Have you found an 1888 Silver Dollar in your recent pocket change search? If you have, you are going through a lucky streak. Grab onto it and join us in our quest to determine its value. By the end of the article, you will realize just how lucky you are!
You have a head start because this precious bullion coin is already worth more than its face value.
The 1888 Silver Dollar bare minimum is the current silver melt value of $17,59. From here, the price only goes up! According to the NGC Price Guide, the value of an 1888 Silver Dollar in a circulated condition is somewhere between $33,50 and $63, and in uncirculated perfect condition as much as $18,500. However, auction prices tell an entirely different story. For instance, an especially rare 1888 Proof Silver Dollar in PR67+ condition (Deep Cameo) was sold for a mind-blowing sum of $90,000 in February 2021.
See, the 1888 Silver Dollar value is something worth exploring! Hence our determination to look into every single factor (history, mintage, rarity, condition, error varieties, and auction prices) affecting the value of this beautiful silver dollar. Read on, and get ready to be amazed!
History of 1888 Silver Dollar
The history of the 1888 Silver Dollar started a decade earlier, in 1878. This elegant silver dollar was minted from 1878 through 1904, with a comeback in 1921.
Usually, the coins bear the names of important people or symbols portrayed on their obverse and reverse. Well, that is not the case with the silver dollar. The 1888 Silver Dollar is part of the Morgan Dollar series named after its designer George T. Morgan, an assistant engraver in the US Mint.
Another interesting fact regarding the 1888 (Morgan) Silver Dollar is the mintage which was a result of political pressure, not economic demand. Silver mining interests forcefully found their way into Congress to lobby for the return of this precious metal. Thanks to Missouri representative Richard Bland and Senator William Allison from Iowa (Bland–Allison Act) the silver dollar saw the light of day five years after the withdrawal of the Liberty Seated dollar.
Engraver George T. Morgan did an incredible job improving the rather bland appearance of the silver dollar’s first edition. His sophisticated design (unlike any other American silver dollar) increased its popularity and collectible value. No wonder this highly sought-after coin proudly carries his name.
So far, we have two winning combinations affecting the value of the 1888 Silver Dollar, historical significance and unique design. It is time for the next step, mintage!
Mintage of 1888 Silver Dollar
Between 1878 and 1904, over half a billion Morgan dollars were struck in the main Philadelphia Mint as well as in New Orleans, San Francisco, and Carson City branches. The mintage of the silver dollar at Carson City was much lower and finally terminated in 1893.
Even so, the 1888 Silver Dollars were minted only in these three US Mints in the following quantity:
- Philadelphia Mint produced 19,183,000 pieces of the 1888 Silver Dollar with no mint mark and 833 samples of the 1888 Proof Silver Dollar;
- New Orleans Mint produced 12,150,000 pieces of the 1888-O Silver Dollar;
- San Francisco Mint produced 657,000 samples of the 1888-S Silver Dollar.
Philadelphia Mint produced the highest quantity of the 1888 Silver Dollar, followed by the New Orleans and San Francisco Mint. Due to their rarity (lowest mintage), the proof samples in perfect condition have the highest value. The 1888 Proof Silver Dollars have no mint mark, while the regular silver dollars minted in New Orleans and San Francisco bear the “O” and “S” mint marks respectively.
1888 Silver Dollar Features
- Series: Morgan Dollars (1878-1921)
- Mint: Philadelphia, New Orleans, and San Francisco
- Mintage: Total of 31,990,833
- Designer: George T. Morgan (obverse side of the coin)
- Designer: George T. Morgan (reverse side of the coin)
- Composition: 90% Silver, 10% Copper
- Weight: 26,73 grams
- Diameter: 38,10 mm
- Thickness: 2,40 mm
- Face value: One dollar ($1,00)
- Melt value: $17,59 (8/16/2023)
- Edge: Reeded
The 1888 Silver Dollar is well-known for its beauty and these distinctive features on the obverse and reverse sides:
- On the obverse, George T. Morgan depicted Lady Liberty’s profile facing left with a Phrygian cap and a small crown with the word “LIBERTY”. There are seven stars on the left and six on the right side of Lady Liberty, while the famous motto “E PLURIBUS UNUM” (out of many, one) is written in between the stars along the top of the coin’s rim. The bottom of the obverse side is reserved for 1888, the year of mintage.
