The Morgan Silver Dollar is among the most popular coin series in the hobby, and for good reason. Its coins are quite valuable in pretty much any condition. As one of the last of the original Morgan Dollars, the 1902 Silver Dollar has a unique allure. But how much value does it hold?
According to our research, circulated 1902 Silver Dollars are worth between $34.50 and $220, depending on their condition and variety. About Uncirculated examples are worth between $55 and $1,300.
On the higher spectrum of the Sheldon Scale, mint condition 1902 Silver Dollars have values that range between $70 and $100,000. Of course, the value of each coin is dependent on its variety and condition.
Speaking of the varieties and conditions of this Silver Dollar, below is a highlight of the value of the 1902 Morgan Dollar.
Coin Valuation Chart
| Coin Condition | Estimated Value | |||
| 1902-P Silver Dollar | 1902-P Proof Silver Dollar | 1902-O Silver Dollar | 1902-S Silver Dollar | |
| Circulated
(G4 – XF40) |
$40 -$60 | – | $34.50 – $50.00 | $95 – $220 |
| About Uncirculated (AU50 – AU58+) | $65 – $72 | $1,200 – $1,300 | $55 – $63 | $270 – $360 |
| Uncirculated
(MS60 – MS64+) |
$100 – $13,000 | $1,600 – $5,200 | $70 – $5,000 | $415 – $3,250 |
| Brilliant Uncirculated (MS65 or higher) | $415 – $27,500 | $6,200 – $61,000 | $240 – $16,500 | $2,000 – $100,000 |
1902 Silver Dollar: Historical Background
The 1902 Silver Dollar belongs to the highly coveted coin family, Morgan Dollars. These coins were named after their designer and then-assistant engraver, George T. Morgan. Due to its association with the Morgan Dollar, it has become acceptable to refer to the 1902 Silver Dollar as the 1902 Morgan Dollar. In this article, we will also be using these names interchangeably.
You must understand that the 1902 Silver Dollar comes from a different era. It bears mint marks that we don’t see anymore, and it contains a substantial amount of silver. These coins were minted in the Philadelphia, New Orleans, and San Francisco Mints. They, therefore, bear the mint marks that were representative of these mints.
Another intriguing aspect of the 1902 Morgan Dollar is its population over the century it has been in circulation. The U.S. Mint made over 18 million Morgan Dollars in 1902; this was the typical mintage at that time.
But when the Great War (World War I) rolled around, the U.K. government was in deep financial trouble, and Uncle Sam was willing to help. This help was authorized by the Pittman Act of 1918, which allowed the U.S. Government to melt 350 million Silver Dollars in aid of the British. While they only melted 270 million coins, this action significantly knocked down the population of the 1902 Silver Dollar.
Decades later, in the 1960s, Treasury found an enormous amount of uncirculated Morgan Dollars in one of their vaults. They sold these coins to a public who was happy to hoard them. This find is the reason why there are quite a number of 1902 Morgan Dollars in excellent condition.
1902 Silver Dollar: Physical Features
Judging by the name, you can tell that the 1902 Silver Dollar contains some silver. How much silver? To the tune of 90%. The other 10% is copper.
Below is a highlight of the key physical attributes of the 1902 Silver Dollar.
Coin: Physical Characteristics
| Physical Feature | Notes |
| Color | Silver |
| Metallic Composition | 90% Silver
10% Copper |
| Weight | 26.73 grams |
| Diameter | 38.10 mm |
| Edge | Reeded |
Obverse Design and Features
The 1902 Silver Dollar is the 25th iteration of the Morgan Dollar. As such, it bears the same designs that graced the original 1878 Morgan Dollar. As you’re aware, these coins were designed by George T. Morgan, who not only gave them their faces but also their name.
The obverse of the 1902 Morgan Dollar includes the following element:
- The left-facing profile of Lady Liberty
- The legend “E PLURIBUS UNUM”
- 13 Stars
- The inscription “LIBERTY“
- The date “1902“
Reverse Design and Features
For the reverse, George T. Morgan included the following characters in his reverse:
- A bald eagle with its wings spread out
- An olive branch and cluster of arrows clasped between the eagle’s talons
- The inscription “In God we trust.”
- The country of issue “UNITED STATES OF AMERICA“
- A wreath
- The denomination “ONE DOLLAR“
- The mint mark “O,” “S,” or none
1902 Silver Dollar: Varieties
The 1902 Silver Dollar has some exciting varieties, each more valuable than the last. Let’s break down the value of these varieties.
1902-P Silver Dollar Value
- U.S. Mint: Philadelphia
- Mintage: 7,994,000
- Mint Mark: None
In addition to regular-struck 1902 Morgan Dollars, the Philadelphia Mint made an unknown number of Prooflike and Deep Prooflike coins. While Prooflike coins don’t look as spectacular as proof coins, they are still of superior quality.
So, what’s the value of these coins?
The regular strikes are the least valuable in this family. The value of a regular-struck 1902-P Silver Dollar in the heavily-circulated condition ranges from $40 to $60. About uncirculated examples are valued between $65 and $100. Mint condition 1902-P Morgan Dollars can fetch between $100 and $27,500.
