The 1887-S Morgan Silver Dollar - a collector's Dream

What Makes the 1887-S Morgan Silver Dollar Rare?

The 1887 s morgan silver dollar is one of the most sought-after coins in the entire Morgan Dollar series — and for good reason.

Here's a quick snapshot of why it stands out:

Feature	Detail
Mint	San Francisco (S)
Mintage	1,771,000
Share of 1887 production	Only 5%
Composition	90% silver, 10% copper
Weight	26.73 grams
Diameter	38.10 mm
Designer	George T. Morgan
Total survivors (est.)	~180,000
MS65 or better survivors (est.)	~1,300
Auction record	$58,800 (MS66+ PCGS CAC)

While the Philadelphia Mint struck over 20 million Morgan Dollars in 1887, and New Orleans struck more than 11 million, San Francisco produced fewer than 1.8 million. That's a massive gap.

The result? A coin that is genuinely scarce — especially in higher grades.

The San Francisco Mint was also known for exceptional craftsmanship. Coins from this facility tend to show strong, crisp strikes and attractive luster, making high-grade examples especially prized by collectors.

Whether you're building a Morgan Dollar set or hunting for a key-date piece, understanding the rarity of the 1887-S is the first step.

Specifications and Design of the 1887-S Morgan Silver Dollar

When we look at the 1887 s morgan silver dollar, we are looking at a masterpiece of late 19th-century American engraving. Designed by George T. Morgan, a former pupil of the Royal Mint in London, the coin features a profile of Lady Liberty that was actually modeled after a real person: Anna Willess Williams. This was a departure from the "Greek style" profiles common on earlier U.S. coinage, giving the Morgan Dollar a distinctly American feel.

The Anatomy of a Classic

The specifications of this coin are standard for the series, but they represent a hefty piece of history you can feel in your hand. Each 1887 s morgan silver dollar weighs 26.73 grams and has a diameter of 38.10 mm. It is composed of 90% silver and 10% copper, resulting in a net silver weight of approximately 0.7734 ounces of pure silver.

On the obverse (the "heads" side), Liberty wears a Phrygian cap adorned with wheat and cotton, symbolizing American agriculture. The motto "E PLURIBUS UNUM" and the date 1887 encircle the portrait. On the reverse, a heraldic bald eagle clutches arrows and an olive branch. The "S" mint mark — the tiny letter that makes all the difference in value — is located on the reverse, just above the "DOLLAR" and below the center of the wreath.

At Coins Online LLC, we’ve spent decades studying these intricate details. More info about our numismatic expertise can help you understand why we are so passionate about the "West Coast Wonder."

Mintage Figures and Rarity Analysis

To understand why the 1887 s morgan silver dollar is a "key date" (or at least a very strong semi-key), we have to look at the numbers. In coin collecting, mintage is usually the first indicator of rarity.

In 1887, the U.S. Mint was working overtime. Here is how the production broke down:

Mint Location	Mintage
Philadelphia (No Mint Mark)	20,290,000
New Orleans (O Mint Mark)	11,550,000
San Francisco (S Mint Mark)	1,771,000

As you can see, the San Francisco Mint produced only about 5% of the total Morgan Dollars struck that year. While 1.77 million might sound like a lot, it is a drop in the bucket compared to the 20 million struck in Philly.

Survival Estimates: Where Did They Go?

Mintage tells us how many were made, but "survival estimates" tell us how many are left. Many Morgan Dollars were melted down under the Pittman Act of 1918, and others were simply lost to heavy circulation.

Experts estimate that only about 180,000 of the original 1887-S dollars survive in any grade today. Even more striking is the scarcity of high-quality pieces. Only about 60,000 are estimated to exist in Mint State (MS60 or better), and a mere 1,300 specimens are thought to remain in MS65 or higher condition. For those interested in the technical data, you can find more 1887-S $1 (Regular Strike) facts through the PCGS database.

Strike Quality and Luster: The San Francisco Standard

The San Francisco Mint has a legendary reputation among collectors for producing coins with "eye appeal." In 1887, the workers at the "Granite Lady" (the nickname for the San Francisco Mint) took great care in their work.

Crisp Strikes and Satin Luster

The 1887 s morgan silver dollar is generally known for having a strong, crisp strike. This means the details in Liberty’s hair and the eagle’s breast feathers are usually well-defined. The luster is often described as "satiny" or "brilliant," giving the coin a beautiful glow when rotated under a light.

