What Is the Value of an 1878 Silver Dollar? [Price Charts]
What Is the Value of an 1878 Silver Dollar?
Complete price charts and value guide for all 1878 Morgan silver dollar varieties and condition grades
Introduction
The Morgan silver dollar was introduced in 1878, to comply with the Bland-Allison Act. It would be struck annually from 1878 to 1904, then one last time in 1921. The first year of production, 1878, is particularly fascinating to collectors due to its four distinct varieties that emerged from rapid design changes during the coin's debut year.
Understanding the value of 1878 silver dollars requires knowledge of these varieties, their relative scarcity, and current market conditions. While silver spot prices provide a baseline for the precious metal content, the numismatic premiums on these historic coins far exceed their silver value, especially for higher-grade examples.
Table of Contents
1878 Silver Dollar Price Overview
Here is a comprehensive value chart for all of the 1878 silver dollar varieties. Prices across different condition grades are included, reflecting the significant premiums these historic coins command above their intrinsic silver value.
| Variety | Very Fine (VF) | Extremely Fine (XF/EF) | About Uncirculated (AU) | Mint State 61 | Mint State 63 | Mint State 65 | Auction Record |
|---|---|---|---|---|---|---|---|
| 8 Tail Feathers | $97 | $115 | $143 | $273 | $370 | $1,250 | $55,813 |
| 7/8 Tail Feathers Overstrike | $54 | $68 | $92 | $266 | $370 | $1,940 | $15,010 |
| 7 Tail Feathers, Reverse of 1878 | $54 | $59 | $72 | $115 | $162 | $780 | $43,475 |
| 7 Tail Feathers, Reverse of 1879 | $54 | $58 | $70 | $273 | $390 | $1,970 | $37,600 |
Market Context
These values reflect significant premiums over the coin's silver content. With current silver spot prices, the melt value of a Morgan dollar is approximately $19-25, making the numismatic premiums substantial for collectors and investors alike.
Major 1878 Morgan Dollar Reverse Varieties
The Morgan dollar's design underwent two rapid changes its first year, before arriving at the appearance that it would bear for the rest of the series. All the changes happened on the reverse of the coin that was minted in Philadelphia. They are relatively easy to spot once you know what to look for.
Design Evolution Timeline
- Reverse 1: 8 Tail Feathers, flat breast on eagle, parallel arrow feather
- Transitional Reverse 2: 7 Tail Feathers reverse struck over 8 Tail Feathers (7/8TF), flat breast on eagle, parallel arrow feather
- Reverse 2 (Reverse of 1878): 7 Tail Feathers, flat breast on eagle, parallel arrow feather
- Reverse 3 (Reverse of 1879): 7 Tail Feathers, rounded breast on eagle, slanted arrow feather
Collector's Note
Reverse 3 would become the standard Morgan dollar reverse design from 1879 to 1904, making the 1878 varieties historically significant as they represent the experimental phase of this iconic American coin series.
8 Tail Feathers (8TF) Variety
Key Specifications
Identifying Features
- 8 Tail Feathers on the eagle
- Flat Eagle Breast
- Parallel Arrow Feather
- First 1878 Morgan dollar released to the public
The 1878 8TF Morgan dollar is the first type of Morgan dollar. It is far scarcer than the 9.7 million "7 tail feathers" version released later the same year. This scarcity is reflected in the significantly higher prices of each variety. The 1878 8TF Morgan dollar can be found without much trouble, up to MS65.
NGC and PCGS censuses show a combined total of just over 1,200 MS65, 105 MS66, twelve MS66+, two MS67, and a lone MS68 graded by PCGS, making high-grade examples quite valuable for collectors building complete sets.
| 1878 8TF Morgan Dollar Price Charts | |||
|---|---|---|---|
| Very Fine (VF) | Extremely Fine (EF/XF) | About Uncirculated (AU) | Auction Record (MS67) |
| $97 | $115 | $143 | $55,813 |
| Mint State 61 | Mint State 63 | Mint State 65 |
|---|---|---|
| $273 | $370 | $1,250 |
7/8 Tail Feathers Overstrike
Key Specifications
Identifying Features
- 7TF reverse hubbed on top of 8TF dies
- Tips of 8TF reverse visible under 7TF reverse
- Flat Eagle Breast
- Parallel Arrow Feather
The 1878 7/8TF (7 over 8 Tail Feathers) Morgan dollars were created in March of that year, when existing First Reverse dies featuring an eagle with eight tail feathers were rehubbed using a seven tail feather, Second Reverse hub. This was done to prevent delays in Morgan dollar production while new dies were being prepared.
