As a professional numismatist and lifelong silver dollar collector, I‘m excited to share my passion for one of the most popular and historically significant issues in the Morgan series – the 1888 silver dollar. Whether you‘re a seasoned collector or just starting out, this comprehensive guide will equip you with the knowledge to collect, grade, and invest in these classic 90% silver coins with confidence.
The Morgan Dollar Series: An Overview
Before diving into 1888 dollars specifically, let‘s set the stage with some background on the beloved Morgan series. Morgan silver dollars were struck from 1878 to 1904, and again in 1921, at the Philadelphia, New Orleans, Carson City, Denver, and San Francisco Mints. They are named for their designer, George T. Morgan, a talented British engraver who started working at the U.S. Mint in 1876.
Morgan‘s obverse design features a left-facing portrait of Lady Liberty with flowing hair, a ribbon reading "LIBERTY", a Phrygian cap, and a crown of cotton and wheat. She is encircled by 13 stars and the motto "E PLURIBUS UNUM." The reverse depicts a majestic eagle with outstretched wings clutching an olive branch and arrows, with "IN GOD WE TRUST" above and "ONE DOLLAR" below.
The impetus for the Morgan dollar‘s creation was the Bland-Allison Act of 1878, which required the U.S. Treasury to purchase a massive amount of silver from Western mines to strike into coins. The discovery of the Comstock Lode and other rich silver deposits in Nevada and Colorado led mining companies to lobby for a government guarantee for their product. In all, over 650 million Morgan dollars were struck during the series‘ run.
Many collectors are drawn to Morgan dollars because of their large size, hefty silver content, beautiful design, and connection to the Wild West. They are widely collected by date and mintmark, but there is also a large community of specialists who study the series‘ many varieties and errors, especially those cataloged by Leroy Van Allen and A. George Mallis in the VAM reference books.
1888 Morgan Dollar Mintages and Values
With that background in mind, let‘s focus in on the 1888 Morgan dollars specifically. That year, the Mint struck dollars at Philadelphia (no mintmark), New Orleans (O), and San Francisco (S). Here is a breakdown of the year‘s production by month:
Philadelphia Mint (No Mintmark)
| Month | Mintage |
|---|---|
| January | 1,895,000 |
| February | 2,440,000 |
| March | 1,985,000 |
| April | 1,630,000 |
| May | 2,335,000 |
| June | 1,740,000 |
| July | 2,125,000 |
| August | 930,000 |
| Sept. | 1,718,000 |
| October | 1,100,000 |
| Nov. | 565,000 |
| Dec. | 720,000 |
| Total | 19,183,000 |
Survival Estimate:
- MS60-MS62: 200,000+
- MS63-MS64: 75,000
- MS65: 10,000
- MS66: 1,000
- MS67+: 50
New Orleans Mint (O)
| Month | Mintage |
|---|---|
| January | 850,000 |
| February | 1,300,000 |
| March | 1,450,000 |
| April | 1,800,000 |
| May | 1,100,000 |
| June | 850,000 |
| July | 1,200,000 |
| August | 600,000 |
| Sept. | 700,000 |
| October | 1,100,000 |
| Nov. | 500,000 |
| Dec. | 700,000 |
| Total | 12,150,000 |
Survival Estimate:
- MS60-MS62: 150,000+
- MS63-MS64: 45,000
- MS65: 6,000
- MS66: 800
- MS67+: 30
San Francisco Mint (S)
| Month | Mintage |
|---|---|
| January | 250,000 |
| February | 100,000 |
| March | 207,000 |
| April | 100,000 |
| Total | 657,000 |
Survival Estimate:
- MS60-MS62: 8,000
- MS63-MS64: 5,000
- MS65: 1,000
- MS66: 250
- MS67+: 20
As you can see, the Philadelphia Mint had the highest production in 1888 with over 19 million coins struck, followed by New Orleans with over 12 million. San Francisco lagged far behind, producing only 657,000 dollars that year before ceasing coinage in April.