Prooflike and Deep Prooflike 1902-P Silver Dollars will always be in mint condition. NGC estimates the value of Prooflike 1902-P Morgan Dollars to be between $150 and $7,000.
Deep Prooflike 1902-P Silver Dollars are the most valuable in this variety. NGC values them between $4,000 and $22,500.
If we were to compare the value of these sub-varieties, we would end up with the table below:
| Coin Condition | Estimated Value | ||
| Regular-Struck | Prooflike | Deep Prooflike | |
| Good (G4) | $40 | – | – |
| Very Good (VG8) | $45 | – | – |
| Fine (F12) | $50 | – | – |
| Very Fine (VF20) | $55 | – | – |
| Extremely Fine (XF40) | $60 | – | – |
| About Uncirculated (AU50) | $65 | – | – |
| About Uncirculated (AU58) | $72 | – | – |
| Uncirculated (MS60) | $100 | – | – |
| Uncirculated (MS62) | $175 | $275 | $4,000 |
| Brilliant Uncirculated (MS65) | $415 | $3,000 | $22,500 |
| Brilliant Uncirculated (MS66) | $675 | $7,000 | – |
| Brilliant Uncirculated (MS67) | $5,650 | – | – |
The estimates above are just that, estimates of value. On the open market, prices don’t necessarily play along these lines. But so you can get a gist of what these coins sell for, here’s a list of some notable auctions involving the 1902-P Silver Dollar:
| Variety | Grade | Sales Price | Auction Firm |
| Regular Strike | MS67+ | $28,200 | Legend RC |
| Deep Prooflike | MS63DMPL | $10,350 | Heritage Auctions |
| Prooflike | MS66PL | $9,900 | Heritage Auctions |
| Regular Strike | MS67 | $9,000 | Heritage Auctions |
1902-O Silver Dollar Value
- U.S. Mint: New Orleans
- Mintage: 8,636,000
- Mint Mark: O
Yes, the New Orleans Mint was popping back in 1902. They struck the variety with the highest mintage in that year.
Regular strikes are available in all conditions, with the low-quality grades being the least valuable. Circulated 1902-O Silver Dollars value at between $34.50 and $50. About Uncirculated examples are worth between $55 and $63. In mint state, regular 1902-O Morgan Dollars are valued at between $70 and $12,500, depending on their condition.
The Prooflike and Deep Prooflike versions of the 1902-O Silver Dollar will come in mint condition and with relatively higher prices. The value of a Prooflike 1902-O Morgan Dollar ranges from $60 to $15,000. Deep Prooflike 1902-O Silver Dollars are worth between $80 and $16,500.
For the value of everything in between, consider the table below:
| Coin Condition | Estimated Value | ||
| Regular-Struck | Prooflike | Deep Prooflike | |
| Good (G4) | $34.50 | – | – |
| Very Good (VG8) | $34.50 | – | – |
| Fine (F12) | $36.50 | – | – |
| Very Fine (VF20) | $41.50 | – | – |
| Extremely Fine (XF40) | $50 | – | – |
| About Uncirculated (AU50) | $55 | – | – |
| About Uncirculated (AU58) | $62 | – | – |
| Uncirculated (MS60) | $70 | $60 | $80 |
| Brilliant Uncirculated (MS65) | $240 | $575 | $10,000 |
| Brilliant Uncirculated (MS66) | $470 | $3,750 | $16,500 |
| Brilliant Uncirculated (MS67) | $9,250 | $15,000 | – |
While the figures above are just estimates, you have to consider that the 1902 Morgan Dollar belongs to a popular coin series. So whenever these coins pop up in an auction, you can expect the room to go wild.
Below are notable sales involving the 1902-O Silver Dollar:
| Variety | Grade | Sales Price | Auction Firm |
| Regular Strike | MS67+ | $33,600 | Heritage Auctions |
| Regular Strike | MS67 | $19,387.50 | Legend RC |
| Deep Prooflike | MS65 | $14,100 | Heritage Auctions |
| Regular Strike | MS67 | $13,800 | Heritage Auctions |
1902-S Silver Dollar Value
- U.S. Mint: San Francisco
- Mintage: 1,530,000
- Mint Mark: S
As per our analysis of the latest market data, regularly circulated 1902-S Silver Dollars are worth between $95 and $220. About Uncirculated examples are worth between $270 and $360. In their mint state, regular 1902-S Morgan Dollars are worth between $415 and a cool $100,000.
Only available in mint condition, Prooflike 1902-S Morgan Dollars are worth between $1,150 and $9,000.
NGC has only valued one grade of the Deep Prooflike 1902-S Silver Dollar. They estimate MS62DPL examples to be worth $3,250.
