The 1887-o morgan silver dollar is one of the most popular coins from the New Orleans Mint — and its value ranges widely depending on condition.
Here's a quick value snapshot:
With over 11.5 million struck at the New Orleans Mint in 1887, this coin is easy to find in worn condition. But gem-quality examples are genuinely rare — fewer than 1,175 survive in MS-65 or better, according to PCGS survival estimates.
That gap between high mintage and low gem survival is exactly what makes the 1887-O so fascinating to collectors. You can browse our Morgan Silver Dollar collection or explore our full silver dollar category to find certified examples at competitive prices.
This guide covers everything you need to know — from history and specifications to rare varieties, grading, and where to buy or sell a genuine example.
The story of the 1887-o morgan silver dollar begins in the heart of the American South. Struck at the historic New Orleans Mint, located in the famous French Quarter, these coins were born during a period of significant Southern financial reconstruction. The New Orleans facility, which operated from 1838–1861 and again from 1879–1909, is the only mint in U.S. history to have been operated by both the United States government and the Confederacy. You can find more historic coins in our silver dollar category .
By 1887, the mint was in full swing, producing millions of silver dollars to satisfy the requirements of the Bland-Allison Act. The silver used for these heavy "cartwheels" largely originated from the Comstock Lode in Nevada, transported across the country to be transformed into legal tender.
Designed by George T. Morgan, the coin features the iconic profile of Lady Liberty on the obverse and a majestic bald eagle on the reverse. If you flip the coin over and look just above the "DO" in "DOLLAR," you will find the distinctive "O" mint mark, the calling card of the Big Easy.
For the technically minded collector, the 1887-O $1 (Regular Strike) Specifications are as follows:
While nearly 12 million were minted, many were lost to the melting pots during the World Wars or sat for decades in damp Southern bank vaults, leading to the unique "bag marks" and toning often seen on surviving specimens.
When we talk about the value of an 1887-o morgan silver dollar , "condition is king." Because so many of these coins circulated heavily in the Wild West—used by gamblers at poker tables and sought by outlaws in train robberies—finding one in pristine condition is a challenge.
Professional grading services like PCGS and NGC use a 70-point scale to determine a coin's state of preservation. Here is how those grades translate to the current market:
As you can see, the price jumps exponentially once you hit the MS65 tier. This is because the 1887 O $1 MS | Coin Explorer | NGC census shows a massive "population" in lower grades, but a very thin "Condition Census" at the top. If you are looking to add a piece of history to your portfolio, you can Browse our silver dollar collection to see what we currently have in stock.
Several nuances can make one 1887-o morgan silver dollar worth significantly more than another of the same numerical grade:
For the "variety hunters" among us, the 1887-O offers some of the most exciting treasures in the Morgan Silver Dollar collection . The most famous is undoubtedly the 1887/6-O overdate .
This variety occurred when the Philadelphia Mint—which prepared the dies for all branch mints—reused 1886-dated dies by grinding down the last digit and punching a "7" over it. Because the job wasn't perfectly clean, parts of the "6" are still visible under the "7."
This variety was discovered by Bob Riethe in 1972 and has since become a staple of the "TOP 100" VAM (Van Allen-Mallis) varieties. You can find more details on how these are identified in our 1887-O Morgan Silver Dollar VF Variety Info resources.
To spot an overdate, you'll need a good 10x loupe and a bit of patience. Look for these "die diagnostics":
Even in circulated grades, these overdates carry a significant premium. An AU-50 overdate can easily sell for double or triple the price of a standard 1887-O.
It comes down to "condition rarity." While 11.5 million were made, the New Orleans Mint didn't prioritize quality control like San Francisco did. Most 1887-O coins were struck with worn dies or handled roughly, resulting in heavy bag marks. Finding a "Gem" MS65 that survived the last 130+ years without being scratched or cleaned is incredibly difficult, which drives the price into the thousands.
First, check the weight. A genuine Morgan should weigh approximately 26.73 grams. If it's significantly lighter, it might be a silver-plated counterfeit. Second, check the diameter (38.1 mm) and the "O" mint mark. Counterfeiters often "add" mint marks to Philadelphia coins. For total peace of mind, we always recommend buying coins that have been professionally graded and encapsulated in "slabs" by PCGS or NGC. You can find certified examples in our silver dollar collection .
The current record-holder is a stunning MS66+ specimen that sold for $78,000 at Heritage Auctions in February 2022. This coin was a true "freak of nature" for the New Orleans Mint, featuring a razor-sharp strike and virtually no surface marks—qualities almost never seen for this specific year and mint.
The 1887-o morgan silver dollar truly is a "Southern Belle" of the numismatic world. It carries the history of the New Orleans Mint, the grit of the American West, and the mystery of rare overdate varieties. Whether you are a casual collector looking for a well-worn piece of history or a serious investor hunting for a rare MS65 gem, this coin offers something for everyone. You can find your next addition in our Morgan Silver Dollar collection .
At Coins Online LLC, we’ve been helping collectors find their dream coins since 1999. With our competitive prices and 14-day return policy, we make it easy to grow your collection with confidence. If you have questions about a coin you’ve found or need help finding a specific grade, please Contact USSQ for expert coin assistance . We are always happy to help a fellow enthusiast navigate the rewarding world of numismatics!