These mintage figures largely determine today‘s availability and market values for 1888 Morgans. Here are typical collector prices for these coins in Mint State grades, based on recent auction data and published price guides:
1888 (P) Values
| Grade | Price Range |
|---|---|
| MS-60 | $35-$45 |
| MS-61 | $40-$50 |
| MS-62 | $45-$60 |
| MS-63 | $65-$90 |
| MS-64 | $100-$150 |
| MS-65 | $200-$350 |
| MS-66 | $500-$1,250 |
| MS-67 | $5,000-$10,000+ |
1888-O Values
| Grade | Price Range |
|---|---|
| MS-60 | $35-$45 |
| MS-61 | $45-$55 |
| MS-62 | $60-$75 |
| MS-63 | $85-$110 |
| MS-64 | $125-$200 |
| MS-65 | $300-$600 |
| MS-66 | $1,000-$5,000 |
| MS-67 | $12,500-$25,000+ |
1888-S Values
| Grade | Price Range |
|---|---|
| MS-60 | $150-$225 |
| MS-61 | $175-$300 |
| MS-62 | $200-$350 |
| MS-63 | $400-$650 |
| MS-64 | $1,000-$1,500 |
| MS-65 | $2,500-$3,500 |
| MS-66 | $5,000-$10,000+ |
| MS-67 | $20,000-$50,000+ |
As a rule of thumb, 1888 Morgan dollars from the Philadelphia Mint are the most common, followed by New Orleans examples. 1888-S dollars are scarce, especially in higher Mint State grades, pushing values substantially higher. For instance, while you can find a nice MS-64 1888 (P) dollar for around $150, an 1888-S in the same grade might cost $1,500 or more.
Collecting Advice & Investment Outlook
For collectors on a budget, I recommend putting together a nice three-coin 1888 Morgan set in MS-63 or MS-64. At that grade level, you‘ll have attractive coins with plenty of luster and eye appeal, but avoid the steep premiums of Gem-quality pieces. The 1888 and 1888-O are readily available in those grades, but you may need to save up for the key 1888-S.
When buying Mint State Morgans, always choose PCGS or NGC certified coins. Those reputable third-party grading companies have consistent standards and will give you confidence in your purchase. Be wary of raw, ungraded coins that may have undisclosed problems like cleaning or undocumented varieties.
Look for coins with nice frosty luster, minimal bagmarks, and no distracting ticks or scuffs. Avoid pieces with a dull or "greasy" look, as they may have been artificially brightened. Eye appeal is key to value in the Morgan series. Collecting circulated 1888 Morgans can also be rewarding and more affordable. Coins graded XF40 to AU58 are available for under $40 in most cases and still show good detail.
If you‘re interested in error and variety collecting, some of the most popular 1888 Morgan dollar varieties include:
- 1888-O "Hot Lips" VAM-4 – Dramatic doubling on Liberty‘s lips
- 1888-O "Scarface" VAM-1A – Large die gouge on cheek
- 1888 "Donkey Tail" VAM-4 – Die break from eagle‘s tail
- 1888 "Doubled Ear" – Doubling on Liberty‘s earlobe
- 1888-O "Oval O" – Odd-shaped mintmark punch
Attribution can be tricky, so I recommend consulting the VAM books and online resources. A really choice Hot Lips or Scarface example can bring big money, sometimes thousands over a "normal" coin in the same grade. Collecting VAMs can be like a treasure hunt! Just be sure to cherrypick carefully and get a second opinion on rare finds.
As for investment potential, I believe high-grade 1888 Morgans are a smart choice to diversify a portfolio with hard assets. Many financial advisors suggest putting 5-10% into tangible assets like rare coins as a hedge against inflation and stock market swings. Silver dollars in MS-65 and up have a strong collector base and track record of appreciation over the long term.
If you do decide to invest, be patient and selective. Wait for coins with good eye appeal and solid documentation. Choose pieces that are high-end for the grade. Buying the best you can afford tends to pay off versus "settling" for inferior quality. Stick with PCGS and NGC grading, and consider "CAC stickers" (Certified Acceptance Corporation) for added confidence. Building a quality Morgan set can take time, but it‘s a journey to enjoy!
Conclusion
I hope this in-depth look at 1888 Morgan dollars has given you a fuller picture of these fascinating silver coins. Whether you appreciate their craftsmanship and history or are drawn to their investment potential, 1888 Morgans offer real challenge and opportunity for collectors at all budget levels.
Of course, if you find yourself bitten by the Morgan dollar bug, there are many other years and mints to explore! Putting together a complete date and mintmark set is a lifetime achievement for many hobbyists. Other collectors specialize in toned coins, deep mirror prooflike dollars, or rare varieties. The series offers something for everyone.
Whatever you decide to collect, buy the best you can afford from reputable dealers. Take your time to learn grading and pricing, and reach out to other collectors for advice. Most of all, have fun and enjoy the thrill of the hunt! Few things compare to the joy of adding a choice Morgan dollar to your growing collection.
Happy collecting!