For the specific value of the common grades, consider the chart below.
| Coin Condition | Estimated Value | ||
| Regular-Struck | Prooflike | Deep Prooflike | |
| Good (G4) | $95 | – | – |
| Very Good (VG8) | $100 | – | – |
| Fine (F12) | $115 | – | – |
| Very Fine (VF20) | $150 | – | – |
| Extremely Fine (XF40) | $220 | – | – |
| About Uncirculated (AU50) | $270 | – | – |
| About Uncirculated (AU58) | $360 | – | – |
| Uncirculated (MS60) | $415 | – | – |
| Uncirculated (MS62) | $600 | $1,150 | $3,250 |
| Brilliant Uncirculated (MS65) | $2,000 | $9,000 | – |
| Brilliant Uncirculated (MS67) | $45,000 | – | – |
While the NGC estimates the value of regular MS68+ examples to be $100,000, similarly-graded examples struggle to realize this price. Below are the biggest auctions involving 1902-S Silver Dollars:
| Variety | Grade | Sales Price | Auction Firm |
| Regular Strike | MS67+ | $99,875 | Legend RC |
| Regular Strike | MS67 | $52,875 | Legend RC |
| Regular Strikes | MS67 | $46,000 | Heritage Auctions |
| Regular Strike | MS67 | $43,125 | Stack’s and Bowers |
1902-P Proof Silver Dollar Value
- U.S. Mint: Philadelphia
- Mintage: 777
- Mint Mark: None
This is the rarest variety of the 1902 Silver Dollar. But does this low mintage make it the most valuable variety? Surprisingly not.
The lowest grade you’ll find these coins is AU55, and they are worth $1,200 in this state. AU58 1902-P Proof Morgan Dollar is worth $1,300. In mint condition, these proof coins are worth between $1,600 and $61,000.
1902-P Proof Silver Dollars with the cameo designation are estimated to hold values that range from $5,200 to $11,250, depending on their condition.
We compiled the estimated values of each grade and summarized them in the table below:
| Coin Condition | Estimated Value | |
| Proof | Cameo | |
| About Uncirculated (AU55) | $1,200 | – |
| About Uncirculated (AU58) | $1,300 | – |
| Uncirculated (PR60) | $1,600 | – |
| Uncirculated (PR61) | $1,950 | – |
| Uncirculated (PR62) | $2,300 | – |
| Uncirculated (PR63) | $3,250 | – |
| Uncirculated (PR64) | $4,000 | $5,200 |
| Uncirculated (PR65) | $6,200 | $8,350 |
| Uncirculated (PR66) | $8,300 | $11,250 |
| Uncirculated (PR67) | $16,000 | – |
| Uncirculated (PR68) | $35,000 | – |
On the open market, 1902-P Proof Morgan Dollars blow past their estimated values. Just check the following notable auctions.
| Variety | Grade | Sales Price | Auction Firm |
| Proof | PR68 | $53,500 | David Lawrence RC |
| Proof | PR68+ | $47,000 | Heritage Auctions |
| Proof | PR68 | $38,187.50 | Legend RC |
| Proof | PR68 | $34,500 | Heritage Auctions |
1902 Silver Dollar: Valuable Error Coins
With its varieties done and dusted, it’s time to look at the error coins under the 1902 Silver Dollar’s belt. Below are five valuable error coins.
1902-P Silver Dollar with Double Ear: Sold for $1,200
The Double Ear was a fairly common error among 1902 Morgan Dollars. It’s like a Double Die Obverse (DDO), except the doubling appears around the ear. Lady Liberty’s ear lobe is definitely doubled in this MS64-grade silver dollar.
1902-O Silver Dollar with Double Ear: Sold for $1,139.99
The New Orleans Mint also got in on the fun and made its own 1902 Morgan Dollars with Double Ears. This gem is graded MS66, one of the highest grades you’ll find in this variety. The coin surprisingly retains most of its original luster.
1902-O Silver Dollar with Double Ear: Sold for $930
This coin is designated VAM 43, meaning it’s the 43rd variety of its die. And sure enough, it has a Double Ear Error. The doubling appears on the upper half of the ear lobe before the two lines synchronize to make a unified lower ear lobe.
1902-O Silver Dollar Struck on Cracked Planchet: Sold for $169.95
This coin was struck on a faulty planchet. It appears to have a Y-shaped crack between the letters “E” and “P” of “E PLURIBUS UNUM.” Despite its flawless condition, ANACS only granted it a grade of MS63.
1902-P Silver Dollar Struck 5% Off Center: Sold for $1,320
This coin was slightly struck off-center. From the obverse, you can notice that some parts of the rim are beefier than others. The coin also shows capping on the beefy edges; even the reeds are deformed.
1902 Silver Dollar: Is it Worth Collecting?
Absolutely, you should add the 1902 Silver Dollar to your collection. But I must warn you, the Morgan Silver Dollar is the second most popular coin series, so expect a lot of competition.
The high prices you just witnessed in this article are driven by demand rather than the coin’s population. There are tens of thousands of these coins out there. Their value remains high because there’s just not enough of them to go around.
Jenson is a professional numismatist, a dedicated coin collector, a graduate of the College of Business at Oregon State, a life member of the American Numismatic Association (ANA), and an overall coin nerd. He is the founder of Coin Value List.