The 1878-S Morgan Dollar is worth anywhere from $35 in heavily worn condition to well over $1,500 in near-perfect mint state. If you’ve found one of these silver coins tucked away in an old collection or inherited from a family member, you’re holding something genuinely special — and potentially quite valuable.
What Makes the 1878-S Morgan Dollar Unique
The 1878-S Morgan Dollar holds a special place in American numismatic history. It was struck at the San Francisco Mint in the very first year the Morgan Dollar was ever produced — making it a true first-year issue. The “S” mintmark, found on the reverse of the coin just above the “DO” in “DOLLAR,” tells you this coin came from San Francisco, which was known for producing some of the finest quality strikes of the era.
Unlike its Philadelphia and Carson City counterparts from the same year, the 1878-S was minted in relatively large numbers — approximately 9.7 million coins were struck. But don’t let that fool you. High mintage doesn’t mean low value. Many of these coins circulated heavily, and finding one in excellent condition today is far from easy.
If you’re not sure what you’re holding, using a free coin identifier app is a great first step before you take the coin anywhere or make any decisions about selling.
1878-S Morgan Dollar Value by Grade
The condition of your coin — known in the hobby as its “grade” — is the single biggest factor in determining value. A coin that looks shiny and detailed will be worth dramatically more than one that’s been worn smooth from years of circulation.
Here’s a general value breakdown based on coin grade:
| Grade | Description | Estimated Value |
|---|---|---|
| Good (G-4) | Heavy wear, outline visible | $35 – $45 |
| Very Fine (VF-20) | Moderate wear, some detail | $45 – $65 |
| Extremely Fine (EF-40) | Light wear on high points | $65 – $90 |
| About Uncirculated (AU-55) | Slight wear, mostly lustrous | $100 – $150 |
| MS-63 (Mint State) | Uncirculated, some marks | $300 – $500 |
| MS-65 (Gem Mint State) | Sharp, lustrous, few blemishes | $1,000 – $1,500+ |
For the most current market pricing, you can check out up-to-date 1878-S Morgan Dollar price data across mint state grades to see what collectors are actually paying right now.
Silver Content and Its Role in Value
Even if your 1878-S Morgan Dollar is heavily worn and grades on the lower end, it still has intrinsic value because it’s made of 90% silver. Each coin contains 0.7734 troy ounces of pure silver.
With silver prices typically ranging between $25 and $32 per troy ounce in recent years, that means even the most worn example carries a “melt value” of roughly $20–$25 just in raw metal. This is called the coin’s bullion floor — the minimum it will ever be worth regardless of collector demand.
Of course, most 1878-S Morgan Dollars are worth significantly more than their silver content alone, especially in grades above Good. The collector premium on top of the melt value is where the real money is.
How to Check if Your Coin Is the Real Deal
Before you get too excited, it’s worth making sure your coin is genuine. Counterfeit Morgan Dollars do exist, especially ones altered to look like rare dates or mintmarks. A few things to look for: the coin should weigh 26.73 grams, measure 38.1mm in diameter, and have reeded (ridged) edges.
CoinKnow is a popular tool among everyday collectors for quickly identifying and estimating the value of coins like the 1878-S Morgan Dollar. With just a photo, it can give you a solid baseline value and help you understand what you’re working with before visiting a dealer.
If you want a comprehensive look at 1878 silver dollar values across all mint facilities and conditions, that resource breaks things down in a very beginner-friendly way.
Should You Sell, Hold, or Get It Graded?
If your coin appears to be in uncirculated or near-uncirculated condition, it’s probably worth spending the $30–$50 to have it professionally graded by PCGS or NGC. A certified grade can dramatically increase buyer confidence — and your sale price.
For coins in circulated grades (Good through Extremely Fine), professional grading usually isn’t cost-effective. In that case, selling to a reputable local coin dealer or listing it on an auction platform is your best move.
CoinKnow can help you understand the realistic value of your specific coin before you walk into any dealer’s shop — so you don’t get lowballed without even realizing it. Knowledge is your best bargaining chip.
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Frequently Asked Questions
Q: How do I know if my coin is the 1878-S and not another year?
A: Look at the date on the obverse (front) of the coin — it should clearly read 1878. Then flip it over and look just above the “DO” in DOLLAR on the reverse. If you see a small “S” mintmark, it was minted in San Francisco. No mintmark means it’s a Philadelphia issue.
Q: Is a worn 1878-S Morgan Dollar still worth keeping?
A: Absolutely. Even heavily circulated examples are worth $35 or more thanks to their silver content and collector demand. First-year Morgan Dollars from San Francisco always carry a baseline premium, no matter the condition.
Q: Where is the best place to sell an 1878-S Morgan Dollar?
A: Your best options are reputable local coin dealers, major auction houses like Heritage Auctions, or online platforms like eBay. Before selling anywhere, use a tool like CoinKnow to get a realistic sense of what your coin is worth so you can negotiate with confidence.
