1894 Morgan Dollar Value
A 1894 Morgan Dollar is worth roughly $216 to $29,995 depending on its condition. Its intrinsic melt value stands at $28.23 based on spot prices from 2026-06-01 Certified examples in top grades can run far higher.
Public domain image (struck or printed before 1926). Click to enlarge.
1894 Morgan Dollar value by grade
| Grade | Estimated value |
|---|---|
| Melt value floor(metal content, 2026-06-01) | $28.23 |
| Good (G-4) | $216 to $318 |
| Very Good (VG-8) | $312 to $459 |
| Fine (F-12) | $456 to $670 |
| Very Fine (VF-20) | $720 to $1,059 |
| Extremely Fine (XF-40) | $1,200 to $1,764 |
| About Uncirculated (AU-50) | $2,040 to $2,999 |
| Mint State (MS-60) | $3,599 to $5,293 |
| Choice Unc (MS-63) | $6,719 to $9,881 |
| Gem Unc (MS-65) | $20,397 to $29,995 |
Estimated retail range, updated 2026-06-15. Estimates are modeled from mintage rarity and metal content, not auction records. Actual sale prices vary with certification, eye appeal and market timing.
How much is a 1894 Morgan Dollar worth today?
A 1894 Morgan Dollar that spent decades in circulation is worth about $216 today. One that never circulated at all can bring up to $29,995. The honest answer for most inherited or pocket-found examples sits in the lower half of the table.
1894 Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1894
- Mint mark
- None (Philadelphia)
- Mintage
- 110,000
- Composition
- 90% silver, 10% copper
- Weight
- 26.73 g
- Diameter
- 38.1 mm
- Edge
- Reeded
- Designer
- George T. Morgan
- Silver content
- 0.77344 troy oz
Mintage figure: US Mint reports (approximate).
No mint mark? Here is why
The 1894 Morgan Dollar was struck at the Philadelphia Mint, which used no mint mark in this era. If you find no letter where branch-mint coins carry one (On the reverse, just below the wreath bow and above the letters DO in DOLLAR), you are holding a Philadelphia issue.
Where this coin's value comes from
With a mintage of just 110,000, the 1894 Morgan Dollar is one of the celebrated key dates of the Morgan Dollar series. Survivors are scarce in every grade, and demand from series collectors keeps prices firm year after year.
Every 1894 Morgan Dollar contains 0.7734 troy ounces of pure silver, currently worth $28.23. That intrinsic value is a hard floor under the price: no matter how worn the coin, the silver inside cannot be graded away.
Context adds the final layer to the 1894 Morgan Dollar. Hundreds of millions sat in Treasury vaults for decades, which is why many dates survive in gem Mint State, while issues that actually circulated, such as the 1893-S and 1889-CC, became celebrated rarities. Owning this date means owning a piece of that story, and demand for the series as a whole sustains liquidity for every issue in it.
1894 Morgan Dollar inscriptions & design
Obverse
******* E.PLURIBUS.UNUM ****** 1894
Liberty, head l.
Reverse
UNITED STATES OF AMERICA/* ONE DOLLAR *
eagle standing. on arrows and laurel sprig., within wreath. motto above
Measured 1894 Morgan Dollar specimens
5 physically measured 1894 Morgan Dollar examples in our reference database. Real measured weights and die axes let you authenticate a coin against the 26.73 g, 38.1 mm minting standard.
| Specimen | Weight | Diameter | Die axis | References |
|---|---|---|---|---|
| 1894 Morgan Dollar #1 | - | - | - | Breen.5634 |
| 1894 Morgan Dollar #2 | - | - | - | Breen.5635 |
| 1894 Morgan Dollar #3 | - | - | - | Breen.5636 |
| 1894 Morgan Dollar #4 | - | - | - | Breen.5634 |
| 1894 Morgan Dollar #5 | 26.73 g | - | 6 h | Breen.5636 |
Specifications compiled from documented museum specimens. See our data & methodology page.
Summary: the 1894 Morgan Dollar is valued between $216 and $29,995 as of 2026-06-15. Estimates combine mintage rarity, key-date status and metal content; they are editorial guidance, not an offer to buy.