How Much is a 1892 Morgan Silver Dollar Worth? (Price Chart)

Morgan (Liberty head) dollars are at the top of the list of the most popular and widely collected coins ever produced in the US. You can find 96 different combinations of the date and mint mark, plus hundreds of VAM varieties and dozens of rare pieces.

Four mints produced Morgans in 1892, and all are highly desirable among collectors. Nowadays, the 1892 Morgan silver dollar value depends primarily on each piece’s condition, the mint mark, and rarity. Since those in the mint state are often scarce, their price will be high.

 

1892 Morgan Silver Dollar History

1892 Morgan Silver Dollar History1892 Morgan Silver Dollar History

The US Mint struck coins designed by George T. Morgan from 1878 to 1904 and then 1921. The obverse design includes Lady Liberty wearing a cap and surrounded by the Latin saying E PLURIBUS UNUM and thirteen stars.

1892 Morgan silver dollar

Location
Year
Minted

Philadelphia
1892
1,036,000

Philadelphia
1892 proof
1,245

San Francisco
1892 S
1,200,000

New Orleans
1892 O
2,744,000

Carson City
1892 CC
1,352,000

Total
/
6,333,245

The beautiful reverse shows an American bald eagle holding arrows. The inscriptions UNITED STATES OF AMERICA and denomination are along the rim, while the motto IN GOD WE TRUST is above the eagle’s head.

1892 Morgan silver dollar

Face value
$1

Compound
Silver 90% and copper 10%

Coin diameter
1.5 inches (38.1 mm)

Coin thickness
0.09449 inches (2.4 mm)

Silver weight
0.77344 troy ounces (24 g)

Coin weight
0.85939 troy ounces (26.73 g)

Shape
Round

Edge
Reeded

 

1892 Morgan Silver Dollar Types

1892 Morgan silver dollar

1892 Morgan silver dollar

1892 Morgan silver dollar

Even though the mintage of 1,036,000 wasn’t the highest, Morgan dollars produced in the Philadelphia mint in 1892 were not in a group of rare pieces. Plus, most coins are unattractive, with poor luster and ugly bag marks on the surface.

1892 Morgan silver dollar value*

Quality
1892
1892 S
1892 O
1892 CC

Good
$36
$127
$33
$280

Very good
$42
$142
$38
$292

Fine
$48
$155
$45
$308

Very fine
$52
$167
$49
$329

Extra fine
$64
$350
$59
$514

AU
$109
$1,861
$84
$792

MS 60
$350
$45,580
$336
$1,719

MS 65
$5,847
$211,233
$8,517
$10,117

Proof 63
$3,500
$
/
/

*by USA Coin book

You can buy one circulated piece for approximately $40, while those in the mint state can reach a thousand or two thousand dollars. The auction record of $49,938 goes to one 1892 MS 66 Morgan silver dollar.

1892 proof Morgan silver dollar

1892 proof Morgan silver dollar1892 proof Morgan silver dollar

The Philadelphia mint produced 1,245 proofs in 1892 or almost double than the prior year. You can buy one for $2,000 to $33,500, depending on its grade. Be aware that cameo and deep cameo pieces are typically more pricey.

1892 proof Morgan silver dollar value*

Quality
1892
1892 CAM
1892 DCAM

PR 60
$2,380 to $2,730
$2,610 to $3,000
$3,250 to $3,740

PR 61
$2,750 to $3,160
$3,020 to $3,480
$3,620 to $4,170

PR 62
$3,120 to $3,590
$3,440 to $3,950
$4,120 to $4,740

PR 63
$4,120 to $4,740
$4,540 to $5,220
$5,380 to $6,180

PR 64
$4,750 to $5,460
$5,220 to $6,120
$8,440 to $9,700

PR 65
$6,000 to $7,250
$7,810 to $8,980
$11,200 to $12,400

PR 66
$7,620 to $8,880
$9,000 to $11,600
$13,800 to $18,000

PR 67
$12,000 to $15,100
$14,400 to $18,500
/

PR 68
$26,400 to 33,600
$40,800
/

*by Greysheet

1892 S Morgan silver dollar

1892 S Morgan silver dollar

1892 S Morgan silver dollar

The 1892 S Morgan silver dollar is considered the rarest piece in the series on the current coin market. Even though 1,200,000 of these pieces were struck in San Francisco, those in the mint state are rare and expensive.

You need to set aside at least $130,000 for one, while scarce specimens in MS 68 grade can reach $755,000 to $870,000.

1892 O Morgan silver dollar

1892 O Morgan silver dollar

1892 O Morgan silver dollar

Morgan dollars produced in New Orleans have weak strikes because of remotely placed dies. According to estimations, only 100,000 pieces are in the mint state nowadays, including 625 in MS 65+ grade. The most expensive MS 67 specimen was sold at auction for $111,625.

