1903 Morgan Dollar Value
The 1903 Morgan Dollar carries a current retail range of about $31.00 to $706 across circulated and Mint State grades, and its metal content alone is worth $28.23 as of 2026-06-01 See the grade table below for exactly where your coin falls.
Public domain image (struck or printed before 1926). Click to enlarge.
1903 Morgan Dollar value by grade
| Grade | Estimated value |
|---|---|
| Melt value floor(metal content, 2026-06-01) | $28.23 |
| Good (G-4) | $31.00 to $46.00 |
| Very Good (VG-8) | $35.00 to $51.00 |
| Fine (F-12) | $39.50 to $58.00 |
| Very Fine (VF-20) | $47.00 to $69.00 |
| Extremely Fine (XF-40) | $60.00 to $88.00 |
| About Uncirculated (AU-50) | $81.50 to $120 |
| Mint State (MS-60) | $120 to $176 |
| Choice Unc (MS-63) | $192 to $282 |
| Gem Unc (MS-65) | $480 to $706 |
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 1903 Morgan Dollar worth today?
In worn but collectible condition (Good-4), a 1903 Morgan Dollar starts around $31.00. From there, value climbs with every grade step: a gem Mint State example (MS-65) can reach $706. Most coins found in old collections fall somewhere between Very Fine and About Uncirculated, the middle rows of the table above.
1903 Morgan Dollar specifications
- Series
- Morgan Dollar
- Year
- 1903
- Mint mark
- None (Philadelphia)
- Mintage
- 4,652,000
- 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).
The missing mint mark, explained
The 1903 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.
What makes the 1903 Morgan Dollar valuable
Every 1903 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.
4,652,000 were struck: enough that circulated examples are obtainable, few enough that Mint State pieces carry real premiums.
There is history in a 1903 Morgan Dollar as well. The Pittman Act of 1918 melted over 270 million pieces, reshaping the rarity of several dates overnight. That backdrop keeps the series among the most actively collected in American numismatics.
1903 Morgan Dollar inscriptions & design
Obverse
******* E.PLURIBUS.UNUM ****** 1903
Liberty, head l.
Reverse
UNITED STATES OF AMERICA/* ONE DOLLAR *
eagle standing. on arrows and laurel sprig., within wreath. motto above
Measured 1903 Morgan Dollar specimens
4 physically measured 1903 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 |
|---|---|---|---|---|
| 1903 Morgan Dollar #1 | - | - | - | Breen.5695 |
| 1903 Morgan Dollar #2 | - | - | - | Breen.5697 |
| 1903 Morgan Dollar #3 | - | - | - | Breen.5695 |
| 1903 Morgan Dollar #4 | 26.73 g | - | 6 h | Breen.5696 |
Specifications compiled from documented museum specimens. See our data & methodology page.
Summary: the 1903 Morgan Dollar is valued between $31.00 and $706 as of 2026-06-15. Estimates combine mintage rarity, key-date status and metal content; they are editorial guidance, not an offer to buy.