As one of the first issues in the iconic Morgan dollar series, the 1878 silver dollar holds a special place in the hearts of collectors. Not only is it a piece of American history you can hold in your hand, but some of the rarest examples have sold for astronomical prices. Let‘s take an in-depth look at the 1878 silver dollar – its variations, values, and how to make sure you have the real deal.
The Morgan Dollar Arrives
The story of the 1878 silver dollar really begins a few years prior with the Comstock Lode. This massive deposit of silver ore was discovered in Nevada in 1859, suddenly flooding the market with an abundance of the precious metal. Silver prices plummeted, the economy faltered, and "free silver" supporters lobbied for the unlimited coinage of silver to boost the supply of money.
After years of debate, Congress reached a compromise with the Bland-Allison Act of 1878. The law required the U.S. Treasury to purchase between $2 million and $4 million worth of silver each month to be coined into silver dollars. This marked the birth of the Morgan silver dollar, named after its designer George T. Morgan.
Morgan, an engraver at the U.S. Mint, created an iconic design featuring a portrait of Lady Liberty on the obverse and a majestic eagle on the reverse, along with the inscriptions "E PLURIBUS UNUM", "IN GOD WE TRUST", and "ONE DOLLAR". The coins were struck in 90% silver and 10% copper with a generous weight of 26.73 grams and diameter of 38.1 mm.
1878 Silver Dollar Variations
While all 1878 Morgan dollars share the same basic design, several variations exist that greatly impact the coin‘s value. Here are the key varieties to know:
8 Tail Feathers: The first Morgan dollars struck in early 1878 depicted an eagle with 8 tail feathers on the reverse. A total of 749,500 were minted, all in Philadelphia with no mint mark.
7 Over 8 Tail Feathers: Shortly after production began, the reverse design was modified to show the eagle with 7 tail feathers. Some 1878 dollars show a 7 over 8 tail feathers overdate, with remnants of the original 8 still visible under the 7.
7 Tail Feathers Reverse of 1878: The revised 7 tail feathers design became the standard for the remainder of the year. Coins with this reverse have a slightly flatter eagle‘s breast. Philadelphia struck 9,759,300 of this variety.
7 Tail Feathers Reverse of 1879: In 1879, the reverse design was tweaked again to strengthen the eagle‘s details. The eagle‘s breast became more rounded and the arrow feathers more slanted. Some 1878-dated dollars were still struck with this reverse when production resumed in January 1879.
Carson City (CC) Mint: The branch mint in Carson City, Nevada began striking its own Morgan dollars partway through 1878. A total of 2,212,000 1878-CC dollars were produced.
San Francisco (S) Mint: The San Francisco Mint also began striking 1878 Morgan dollars with the new 7 tail feathers design. 1878-S dollars had a large mintage of 9,774,000.
1878 Silver Dollar Values
With so many variables in play, the value of an 1878 Morgan dollar can vary drastically based on its mintmark (or lack thereof), reverse design, and condition. Here‘s a breakdown of the average values for each major variety in different grades:
| Variety | Good (G-4) | Fine (F-12) | Extremely Fine (EF-40) | Mint State 60 (MS-60) | Mint State 65 (MS-65) |
|---|---|---|---|---|---|
| 1878 8 Tail Feathers | $50 | $60 | $110 | $425 | $3,250 |
| 1878 7/8 Tail Feathers | $60 | $75 | $160 | $1,100 | $12,500 |
| 1878 7TF Rev of 78 | $35 | $40 | $50 | $85 | $850 |
| 1878 7TF Rev of 79 | $35 | $40 | $50 | $85 | $1,100 |
| 1878-CC | $130 | $200 | $650 | $5,000 | $100,000+ |
| 1878-S | $35 | $40 | $45 | $85 | $750 |
As you can see, the values can quickly escalate for rare varieties in pristine uncirculated condition. The rarest of all is the 1878-CC in MS-65 or higher grade. An 1878-CC graded MS-67 sold for an astounding $881,250 in 2013!
Detecting Counterfeits
With such immense potential value, 1878 silver dollars are an alluring target for counterfeiters. Luckily there are a few key things you can look out for to ensure you‘re getting the real deal:
- Weight: A genuine 1878 Morgan silver dollar should weigh 26.73 grams. Fakes may be slightly off.
- Magnetism: Silver dollars are 90% silver and should not be magnetic. If it sticks to a strong magnet, it‘s fake.
- Details: Authentic coins will have sharp, well-defined details. Counterfeits often have mushy or missing elements.
- Luster: Real uncirculated silver dollars will have strong luster and no wear. Fakes may appear dull or cleaned.
When in doubt, always have a coin authenticated by a reputable third-party grading service like PCGS or NGC. It‘s a small price to pay for peace of mind with such a significant investment.
Conclusion
From the first strike to the final Morgan dollars produced in 1921, the 1878 silver dollar marked the start of an American numismatic legacy. Today, millions of Morgan dollars still survive, but the pristine gems and rare varieties are the Holy Grail for serious collectors.
An 1878 silver dollar is a piece of the Wild West you can hold in your hand. It‘s a tangible link to a time of gunslingers, frontier towns, and the American dream. For some, it‘s the crown jewel of their collection. For others, it‘s a treasured family heirloom or a gift for future generations. But one thing is certain – the 1878 silver dollar will remain an enduring favorite for coin collectors and enthusiasts for years to come.
){kind=link}