- The same designer portrayed a skinny-looking eagle (which led some to libel the coin as a “buzzard dollar”) at the center of the reverse spreading his wings. The eagle holds three arrows and an olive branch in its claws. You can see both the denomination “ONE DOLLAR” and the mint mark (if any) below the wrath. Above the eagle are the inscriptions “IN GOD WE TRUST” and “UNITED STATES OF AMERICA” along the top rim of the coin. The letter M (Morgan’s initial) is placed on the ribbon’s left loop.
Despite the criticism of the skinny bald eagle portrayal on the reverse, the 1888 Silver Dollar is considered to be one of the most exquisite dollars in American coinage. These basic features of this beautiful coin will help you identify it amongst others in no time. However, every 1888 Silver Dollar variety has distinguished characteristics you should be familiar with. Why? Because, one way or another, they affect the 1888 Silver Dollar value.
1888 Silver Dollar Varieties and Value
Three mints produced four varieties of the 1888 Silver Dollar including proof coins. Some of them were produced in high quantity, while others are particularly rare and insanely expensive in perfect condition. Here is what you should know about each variety of the 1888 Silver Dollar and their value:
1. 1888 Silver Dollar No Mint Mark Value
Philadelphia Mint produced the highest quantity of 19,183,000 pieces of the 1888 Silver Dollar with no mint mark. According to PCGS price details, you can purchase an 1888 Silver Dollar with no mint mark and an MS64+ grade for as low as $140 and as high as $1,050 for a DMPL (Deep Mirror Proof-Like) piece in the same grade.
The value of the 1888 Silver Dollar with no mint mark is closely connected to the coin’s grade and overall condition. So, for the 1888 Silver Dollar in MS67+ condition, you will need at least $6,500 or $22,500 for its DMPL counterpart. See, when it comes to the highest grades even a small detail makes all the difference between thousands and tens of thousands of dollars.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1888 Silver Dollar (no mint mark)
MS+ |
between $140 and $190
|
between $300 and $400
|
between $750 and $1,550
|
between |
| 1888 Silver Dollar (no mint mark)
PL+ |
between $225 and $325
|
between $575 and $950
|
between $3,250 and $4,250
|
/ |
| 1888 Silver Dollar (no mint mark)
DMPL+ |
between $600 and $1,050
|
between $2,500 and $4,000
|
between $10,000 and $12,500 | $22,500 |
The auction record for the 1888 Silver Dollar goes to Heritage Auctions for the sharply defined specimen with minimal surface marks and an MS67 grade sold for $18,400 on January 6, 2011. According to PCGS data only 13 coins of more than 29,000 certified pieces of the 1888 Silver Dollars have received the MS67 grade. So, high grade and rarity are a win-win combination!
2. 1888-O Silver Dollar Value
With 12,150,000 pieces of the 1888-O Silver Dollar, New Orleans had the second-highest mintage in 1888. Despite the impressive quantity you should be prepared to pay a lot for a piece graded MS67+ like the one valued at $17,500 at the PCGS (Morgan) Silver Dollar price guide. If you are on a tiny budget you can purchase an 1888-O Silver Dollar with a lower grade like MS64+ for a starting price of $185 and a highest price of $1,050 for a DMPL+ version.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1888 Silver Dollar (“O” mint mark)
MS+ |
between $185 and $225
|
between $360 and $650
|
between $1,650 and $5,000
|
$17,500 |
| 1888 Silver Dollar (“O” mint mark)
PL+ |
between $350 and $425
|
between $950 and $1,300
|
between | / |
| 1888 Silver Dollar (“O” mint mark)
DMPL+ |
between $950 and $1,050
|
between $3,250 and $6,750
|
between $16,500 and $32,500 | / |
If you are after the high-graded silver dollars in perfect condition you should know that a proof-like 1888-O Silver Dollar (MS66+ CAC) realized an auction price of $25,850 in 2016 on one of Legend Rare Coins Auctions.
