1894 Morgan Dollar

The 1894 Morgan dollar had the smallest business strike production of all Morgan dollars, except for the 1893-S. In all, only 110,000 pieces were struck at the Philadelphia Mint in 1894, elevating the 1894 to an instant star player on the Morgan dollar gridiron.(1)

As the year 1894 began, the United States found itself mired in the throes of a major economic depression that historians call the Panic of 1893. The downturn was sparked when U.S. Treasury gold reserves were depleted in an unforeseen development stemming from the passage of the Sherman Act of 1890.(2)

Upon repeal of the Sherman Act in 1893, silver dollar production in large quantities was no longer mandated by law. In the wake of widespread financial turmoil, there was little need for new silver dollars. These factors caused mintages to collapse and remain low through 1894 and into 1895.

The value trend charts for the 1894 Morgan dollar are somewhat cyclical. There was a major upswing around 2004-09, but prices have receded considerably since then. The same pattern occurred between 1960-70 and again in 1970-90.

The 1894 Morgan dollar is one of the toughest roadblocks to overcome in completing a set of this remarkably popular series. Collectors may want to take note of the current pricing of the 1894, while resting assured someday of a renewed price surge.

Please Note: For the Morgan dollar price trend survey, only grades F-12, VF-20, EF-40, AU-50, and MS-60 were analyzed. Higher grades, Prooflike (PL), and Deep Mirror Prooflike (DMPL) were omitted because in these conditions, even rather ordinary Morgan dates can attain astronomical values that could easily skew results. The goal of the survey is to identify coins demonstrating superior price trend histories, regardless of grade.

Estimated survivors in all grades: 9010
? The survivor estimate from PCGS represents an average of one or more experts' opinions as to how many examples survive of a particular coin in all grades. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.
Learn more at PCGS.
PCGS Rarity Scale: 3.1
? The 'PCGS CoinFacts Rarity Scale' assesses the relative rarity of all U.S. coins, based on estimated surviving examples. The scale runs from 1.0 to 10.0. The higher the number, the rarer the coin.
Learn more at PCGS.
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1894 Morgan dollar photos 1894 Morgan dollar key date
Trendline Avg = 12.73 CLASSIC RARITY
Last updated 6-9-24
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1. NGC.  1894 $1 MS.  

2. Heritage Auctions.  1894 Morgan Dollar, MS65.  Jan 2020 Auction.

**Many very fine coin dealers sell on eBay. At any point in time, there may be over one million search results for United States coins. This includes quite a few of the recommendations on our Key Date Coin List.

If you’re thinking about purchasing a rare coin, eBay is certainly worth a look. For your convenience, the links from this site to eBay are coded to bring up only coins certified by PCGS and NGC.

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Coin images by Stack's Bowers Galleries.