A United States coin minted in 1887, featuring a depiction of Liberty on the obverse and an eagle on the reverse, constitutes a tangible piece of American history. It is comprised of 90% silver and 10% copper and represents a specific year in the production run of a well-known design. Examples of these coins exist in varying conditions, influencing their collectibility and monetary value.

This particular coin holds significance for collectors due to its mintage figures, mint marks (or lack thereof), and overall condition. Certain mint marks or low mintage numbers for the year can substantially increase its value beyond its silver content. The coin also offers a glimpse into the economic and artistic landscape of the late 19th century, reflecting the nation’s commitment to silver coinage during that period.

Further discussion will explore the specific mints that produced examples in that year, the factors that determine a coin’s grade and value, and common counterfeit detection methods. Understanding these elements is crucial for both novice and experienced collectors interested in acquiring or appraising such a numismatic item.

1. Mintage Figures

Mintage figures are a primary determinant of the rarity and subsequent value of an 1887 Morgan Silver Dollar. The number of coins struck at each mint directly impacts the availability of the coin in the market, influencing its desirability among collectors.

• Original Mint Locations and Output

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  In 1887, Morgan Silver Dollars were primarily minted at Philadelphia (no mint mark), New Orleans (O mint mark), and San Francisco (S mint mark). The Philadelphia Mint typically had the highest mintage, followed by New Orleans and then San Francisco. The actual numbers produced at each location have a direct correlation to the relative scarcity of the coin from that specific mint.

• Impact on Coin Value

  Lower mintage figures from a specific mint, such as San Francisco’s “S” mint, generally lead to higher values, all other factors being equal (condition, grade, etc.). If a particular mint produced significantly fewer coins in 1887 compared to other years or other mints, that coin will be more sought after by collectors, driving up its price in the numismatic market.

• Survival Rates and Availability

  While original mintage figures are important, the number of coins that have survived to the present day in various conditions also impacts availability. Environmental factors, mishandling, and melting of silver coins have all reduced the original population. Even if a mint had a high mintage, if a large percentage were subsequently melted down or damaged, the remaining supply is lowered, potentially increasing value.

• Collector Demand and Market Dynamics

  Collector demand plays a crucial role in how mintage figures translate into value. Even if a coin has a relatively high mintage, if there is strong demand for examples in specific grades or with particular attributes, the value can increase despite the higher overall production numbers. This can be influenced by factors such as the coin’s historical significance or its inclusion in popular collecting sets.

In summary, the relationship between mintage figures and the value of an 1887 Morgan Silver Dollar is multifaceted. While lower mintage usually translates to higher value, factors such as survival rates, collector demand, and the specific mint location all contribute to the coin’s overall market price and desirability.

2. Mint Marks

Mint marks are critical identifiers on an 1887 Morgan Silver Dollar, revealing where the coin was struck. The presence, absence, or type of mint mark directly influences the coin’s rarity and subsequent value.

• Mint Locations and Corresponding Marks

  In 1887, Morgan Silver Dollars were produced at three mints: Philadelphia, New Orleans, and San Francisco. Philadelphia-minted coins bear no mint mark. New Orleans coins exhibit an “O” mint mark located on the reverse, below the wreath. San Francisco-minted coins display an “S” mint mark in the same location. This geographical differentiation is fundamental to identifying and categorizing these coins.

• Impact on Coin Valuation

  The mint mark significantly affects the monetary value of an 1887 Morgan Silver Dollar. Generally, coins with the “O” or “S” mint mark are scarcer than those from Philadelphia (no mint mark), potentially commanding higher prices in comparable grades. This is because the New Orleans and San Francisco mints typically had lower production runs, leading to fewer surviving examples today.

• Authentication and Fraud Prevention

  Mint marks are crucial in verifying the authenticity of an 1887 Morgan Silver Dollar. Counterfeiters often struggle to replicate the precise style, size, and placement of mint marks. Examining the mint mark under magnification, comparing it to known genuine examples, and consulting with numismatic experts can help detect fraudulent coins.

• Condition Sensitivity

  The visibility and clarity of the mint mark contribute to a coin’s grade and overall appeal. A weakly struck or damaged mint mark can detract from the coin’s value, even if the rest of the coin is in good condition. Collectors prioritize examples with well-defined mint marks for their aesthetic quality and ease of identification.

Therefore, the mint mark on an 1887 Morgan Silver Dollar serves not only as a point of origin but also as a critical factor in determining its value, authenticity, and overall collectability. Understanding the nuances of mint marks is essential for both novice and experienced numismatists interested in this historic coin.

3. Silver Content

The intrinsic value of an 1887 Morgan Silver Dollar is directly tied to its silver content. The coin is composed of 90% silver and 10% copper, resulting in a net silver weight of approximately 0.77344 troy ounces. This silver content, dictated by the Coinage Act of 1873, established the coin’s value and purchasing power at the time of its minting. Fluctuations in the market price of silver directly influence the coin’s melt value, which represents the base value regardless of its numismatic condition or rarity. For instance, an increase in silver prices will lead to a corresponding increase in the underlying worth of the coin.