This stopgap measure resulted in the tips of the longest of the eight tail feathers showing beneath the new image of seven tail feathers. Most of the Morgans where this can be seen only show four of the original eight feathers. Those that clearly show five of the eight sell at a premium.
Historical Context
The clamor to replace the original "Eight Tail Feathers" Morgan dollar reverse put the US Mint in a bind. Until extra sets of dies could be prepared and sent to the branch mints in San Francisco and Carson City, Philadelphia alone had to shoulder the burden of turning $2 million of silver into silver dollars. (San Francisco and Carson City would get their dies in mid-April.)
| 1878 7/8TF Morgan Dollar Price Charts | |||
|---|---|---|---|
| Very Fine (VF) | Extremely Fine (EF/XF) | About Uncirculated (AU) | Auction Record (MS66) |
| $54 | $68 | $92 | $15,010 |
| Mint State 61 | Mint State 63 | Mint State 65 |
|---|---|---|
| $266 | $370 | $1,940 |
7 Tail Feathers, Reverse of 1878
Key Specifications
Identifying Features
- "Second Reverse" design
- 7 Tail Feathers
- Flat Eagle Breast
- Parallel Arrow Feather
The 1878 7TF Rev. of 78 (7 tail feathers, reverse of 1878) is the second, and most plentiful, of the four major varieties of 1878 Morgans struck in Philadelphia. This makes it the most accessible variety for collectors seeking to add an 1878 Morgan to their collection.
This second Morgan dollar reverse was created after public feedback on the original, eight tail feather design. Many people wrote in, saying that the bald eagle had an odd number of tail feathers. In response, Mint Engraver George Morgan reworked the reverse die to give the eagle 7 tail feathers. He also took this opportunity to reduce the relief on both the obverse and reverse of the design.
| 1878 7TF Rev. of '78 Morgan Dollar Price Charts | |||
|---|---|---|---|
| Very Fine (VF) | Extremely Fine (EF/XF) | About Uncirculated (AU) | Auction Record (MS66+) |
| $54 | $59 | $72 | $43,475 |
| Mint State 61 | Mint State 63 | Mint State 65 |
|---|---|---|
| $115 | $162 | $780 |
7 Tail Feathers, Reverse of 1879
Key Specifications
Identifying Features
- "Third Reverse" design
- 7 Tail Feathers
- Rounded Eagle Breast
- Slanted Arrow Feather
The "Reverse of 1879" 1878 Morgan dollar introduced the standard reverse design that would be used for the rest of the Morgan dollar series. The eagle's breast is now rounded in shape. The flat breast of the first and second reverse designs made the coins look softly struck even with full strikes.
The second big change was to the fletching of the topmost arrow in the eagle's talons. The edge of the top feather now slants up from the front to the back. Before, it was parallel to the arrow shaft. This design would remain unchanged through 1904 and the final 1921 issue.
| 1878 7TF Rev. of '79 Morgan Dollar Price Charts | |||
|---|---|---|---|
| Very Fine (VF) | Extremely Fine (EF/XF) | About Uncirculated (AU) | Auction Record (MS67) |
| $54 | $58 | $70 | $37,600 |
| Mint State 61 | Mint State 63 | Mint State 65 |
|---|---|---|
| $273 | $390 | $1,970 |
How Many Tail Feathers Does A Bald Eagle Have?
Despite the often-repeated myth about the Morgan dollar, the bald eagle does not have seven tail feathers. Nor does it have an odd number of tail feathers. It actually has 12 tail feathers. It took the U.S. Mint until 1986 to finally get it right, with the American Silver Eagle bullion coin.
Numismatic Trivia
The American Silver Eagle one troy oz bullion coin was the first U.S. coin with the denomination of $1 to present a bald eagle with the correct dozen tail feathers. The 2000 Sacagawea dollar was the first circulating dollar to have the correct number of tail feathers.
Investment Perspective
While historical silver coins like the 1878 Morgan dollar offer numismatic premiums and collector appeal, modern investors might also consider current silver bullion options for portfolio diversification. Both approaches serve different investment goals, with vintage coins offering historical significance and modern bullion providing closer correlation to current silver prices.