Introduction
Few American coins are as widely beloved or intensely pursued as the Morgan silver dollar. These large, hefty silver coins were the product of 19th century politics, Old West silver mining, and the artistic skill of one of the U.S. Mint‘s most talented engravers. Today, they are avidly collected, carefully studied, and highly valued in high grades by numismatists.
The 1880 Morgan dollar, minted in large numbers at four different U.S. Mint facilities, is a perfect microcosm of the series. It offers collectors an accessible entry point, some challenging rarities, and plenty of subtle varieties to explore. In this comprehensive guide, we‘ll dive deep into the background and nuances of the 1880 Morgan dollar, assess its current market, and offer expert tips for collectors.
Whether you are just starting a Morgan dollar set or are a seasoned collector seeking the finest known examples, this guide will provide the knowledge and insight you need. Let‘s begin!
The Morgan Dollar Backstory
The story of the Morgan dollar is one of politics, industry lobbying, and good old fashioned pork barrel legislation. In the 1870s, silver mining interests, concentrated in western states like Nevada and Colorado, faced declining prices due to a glut of supply. They turned to the U.S. government for a solution.
The result was the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase up to $4 million worth of silver bullion per month to be coined into silver dollars. This was a huge subsidy for western mining interests at the expense of American taxpayers.
The new silver dollar was designed by British-born engraver George T. Morgan, an employee of the U.S. Mint. His obverse design featured a left-facing portrait of Liberty with long, flowing hair and a cap adorned with wheat and cotton. The reverse depicted a powerful eagle with outstretched wings clasping arrows and an olive branch.
From 1878 to 1904, the U.S. Mint struck Morgan dollars every year, pausing only in 1905 when demand declined. The series ended in 1921 after one final year of production. By the end, over half a billion Morgan dollars had been struck, making it one of the most prolific silver coins in history.
The 1880 Morgan Dollar
Design and Strike Characteristics
The 1880 Morgan dollar continued the same designs from the first two years of the series. Morgan‘s Liberty portrait and eagle reverse remained unchanged. However, the execution and strike quality of the coins varied widely depending on the mint of origin.
Philadelphia issues tend to come well struck with sharp details, as do most San Francisco coins. New Orleans Morgans are often weakly struck, especially on the reverse, leading to less overall definition. Carson City coins vary in strike but often have slightly mushy details compared to the other mints.
One interesting aspect of Morgan dollars is the presence of prooflike (PL) and deep mirror prooflike (DMPL) examples. These coins were struck from fresh, highly polished dies and have reflective fields that can resemble proof coins. The 1880 Philadelphia issue is known for an abundance of prooflike examples in lower Mint State grades.
Mintage Figures and Survival Estimates
Here is a table with a detailed breakdown of the 1880 Morgan dollar mintage figures and estimated survivorship in various grades:
| Mint | Mintage | AVG (G-VG) | FINE-VF | XF-AU | MS-60 | MS-63 | MS-65 |
|---|---|---|---|---|---|---|---|
| (P) | 12.6MM | 150,000 | 80,000 | 40,000 | 275,000 | 135,000 | 30,000 |
| CC | 495,000 | 10,000 | 8,000 | 6,000 | 35,000 | 15,000 | 3,000 |
| O | 5.3MM | 120,000 | 50,000 | 20,000 | 50,000 | 30,000 | 4,000 |
| S | 8.9MM | 250,000 | 125,000 | 100,000 | 600,000 | 200,000 | 30,000 |
As you can see, all four mints produced the 1880 Morgan in substantial quantities, but the Carson City issue is by far the scarcest across all grade levels. In Mint State grades, the 1880-CC has just a fraction of the survivors compared to the common Philadelphia and San Francisco issues.
Collectors seeking high grade examples will have a relatively easy time with the 1880-P and 1880-S, as even gems are abundantly available. The 1880-O is somewhat scarcer in high grades, while the 1880-CC remains rare and expensive in grades above MS-64.
Key Die Varieties
Like most Morgan dollars, the 1880 issues have a number of interesting die varieties for specialists to pursue. Some are naked eye visible while others require careful examination. Here are a few of the most notable:
1880/79-CC Overdate VAM-4
This variety features an 1879 date partly visible beneath the 1880, evidence of an overdate. The variety was created when an 1879-dated die was repunched with 1880. Valued at $500 in XF and over $10,000 in Mint State.
1880-CC Reverse of 1878 VAM-5
Some early 1880-CC dollars were struck from leftover reverse dies from 1878. Look for a flatter eagle‘s breast on the reverse. XF examples bring $500 and up while Mint State coins have sold for over $20,000.
1880-S Micro S VAM-11
Instead of the normal large S mintmark, this variety has a much smaller mintmark that resembles the one used on San Francisco coins in 1879. Extremely rare, with only a handful known. One of the great Morgan dollar rarities.
