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How Much Is An 1878 Morgan Silver Dollar Worth?
The 1878 Morgan silver dollar (no mint mark) was minted in Philadelphia and comes in around five different varieties.
The circulated grades are worth between $40-$100 and the uncirculated grades are worth between $115-$2500 depending on variety.
Image Source: USA Coinbook
- Designer: George T Morgan
- Mint: Philadelphia (no mint mark)
- Metal Composition: 90% Silver - 10% Copper
- Diameter: 38.1mm
- Weight: 26.73 grams
- Mintage: 10,509,300
The highest auction price ever recorded for an 1878 P Morgan silver dollar was $155,250 at David Lawrence Rare Coin Auctions on 28th November 2004.
The coin sold was a 7TF (seven tail feathers) reverse of 1879 variety and was graded PR64 by NGC.
There are five varieties of this silver dollar that exist which include the 8TF, 7TF, 7 over 8 double TF error, 7TF reverse of 1878 and 1879.
Eight Tail Feathers (8TF)
The first Morgan silver dollar that was struck depicted an Eagle on the reverse with eight tail feathers.
Around 750,000 of these silver dollars were minted in Philadelphia including proof versions which makes it very popular with collectors.
After they went into circulation bird lovers noticed that the Eagle had eight tail feathers, which was inaccurate.
Apparently an Eagle always has an odd number of tail feathers.
This left the designer, George Morgan, with no other option than to redesign the reverse of the coin and sculpt the Eagle with seven tail feathers.
Seven Tail Feathers (7TF)
Seven tail feathers on the Eagle became the new standard design for the reverse of the Morgan dollar and around 9,759,300 were minted in 1878 including proof's.
During the changeover from 8 to 7 tail feathers, the engraver was updating the die to strike the new 7TF design.
This created an error variety known as the 7 over 8 doubled tail feathers, when some of the new design dies were struck on planchets with the older design already on them.
Image Source: USA Coinbook
Second and Third Reverse Varieties
The 2nd variety of the new design is known as the Reverse of 1878 and it is estimated that around 7,000,000 were struck.
You can tell this variety by examining the Eagle's breast and the top feather on the arrow in the Eagle's claw.
The breast looks quite flat and the feather on the arrow is flat and inline with the rest of the arrow feathers.
The 3rd variety is known as the Reverse of 1879 which looks a lot better and it is estimated that around 2,000,000 were struck.
The Eagle's breast is more rounded and natural looking and the top feather on the arrow is pointed up slightly.
Image Source: USA Coinbook
How Much Is An 1878 P Morgan Silver Dollar Worth?
The 8TF is valued as follows:
- G4 $50
- VG8 $52
- F12 $60
- VF20 $70
- EF40 $105
- AU50 $125
- MS60 $270
- MS65 $2400
Highest auction price was $55,812.50 for MS67 and $70,500 for PR67.
The 7/8TF is valued as follows:
- G4 $40
- VG8 $42
- F12 $52
- VF20 $58
- EF40 $77
- AU50 $100
- MS60 $235
- MS65 $2650
Highest auction price was $20,700 for MS62.
The 7TF Reverse of 1878 is valued as follows:
- G4 $40
- VG8 $43
- F12 $47
- VF20 $62
- EF40 $82
- AU50 $100
- MS60 $155
- MS65 $1000
Highest auction price was $43,475 for MS66+ and $84,000 for PR67+.
The 7TF Reverse of 1879 is valued as follows:
- G4 $40
- VG8 $42
- F12 $47
- VF20 $57
- EF40 $67
- AU50 $105
- MS60 $175
- MS65 $2150
Highest auction price was $37,600 for MS67 and $155,250 for PR64.
Estimated values for these Morgan silver dollars were gathered from PCGS and Heritage Auctions.
1878 CC Morgan Silver Dollar Value
The 1878 CC Morgan silver dollar was minted in Carson City, Nevada and is a popular date with collectors because it is a first year issue Morgan dollar from the Carson City mint.
Carson City silver dollars were only produced with one design type which is known as the Second Reverse, however there are many different die varieties to be found according to VAM.
The circulated grades are worth between $175-$300 and the uncirculated grades are worth between $485-$2350. MS65+ and above grades are worth much more.
Image Source: USA Coinbook
- Designer: George T Morgan
- Mint: Carson City (CC)
- Metal Composition: 90% Silver - 10% Copper
- Diameter: 38.1mm
- Weight: 26.73 grams
- Mintage: 2,212,000
The Second Reverse design is also known as the Reverse of 1878.
It features seven tail feathers (7TF), the concave breast on the Eagle and the parallel top feather on the arrow.
There were no proof coins minted in Carson City in 1878, but there are quite a few high quality (MS65+) strikes available to collectors.
The highest PCGS certified Mint State 1878 CC coin is MS67 of which there are probably less than 15 available.
1878 CC Morgan Silver Dollar VAMs
VAM die varieties were discovered by authors Van Allen and Mallis of the Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars.
There are 29 VAM die varieties of the 1878 CC with the most popular being VAM 6, 18 and 24 with Doubled Leaves and VAM 11 with Lines in Wing.
The GSA Hoard
The GSA Hoard refers to a significant collection of Morgan silver dollars discovered in U.S. Treasury vaults in the early 1960s, which included approximately 3 million coins, primarily uncirculated Carson City (CC) Morgan dollars.
Tasked with sorting and selling these coins, the General Services Administration (GSA) packaged many of them in distinctive black plastic holders, now known as "GSA holders."
Between 1972 and 1980, the GSA conducted a series of mail bid sales to distribute the coins to the public.
This discovery dramatically impacted the numismatic market, particularly for Carson City Morgan dollars, which were previously considered rare.
Today, coins in their original GSA holders are highly sought after by collectors, with varying quantities of different dates available, including scarce examples like the 1879-CC and 1891-CC.
The GSA Hoard remains one of the most famous discoveries in numismatics, captivating coin enthusiasts and shaping the market for Morgan dollars.
1878 CC Mint Mark
Image Source: Courtesy of Heritage Auctions
How Much Is An 1878 CC Morgan Silver Dollar Worth?
The 1878 CC is valued as follows:
- G4 $175
- VG8 $185
- F12 $200
- VF20 $215
- EF40 $275
- AU50 $300
- MS60 $485
- MS65 $2350
Highest auction price was $34,500 for MS67 in January 9th, 2009.
Estimated values gathered from PCGS and Heritage Auctions.
There was also a San Francisco dollar made that year and these mint state coins can sell for a great price at auction.
Learn more about coin collecting at Lost Treasure HQ.