1892 Morgan silver dollar value*

Year
Extra fine quality
Uncirculated

1892
$53
$90

1892 S
$300
$1,650

1892 O
$48
$70

1892 CC
$450
$690

*by JM Bullion

1892 CC Morgan silver dollar 

The Carson City mint struck 1,352,000 Morgan silver dollars in 1892. These coins are not so scarce like others in the series, but they are not common either. In fact, pieces in MS 65+ grade are rare and can be worth a lot. The most expensive sold at auction was an MS 67 specimen with a price of $135,125.

1892 Morgan Silver Dollar Rarities and Key Dates

VAM Morgan dollars

The acronym VAM represents Leroy Van Allen’s and George Mallis’s first initials. They are famous for the book about coins, where they defined all Morgan silver dollar die varieties. VAM coins are actually not errors but variations minted from the same die.

You can find two varieties struck in 1892:

  • 1892 O Doubled ear (VAM 7)
  • 1892 S Doubled date (VAM 2)

PL Morgan dollars

1892 PL Morgan dollars are proof-like business-strike coins with reflective surfaces. They appeared as a result of using new or recently polished old dies.

All four mints produced these Morgans in 1892, and they are typically pricey. Depending on grade, those minted in Philadelphia cost $1,100 to $8,000, while 1892 PL O and 1892 PL CC are even more costly.

The most expensive is 1892 PL S worth $125,000 to $185,000 in MS 63 grade, while 1892 PL S MS 64 Morgan silver dollar is worth an impressive $190,000 to $220,000.

DMPL Morgan dollars

Business-strike 1892 DMPL Morgan dollars are pieces with deep mirror proof-like surfaces. These highly coveted coins were struck with highly reflective fields, making them costly.

You can find the 1892 DMPL MS 65 Morgan dollar for $20,000 to $23,000, while those minted in New Orleans and Carson City are worth $54,000 to $66,000. Finally, you should set aside at least $120,000 for the most expensive 1892 S DMPL MS 61 Morgan dollar.

 

1892 Morgan Silver Dollar Grading

1892 Morgan Silver Dollar Grading

1892 Morgan Silver Dollar Grading

Uncirculated – The Morgan silver dollar in the mint state never spent a minute in use and is without any signs of wear on the surface. You can still notice the original silver mint luster and preserved texture.

                     1892 Morgan silver dollar value*

Year
Quality
Good
Fine
Extra fine
Uncirculated

1892
$27.41
$28.99
$37.47
$323

1892 S
$26.03
$32.64
$213
Rare

1892 O
$22.38
$27.41
$32.64
$262

1892 CC
$133
$170
$444
$1,264

*by CoinStudy

Extra fine – After a short period in circulation, this coin has been kept safe. So, you can see that it is in excellent condition with only light scratching and signs of wear on the surface. A few hair strands below Liberty’s cap are the first lost details, but most other parts are still sharp and intact.

Fine – In this case, you will see the moderate loss of many details and signs of wear due to time spent in circulation. Even though the cap and Liberty’s hair curls are still bold and recognizable, delicate details are now merged, and a bit flattened.

1892 Morgan silver dollar value*

Quality
1892
1892 S
1892 O
1892 CC

Good
$40.5 to $52
$61 to $75
$40.5 to $52
$182 to $226

Very good
$45.9 to $57
$94 to $122
$45.9 to $57
$195 to $273

Fine
$48.6 to $58
$122 to $156
$48.6 to $58
$260 to $351

Very fine
$49.9 to $68
$169 to $382
$49.3 to $59
$455 to $690

Extra fine
$94 to $122
$650 to $1,020
$94 to $122
$780 to $1,140

AU
$182 to $358
$2,190 to $21,600
$182 to $390
$1,140 to $1,870

MS 60
$644 to $676
$52,800 to $60,700
$520 to $552
$2,000 to $2,300

MS 61
$650 to $682
$57,600 to $66,200
$552 to $585
$2,120 to $2,440

MS 62
$682 to $715
$75,600 to $96,000
$585 to $618
$2,190 to $2,520

MS 63
$878 to $994
$88,800 to $132,000
$650 to $715
$2,880 to $3,310

MS 64
$1,250 to $1,440
$174,000 to $200,100
$992 to $1,130
$4,060 to $4,670

MS 65
$2,880 to $3,380
$216,000 to $270,000
$3,120 to $7,380
$7,190 to $8,500

MS 66
$50,400 to $60,000
$240,000 to $420,000
$31,200 to $54,000
$17,400 to $26,400

MS 67
/
$390,000 to $510,000
$84,000 to $126,000
$78,000 to $89,700

MS 68
/
$756,000 to $869,400
/
/

*by Greysheet

Good – It is the lowest rating for collectible coins. Most pieces in this grade are flattened, scratched, bent, and often severely damaged. You can’t recognize details on the Liberty profile, but inscriptions and the date are still legible.

Remember that such excessive wear means that such Morgan dollars are typically worth as much as the silver it contains. However, it is not the case with those struck in Carson City. These scarce pieces will be collectible and pricey even in such low conditions.

 

Summary

Morgan silver dollars are in a group of the oldest US coins and definitely the first highly collectible pieces, thanks to their attractive design. These coins are still among the most sought-after US coins, so you can expect their value to increase over time. That makes them an excellent investment.

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