1878 P Morgan Silver Dollar Value

The 1878 P Morgan silver dollar (no mint mark) was minted in Philadelphia and comes in around five different varieties.

The circulated grades are worth between $40-$100 and the uncirculated grades are worth between $115-$2500 depending on variety.

1878 P Morgan Silver DollarImage Source: USA Coinbook

  • Designer: George T Morgan
  • Mint: Philadelphia (no mint mark)
  • Metal Composition: 90% Silver - 10% Copper
  • Diameter: 38.1mm
  • Weight: 26.73 grams
  • Mintage: 10,509,300

The highest auction price ever recorded for an 1878 P Morgan silver dollar was $155,250 at David Lawrence Rare Coin Auctions on 28th November 2004.

The coin sold was a 7TF (seven tail feathers) reverse of 1879 variety and was graded PR64 by NGC.

There are five varieties of this silver dollar that exist which include the 8TF, 7TF, 7 over 8 double TF error, 7TF reverse of 1878 and 1879.

Eight Tail Feathers (8TF)

The first Morgan silver dollar that was struck depicted an Eagle on the reverse with eight tail feathers.

Around 750,000 of these were minted in Philadelphia including proof versions which makes it very popular with collectors.

After they went into circulation bird lovers noticed that the Eagle had eight tail feathers, which was inaccurate.

Apparently an Eagle always has an odd number of tail feathers.

This left the designer, George Morgan, with no other option than to redesign the reverse of the coin and sculpt the Eagle with seven tail feathers.

Seven Tail Feathers (7TF)

Seven tail feathers on the Eagle became the new standard design for the reverse of the Morgan dollar and around 9,759,300 were minted in 1878 including proof's.

During the changeover from 8 to 7 tail feathers, the engraver was updating the die to strike the new 7TF design.

This created an error variety known as the 7 over 8 doubled tail feathers, when some of the new design dies were struck on planchets with the older design already on them.

Image Source: USA Coinbook

Second and Third Reverse Varieties

The 2nd variety of the new design is known as the Reverse of 1878 and it is estimated that around 7,000,000 were struck.

You can tell this variety by examining the Eagle's breast and the top feather on the arrow in the Eagle's claw.

The breast looks quite flat and the feather on the arrow is flat and inline with the rest of the arrow feathers.

The 3rd variety is known as the Reverse of 1879 which looks a lot better and it is estimated that around 2,000,000 were struck.

The Eagle's breast is more rounded and natural looking and the top feather on the arrow is pointed up slightly.

2nd and 3rdImage Source: USA Coinbook

How Much Is An 1878 P Morgan Silver Dollar Worth?

The 8TF is valued as follows:

  • G4 $50
  • VG8 $52
  • F12 $60
  • VF20 $70
  • EF40 $105
  • AU50 $125
  • MS60 $270
  • MS65 $2400

Highest auction price was $55,812.50 for MS67 and $70,500 for PR67.

The 7/8TF is valued as follows:

  • G4 $40
  • VG8 $42
  • F12 $52
  • VF20 $58
  • EF40 $77
  • AU50 $100
  • MS60 $235
  • MS65 $2650

Highest auction price was $20,700 for MS62.

The 7TF Reverse of 1878 is valued as follows:

  • G4 $40
  • VG8 $43
  • F12 $47
  • VF20 $62
  • EF40 $82
  • AU50 $100
  • MS60 $155
  • MS65 $1000

Highest auction price was $43,475 for MS66+ and $84,000 for PR67+.

The 7TF Reverse of 1879 is valued as follows:

  • G4 $40
  • VG8 $42
  • F12 $47
  • VF20 $57
  • EF40 $67
  • AU50 $105
  • MS60 $175
  • MS65 $2150

Highest auction price was $37,600 for MS67 and $155,250 for PR64.

Estimated values gathered from PCGS and Heritage Auctions.


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