1894 Morgan Dollar MS63: Value, Rarity & What Makes It Special
The 1894 Morgan Dollar is one of the lower-mintage Philadelphia Morgan Dollars and is considered an important date for collectors of the series. With only 110,000 coins struck, the 1894 Morgan Dollar is dramatically scarcer than many of the more common Morgan dates.
An MS63 1894 Morgan Dollar is particularly desirable because it combines the historical significance of a low-mintage issue with an attractive Mint State grade.
1894 Morgan Dollar at a Glance
- Year: 1894
- Denomination: $1
- Series: Morgan Dollar
- Mint: Philadelphia
- Mint Mark: None
- Mintage: 110,000
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- Designer: George T. Morgan
- Grade Featured: MS63
PCGS lists the 1894 Morgan Dollar with a mintage of just 110,000 pieces and estimates approximately 8,990 examples surviving in all grades, making it a significant rarity within the Morgan Dollar series.
Why Is the 1894 Morgan Dollar So Rare?
The story of the 1894 Morgan Dollar is closely connected to the economic conditions of the early 1890s.
Following the Panic of 1893, the United States government repealed the portion of the Sherman Silver Purchase Act that required large quantities of silver to be purchased and coined into silver dollars.
As a result, Morgan Dollar production at the Philadelphia Mint dropped dramatically.
Only 110,000 Morgan Dollars were struck in Philadelphia in 1894, compared with more than 1.8 million the previous year. This exceptionally low production made the 1894 Morgan Dollar a key date for collectors.
That low mintage is one of the primary reasons collectors pay particular attention to the 1894 issue.
What Does MS63 Mean?
MS63 stands for Mint State 63.
An MS63 Morgan Dollar has never been circulated, meaning it retains its original Mint State classification. However, it can show a number of small contact marks or imperfections from handling and storage after leaving the Mint.
For collectors, MS63 can be an excellent grade because it provides the opportunity to own a genuinely scarce 1894 Morgan Dollar without paying the enormous premiums associated with the finest grades.
The difference between an MS63 and a higher-grade example can be substantial when dealing with a rare Morgan Dollar.
How Much Is an 1894 Morgan Dollar MS63 Worth?
The value of an 1894 Morgan Dollar depends heavily on condition, certification, eye appeal, strike, luster, toning and market demand.
As of July 2026, the NGC Price Guide lists the 1894 Philadelphia Morgan Dollar at approximately $3,450 in MS63, while higher grades increase significantly in value. NGC lists approximately $4,000 for MS64 and $5,000 for MS65.
These figures should be considered a guide rather than a guaranteed selling price. Actual market prices can vary depending on the specific coin and whether it has been certified by a major grading service.
What Makes an MS63 1894 Morgan Dollar Desirable?
There are several factors that make an MS63 example appealing to collectors.
1. Extremely Low Mintage
Only 110,000 were struck. That is a tiny production figure compared with many other Morgan Dollar dates.
2. Philadelphia Issue
Because this coin was struck at the Philadelphia Mint, it carries no mint mark. Collectors often identify it simply as the 1894-P Morgan Dollar, even though the "P" does not appear on the coin.
3. Mint State Condition
An MS63 example retains its Mint State status. It was not released into circulation in the traditional sense, making the preservation of the original surfaces particularly important.
4. Scarcity in Higher Grades
The 1894 becomes increasingly difficult to find as the grade rises. PCGS estimates approximately 6,490 surviving examples in MS60 or better, compared with about 8,990 across all grades.
That makes condition an important part of the coin's collectibility.
1894 Morgan Dollar vs. 1894-O Morgan Dollar
Be careful when researching an 1894 Morgan Dollar because there are multiple 1894 issues.
The 1894 Philadelphia Morgan Dollar had a mintage of only 110,000.
The 1894-O Morgan Dollar, struck at the New Orleans Mint, had a mintage of more than 1.7 million. Despite its much larger mintage, the 1894-O is famous for weak strikes and poor luster and is considered a major conditional rarity in Mint State grades.
So when determining the value of an 1894 Morgan Dollar, always check the mint mark.
How to Identify an 1894 Morgan Dollar
The date 1894 appears on the obverse beneath Liberty's portrait.
To determine the mint:
- No mint mark: Philadelphia
- O: New Orleans
- S: San Francisco
The 1894 Philadelphia issue is the particularly low-mintage 110,000-piece issue discussed in this article.
Is an 1894 Morgan Dollar a Good Coin for Collectors?
For collectors building a Morgan Dollar collection by date, the 1894 is an especially interesting addition.
It offers a combination of:
Low mintage + 19th-century history + 90% silver + Morgan Dollar popularity + scarcity
An MS63 example can also provide a nice balance between condition and affordability compared with the much more expensive gem-grade examples.
For collectors, the coin's rarity isn't simply about how many were originally produced. The number of surviving coins, their condition and the availability of attractive examples all play an important role.
Final Thoughts
The 1894 Morgan Dollar MS63 is a fascinating piece of American numismatic history. With only 110,000 originally struck, it stands apart from many of the more readily available Morgan Dollars.
Its connection to the economic turmoil following the Panic of 1893, combined with its low production and popularity among Morgan Dollar collectors, makes the 1894 an important date to know.
If you have an 1894 Morgan Dollar, don't clean it. Cleaning can significantly affect collector appeal and value. Instead, examine the date, mint mark, condition and surfaces carefully and consider having a valuable example professionally authenticated and graded.
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