1878 was the first year that the Morgan silver dollars were minted. These coins have value as both numismatic coins and as silver bullion. Keep reading to learn more about these coins.
Specifications
Type: Morgan Silver Dollar
Year: 1878
Face Value: $1.00
Composition: 90% silver, 10% copper
Silver Weight: .77344 oz.
Total Weight: 26.73 grams
Current Silver Bullion Value: $24.23
The US minted the 1878 silver dollar with no mint mark and also the 1878 CC silver dollar and the 1878 S silver dollar. The mint mark, when present, can be found on the reverse side of the coin below the wreath.
The 1878 silver dollar with no mint mark has a few different variations, and each variation has a different value. These variations are on the reverse side of the coin. There is the First Reverse, where the eagle has 8 tail feathers. This is unique because the other variations all have 7 tail feathers. There is the second reverse, which has a parallel top arrow feather and a concave breast. Next there is the third reverse, which has a slanted top arrow feather is slanted and a convex breast. Finally there is the variation with 7 feathers minted over 8 where it's clear to see the doubled feathers.
| Series | Location | Quantity Minted |
|---|---|---|
| 1878, 8 feathers | Philadelphia | 749,500 |
| 1878, 7 feathers all variations | Philadelphia | 9,759,300 |
| 1878 CC | Carson City | 2,212,000 |
| 1878 S | San Francisco | 9,774,000 |
Value
This coin in circulated condition is worth at least its weight in silver. The silver melt value for this coin is $24.23. This melt value is calculated from the current silver spot price of $31.33 per ounce.
The 1878 silver dollar with no mint mark 8 feather variation is worth around $95 in very fine condition. In extremely fine condition the value is around $105. In uncirculated condition the price is around $350 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $2,500.
The 1878 silver dollar with no mint mark 7 over 8 doubled feather variation is worth around $55 in very fine condition. In extremely fine condition the value is around $60. In uncirculated condition the price is around $165 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $850.
The 1878 silver dollar with no mint mark 7 feather variation with the second reverse is worth around $55 in very fine condition. In extremely fine condition the value is around $58. In uncirculated condition the price is around $100 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $900.
The 1878 silver dollar with no mint mark 7 feather variation with the third reverse is worth around $55 in very fine condition. In extremely fine condition the value is around $58. In uncirculated condition the price is around $150 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $2,000.
The 1878 CC silver dollar is worth around $190 in very fine condition. In extremely fine condition the value is around $265. In uncirculated condition the price is around $475 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $2,150.
The 1878 S silver dollar is worth around $55 in very fine condition. In extremely fine condition the value is around $58. In uncirculated condition the price is around $95 for coins with an MS 60 grade. Uncirculated coins with a grade of MS 65 can sell for around $450.
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Proof Coins
A limited number of proof coins were minted and they can be quite valuable. These proof coins were minted in Philadelphia and they have no mint mark.
There were 500 proof coins minted for the 8 feather variation, and each coin is worth around $4,000 in PR 63 condition. There were 250 proof coins minted for the 7 feather variations. The 7 feather proof coin with the second reverse is worth around $5,500 with a grade of PR 63. Lastly the 7 feather proof coin with the third reverse is worth around $85,000 with a grade of PR 63.
Grading System
Very fine- About two thirds of Liberty's hair lines from above her forehead her ear are visible.
Extremely fine- Liberty's hair lines and ear look strong.
MS 60 Uncirculated condition- There are no signs of wear. The coin has luster, but there may be a few stains, abrasions, or surface marks.
MS 65 Uncirculated condition- There is strong luster and eye appeal. A few light contact marks are present but they are barely noticeable.
PR 63 proof- This coin has reflective surfaces and only a few blemishes away from the major focal points. There are no major flaws.
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