1880 Morgan Dollar Values
As one of the more common dates in the Morgan series, the 1880 issues are highly affordable in circulated grades. Even low end Uncirculated examples can be acquired for a small premium over silver value. However, values escalate rapidly in higher Mint State grades, especially for the Carson City issue.
Here is a table with a representative range of values for the 1880 Morgan dollar in various grades:
| Grade | 1880 (P) | 1880-CC | 1880-O | 1880-S |
|---|---|---|---|---|
| G-VG | $35-$45 | $150-$200 | $35-$45 | $35-$45 |
| FINE-VF | $40-$60 | $200-$300 | $40-$60 | $40-$60 |
| XF-AU | $50-$80 | $300-$500 | $50-$100 | $50-$80 |
| MS-60 | $75-$100 | $700-$900 | $60-$80 | $75-$100 |
| MS-63 | $100-$150 | $1K-$2K | $200-$300 | $100-$150 |
| MS-65 | $400-$700 | $7K-$10K | $1K-$2K | $500-$800 |
| MS-67+ | $5K-$15K | $50K-$100K | $25K-$75K | $5K-$25K |
The 1880-CC commands substantial premiums in all grades, while the 1880-O pulls away from the pack in grades of MS-63 and higher. Super grade gems are rare and valuable for all four issues. An 1880-S graded MS-69 by PCGS sold for an astounding $162,000 in 2005, the highest price realized for any 1880 business strike Morgan.
Remember, these are retail price ranges for PCGS and NGC certified coins. Ungraded raw coins will trade for discounts of 10-30% depending on quality and eye appeal.
Tips for Collecting and Investing
Buy certified coins. For any Morgan dollar over $500 in value, an authenticity and grade certification from PCGS or NGC is a must. These professional grading services have the expertise to weed out counterfeits and accurately assess grade. Their graded coins in sealed holders carry substantial premiums over raw, ungraded examples.
Focus on eye appeal. Not all coins within the same grade tier are equal. Coins with attractive, original toning, minimal marks, and strong strikes for the issue will be worth more than average quality pieces. An ugly, weakly struck 1880-CC in MS-63 holder may be worth $1,000, while a flashy, pristine example could bring $2,000 or more.
Cherrypick raw coins. If you have a good eye for grading, you can do well buying raw, ungraded Morgans that have the potential to grade higher at PCGS or NGC. An 1880-P in an MS-63 holder is worth about $125, but raw examples can often be found at coin shows or shops for $75 or less. Get it certified in MS-63 and you‘ve made a tidy profit!
Specialize in a variety. Trying to collect gem examples of every Morgan dollar issue is a massive undertaking. Many collectors find their niche by specializing. You could build a high grade set of just the 1880 issues, or perhaps focus on die varieties. A great collection could be built around finest known Carson City coins or toned Morgans.
View rare coins as assets. Over the long term, rare and high grade Morgan dollars have proven to be exceptional stores of value. A brilliant 1880-CC graded MS-67 may seem expensive at $75,000 today, but if past trends hold, it could be a $250,000 coin in a decade or two. Key date Morgans have outpaced silver bullion, rare coins indices, and stock markets over most long holding periods.
The Enduring Appeal of Morgan Dollars
What is it about Morgan dollars that captivates collectors? Certainly their impressive size and heft, their gorgeous classic designs, and their ties to the colorful history of the Old West all play a role. But there is something more.
Q. David Bowers, the "Dean of American Numismatics" and a renowned Morgan dollar expert, summed it up well in an interview:
"Morgan dollars are the most collected, most popular, and most written about series in the entire panoply of American numismatics. Coins are a link to history and art. Morgan dollars are all of that, but even more. They are a link to romance and treasure."
This is perhaps the key to their enduring popularity. Morgan dollars, with their large size and hefty feel, with their mysterious CC, O, and S mintmarks, with their origin in the rough and tumble frontier, spark a sense of excitement, discovery, and history in a way few other coins can match.
Whether you are building a set of high grade gems, exploring the series‘ many die varieties, or simply appreciating the coin as a beautiful relic of a bygone era, the 1880 Morgan dollar and its brethren offer immense challenges and rewards, with tremendous upside for the knowledgeable collector. Happy hunting!
References and Further Reading
- Bowers, Q. David. The Morgan Silver Dollar Textbook. Bowers & Merena Galleries, 1997.
- Bowers, Q. David. A Guide Book of Morgan Silver Dollars. Whitman, 2012.
- Miller, Wayne. The Morgan and Peace Dollar Textbook. Adam Smith Publishing, 1982.
- Van Allen, Leroy C. & A. George Mallis. Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars. Worldwide Ventures, 1991.
- Highfill, Miles. The Comprehensive U.S. Silver Dollar Encyclopedia. Highfill Press, 1992.
- PCGS CoinFacts. [https://www.pcgs.com/coinfacts]
- NGC Coin Explorer. [https://www.ngccoin.com/coin-explorer/silver-dollars-pscid-49]
