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COIN VALUE GUIDES · DOLLARS
1881 Silver Dollar Value:No Mint Mark, O, S and CC Compared
Identify your 1881 Morgan dollar, compare all four mints by grade, and understand the Carson City and GSA distinctions.
HeriBase TeamPublished In this article
How much is an 1881 silver dollar worth?
An 1881 Morgan dollar’s value depends first on its mint mark and condition. The PCGS guide checked October 19, 2026 lists Philadelphia, New Orleans and San Francisco examples at $92 in Very Fine 20; an 1881-CC is $475 in the same grade. At Mint State 63, the respective figures are $115, $135, $110 and $875. These are retail guide estimates for problem-free coins, not a price promised for every raw example.
All four regular issues contain 90% silver, but CC carries a substantial collector premium. Look below the reverse wreath for CC, O or S; no letter means Philadelphia. Original surfaces, a sound grade and any properly attributed reflective finish matter more than the date alone.
1881 Morgan dollar: date, portrait and mint mark
Why the Carson City issue has its own following
The Morgan dollar was already an established design when these coins were struck in 1881. George T. Morgan’s Liberty portrait and spread-winged eagle connect the four mint issues visually, but their production histories differ. Carson City struck only 296,000 regular dollars that year, against millions at each of the other three mints.
Low original production does not tell the whole survival story. Treasury-held silver dollars later reached collectors through government sales, including the General Services Administration, or GSA, program. The 1970 coinage law authorized the sale of the Treasury’s remaining rare silver dollars. PCGS separately catalogs 1881-CC coins associated with the GSA hoard. This helps explain why a scarce-mintage Carson City date can still be encountered in uncirculated condition.
A GSA holder is part of a coin’s collecting context; it does not make all enclosed coins the same grade. Compare the actual surfaces and relevant packaging, rather than transferring a premium from any listing with the word “GSA.”
| Feature | What to check |
|---|---|
| Type / designer | Morgan dollar / George T. Morgan |
| Metal | 90% silver, 10% copper |
| Nominal weight / diameter | 26.73 g / 38.10 mm |
| Edge | Reeded |
| Fine silver | Approximately 0.7734 troy ounce |
| Mint-mark position | Reverse, below the wreath |
| Mint | Mark | Mintage |
|---|---|---|
| Philadelphia | None | 9,163,000 |
| New Orleans | O | 5,708,000 |
| San Francisco | S | 12,760,000 |
| Carson City | CC | 296,000 |
These are production totals, not present-day population counts. The Morgan year-by-mint mintage table puts them in the wider series.
Check the mint before choosing a price
Turn the coin over and locate the small space between the wreath bow and the denomination. Read the full mark: two C letters identify Carson City, while O and S identify New Orleans and San Francisco. A normal Philadelphia Morgan has no letter there. The missing letter is expected, not a missing-mint-mark error.
The reverse should show the Morgan eagle and wreath. An 1881-dated Trade dollar has a different design and belongs to a different price series; this chart is specifically for Morgan dollars. Likewise, a modern replica that carries 1881 must not be valued from the historical-coin chart.
Reflective surfaces need a separate comparison
Prooflike (PL) and Deep Mirror Prooflike (DMPL) are surface designations for certain regular strikes. They do not mean a coin is a Proof. This article’s chart uses ordinary regular-strike grades without those designations. Polishing can also make a surface reflective, so brightness alone does not establish a special finish.
For the mark location across other dates, use the Morgan mint-mark guide. If a CC seems added or its surrounding surface looks disturbed, resolve authenticity before estimating value.
1881 silver dollar value chart by mint and grade
| Issue | VF20 | XF40 | MS63 | MS65 |
|---|---|---|---|---|
| 1881 · no mark | $92 | $92 | $115 | $450 |
| 1881-O | $92 | $92 | $135 | $1,050 |
| 1881-S | $92 | $92 | $110 | $185 |
| 1881-CC | $475 | $535 | $875 | $1,150 |
PCGS retail guide estimates in US dollars, checked October 19, 2026. These are references for genuine, problem-free coins in the stated grade, not auction results or guaranteed offers. Cleaned, damaged and incorrectly graded coins need different comparisons.
Very Fine (VF) and Extremely Fine (XF) are circulated grades. Mint State (MS) means no circulation wear, though contact marks and weakly struck areas can remain. Notice that an 1881-S at MS65 is not priced like an 1881-O at MS65. Matching only the year—or even only year and grade—misses a major part of the comparison.
Inspect Liberty’s cheek, the open fields and the high points under changing light. A scratched, polished or repaired coin may receive a Details assessment rather than a problem-free numerical grade. Use the grading scale guide for the terminology instead of treating an attractive photograph as certification.
The silver reference is 0.7734 multiplied by a dated silver price per troy ounce. That calculation covers metal only. It cannot explain the CC premium and should not be substituted for a collector comparison. When selling, check matching recent completed sales and separate any buyer’s premium from the seller’s net proceeds.
The useful takeaway
Read the reverse mint mark first: CC changes the price category substantially. At VF20, the checked guide is $92 for the three non-CC issues versus $475 for CC; at MS63 the comparison is $110–$135 versus $875.
Then match condition, original surfaces and finish. Keep GSA packaging and PL or DMPL designations in their own comparisons rather than applying their premiums to every 1881 dollar.
Frequently asked questions
What is an 1881 silver dollar worth with no mint mark?
The October 19, 2026 PCGS retail guide lists an 1881 Philadelphia Morgan at $92 in VF20, $115 in MS63 and $450 in MS65. These figures apply to problem-free examples in the specified grades.
Why is an 1881-CC dollar more expensive?
Carson City struck 296,000 regular dollars in 1881, far fewer than the other mints. Its collector market is distinct, while preserved Treasury and GSA coins help explain the availability of uncirculated examples.
Where is the mint mark on an 1881 Morgan dollar?
Look on the reverse below the wreath bow and above ONE DOLLAR. CC, O and S identify Carson City, New Orleans and San Francisco; no letter identifies Philadelphia.
Does an 1881 silver dollar contain an ounce of silver?
No. A standard Morgan dollar is 90% silver and contains approximately 0.7734 troy ounce of fine silver. Its total nominal weight is 26.73 grams.
References
Sources
Research checked October 19, 2026. Any price example retains its stated source date and scope.
- PCGS · 1881 PhiladelphiaSpecifications, production and grade-specific retail guide.
- PCGS · 1881-ONew Orleans production and values.
- PCGS · 1881-SSan Francisco production and values.
- PCGS · 1881-CCCarson City production and values.
- PCGS · 1881-CC GSA issueSeparate attribution for GSA-hoard coins.
- U.S. Mint · 1970 coinage lawAuthorization to sell remaining Treasury rare silver dollars.