3. 1888-S Silver Dollar Value
Unlike the high mintage of the 1888 Silver Dollar (no mint mark) and the 1888-O Silver Dollar (“O” mint mark), the San Francisco Mint produced only 657,000 pieces of the 1888-S Silver Dollar.
The low quantity and even lower surviving specimens of the silver dollar with the “S” mint mark draw collectors and keep the value high. The value of an 1888-S Silver Dollar in MS64+ condition is between $1,350 and $1,700, while the value of a sample with PL+ or DMPL+ qualities is between $2,500 and $6,000.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1888 Silver Dollar (“S” mint mark)
MS+ |
between $1,350 and $1,700
|
between $2,750 and $3,400 | between $6,000 and $30,000 | $37,500 |
| 1888 Silver Dollar (“S” mint mark)
PL+ |
between $2,500 and $2,900
|
between $3,750 and $8,500
|
between | / |
| 1888 Silver Dollar (“S” mint mark)
DMPL+ |
between $4,600 and $6,000
|
between $16,500 and $18,000 | $22,500 | / |
If you are a dedicated collector with an unlimited budget you can buy a piece in MS67+ condition for $37,500. Such 1888-S Silver Dollar in MS66+ condition was sold for an auction record of $31,200 on September 5, 2019.
4. 1888 Proof Silver Dollar Value
The 1888 Proof Silver Dollar had the lowest mintage in 1888. Only 833 proofs were produced in the Philadelphia Mint that year. No wonder an 1888 Proof Silver Dollar holds the auction record of $90,000. As the rarest of the 1888 Silver Dollars, they have caught passionate collectors’ attention and according to the PCGS price guide, the ones in MS67 (PR+, CAM+, and DCAM+) condition can reach a staggering value of $100,000.
Even the 1888 Proof Silver Dollars with a grade of MS64 are worth thousands of dollars. So, for an 1888 Silver Dollar MS64 (PR+, CAM+, and DCAM+) you will need a budget between $4,850 and $16,500.
| Type and design | MS64 | MS65 | MS66 | MS67 |
| 1888 Proof Silver Dollar
PR+ |
between $4,850 and $5,750
|
between $7,000 and $8,000
|
between $14,000 and $15,500 | $18,000
|
| 1888 Proof Silver Dollar CAM+ | between $6,750 and $7,250
|
between $,500 and $10,500
|
between $15,000 and $24,000 | $37,500 |
| 1888 Proof Silver Dollar DCAM+ | between $15,000 and $16,500 | between $20,000 and $23,000 | between $28,500 and $37,500 | between $65,000 and $100,000 |
Errors (VAM varieties) Affecting the Value of 1888 Silver Dollar
There are two recognizable errors, in this case, VAM varieties (studied and cataloged thanks to the effort of Van Allen and Mallis) affecting the value of the 1888 Silver Dollar. These errors are favorite amongst collectors and can be found on the 1888-O Silver Dollar and the poof-like (PL+) or the deep mirror proof-like (DMPL+) specimens:
1. 1888 Silver Dollar Doubled Die Obverse (DDO) Error
This Double Die Obverse error is also known as the VAM-4 Hot Lips variety. The name says it all, and you can notice the die error on the 1888-O Silver in Lady Liberty’s lips area. If you look at the slightly overlapped markings, it appears like Liberty’s portrait has enlarged lips. However, this error can also occur in the chin and nose area due to discorded strikes.
Heritage Auction sold an 1888-O Silver Dollar with DDO error (VAM-4) in MS61 condition for a record price of $19,200 in July 2022.
2. 1888 Silver Dollar Die Crack Error
The Die Crack Error is known as the VAM-1 Scarface variety. Again the name helps us find the error as a scar across Lady Liberty’s face (left cheek). The 1888-O Silver Dollars (PL and DMPL) with a die crack error are extremely rare and valuable. Besides the well-known VAM coins, the New Orleans Mint produced a less-known variety called the Shooting Star.
For example, an 1888-O Scarface Silver Dollar graded MS64 was sold for an auction record of $14,688 in December 2013.