The Mystery of the Treasury Bags

Interestingly, many 1887-S dollars were not released into circulation immediately. Instead, they were stored in 1,000-coin canvas bags in Treasury vaults. During the 1940s and 1950s, many of these bags were released at face value. While this helped preserve many coins in Brilliant Uncirculated condition, it also led to "bag marks." Because the coins were heavy and rattled against each other in the bags, many developed small nicks and scratches, making a "clean" MS65 or MS66 example incredibly rare and valuable.

Market Value and Grading Standards

Value is where the rubber meets the road for most collectors. Because the 1887 s morgan silver dollar is scarcer than its Philadelphia and New Orleans cousins, it commands a premium in almost every grade.

Here is a general breakdown of what you might expect to pay (or receive) for an 1887-S:

• Very Fine (VF20): These coins show honest wear but still have clear details. They typically retail for around $200 - $265. Interestingly, circulated specimens in grades like VF are actually quite scarce because many were either kept in bags or worn down completely.
• Extra Fine (XF40): With only light wear on the highest points, these are popular for "album" collectors and usually cost between $225 and $300.
• Brilliant Uncirculated (MS60-MS62): These have no wear but may have many bag marks. Expect to pay $400 - $550.
• Choice Uncirculated (MS63-MS64): This is the "sweet spot" for many collectors. An NGC MS63 example might go for $620, while a PCGS MS64 can reach $775. If the coin has a CAC sticker (indicating it is high-end for the grade), the price can jump to $1,000 or more.
• Gem Uncirculated (MS65+): This is where the price sky-rockets. An MS65 coin can easily exceed $1,750, and the auction record for an MS66+ PCGS (CAC) coin sits at a staggering $58,800.

For real-time data and historical pricing, the 1887 S $1 MS Coin Explorer is an excellent resource.

Determining the Value of an 1887-S Morgan Silver Dollar

When we evaluate a coin, we look at more than just the number on the slab. We consider the "Condition Census," which tracks the finest known examples. For the 1887-S, there is only one known MS67 graded by PCGS, making it a true unicorn of the numismatic world.

Retail pricing often differs from auction pricing because retail takes into account the expert research, inventory costs, and the guarantee of authenticity that we provide at Coins Online LLC.

Key Varieties and VAMs of the 1887-S Morgan Silver Dollar

For the "die-hard" collectors (pun intended), there are varieties known as VAMs (named after researchers Van Allen and Mallis). These are specific die marriages that result in unique features:

• VAM-1: The standard business strike.
• S/S (Repunched Mint Mark): Some 1887-S dollars show evidence of the "S" being punched into the die twice, creating a slight doubling effect.
• Doubled Dies: While not as famous as the 1888-O "Hot Lips" or the 1879-S, there are minor doubled die varieties for the 1887-S that are listed in the "Top 100" or "Hot 50" VAM lists.

Finding a rare VAM on an 1887-S is like finding a hidden treasure within a treasure!

Frequently Asked Questions about the 1887-S Morgan Silver Dollar

Why is the 1887-S considered a key date?

While not as rare as the 1893-S or the 1889-CC, the 1887 s morgan silver dollar is considered a semi-key date because its mintage is significantly lower than most other years in the 1880s. It represents the lowest mintage of 1887 across all mints, and its survival rate in high grades is very low.

How many 1887-S Morgan Dollars still exist?

Current estimates suggest about 180,000 survive in all conditions. However, if you are looking for a "Gem" coin (MS65 or higher), you are competing for one of only about 1,300 known specimens. If you prefer circulated coins, keep in mind that "Very Fine" or better circulated examples are actually quite tough to find, with perhaps only 25,000 in existence.

What is the highest price ever paid for an 1887-S?

The current auction record is $58,800. This was paid for a magnificent MS66+ specimen graded by PCGS with a CAC sticker, sold at a Stack’s Bowers auction in October 2018. This particular coin was part of the famous "Coronet" collection, which explains its high pedigree and price.

Conclusion

The 1887 s morgan silver dollar is a true West Coast Wonder, combining the history of the San Francisco Mint with the artistry of George T. Morgan. Whether you are looking for a circulated coin with "character" or a brilliant uncirculated gem, this date is a must-have for any serious collector.

At Coins Online LLC, we pride ourselves on helping collectors find the perfect addition to their sets. Since 1999, we have offered over 5,000 products with competitive pricing and a 14-day return policy to ensure you are 100% satisfied with your purchase. We ship throughout the United States and Canada, bringing the best of American numismatics right to your door.

Have questions about a coin in your collection or looking to buy your first 1887 s morgan silver dollar? Contact us for more information and let our team of experts guide you on your collecting journey!