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Beyond its immediate monetary value, the silver content had implications for the coin’s circulation and use. Silver dollars served as a tangible store of value, particularly in regions and economic situations where paper currency was less trusted or readily available. The high silver content also made these coins attractive for international trade, contributing to their dispersal across borders. Furthermore, it solidified its place in the history of the US.

In summary, understanding the silver content of the 1887 Morgan Silver Dollar is fundamental to appreciating its intrinsic value, its historical role as a stable form of currency, and its continued appeal to collectors and investors. While numismatic value is driven by rarity and condition, the coin’s silver content provides a baseline worth that remains relevant regardless of market fluctuations or collectibility trends.

4. Condition/Grading

The condition of an 1887 Morgan Silver Dollar is a primary determinant of its value. Numismatic grading, performed by professional services such as PCGS and NGC, assesses the coin’s physical state based on factors including surface preservation, strike quality, and the absence of damage. A coin’s grade significantly influences its desirability among collectors, directly impacting its market price. For example, an 1887 Morgan Silver Dollar in Mint State (MS) condition can command a premium substantially higher than a similar coin in circulated condition, such as Good (G) or Very Good (VG). The Sheldon scale, ranging from 1 (Basal State) to 70 (Perfect Uncirculated), provides a standardized framework for evaluating a coin’s condition.

The grading process considers several key characteristics: luster, which is the reflectivity of the coin’s surface; the presence of bag marks or scratches acquired during minting or circulation; and the degree of wear on high points of the design, such as Liberty’s cheek and the eagle’s breast. Coins with exceptional eye appeal and minimal flaws receive higher grades. Improper cleaning can also negatively impact a coin’s grade, as it can leave hairlines or remove the original surface patina. A coin’s grade is often documented on a grading slab along with other details, such as serial number for authenticity verification.

In conclusion, understanding the intricacies of condition and grading is essential for accurately valuing and trading 1887 Morgan Silver Dollars. Professional grading services provide an objective assessment that reduces ambiguity and fosters trust within the numismatic community. The correlation between condition and value underscores the importance of careful handling and preservation to maximize the long-term worth of these historical coins. The investment of grading is valuable for collectors and buyers.

5. Historical Context

The production of the silver dollar in 1887 occurred within a specific economic and political environment. The Bland-Allison Act of 1878, a critical piece of legislation, mandated the U.S. Treasury to purchase a substantial amount of silver each month and coin it into silver dollars. This act was a response to pressure from silver mining interests seeking to maintain demand for their product, and farmers who believed increasing the money supply with silver coinage would alleviate their debt burdens. Consequently, the coins minted in 1887 represent a direct result of this policy, serving as tangible artifacts of the era’s monetary debates and political compromises. The existence of these coins is a direct effect of laws enacted during this timeframe.

Understanding the historical context surrounding the 1887 mintage illuminates several aspects of the coins themselves. For instance, the large-scale production aimed at satisfying the Bland-Allison Act explains the relatively high mintage figures for certain mints. Conversely, variations in mintage between different mint locations often reflect regional economic conditions or logistical constraints. Furthermore, the coin’s design, featuring Liberty and an eagle, embodies prevalent national ideals and artistic sensibilities of the late 19th century. Analyzing these details provides a broader comprehension of the coin’s purpose and cultural relevance beyond its monetary value.

In summation, the historical context surrounding the 1887 silver dollar is not merely background information but an integral component of its significance. It reveals the underlying forces that shaped its creation, distribution, and ultimate place in American history. Recognizing this connection is crucial for both numismatists seeking to evaluate the coin’s value and historians seeking to understand the economic and social dynamics of the era. Without appreciating this context, the coin remains simply a piece of metal, devoid of its deeper historical resonance. This understanding allows an individual to appreciate the coin more.

6. Market Value

The market value of an 1887 Morgan Silver Dollar is a complex function of several interacting variables, including its condition, mintage figures, mint mark (or lack thereof), silver content, and prevailing collector demand. Condition, as determined by professional grading services, exerts a significant influence. An example graded as Mint State (MS) will invariably command a higher price than a circulated coin, such as one graded as Good (G), irrespective of the specific mint or mintage numbers. Scarcity, driven by low mintage or a specific mint mark (e.g., the “O” mint mark from New Orleans), can further escalate the price if the piece is in a well-preserved condition. The underlying silver content, subject to fluctuations in the precious metals market, establishes a baseline value, serving as a price floor that is independent of numismatic factors.

Collector demand is a critical, albeit less predictable, aspect of the market. Periods of heightened interest in silver dollars, or specific mint marks, can drive prices upward, while lulls in demand may lead to temporary price corrections. The overall health of the rare coin market also exerts an influence. A robust economy and strong investor confidence typically translate to increased demand for numismatic items, including 1887 Morgan Silver Dollars. Conversely, economic downturns can lead to decreased collector activity and a corresponding decline in prices. For example, during times of economic uncertainty, the price of precious metals increases, which may result in the price of this coin being impacted.