If you check the Top 100 Silver Dollar VAM varieties besides these two four others are affecting the 1888 Silver Dollar value like the 1888 Doubled Ear (VAM 11), 1888-O Clashed E (VAM 1A), 1888-O Doubled Arrows (VAM 9), and the 1888-O Oval O (VAM 2, VAM 5-6, VAM 17-18, VAM 21, VAM 24, or VAM 34).
1888 Silver Dollar Auction Record Value
The auction record prices of the 1888 Silver Dollar depend on the coin’s variety and grade. Therefore, their value varies between $300 and $90,000. The rarest coins in perfect condition are the ones with the highest value, like the rare deep cameo 1888 Proof Silver Dollar in PR67+ condition.
| Type | Title | Auction record |
| 1888 Silver Dollar, MS
|
1888 GSA Hoard MS | $337.49 |
| 1888 MS | $18,400 | |
| 1888-O Scarface MS | $14,688 | |
| 1888-O MS | $25,850 | |
| 1888-O Doubled Die Obverse MS | $63,999 | |
| 1888-S MS | $31,200 | |
| 1888 Silver Dollar, PR | 1888 PR | $90,000 |
Each 1888 Silver Dollar variety in this table has valuable pieces sold on different auctions. Read on, to find the most valuable ones that are worth a fortune!
Most Valuable 1888 Silver Dollars
This table contains the 15 most valuable 1888 Silver Dollars sold on auctions from 2021 until today. Check it out and see whether your 1888 Silver Dollar is ready to hit the auction market.
| Grade | SVC. | Firm | Sale | Price |
| PR67+DCAM | PCGS | Legend Rare Coin Auctions | The Regency Auction 43 | $90,000 |
| PR67CAM | NGC | David Lawrence RC | Internet Auction #1220 | $29,000 |
| MS61 | PCGS | Heritage Auctions | 2022 July 14-17 Long Beach Expo/Summer FUN U.S. Coins Signature Auction #1347 | $19,200 |
| PR67 | PCGS | Legend Rare Coin Auctions | The Regency Auction 43 | $16,450 |
| PR66CAM | PCGS | Heritage Auctions | 2023 May 3-7 CSNS U.S. Coins Signature Auction #1359 | $14,400 |
| PR66 | PCGS | Stack’s Bowers | November 2021 Baltimore U.S. Coins auction | $12,000 |
| PR67 | PCGS | Legend Rare Coin Auctions | The Regency Auction 50 | $11,750 |
| PR66CAM | NGC | Heritage Auctions | 2023 February 9-12 Long Beach Expo U.S. Coins Signature Auction #1357 | $10,800 |
| PR66 | PCGS | Stack’s Bowers | Spring 2023 U.S. Coins Auction | $9,600 |
| PR65CAM | PCGS | Heritage Auctions | 2021 November 22 The Athens Collection U.S. Coins Showcase Auction #60229 | $7,800 |
| MS67 | PCGS | Heritage Auctions | 2022 January 12-16 FUN U.S. Coins Signature Auction – Orlando FUN #1341 | $7,500 |
| MS62 | PCGS | Heritage Auctions | Internet U.S. Coin Auction #132310 | $7,500 |
| MS63 | PCGS | Heritage Auctions | 2023 June 26 Morgan $ VAM Varieties from the Stephenville Collection U.S. Coins Showcase Auction #63229 | $7,200 |
| PR65+ | PCGS | Legend Rare Coin Auctions | The Regency Auction 49 | $6,463 |
| MS62 | PCGS | Stack’s Bowers | August 2021 ANA U.S. Coins Auction | $5,520 |
If you like what you see and your 1888 Silver Dollar even slightly resembles some of the most valuable pieces, you can consider yourself lucky.
Conclusion
The history of the 1888 Silver Dollar is quite exciting and almost surreal. The coin was greeted with indifference at the time of release and gradually became one of the most widely pursued U. S. coins.
The value of the 1888 Silver Dollar in pristine condition is indisputable. There is only a price variation depending on the coin’s variety, rarity, and grade. The power is in the details! So, once you start calculating the value of the piece you found in your pocket change, include every little detail affecting its value. Hopefully, this article will ease your calculation process and allow you to see the coin’s current market demand and value.
