Silver Dollars
The Morgan Silver Dollar
26.73 grams, 90 percent silver, five mints, and 270 million melted.
Reviewed July 2026
The Morgan dollar is the coin that best repays understanding why a coin exists. It was not struck because the country needed dollar coins. It was struck because Congress obliged the Treasury to buy silver, and the silver had to become something.
Specifications
| Property | Value |
|---|---|
| Years struck | 1878-1904, 1921 (and 2021-present) |
| Designer | George T. Morgan |
| Mass | 26.73 g |
| Diameter | 38.1 mm (1.5 in) |
| Thickness | 2.4 mm |
| Edge | Reeded |
| Composition | 90.0% silver, 10.0% copper |
| Fine silver | 24.06 g, about 0.7734 troy oz |
| Mint marks | None (Philadelphia), CC, S, O, D |
The silver figure follows arithmetically from the first two rows: 26.73 grams at 90 percent fineness is 24.06 grams of silver, or about 0.7734 troy ounces. That number is the coin's floor. It is also the reason we cannot tell you what a Morgan dollar is worth today, because the metal price moves and we publish no prices.
Why it was struck, and why it stopped
Congress required silver purchases; the Mint coined the bullion into dollars. When the last of the silver bought under the Sherman Silver Purchase Act had been coined and the reserves ran out in 1904, the Mint stopped striking Morgan dollars. There was no demand crisis and no ceremony. The programme had run out of raw material.
The Pittman melt
270,232,722 coins destroyed
The Pittman Act of 1918 authorised the United States to melt up to 350 million silver dollars, and melting commenced immediately after the Act passed. The country eventually melted 270,232,722 of them. Of that number, 259,121,554 were sold to the United Kingdom at the cost of one dollar per troy ounce.
Morgan dollars resumed for a single year in 1921 to replace the destroyed coinage. The Peace dollar took over later the same year.
This is the fact that makes the Morgan series interesting rather than merely large. Mintage figures for these coins are close to useless as a guide to rarity, because they tell you how many were struck and say nothing about how many were spared. Entire date-and-mint combinations went into the furnace. A coin with an unremarkable mintage can be genuinely scarce today, and a coin with a modest mintage can be common because a hoard survived. See what makes a coin valuable.
The mint marks
Morgan dollars carry the widest spread of mint marks in American numismatics: none for Philadelphia, CC, S, O and D. The CC is the prize. The Carson City Mint was established in Nevada to coin the silver of the Comstock Lode, the largest silver strike in the nation's history, and it struck gold and silver from 1870 until it ceased production for good in 1893. A CC Morgan comes from a mint that existed for barely two decades.
The O belongs to New Orleans, which struck coins from 1838 to 1861, closed during the Civil War, resumed in 1879 and ran until 1909. Where to find each mark is covered in mint marks on coins.
The 2021 Morgan is not a Morgan
The design returned in 2021, and it is a modern collector coin struck in 99.9 percent silver rather than the historic 90 percent alloy. It is not rare, it did not circulate, and it should never be confused with an 1878-1921 coin. If somebody offers you a "Morgan silver dollar" without naming the year, ask which century. The distinction between historic coins and modern issues is the same trap discussed in gold coins and in how to buy coins.
Source: Morgan dollar, for specifications, mintage history and the Pittman Act figures.
Frequently asked questions
How much silver is in a Morgan silver dollar?
A Morgan dollar weighs 26.73 grams and is 90 percent silver, which leaves 24.06 grams of fine silver, about 0.7734 troy ounces. Coins struck from 2021 onward are 99.9 percent silver instead and are modern collector issues, not the historic coin.
What years were Morgan dollars made?
From 1878 to 1904, then for one year in 1921, and again from 2021 as a modern collector coin. The 1921 revival happened because the Pittman Act of 1918 had authorised melting millions of silver dollars and they needed replacing.
What mint marks do Morgan dollars have?
None for Philadelphia, plus CC for Carson City, S for San Francisco, O for New Orleans, and D for Denver. That is the widest range of mint marks of any major American series, and Carson City coins are the most sought after.
Why are Morgan dollars scarce if so many were struck?
Because so many were destroyed. The Pittman Act authorised melting up to 350 million silver dollars, and the United States eventually melted 270,232,722 of them, selling 259,121,554 of those to the United Kingdom at one dollar per troy ounce. Mintage figures say little about how many survive.
The Coin Register is an independent educational resource. It is not affiliated with the United States Mint, the American Numismatic Association, any grading service, any dealer, or any site previously published on this domain. Nothing here is an appraisal, a price quote, or investment advice. Coin values change constantly; check a current price guide and a reputable dealer before you buy or sell.