Ultimately, the market value of an 1887 Morgan Silver Dollar is a dynamic equilibrium between intrinsic worth (silver content), scarcity, condition, and collector sentiment. Accurately assessing its market value requires careful consideration of all these factors and a sound understanding of current market trends. Monitoring auction results, consulting pricing guides, and seeking expert appraisal are essential steps in determining a fair and realistic valuation. A lack of proper assessment may cause financial pitfalls and frustration.

Frequently Asked Questions

The following questions address common inquiries regarding the 1887 Morgan Silver Dollar, providing information about its identification, value, and historical context.

Question 1: How can an 1887 Morgan Silver Dollar be identified?

Identification involves verifying the date (1887) and the presence or absence of a mint mark on the reverse, below the wreath. Philadelphia-minted coins lack a mint mark, while New Orleans coins display an “O,” and San Francisco coins bear an “S.”

Question 2: What factors determine the value of this specific coin?

Value is primarily determined by condition (graded by services like PCGS or NGC), mint mark (rarer mints command higher prices), mintage figures (lower mintage implies greater scarcity), and prevailing silver prices.

Question 3: Is the 1887 Morgan Silver Dollar made of pure silver?

No. It comprises 90% silver and 10% copper, yielding a net silver weight of approximately 0.77344 troy ounces.

Question 4: Are there any known rare varieties of the 1887 Morgan Silver Dollar?

While specific varieties are less prominent compared to other years, certain mint mark combinations with high grades command premiums. Consult specialized numismatic resources for detailed variety information.

Question 5: How can an 1887 Morgan Silver Dollar be authenticated?

Authentication involves examining the coin’s weight, dimensions, mint mark style and placement, and overall design details. Comparison to known genuine examples and consultation with a numismatic expert are advisable.

Question 6: What was the historical context surrounding the mintage of this coin?

The coin was produced under the Bland-Allison Act of 1878, which mandated the purchase and coinage of silver. It reflects the economic and political debates surrounding silver coinage in the late 19th century.

Understanding these aspects is crucial for collectors and investors interested in the 1887 Morgan Silver Dollar. Further research into specific mint marks and grading details is recommended for informed decision-making.

The subsequent section will delve into preservation and storage techniques for maintaining the coin’s condition and value.

Preservation and Storage Tips for the 1887 Morgan Silver Dollar

Proper preservation and storage are crucial to maintaining the condition and value of an 1887 Morgan Silver Dollar. Implementing appropriate techniques protects the coin from environmental damage, mishandling, and deterioration, thereby safeguarding its long-term worth.

Tip 1: Handle with Care. When handling this coin, always hold it by its edges to avoid transferring oils and contaminants from the skin to the surface. Use clean, lint-free gloves for prolonged examination or handling.

Tip 2: Use Appropriate Storage Containers. Store in chemically inert holders specifically designed for coins, such as PVC-free flips, hard plastic capsules, or archival-quality albums. Avoid containers made of materials that may react with the silver and cause discoloration.

Tip 3: Control Environmental Conditions. Maintain a stable environment with low humidity to prevent tarnishing. Store coins in a cool, dry place away from direct sunlight and extreme temperature fluctuations.

Tip 4: Avoid Cleaning Unless Absolutely Necessary. Cleaning can irreparably damage a coin’s surface and reduce its value. If cleaning is unavoidable, consult a numismatic expert for safe and appropriate methods. Under no circumstances should abrasive cleaners be used.

Tip 5: Regularly Inspect Coins. Periodically examine coins for signs of deterioration, such as tarnish or corrosion. Early detection allows for timely intervention to prevent further damage.

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Tip 6: Consider Professional Grading and Encapsulation. Submitting coins to reputable grading services like PCGS or NGC provides authentication and encapsulation in tamper-evident holders, protecting them from environmental factors and mishandling.

Tip 7: Maintain Detailed Records. Keep a record of purchase dates, prices, grading information, and any other relevant details for each coin. This documentation is essential for insurance purposes and potential future sales.

Implementing these preservation and storage practices protects the 1887 Morgan Silver Dollar from damage and maintains its collectable state. Such action preserves the coin’s historical value as a tangible piece of American history.

The following section summarizes essential conclusions regarding the 1887 Morgan Silver Dollar.

Conclusion

The preceding exploration of the 1887 Morgan Silver Dollar underscores its multi-faceted significance. This coin represents a tangible artifact of late 19th-century American history, reflecting both the economic policies and artistic sensibilities of the era. Understanding its mintage figures, mint marks, silver content, and condition is crucial for accurately assessing its value and authenticating its origin. Proper preservation techniques are essential for maintaining its integrity and long-term worth.

The 1887 Morgan Silver Dollar, therefore, should not be viewed as merely a commodity, but as a valuable historical artifact. Further study and responsible stewardship are vital for ensuring that future generations may appreciate the tangible connection to the nation’s past that it represents. Continued research, careful handling, and informed investment decisions ensure its legacy for years to come.