As a coin collector and enthusiast, the 1898 silver dollar holds a special place in my heart. Part of the beloved Morgan dollar series, this 90% silver coin is not only a classic piece of American history, but also a shrewd investment and valued collectible in its own right.
Whether you‘re just starting your coin collecting journey or are a seasoned pro looking to expand your collection, understanding the 1898 silver dollar‘s value is crucial. In this ultimate guide, we‘ll dive deep into the nuances of this fascinating coin so you can fully appreciate its artistry, rarity and worth.
But first, let‘s set the stage with a bit of historical context. The Morgan dollar series, named after its designer George T. Morgan, was minted from 1878 to 1904, and then once more in 1921. The 1898 silver dollar came into existence near the end of initial run, coinciding with a transformative time for the United States.
1898: A Year of War, Innovation and Westward Expansion
1898 marked a pivotal year in American history. The Spanish-American War was in full swing as the U.S. flexed its muscles as a world power. Commodore George Dewey led the U.S. to victory in the Battle of Manila Bay, and the U.S. soon took control of Puerto Rico, Guam and the Philippines.
On the homefront, the era was marked by rapid industrialization and technological progress. The first American auto race was held in Chicago. The first amusement pier opened in Atlantic City. And the first solo circumnavigation of the globe was completed by Joshua Slocum.
The country‘s population also continued its rapid growth and westward expansion. The Gold Rush spurred migration to the west coast, while Ellis Island welcomed new immigrants pursuing the American Dream. A spirit of manifest destiny prevailed.
It‘s against this evocative backdrop that the 1898 silver dollar entered circulation. Minted in Philadelphia and New Orleans, over 10 million of these coins were struck – a substantial mintage, but one that would soon be vastly reduced by the ravages of time.
1898 Morgan Dollar: A Coin of Timeless Beauty
Before we delve into the coin‘s value, let‘s pause to appreciate the artistry of the Morgan silver dollar. Designed by George T. Morgan, the obverse features a stately portrait of Lady Liberty, her hair encircled by a ribbon bearing the inscription "LIBERTY." The reverse depicts a majestic eagle with wings outstretched, clutching an olive branch and arrows, with the motto "IN GOD WE TRUST" arching overhead.
With a composition of 90% silver and 10% copper, a diameter of 38mm and a hefty weight of 26.73 grams, the coin has a substantial feel in the hand. Its reeded edge adds a tactile element. Holding an 1898 silver dollar, you can‘t help but feel connected to the past.
Decoding the Value of Your 1898 Morgan Dollar
Now let‘s get to the heart of the matter – what is your 1898 silver dollar worth? As with any collectible, the answer depends on a variety of factors. Here are the main determinants of your coin‘s value:
- Condition/Grade: Coins are graded on the Sheldon scale from 1 to 70, with 70 being a perfect "mint state" coin. Uncirculated coins command the highest prices. Check for blemishes, nicks, scratches, and signs of wear.
- Mint Mark: 1898 dollars minted in Philadelphia bear no mint mark. Those from the New Orleans mint are denoted by an "O" on the reverse below the eagle. 1898-O dollars, in particular the MS67+ grade, can be exceptionally valuable.
- Variety: The 1898 Morgan dollar has two notable varieties – the "eagle with 7 tail feathers" and the "eagle with 8 tail feathers" variants. The 7 feather type is scarcer and more sought-after.
- Prooflike/DMPL: Coins with deeply reflective, mirror-like fields are designated prooflike (PL) or deep-mirror prooflike (DMPL). These command a significant premium, especially in high grades.
- Toning: Morgan dollars with attractive, original toning are prized by collectors. Look for vivid hues like magenta, emerald, sapphire and gold blended on the surface.
1898 Silver Dollar Value Chart
With those factors in mind, let‘s look at some real-world values for 1898 Morgan dollars across various grades. Data is based on recent auction results.
As you can see, the values range widely based on condition, with gems and high-grade rarities realizing astronomical sums. 1898-O dollars, as well as prooflike and DMPL specimens, are especially prized. But even a low-grade coin still has intrinsic value from its silver content.
In fact, many notable collections have featured superlative 1898 Morgan dollars:
- In 2019, an 1898-O PR68DCAM fetched $49,200 at auction – one of just two confirmed proofs from the New Orleans Mint that year.
- The famous Jack Lee Collection boasted an 1898-O MS68 that realized $35,850.
- In 2015, an 1898 PR68CAM sold for a record $117,500.
Of course, those are the absolute cream of the crop. For most collectors, landing an uncirculated 1898 dollar of any variety in the MS60-MS65 range is the stuff of dreams – and also a sound investment as these coins continue to appreciate.
Rare Errors and Varieties to Look For
For the dedicated Morgan dollar enthusiast, there are a few specific errors, varieties and oddities to keep an eye out for:
- Doubled Die Obverse/Reverse: These coins exhibit doubling of the design elements due to a misaligned die. Highly coveted by error collectors.
- Prooflike/DMPL: As mentioned earlier, coins with reflective fields that resemble proof coins are designated PL or DMPL and carry a hefty premium.
- Pitted Die: Some 1898-O dollars show scattered raised lumps on Liberty‘s cheek, temple and neck from die erosion. A neat die variety.
- Clashed Dice: Coins that show imprints from the die faces colliding without a coin between them are an intriguing error.
1898 Morgan Dollar – Deep Mirror Prooflike (DMPL)
FAQs About the 1898 Silver Dollar
Still have questions about your 1898 Morgan? Here are answers to some common queries:
Q: How rare is an 1898 silver dollar?
A: With over 5.8 million minted in Philadelphia and 4.4 million in New Orleans, the 1898 dollar is readily available in circulated grades. However gem uncirculated examples and special varieties are quite scarce.
Q: What is the melt value of an 1898 silver dollar?
A: With a 90% silver composition, the melt value of a 1898 dollar fluctuates with the spot price of the metal. As of September 2022, the intrinsic value is around $16. But these coins are always worth far more than melt to collectors.
Q: Where is the best place to get my 1898 dollar graded?
A: For accurate and trusted grading, submit your coin to a reputable third-party grading service like PCGS, NGC or ANACS. They will encapsulate your coin in a sonically-sealed holder with its grade.
Appreciating the Artistry and History in Hand
Beyond the investment potential, the true joy of collecting 1898 Morgan dollars is the chance to hold a piece of history in your hand. Imagine the stories your coin could tell of the wild days of 1898 – the battlefields and boomtowns, the saloons and general stores it may have passed through.
Take a moment to admire the craftsmanship of George Morgan‘s design, the way the eagle‘s wings arc with pride, the fine details of Liberty‘s portrait. Through numismatics, we form a tangible connection to the past and forge an appreciation for the artistry of our coinage.
Whether you‘re aiming to complete a full set of Morgans, or just looking for that one high-grade gem to serve as the jewel of your collection, the 1898 silver dollar is an enduringly popular choice. By understanding what gives these coins value – from their condition to their varieties to their historical context – you‘ll be well equipped to find that perfect piece.
Happy collecting!
