
4. Who buys Morgan silver dollars?
Coin buyers/collectors worldwide seek different varieties of the Morgan silver dollar to complete their mint series. Fortunately, this coin has a beautiful design that attracts people of all types and is readily available and affordable depending on its grade and type.
Conclusion
The 1894 Morgan silver dollar has the lowest mintage of the Morgan silver series, and its age and rarity make it a hard find for collectors. However, this beauty is worth spending extra dollars on to add to your collection. But these prices still differ based on their condition, mintage, and grading.
Therefore, if you’re looking to collect some coins in the mintage, you need to know how to grade them and evaluate your choice based on the condition of the coin offered to you. Otherwise, you should contact a professional to help you with grading.