1881 Morgan Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes ….
 

The Morgan Dollar was struck at each of the four mints in 1881. The 1881-CC, with its paltry mintage of 296,000, was saved from semi-key date status by remaining in long-term storage. Most of these coins were disbursed thanks to the GSA sales of the 1970s and early ’80s.

The 1881-S Morgan Dollar, perhaps the most attractive issue in the series, is the most commonly encountered coin of the date. A sufficient number of these, along with several 1881 New Orleans and Philadelphia strikes, survived the Pittman Act melting and were largely disbursed in the early 1960s, along with most of the Federal Government’s silver dollar stockpile. New Orleans issues tend to come flat and dull, which makes sourcing one in Gem or better a challenge. The 1881 Morgan Dollar does not compete with the flashy 1881-S but it tends to be a nice coin, with ample quantity surviving in brilliant white and others imbued with various degrees of color.

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1881 Morgan Dollar Market Data and Noteworthy Specimens

Coin dealer George P. Lang of Valley Stream, New York offered uncirculated examples for $2.50 in an April 1948 Numismatist advertisement.

Dealer Harry W. Bason of New Hyde Park, New York offered 74 different date/mintmark Morgan Dollars in Brilliant Uncirculated in a February 1951 Numismatist ad, where he listed 1881 Morgan Dollars for sale for $1.90 apiece.

While conditionally rare in grades MS66+ and above, the 1881 Morgan Dollar remains affordable up to the MS64 level and is one of the Philadelphia issues featured in Charles Morgan and Russ Augustin’s “Morgan 50” Set.

Top Population: PCGS MS67+ (1, 3/2025), NGC MS67 (5, 3/2025), and CAC MS67 (3:0 stickered:graded, 3/2025).

• PCGS MS67 #25331631: Stack’s Bowers, August 2015, Lot 10151 – $20,562.50.
• PCGS MS67 #25255979: As NGC MS67+ #2016971-018: “The M.L. Moser Collection, #1 NGC Morgan Dollar Registry Set,” Heritage Auctions, April 24, 2014, Lot 5259 – $15,275. Top pop, pop one when offered. M L Moser on insert; As PCGS MS67 #25255979. Heritage Auctions, November 6, 2014, Lot 3836 – $28,200. Crossed to PCGS, where the coin downgraded by 1/2 point. Pedigree removed. Area of discoloration above star 1. Diagonal streak from bottom corner of the lip to jaw. Another, more upright, diagonal streak across neck. Hit on U of PLURIBUS. On the reverse, tick below O of OF.
• PCGS MS67 #38998406: Heritage Auctions, April 23, 2020, Lot 3744 – $17,400. Brilliant. Tiny planchet voids below B and S of PLURIBUS. Void above 1 of date. Small cluster of contact marks in the space between eagle’s left wing and wreath.
• NGC MS67 #448376-013: “JC’s Dollars,” Heritage Auctions, January 5, 2018, Lot 5316 – $13,200. Brilliant.
• PCGS MS67 #33782653: Heritage Auctions, April 28, 2016, Lot 4705 – $17,625. Mostly brilliant. Light toning along upper right rim area.

1881 Morgan Dollar – Deep Mirror Prooflikes

Deep Mirror Prooflike (DMPL) Morgan Dollars are always in high demand and are collecting a subgenre of Morgan Dollars. For the 1881, approximately 1% of all coins certified qualify for the designation, which requires mirror-like reflectivity at eight inches of distance. Frosted devices are often but not always present on DMPL coins.

• PCGS MS66DMPL #44254598: As PCGS MS65+DMPL #38689488. Heritage Auctions, January 22, 2021, Lot 4283 – $12,600. Top pop, pop 2; As PCGS MS66DMPL #44254598. Heritage Auctions, January 12, 2023, Lot 3778 – $26,400. Upgraded by 1/2 point. Now Top pop, pop 1 in DMPL. Brilliant. Frosted devices. Thin tick on jaw. Larger tick at the bottom of the cap. Diagonal scratch below U of PLURIBUS. Imaged above.
• PCGS MS65DMPL #3569734: Heritage Auctions, February 6, 2009, Lot 1720 – $19,550. Naples II on insert. Mostly brilliant with light gold tinge at the rim. Two deep diagonal scratches on jaw.
• PCGS MS65DMPL #06594490: Heritage Auctions, August 1, 2008, Lot 2195 – $20,700. Brilliant.

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Design

Obverse:

The obverse of the 1881 Morgan Dollar exhibits the characteristic left-facing Liberty Head motif seen on all issues of this classic dollar series. The central Liberty bust wears a Phrygian cap encircled with a ribbon adorned with the inscription LIBERTY. Miss Liberty also wears a crown of wheat and cotton, which were two of the nation’s most lucrative natural agricultural assets in the 19th century.

The motto E PLURIBUS UNUM is inscribed along the upper half of the obverse rim, and the date 1881 is centered at the bottom of the obverse adjacent to the rim. Seven stars appear between the left side of the date and the inscription E PLURIBUS UNUM, while six stars fill the gap between the date and motto on the lower right side of the coin. In total, the 13 stars symbolize the 13 colonies that combined to form the original Union of the United States. At the base of Liberty’s neck is the M monogram representing engraver George T. Morgan’s initial.

Reverse:

The reverse of the 1881 Morgan Dollar is dominated by a heraldic eagle, its wings spread across the upper half of the coin. Between the upper tips of the eagle’s wings appears the national motto IN GOD WE TRUST. The eagle clutches an olive branch in its right (dexter) claw representing peace and in its left (sinister) claw are three arrows symbolizing the nation’s ability to defend itself. The central eagle design is partly encircled by a laurel wreath.

Along the rim of the upper two-thirds of the reverse is the legend UNITED STATES OF AMERICA, with the tip of the eagle’s left wings, which virtually touch the coin’s rim, interrupting the space between UNITED and STATES; the right wing visually divides the words OF and AMERICA. The denomination ONE DOLLAR, seen at the bottom center of the reverse, is flanked by a single, six-sided star on either side of the denomination inscription.

Edge:

The edge of the 1881 Morgan Dollar is reeded.

Designer

Engraver George T. Morgan was born in Birmingham, England in 1845. He emigrated to the United States and began work as an assistant to United States Mint Chief Engraver William Barber and continued to produce patterns and commemoratives under the administration of Barber’s son, Charles. Morgan himself became Chief Engraver in 1917. He died in 1925.

Coin Specifications

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