1897-S Morgan Dollar Value
In the current market, a 1897-S Morgan Dollar changes hands for roughly $29.00 at the low end and $282 at the top; the melt floor under every example is $28.23 (spot prices as of 2026-06-01) Certified examples in top grades can run far higher.
1897-S Morgan Dollar value by grade
| Grade | Estimated value |
|---|---|
| Melt value floor(metal content, 2026-06-01) | $28.23 |
| Good (G-4) | $29.00 to $38.00 |
| Very Good (VG-8) | $29.00 to $39.50 |
| Fine (F-12) | $29.00 to $41.50 |
| Very Fine (VF-20) | $30.50 to $45.00 |
| Extremely Fine (XF-40) | $35.00 to $51.00 |
| About Uncirculated (AU-50) | $42.00 to $62.00 |
| Mint State (MS-60) | $53.00 to $77.50 |
| Choice Unc (MS-63) | $72.00 to $106 |
| Gem Unc (MS-65) | $192 to $282 |
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.
What is a 1897-S Morgan Dollar worth right now?
In worn but collectible condition (Good-4), a 1897-S Morgan Dollar starts around $29.00. From there, value climbs with every grade step: a gem Mint State example (MS-65) can reach $282. Most coins found in old collections fall somewhere between Very Fine and About Uncirculated, the middle rows of the table above.
1897-S Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1897
- Mint mark
- S
- Mintage
- 5,825,000
- 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).
Where is the mint mark on a 1897 Morgan Dollar?
On a 1897-S Morgan Dollar, the "S" mint mark of the San Francisco Mint sits on the reverse, just below the wreath bow and above the letters DO in DOLLAR. A loupe helps: on worn examples the letter can fade into the surrounding devices.
What makes the 1897-S Morgan Dollar valuable
5,825,000 pieces left the presses, so survivors remain plentiful. Pricing tracks bullion and grade, with gems carrying the only substantial premiums.
The 90% silver composition gives a 1897-S Morgan Dollar 0.7734 oz of precious metal ($28.23 at current spot). Bullion demand alone supports the bottom of its price range.
Context adds the final layer to the 1897-S Morgan Dollar. Morgan, recruited from the Royal Mint in London, modeled Liberty on Philadelphia schoolteacher Anna Willess Williams rather than the conventional Greek profile. 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.
Summary: the 1897-S Morgan Dollar is valued between $29.00 and $282 as of 2026-06-15. Estimates combine mintage rarity, key-date status and metal content; they are editorial guidance, not an offer to buy.